Turkey, US sign pact to usher in a new era in investment partnership

In a sign of determination for growing bilateral cooperation between Ankara and Washington, the Turkish Prime Ministry's Investment Support and Promotion Agency (ISPAT) and Invest in America, a program of the US Department of Commerce's International Trade Administration, have jointly announced the signing of a memorandum of intent (MOI). "The technological advancement and high value-added components of investments flowing in from the US make these investments a top priority for Turkey," ISPAT head Ilker Ayci said at a signing ceremony held at ISPAT headquarters in Ankara on Tuesday. "Turkey's young, qualified labor force and cost advantages help foreign investors sharpen their businesses' competitiveness." He added, "We strongly believe that this MOI, which is proof of our determination to improve collaboration between the two countries, will have positive outcomes for both parties." Michael C. Camunez, assistant secretary of commerce for market access and compliance, who signed the MOI on behalf of the US, called facilitating foreign direct investment (FDI) a "common objective" of both sides. "We are delighted at the signing of today's MOI with ISPAT and look forward to our continued close collaboration and partnership," he said. Under the MOI, both parties will act as a central point of contact for existing and potential foreign investors who seek investment opportunities and information on bilateral investment flows. The parties will provide mutual assistance to investors in contacting investment and industry experts in the other country. The MOI is expected to contribute to FDI initiatives between the two countries, with both parties seeing it as an effective gateway to improved cooperation and new investment flows.