Turkey keen on opportunities in Sri Lanka, Room for joint trade and investment

Oct 06, 2015 (LBO) – Sri Lanka and Turkey have scope to increase bilateral economic and trade relations with room for joint trade investments, says Tunca Ozcuhadar, the ambassador of Turkey said in a statement. “We would like to enhance our relations with Sri Lanka which is already excellent,” Ozcuhadar said. “Still, there is great scope to increase bilateral economic and trade relations,” “There is huge room for much more joint trade and investments, especially with the new government of Sri Lanka and new incoming government of Turkey from early November.” As Lanka-Turkey bilateral trade surpassed 300 million dollars mark in 2014 for the first time, both countries have launched preparatory work towards resumption of hitherto paused trade talks-and the resumed schedule could become active as early as this November-in Turkey. Ozcuhadar said once the new government of Turkey is in place in the first week of November, the second Lanka-Turkey bilateral trade talks since first sessions of 1992, will be decided. “Since both countries have their embassies opened this could be easily achieved. Sri Lanka is a growing economy and infrastructure development projects are highly attractive to our reputed construction sector.” Turkish construction sector is around 15 percent of its GDP with an annual growth of 12 percent per year. Turkey is also considered as a top producer of building materials in the world. Sri Lanka’s Trade with Turkey In 2014, total bilateral trade recorded a total of 311 million dollars, which is a growth of 34 percent from 2013’s total. Over a nine year period of 2005-2014, bilateral trade leaped by a huge 219 percent.