During the launch of Turkey-EU High Level Economic Dialogue, the Turkish and European officials and representatives of the business community of both sides assessed strategies to reinforce bilateral trade and investment relations.

The first Turkey-EU High Level Economic Dialogue aiming at further enhancing economic relations and creating a platform for representatives of the business communities was held in Turkey on 25-26 April 2016. The EU Delegation was constituted of Vice-President of the European Commission Jyrki Katainen, European Commissioners responsible for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici, for Neighbourhood Policy and Enlargement Negotiations Johannes Hahn and Environment, Maritime Affairs and Fisheries Karmenu Vella. The Turkish delegation included Deputy Prime Minister Mehmet Şimşek, Minister for EU Affairs and Chief Negotiator Volkan Bozkır, Minister of Economy Mustafa Elitaş, Minister of Customs and Trade Bülent Tüfenkci, Minister of Development Cevdet Yılmaz and Minister of Transport, Maritime Affairs and Communications Binali Yıldırım

Turkey-EU Business Dialogue

During the first day of the Turkey-EU High Level Economic Dialogue Meeting, officials from the Turkish Government and the European Commission came together with leading Turkey and European representatives of the business community and European investment and development banks to discuss the means to reinforce economic relations between Turkey and the EU. During this close session, Turkish and European representatives emphasised the importance of lifting the visa and transport quotas which create a situation of unfair competition for Turkey, revising the Customs Union and accelerating Turkey’s EU accession process. Turkey’s inclusion to the TTIP process was also a key message highlighted during the discussions. This organisation of this meeting was praised since it was the first time the representatives of the business community of both sides had the opportunity to come together with Turkish and European policy-makers to discuss how to create a better business environment which will contribute in further enhancing economic and trade relations between both parties.

Foreign Direct Investments and Investment Climate Conference

The same day of the Turkey-EU Business Dialogue, a conference entitled “Foreign Direct Investments and Investment Climate” was organised by the Ministry of EU Affairs, Undersecretariat of Treasury and the EU Delegation to Turkey in cooperation with TOBB and TEPAV.  This conference gave the opportunity to discuss thoroughly how to improve the business and investment environments especially in Turkey.  In this respect, the need to accelerate Turkey’s shift towards advanced technology and high value-added based industry and improve the quality of the education in Turkey was highlighted. Furthermore, the presence of strong, transparent and democratic institutions and the respect for the rule of law and fundamental rights are also considered as essential components of a sound and attractive business environment.

Economic Dialogue at Governmental Level

During the second day of the Turkey-EU High Level Economic Dialogue Meeting, officials of the Turkish Government and the European Commission shared information regarding the current economic situation in Turkey and in the EU, macro-economic policies, structural reform process as well as business and investment environments. During this meeting, a special emphasis was placed on investments. Within this framework, Europe’s Investment Plan, the incentives for foreign direct investments, the investment opportunities in green and blue economic as well as the financial support provided by regional and multilateral investment and development banks were discussed

At the end of the Turkey-EU High Level Economic Dialogue, in the context of a joint press conference, Deputy Prime Minister Mehmet Şimşek and Vice-President of the European Commission Jyrki Katainen expressed their wish to reinforce and deepen further the economic integration between Turkey and the EU. Stressing the important role the business community will play during this process, further meeting with representatives of Turkish and European business community are scheduled in the upcoming period in order to determine the agenda of the second meeting of the Turkey-EU High Level Economic Dialogue which will be held in Brussels in 2017.