Garanti deal opens new page in Türkiye-Spain ties

Hurriyet Daily News - Spanish Banco Bilbao Vizcaya Argentaria’s (BBVA) partnering with Turkish Garanti Bank has taken the relationship between Türkiye and Spain to a higher level. Gathering on Tuesday in Istanbul at a meeting organized by the Foreign Economic Relations Board (DEIK), businessmen from both sides discussed how to develop bilateral trade relations. A total of 214 companies, 208 Turkish and 23 Spanish, attended the meeting.

“Türkiye is a strategic partner for Spain,” said Aurelio Pérez Giralda, Spain’s Consul General in Istanbul, voicing his contentment that bilateral relations have reached a new level. “Banco Bilbao Vizcaya Argentaria’s acquisition of 25 percent of Turkish lender Garanti Bank for EUR 4.2 billion has been an important turning point in developing close relations between the two countries,” said Giralda.

“The cooperation between these two Mediterranean countries is very important,” said Zeynel Abidin Erdem, Head of DEIK’s Türkiye-Spain Business Council. Talks with Spain in wind and solar energy are ongoing, said Erdem, addressing journalists. “We want to benefit from Spain’s experience, especially in wind power.”

The bilateral trade volume has increased 5.5-fold in the last year, reaching USD 7.8 billion, said Erdem. “This figure is expected to reach USD 9.2 billion by the end of this year.”

Goods and services from Spain constituted 2.5 percent of Türkiye’s imports, while 4.2 percent of Türkiye’s total exports were destined for Spain, he added.

“The volume of Spanish investments in Türkiye has reached USD 395 million,” said Erdem, adding that companies from Spain have invested in many sectors such as infrastructure, transportation, construction, energy, automotives and fashion.
turkey; spain; Turkish-spanish; bbva; garanti; energy industry; wind energy; deik; Spanish investments