Brazil, Turkey work to boost trade ties

There is a need to develop and balance bilateral trade between Turkey and Brazil, State Minister for Foreign Trade Zafer Caglayan said on Monday. Speaking at the Turkey-Brazil Business and Investment Forum organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON), Caglayan said trade between Turkey and Brazil falls short of its potential. "Turkey’s exports to Brazil currently stand at $318 million, whereas Brazil’s imports to Turkey total $1.4 billion. The total trade volume of $1.7 billion makes up only 0.5 percent of Turkey’s and 0.4 percent of Brazil’s whole foreign trade," he said. There is notable potential for partnerships between Brazilian and Turkish companies in the construction sector, Caglayan said. "Numerous countries in the world are currently putting out infrastructure projects worth trillions of dollars to tender," he added. "Let's share our knowledge with you in this field. Cooperation in tourism could also be something to work on." Brazilian firms have investments totaling $520 million in Turkey and Turkish firms have invested $43 million in Brazil. "Brazilian investments in Turkey are of utmost importance to us," Caglayan added.