site.btaMinister Zeybekci:Turkey Commends Bulgaria's Initiative to Host EU-Turkey Summit

Sofia, February 9 (BTA) - Turkey views very positively Bulgaria's initiative to host a high-level meeting between the EU and Turkey in Varna (on the Black Sea) on March 26, said Turkish Economy Minister Nihat Zeybekci in a BTA interview.

He said: "I view the summit as a historic chance," adding that Turkey has been aspiring to join the EU for 55 years.

Zeybekci said that commercial and economic ties between Turkey and EU are very important, especially with a view to the country's European perspective.

Turkey's accession negotiations which started in 2005 have been delayed for political reasons. "At a time when the process is stalling I believe that the Bulgarian Presidency of the Council of the European Union provides a very good chance," said the Turkish Minister.

Asked whether the EU-Turkey high-level meeting in Varna will give a stronger impetus
to EU-Turkey economic relations, the Minister recalled that following a 1996 EU-Turkey customs union agreement commercial exchange had increased considerably.

Within the framework of the customs union agreement, including industrial goods, the annual exchange stands at over 160 billion dollars. Turkey is the fifth largest exporter to the EU and the fourth largest importer of EU goods.

The Minister said: "We have a mutually beneficial economic partnership."

Research by independent organizations show that an update of the customs union will be beneficial for both Turkey and the EU, said Zeybekci, recalling that in 2016 Turkey called on the EU to update the customs union agreement.

The process to update the customs union has been going well but due to elections in some EU countries and the populist rhetoric, it has slowed down, said Zeybekci. For this reason Turkey places great significance to the summit in Varna, mainly as an opportunity to update the customs union.

The Turkish Minister said that during his meetings on February 7 with Bulgarian Prime Minister Boyko Borissov, Economy Minster Emil Karanikolov and Foreign Minister Ekaterina Zaharieva, the Bulgarian hosts showed very good understanding of the issue.

The Turkish Minister thanked his Bulgarian hosts for the hospitality and warm welcome.

Zeybekci said that Bulgaria had invited Turkey to a meeting of EU trade ministers in Sofia on February 27 and that his country would participate.

Asked to assess Bulgarian-Turkish economic relations, the Minister said that 2017 was very successful in this respect.

Two-way trade stood approximately at 5.6 billion dollars and 2017 saw a 25 per cent increase year-on-year. The Turkish Economy Minister said that when the EU-Turkey customs union agreement is updated, trade with Bulgaria will grow at a much faster pace.

The Minister said that investments by Turkish companies in Bulgaria are growing very fast and currently exceed 2 billion euro. Turkish companies employ some 10,000 people and they view Bulgaria as a very important logistical centre and Turkish investments will continue to grow.

Also, Zeybekci said that Turkey's short-term goals include overcoming some beaurocratic obstacles between the two countries as well as some issues which exist at the border crossings.

"In order to discuss and address these issues we are hosting a Turkish-Bulgarian business forum in Istanbul in April with the participation of businessmen from various industries. We are planning to update some agreements and we will be cooperating closely with Economy Minister Emil Karanikolov to remove some artificially created setbacks," said Zeybekci.

He further said that Turkey views 2018 as a year which may mark a new highpoint in Turkish-Bulgaria commercial and economic relations.

Asked to describe Turkey's economic development in the past 15-16 years, the Minister said that Turkey managed to increase nominal GDP per capita from 3,500 dollars to 11,000 dollars.

"We managed to increase commercial exchange from 75 billion to 450 billion dollars. In nominal terms we have become the world's 17th economy and Europe's sixth. In terms of purchasing power we are 13th in the world and fifth in Europe."

In 2017 Turkey reported an 11 per cent growth in exports and according to projections this growth will be larger in 2018.

The Turkish Minister noted that in many sectors Turkey has become a leading power and currently ranks second in construction and entrepreneurship, sixth or seventh in tourism and ninth in agriculture globally.

Zeybekci said that Turkey's budget deficit is 1.5 per cent of GDP which is among the lowest in the EU. He added that in 2005 Turkey's labour force numbered 21.7 million people and in October 2017 it was 31.9 million.

"Currently, in terms of investments opportunities we are among the best in the world. Over the last 15 years Turkey has attracted 190 billion dollars in foreign investment," concluded the Turkish Economy Minister.