Turkey would rank as the EU’s third-largest production hub if it joined. Ahmet Burak Dağlıoğlu, the head of the Presidential Investment Office, Erinç Sağkan, the president of the Union of Turkish Bar Associations (TBB), and Giorgio Marrapodi, the Italian ambassador to Ankara, participated in the “Turkey, Italy and the USA Trade, Investments and Arbitration Panel” at the Venice Palace in Istanbul.
Speaking at the event’s opening, Giorgio Marrapodi, the Italian Ambassador to Ankara, said that Turkey and Italy have close ties that go back to the Ottoman Empire and have been stronger over the years.
“I believe in Turkey’s strategic power, potential, its importance for Europe, and the future of its close relations with Italy,” Marrapodi stated, pointing out that the Ottoman and Florentine bankers collaborate and that the centuries-old, active trade between Rome and Istanbul still exists today.
Marrapodi stated, “Turkey is Europe’s gateway to the Middle East,” pointing out that the nation has a large youth population and makes significant educational investments. It is crucial to establish personal connections and construct bridges that will endure for millennia. Turkey’s significance and standing in the world are constant. It’s a sign that they will have close political and economic relations,” he said.
“International trade and communication tools like energy and telecommunications are becoming more and more important every day,” Marrapodi stated. We need to give our businesses macroeconomic initiatives. We must provide investors with useful resources to address their issues.
“We are working to establish ourselves as the region’s power center.”
Ahmet Burak Dağlıoğlu, president of the Presidency Investment Office, added that Italy and Turkey’s business ties are balanced.
“Many sectors such as the industrial sector, the chemical sector, the food and beverage sector operate in sync with world trade,” Dağlıoğlu stated, indicating that Turkey’s long-term economic performance and participation in the global supply chain are in doubt. Here’s an illustration of this investment. This demonstrates unequivocally Turkey’s progress toward becoming a regional hub for industry and logistics,” he said.
“Startup companies continue to attract investments from international giants and invest in Turkish technologies,” Dağlıoğlu said, adding that the number of financial investors is also rising.
Livio Manzini, President of the Italian Chamber of Commerce and Industry Association, emphasized that the bilateral trade volume between Turkey and Italy has reached $23 billion. He remarked, “If Turkey were a member of the European Union, it would rank as the union’s third-largest production center.”
Highlighting that bilateral trade between Turkey and Italy reached a record high of $23 billion, Manzini stated, “Trade volume with the European Union has increased by 25 percent, accounting for 36 percent of Turkey’s total foreign trade. It is also important to examine investments. Despite the challenges faced, foreign investment in Turkey has made significant progress. Italy now ranks third among foreign investors in Turkey, with approximately $5 billion in industrial investments.”
He also mentioned that; Noting that Europe, especially the United States of America, wants to break away from China, Manzini said, “The commitment to China has reached alarming levels and the desire for commerce from nearby geographies has increased as procurement chains have been damaged by the Covid. The point we need to focus on is the USA and the EU. This is a place. Since it is a fabrication base, it is possible to go to other potential states with it. These include Africa, the Middle East, Iraq, Azerbaijan. Turkey has become a great production point. For now, Europe’s largest generation center is Germany. Second is Italy. Turkey “If Turkey were a member of the EU, in this ranking it would be the third country. Its land, society and industry structure are truly suitable for this. As long as an environment where foreign investors can see their way,”
Erinç Sağkan, President of the Union of Turkish Bar Associations (TBB), highlighted the significance of commercial relations between Turkey and Italy, particularly for the legal profession, noting that they closely follow the development of these ties.
He remarked, “Italy is Turkey’s second-largest partner among European Union member states, and in the Mediterranean Region, it stands as the largest commercial partner. This close commercial relationship with Italy, a country with which we share the same sea, also creates valuable opportunities for the legal profession.”
Sağkan pointed out that there are over 2,000 Italian companies operating in Turkey, emphasizing that these investors are likely to seek legal counsel in various disputes arising during both pre-investment and investment processes. He also mentioned that arbitration, an internationally recognized dispute resolution method, plays a key role in resolving conflicts efficiently and fairly.
Arzu Ongur, President of ILIDA International Law, Investments, and Development Association, stressed the importance of resolving disputes in foreign investments swiftly and transparently. She added, “Italy is Turkey’s fourth-largest trade partner globally. Both countries share a rich cultural and political history. Arbitration is crucial as it ensures a fast, transparent, and results-driven approach to dispute resolution. Investors are concerned with two key factors: profitability and security. The only way to guarantee secure investments is through law and the rule of law.”
Leave a Reply