A "green" Turkey would be well-placed to supply European countries' low carbon needs, according to the British consul general in Istanbul.
In an exclusive interview with Anadolu Agency (AA), Consul General Kenan Poleo evaluated the current state of economic ties between Turkey and the United Kingdom.
Noting that the U.K.'s relationship with Turkey continues to grow, Poleo said the British government's export credit agency, UK Export Finance (UKEF), would provide 217 million pounds ($292 million) to finance the largest solar facility in Turkey, the size of 4,600 football fields.
"This project also demonstrates the potential of U.K.-Turkey business cooperation, as it will be supported by workers in the U.K. for the integration of the solar technology and the assembly of the solar power station," he underlined.
Britain's relationship with Turkey continues to grow and U.K. businesses' desire to come to Turkey to identify new opportunities and partnerships is strong, he added.
"The U.K.'s departure from the EU has meant we need to invest even more into our bilateral relationships with strong and important countries like Turkey," he underlined.
He underlined that British business delegations are keen to partner with Turkey in areas such as innovative pharmaceuticals, genomics and digital health.
Sectors such as defense and aerospace, the green and renewable sector, and transport infrastructure are also areas that carry great potential to collaborate, he added.
Free trade deal
Referring to a free trade agreement (FTA) signed late in 2020, Poleo said this deal was a critical moment for the bilateral relationship and will provide a platform for continued tariff-free trade in all areas covered by Turkey's previous arrangements with the European Union.
"The pandemic was a challenge for global trade, but despite this headwind, our trade remained strong at 16.6 billion pounds from June 2020 to June 2021," he said, adding that the U.K. remains a premier destination for Turkish exports of apparel, major home appliances and automotive products.
"I wasn't surprised that our trade remained resilient given the upward trajectory of British-Turkish trade over many years, growing 70% from 2010 to the beginning of the pandemic."
Both governments, he added, have committed to start discussions by the end of next year to review their FTA and look for new areas to expand trade, such as the services, digital and agricultural sectors.
"Resolution of non-tariff barriers to trade is equally important as our FTA if we are to reach the full potential of our commercial relations," he said.
In most years, the U.K. is one of the top four investors in Turkey, with many major U.K. businesses present in the country, such as Vodafone, Diageo, BP, Shell and Unilever, explained the envoy.
"We also see a continuing interest from Turkish investors to expand into the U.K. market. After Brexit, many large Turkish companies have decided to become part of the U.K. supply chain and have announced major manufacturing investments, for example in the glass manufacturing and packaging sectors," Poleo said.
Turkey's manufacturing industry is highly efficient, competitive and a great trade base for the region, he concluded.