Baby & Kid Store November 2020

Economy
Turkey, Hungary aim to
boost bilateral trade
2 countries eye $6B in bilateral trade, says Hungary’s ambassador to Turkey
Viktor Matis, Hungarian Ambassador to Turkey.
Turkey and Hungary want to boost bilateral trade by focusing
not only on commerce but also on cultural interactions between
the countries, said Hungary’s ambassador to Turkey.
“For Turks, Hungary is a gateway to Europe. For Hungarians,
Turkey is a bridge between East and West,” said Viktor Matis
during an online seminar held recently.
Saying that bilateral development started accelerating in 2013
when a Strategic Cooperation Council was established, he said
the bilateral trade volume target was set at $6 billion.
He noted: “A few years ago Turkey said it would be among the
world’s 10 largest economies and there’s no question this will
happen or not. The only question is when. We think this will
happen in a short time.”
Turkey’s investment in Hungary over $2.4B
Adnan Polat, head of the Turkey-Hungary Business Council, said
in the light of their shared history the countries want to develop
trade relations.
Stressing the country’s geopolitical importance, Polat said Hungary
is right in the center of Europe, a one-and-a-half-hour flight
from Turkey’s commercial capital Istanbul.
Additionally, he added, the country provides lucrative incentives
for investment.
“It has the lowest corporate tax in Europe. Hungarian Eximbank
also supports investors,” he noted.
“The trade volume between two countries was around $1.6
billion five years ago and before the pandemic, we had increased
it to $3.6 billion,” he explained.
“Five years ago, Turkish investment in Hungary didn’t reach
€100 million [$118 million], now it’s over €2 billion [$2.4 billion],”
he added.
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2020