Chinese businesses from the banking, textile, auto supply and furniture industries met Turkish counterparts in anticipation of possible investments in Turkey, during a meeting organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON) on Tuesday in Ankara.

Turkish Confederation of Businessmen and Industrialists and the China Federation of Industry and Commerce signed a cooperation agreement Tuesday in Ankara, expecting to bolster trade ties between the two fast-growing economies. ACFIC represents 2.7 million businesses and 1.16 million companies from 3,345 local trade unions in the far eastern country

TUSKON and the China Federation of Industry and Commerce (ACFIC) signed a cooperation agreement Tuesday in Ankara, expecting to bolster trade ties between the two fast-growing economies. ACFIC represents 2.7 million businesses and 1.16 million companies from 3,345 local trade unions in China.

Addressing the audience at Tuesday’s signing ceremony; TUSKON Chairman R?zanur Meral said more businessmen from Turkey and China have realized the importance of cooperation in third countries in the past years and that they expected to see the number of joint projects increase in the years to follow.

Underlining that his federation placed heavy importance on Asian markets, Meral said they have organized a number of meetings to host business delegates from China in Turkey. “We also brought our businessmen to China to discuss possible deals with Chinese counterparts. China offers vast investment opportunities for Turkish firms,” he highlighted. Meral called on Chinese entrepreneurs to invest in Turkey before they branch out into Middle East, Africa and EU markets. Recalling that the two countries expected to increase bilateral trade to $50 billion in the coming years, Meral said bilateral investments in the banking industry would help realize such a goal. “Turkey has a developing auto research and development (R&D) industry. Chinese auto manufacturers should evaluate this. Turkish and Chinese contractors currently cooperate in the Middle East and Africa, and Chinese firms could enter Turkey’s renewable energy market,” he explained.

Also speaking at the meeting, ACFIC Vice Chairman Song Beishan said Turkey and China have cultivated strong trade relations over the past decade and that his union considered it a must to intensify bilateral meetings. Beishan noted that Chinese companies that participated in the meeting were from the auto supply parts, textile, furniture and banking industries. “Turkey is a fast developing country, and most Chinese investors are aware of this fact, and they seek investment opportunities in the country. …We are expecting to benefit from these,” he explained.

The central banks of Turkey and China recently discussed a currency liquidity swap arrangement to promote trade by settling transactions in lira and yuan. Bilateral trade between Turkey and China was around $20 billion in 2010, made up mostly of Chinese exports to Turkey and marking an increase of more than 35 percent from 2009. Turkey wants to rebalance trade with China through more Chinese investments in Turkey, Chinese tourists, joint ventures in third countries and more access for Turkish goods in China.