President Recep Tayyip Erdoğan emphasized Türkiye’s growing economic strength and the importance of fostering global trade partnerships during his speech at the Türkiye-Italy Business Forum, held in Rome alongside Italian Prime Minister Giorgia Meloni.

Speaking at the forum, which coincided with the 4th Türkiye-Italy Intergovernmental Summit, President Erdoğan expressed his appreciation for Prime Minister Meloni’s warm hospitality and underlined the critical role Türkiye plays as a bridge connecting east and west, north and south.

“We attach great importance to establishing effective economic and trade partnerships in our region and around the world, as required by our unique geographical location,” Erdoğan stated. He highlighted the current global climate of rising protectionism and emphasized Türkiye’s commitment to turning these challenges into opportunities, citing the country's resilience during past crises, including the COVID-19 pandemic.

Erdoğan proudly noted that Türkiye’s economy continues to grow despite regional conflicts and the devastating earthquakes that struck the country in 2023. “The direct cost of the earthquake to our economy was $104 billion, and the indirect cost reached $150 billion,” he said. “Yet we are rapidly healing our wounds. In the months since the disaster, we have already delivered over 201,000 new homes and aim to complete 252,000 by the end of this year, inshallah.”

President Erdoğan also shared Türkiye’s impressive economic achievements, highlighting that in 2024, the country recorded $262 billion in exports, marking the highest figure in its history. He noted that defense industry exports also reached a new record at $7.154 billion.

Emphasizing Türkiye’s steady progress, Erdoğan stated that the country has maintained an average annual growth rate of around 5% over the past two decades. Furthermore, he pointed out that nearly $300 billion has been invested in infrastructure during this period, underlining Türkiye’s commitment to sustained development and modernization.

Türkiye's exports have increased more than twentyfold, and the country’s share in global trade has doubled.

He stressed that international investors continue to show confidence in Türkiye, with nearly $270 billion in foreign direct investment attracted in the past two decades and over 80,000 foreign-capital companies operating in the country.

“We are determined to carry out new structural reforms and improve the investment environment without stepping back from our economic program," Erdoğan added.

Touching on the strong bilateral relations between Türkiye and Italy, Erdoğan highlighted the robust growth in trade, noting that the volume rose from $17.3 billion in 2020 to over $32 billion in 2024.

“Today, Italian investments in Türkiye stand at nearly $5 billion, while Turkish capital investments in Italy have approached $1 billion,” he said. He proposed that Italian companies view Türkiye as a gateway to the Middle East, Asia, and Africa, just as Turkish companies see Italy as an entry point to the European market.

Given this potential, Erdoğan announced that Türkiye and Italy have jointly set a new trade volume target of $40 billion.

In his address, Erdoğan emphasized the need to update the Customs Union agreement between Türkiye and the European Union to align with current global economic realities. “We expect the support of the Italian Government and business community for an update based on a win-win approach,” he said.

Additionally, he pointed out that visa restrictions continue to hinder business activities, urging Italian business leaders to advocate for easier visa procedures within EU institutions.

Erdoğan concluded by inviting more Italian companies to invest in Türkiye, especially in strategic sectors such as defense, green energy, digital technologies, smart cities, and space industries, reinforcing the vision of a stronger, more dynamic Türkiye-Italy partnership. (ILKHA)