Turkish exporters set sights on latin American, African markets

Turkish exporters are now focusing their attention on Latin America and Africa following the contraction in their traditional export markets, such as Russia, the US and Europe as a result of the global economic crisis. Turkish exporters are seeking new opportunities in the promising emerging markets to make up for losses in their traditional markets. Turkish businessmen, led by State Minister for Foreign Trade Zafer Caglayan, traveled to Latin America last week on a tour of Chile and Brazil . Caglayan's talks in Chile resulted in a free trade agreement, the first-ever such agreement signed between Turkey and a Latin America country. Turkey is also interested in signing a free trade deal with the Mercosur zone, which includes Brazil , Argentina , Paraguay and Uruguay . Turkey-Brazil Business Council head Aykut Eken underlined that Latin America offers vast opportunities for foreign entrepreneurs, noting the region includes 33 countries with a total population of 500 million. He said the Caribbean and Central American markets in particular are promising since these countries have relatively weak manufacturing industries and import almost everything. "It would be wise to establish logistical centers in these countries and market Turkish goods from there," he said. "This will minimize transportation expenses. Turkey 's future lies in this region, and we must take advantage of the already existing potential." Istanbul Mineral and Metals Exporters' Association (IMMIB) head Tahsin Oztiryaki said Turkey has high standards in its service and production industries, a benefit of having worked closely with EU and US markets for many years, and can share its knowledge with countries in the Middle East and Africa . Underlining that Turkish exporters should not expect a dramatic or rapid increase in trade with these markets, he said, "What is more important is that we establish good relations with these emerging markets, and we will see benefits in the medium and long term."