Türkiye aims to bolster the volume of its exports to Japan via its current strategy, an official said recently, highlighting the need to balance bilateral trade and bring value-added products to the Japanese market.
Türkiye’s trade volume with Japan, one of its target countries for increased exports, rose 49% in 2019-2023 from $4.1 billion to $6.1 billion, according to the data compiled by Anadolu Agency (AA).
The country's exports to Japan between 2019 and 2023 rose from $503 million to $645 million, the data showed.
Türkiye’s goal is to reach $10 billion in bilateral trade volume with Japan in the short term.
The average amount of foreign direct investments (FDI) from Japan to Türkiye in 2002-2023 reached $152 million. Last year alone, approximately $3.5 million was invested in Türkiye from Japan, making up a large portion of Japan’s FDI in the Middle East and Eastern Europe.
More than 250 Japanese firms operate in Türkiye, in sectors such as wholesale and retail trade, hotels and restaurants, construction and more. The direct investments of these firms have so far reached $3.5 billion.
As for growing trade ties, the 27th Türkiye-Japan Joint Economic Commission meeting will be held in Tokyo on Thursday, with Deputy Trade Minister Mustafa Tuzcu leading the Turkish delegation.
Tuzcu told AA that Japan is one of Türkiye’s major trade and investment partners, and technology-based joint projects are notable both domestically and internationally.
"Our top priority is to establish a sustainable structure that is open to development, one which both countries can gain from while carrying out our trade relations,” said Tuzcu.
"Both Türkiye and Japan’s existing products need to be sold in higher volumes. And Türkiye’s value-added products need to be brought to the Japanese market to balance bilateral trade to acceptable levels. And we attach great importance to the Türkiye-Japan Economic Partnership Agreement, which will allow Turkish products to enter the Japanese market easily,” he added.
Tuzcu stressed that trade with Japan should expand to technology transfers, as Türkiye "has a lot to learn from Japan” in terms of artificial intelligence and digital transformation, making the country an important business partner for high-tech products and investment opportunities.
