Government seeks doubling of trade with Turkey in four years

UK Trade and Investment (UKTI) said that UK exports to Turkey rose by 30% between the first half of 2010 and the first half of 2011. Turkish exports to the UK rose by 11% in that period, said UKTI, the body responsible for promoting British business abroad.

“Turkey is an important business hub in the region – with its reach into the EU, the Middle East and Central Asia. Istanbul is already establishing itself as a regional centre for financial services,” said Business Secretary Vince Cable. “There are big opportunities for both British and Turkish firms to seize.”

The trade delegation to Turkey includes companies such as Weir Group, BAE Systems and Foster and Partners.

One construction law expert said, though, that the trade mission should concentrate on construction, where he said there were opportunities for British businesses.

“Turkey is growing fast and the doubling of trade is achievable,” said Mark Roe of Pinsent Masons, the law firm behind Out-Law.com. “The trade mission is focusing on engineering, though, and Turkey already has a very strong engineering sector. Turkish construction and infrastructure markets are set to grow by around 10% in the next four years and that would be a better area of focus.”

“Turkey is already second only to China in terms of the number and value of construction projects being carried out by companies based there and Turkish companies are winning major infrastructure deals around the world,” said Roe. “With the Turkish government planning reforms to make public private partnerships easier this growth is certain to continue.”