Turkey's economy in spotligh for US companies

Turkey has become a globally important financial actor, said US Assistant Secretary for Economic, Energy and Business Affairs Jose W. Fernandez yesterday. Speaking to the Working Luncheon on Opportunities for Economic and Commercial Cooperation between Turkey and the US, organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON), Fernandez said that the world "applauds Turkey's economic improvement" and that the country has "turned into a crucial financial actor." Turkey could attract investments totaling $1 billion from the American pharmaceuticals sector, he said, but added that a lack of transparent legislation is discouraging some investors. Fernandez said US investments could be attracted by securing intellectual property rights for companies that would like to invest in Turkey. "Turkey has an exciting market," he stated. "Our businessmen would like to enter the country, but legislation prevents improvements in trade relations between our countries. Turkey should focus on improving legislation for starting and closing businesses and incentives for attracting foreign investments." Fernandez said Prime Minister Recep Tayyip Erdogan and US President Barack Obama took important steps in forming a model partnership mechanism that aims to increase trade figures between the two countries, and that bilateral trade rose by 25 percent last year, but that "we could do better." Asked about the double taxation of goods in the US and Turkey, Fernandez admitted there are problems in that area, but that solving them in the short term isn't possible. TUSKON head Rizanur Meral said during the meeting yesterday that they appreciate seeing international and multinational companies operating in Turkey, although they would like to see more foreign small- and medium-sized enterprises (SMEs) in the country. "To attract more American SMEs to Turkey, we're planning to organize seven business trips to the US, along with Mexico and Canada, in the next five months," he said.