Trade with Turkey
General Status
South Korea is one of the countries with which we have the highest trade deficit proportionally in Turkish foreign trade. Despite the increase in Turkish exports in 2015, the trade deficit decreased to $6.4 billion due to the drop in our imports. This deficit, which was around $4.8 billion in 2019, increased to $6.6 billion in 2021, after reaching $4.6 billion in 2020. Although the trade volume between the two countries is high, the majority of this volume is due to Turkey imports from South Korea.
Investment Relations
Deepening Turkey investment relations with South Korea constitutes an important process for creating stable and long-lasting cooperation. 226 Korean companies, including major players such as Hyundai, LG, KT & G, have invested approximately $451 million in various sectors in our country, including automotive, information technology and electronics, mining, tourism, and manufacturing. Recently, with the support of the Trade Counsellor of the Turkish Embassy in Seoul, steel giant POSCO's decision to invest $24 million in Bursa is a concrete indication that Korean companies continue to consider Turkish country as a regional production and distribution hub even during the global crisis. However, more effective promotion efforts are needed to redirect South Korea's foreign investments towards Turkish country. In this context, investment seminars are considered an important tool to increase the interest of Korean companies in Turkish country. Moreover, it is crucial to ensure South Korea's support for bringing Korean investment analysis delegations to Turkish country for on-site examinations of investment opportunities. Additionally, it is suggested that winning Korean companies of international tenders opened by Turkish public institutions, partnerships, and subsidiaries should make offset commitments that would allow Turkish export products to enter the South Korean market.
by Eymen Sümer
