Turkey imports over $9.5 billion from China annually, accounting for 15 percent of Turkey’s trade deficit, yet Turkey’s exports to China are only $600 million.

Turkish State Minister Kursad Tuzmen arrived in China with a 125-person delegation of businessmen, deputes, former ministers, non-governmental organizations representatives and bureaucrats as part of efforts to balance economic trade between the two countries. The delegation has made remarkable progress.

Only a day after arriving, companies began signing trade agreements, and banks in Turkey began increasing their activities in China.

Mazda’s Turkey representative, Mermerler Group, signed an export-focused trade agreement with the Shanghai-based Kowin company.

With the agreement, Turkish marble, hazelnut, chrome, drills, cutters and automotive spare parts will be sold to the Chinese market through Kowin.

Kowin will send Turkey semi-finished products and raw materials, and will have them processed and manufactured via Mermerler Automotive.

Eventually, there will be 50 kinds of goods processed and manufactured locally.

Mermerler Automotive Board Chairman Yuksel Mermer stated they would be joining the Silk Road trade with the agreement, and said “We will serve as a bridge between Europe and China, which does world-class manufacturing in the communication, textile, automotive and technology industries.”

The agreement is expected to bring $50 million worth of trade.

Turkey’s Garanti Bank signed an agreement with China Union Pay, the only credit card company in China.

Accordingly, Chinese businessmen and visitors coming to Turkey will be able to use their credit cards in Garanti Bank ATMs.

Istanbul Motor Industry signed an agreement with China’s Zong Da Group.

With a joint capital basis, Zong Da Group will initially manufacture 1,000 buses a year in Turkey.

Turkey’s Is Bank opened a representative office in Shanghai with a ceremony attended by Minister Tuzmen.

Tuzmen, who met Is Bank Board Chairman Ahmet Kirman and General Director Ersin Ozince before the ceremony, stated the banking industry should increase the number of branches abroad in order to support export, and said export would increase more rapidly.

Tuzmen said Is Bank was a trademark both in Turkey and the world, and added this new representative office would contribute to foreign trade.

‘Our Contractors Will Cooperate’

Delivering a speech at the opening of the “Seminar on Business Investments and Trade Opportunities between Turkey and China” held in Beijing, Minister Tuzmen said directing China’s funds to Turkish shares or direct investors would contribute to creating a more stable and permanent cooperation between the two countries.

China’s Trade Minister Bo Xilai proposed cooperation in four areas.

“Turkish and Chinese contractors active in the region could cooperate in other countries. Turkish and Chinese industrialists could hold joint production and export to Europe and other markets. We can cooperate in the service industry.”

Bo, whom Tuzmen called his big brother, referred to Tuzmen as “my young brother”.