Chinese private capital enters Turkish market

China's Ambassador to Ankara Yu Hongyang said that China has increased its cooperation levels with Turkey and Chinese private capital is seeking ways to enter the Turkish market.

"Bilateral economic and trade cooperation also had marvelous outcomes. China has become Turkey's second biggest trading partner and the biggest among Asian countries," said Yu Hongyang, speaking on Wednesday at the annual spring festival gala dinner, organized by the Turkish Industry and Business Association (TÜSİAD) and the China Institute Turkey (ÇİTAM).

The ambassador underlined that both sides are currently holding consultations on some major projects including a high-speed railway and nuclear power station.

Last month, the gas injection ceremony for the Lake Tuz Underground Natural Gas Storage Project, which is the largest of its kind, was held. The project was undertaken by China's Tianchen Engineering (TCC).

China's Wanda Group and Turkey's Mar Yapı have signed an agreement to build Wanda Vista Istanbul, featuring restaurants, shopping and hotel services.

"This important commercial cooperation shows that private capital, another engine for China's economy, values and enters the Turkish market. China and Turkey have also signed a series of cooperation agreements on investment, transportation, energy, e-business, agriculture, and quality inspection, which have laid a fine foundation for further cooperation," the ambassador said.

Stressing that Turkey is an important country along the route of the One Belt, One Road (OBOR) initiative Ambassador Yu Hongyang also said the Chinese side looks forward to the presence of President Recep Tayyip Erdoğan at the OBOR forum that will be held on May in Beijing.

"I am convinced that bilateral economic and trade cooperation will have a broader picture and bilateral relations will have a better future," he concluded.