6/24/2009

Turkey and UK sign MoU to establish joint economy and trade committee

Haber Turk- Turkish and British trade ministers have signed a Memorandum of Understanding (MoU) on the establishment of Turkey-UK Joint Economy and Trade Committee. Zafer Caglayan, the Turkish Industry and Trade Minister, and Lord Mervyn Davies, British Trade and Investment Minister, signed the MoU in Ankara on Tuesday. Turkey and the UK aim to boost business activities between the two countries, said Davies at the signing ceremony. He also said he will inform medium and large-scale British companies about Turkey’s great business opportunities. Meanwhile, Zafer Caglayan said the agreement will be a new channel for relations between Turkey and the UK, stating that it will also add more momentum for progress in the volume of trade. British companies have invested more than USD 4 billion in Turkey over the past five years and around 2,000 British companies are actively doing business in Turkey, said Caglayan. He said these figures indicate the confidence in the Turkish economy and country's political stability. According to Caglayan, Turkish and British companies will cooperate especially on construction, health care, education and energy industries. He also said that a significant number of British consumers use Turkish goods in their daily life and gave an example, saying that eight out of every ten refrigerators used in Britain are made in Turkey.

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