Aiming to expand business, trade and investment cooperation between Turkey and South Korea, the Investment Support and Promotion Agency of Turkey (ISPAT) has signed memorandums with two South Korean institutions, the Ministry of Trade, Industry and Energy (MOTIE), and the Korean Construction Equipment Manufacturers Association (KOCEMA).
The Memorandums of Understanding (MoU), drafted during a MOTIE delegation’s visit to Turkey’s capital Ankara, represent the willingness and the determination on both sides to form closer business ties. The great potential of Turkey’s large scale infrastructure and urban transformation projects were among the subjects of the talks between ISPAT officials and the representatives of South Korea’s leading construction machinery manufacturers, including Hyundai Heavy Industries and Doosan. Industrial giant Hyundai’s auto manufacturing arm has a production plant in Turkey and supplies markets in Europe and nearby.
Turkey and South Korea are working towards taking their long-standing friendship to a strategic partnership level. The two countries signed a free trade agreement last year with the aim of increasing their bilateral trade, currently standing at USD 7 billion, to USD 10 billion in a couple of years.