UK trade offical: Our firms see Turkey as a gateway to the Mideast, Central Asia and Europe
Following British Prime Minister David Cameron's declaration during a landmark official visit to Turkey earlier this week that his country wants to double its trade with Turkey from the current total of $9 billion within five years, United Kingdom Trade and Investment (UKTI) head Sir Andrew Cahn yesterday said the UKTI is poised to play a key role to achieve the goal of significantly boosting trade with Turkey. Stating that Turkey's great economic potential offers remarkable opportunities for British firms, Cahn added, "With its current growth pace, Turkey is expected to emerge as the second-biggest economy of Europe by 2050, behind Britain." He explained, "Doing business in Turkey can also help British firms aiming to do business in the Middle East, Central Asia and Europe, because it's located at the meeting point of the West and East." Cahn also said the UKTI does all it can to help experienced British firms and businesspeople seeking business opportunities in Turkey. Among the reasons why Turkey is so important for Britain economically, Chan said, is that "Turkey is projected to become the world's third fastest-growing economy following China and India by 2017. With a mostly young population, Turkey is one of the largest economic markets in the world. It is one of the most prominent home appliances producers in Europe. Turkey is the sixth-biggest clothing producer in the world and the second-biggest clothing supplier of Europe behind China. The Turkish construction and contracting sector is ranked second in the world. Sixty-five percent of the industrial imports to Middle Eastern and North African countries come from Turkey. More than 2,000 British firms are currently doing business in Turkey. Turkey is the seventh most-visited country in the world, with a tourism sector ranked among the largest in the world."