Erdogan’s China visit reaps investment deals worth billions

Sabah - The first of a Turkish prime minister in 27 years, Recep Tayyip Erdogan’s visit to China further cements the growing ties between two of the fastest growing countries in the world with new cooperation and investment deals.

Attending the Turkish-Chinese Economic and Trade Cooperation Forum held at the Chinese capital, Erdogan hailed the enormous potential held by Turkey and China, and called for more investments from Chinese investors to Turkey. “Chinese investors should take advantage of the recently unveiled incentives regime. We invite the Chinese investors to invest in Turkey, the emerging nation on the western edge of Asia,” said the Turkish Prime Minister, drawing attention to the demographic and economic similarities of Turkey and China.

Erdogan also recalled Chinese Prime Minister Wen Jiabao’s visit to Turkey in 2010 in which both sides agreed upon setting the trade volume target as USD 100 billion by 2020. Turkey and China currently have a trade volume of USD 25 billion, overwhelmingly in favor of China.

Turkish and Chinese companies have signed a series of business agreements during the Prime Minister’s visit to China. Cooperation in the energy sector took center stage as Hattat Holding from Turkey and China Avic International inked a deal worth USD 1.5 billion to build a coal-fired power plant. Other notable agreements include building wind farms in Turkey by Chinese Sinovel Wind Group under separate agreements with Turkish companies, Agaoglu and Lid Enerji. Chinese solar energy company China Sun Energy has signed a deal with Turkish Akfel to manufacture solar panels in Turkey.

Turkey and China also signed cooperation agreements on nuclear energy during the first days of the visit.
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