Economic Relations Between Turkey and South Korea
The volume of trade between Turkey and South Korea has been increasing every year and cooperation is carried out in various fields. The trade volume between Turkey and South Korea has increased in recent years. Trade between the two countries amounted to approximately 7.4 billion dollars in 2021. South Korea exports products such as electronic goods, automotive parts, cosmetics, industrial machinery and chemical products to Turkey. In addition, South Korean companies invest in Turkey. In particular, South Korean companies have investments in the automotive, energy, construction, telecommunications and technology sectors. Turkish companies also invest in South Korea. Investments between the two countries contribute to the deepening of economic relations. In addition, Turkey and South Korea cooperate in many fields.
In particular, cooperation projects are carried out in sectors such as defense industry, energy, construction, automotive, telecommunications and information technologies. There are also cooperation activities in cultural and touristic fields. Finally, Turkey and South Korea signed a Free Trade Agreement in 2012. This agreement aims to facilitate trade and reduce trade barriers between the two countries. The agreement reduced customs duties and trade restrictions and encouraged increased trade. With this agreement, GBC Istanbul brings together Turkish companies that want to import without any charge and opens the door to possible business opportunities. If you want to become a distributor of South Korean manufacturers in the Turkish market or to import, you can contact GBC Istanbul team.
by Dilan Aytekin
