Spain and Türkiye sign agreements to create trade opportunities and promote investment

 

Madrid has welcomed the High Level Meeting between Spain and Türkiye which was attended by the Presidents of Government of both countries, in addition to the Ministers of Finance, Treasury and Commerce of Turkey and, on behalf of Spain, the Minister of Economy, Commerce and Business, as well as the Secretary of State for Trade.

 

Within the framework of this meeting, the Ministry of Economy, Commerce and Business has signed four Memorandums of Understanding (MoUs) with different Turkish institutions that mark a milestone in economic and commercial relations between both countries. These agreements will facilitate the creation of new trade opportunities, encourage investment and strengthen bilateral relations.

 

Specifically, a first agreement has been signed between COFIDES and the Turkish sovereign fund TWF to explore investment opportunities, with special focus on sectors linked to new technologies and the green transition, that benefit both countries and promote mutual economic development.

 

On the other hand, a second memorandum of understanding has been signed between the Spanish export credit insurance company, CESCE, and the Turkish Export Credit Bank, Turk Eximbank, in order to promote collaboration in the field of export credits. Thus, business opportunities will be identified, proposing projects of common interest and supporting joint projects that promote the export of goods and services from Turkey and Spain. Projects will also be supported through co-insurance, co-guarantee and reinsurance.

 

The third signed has been between ICEX - Spanish Institute for Foreign Trade and Turkish Investment Office to collaborate in the exchange of information on investment activities by business entities and work jointly in the promotion of Spanish and Turkish companies in both countries.

 

Finally, the ManagementGeneral Insurance and Pension Funds of Spain and Turkish Insurance and Private Pension Regulatory and Supervision Authority have ratified a fourth memorandum to establish a formal basis for cooperation and exchange of information between both authorities for the supervision of insurance companies, especially when cross-border aspects arise.

 

In terms of investment, Spain stood out in 2022 as the largest foreign investor in Türkiye. This fact reflects the confidence of the Spanish business community in the Mediterranean country

 

New business opportunities

Furthermore, within the agenda of activities of the High Level Meeting, a Business Meeting between Spain and TürkiyeOrganized by the CEOE, within the framework of the collaboration agreement with the Secretary of State for Commerce, through ICEX Spain Exportation and Investment, and the Spanish Chamber of Commerce.

 

In this meeting, which was attended by 200 representatives of 150 Turkish companies, both Governments have committed to continue promoting business cooperation in sectors such as infrastructure, sustainable mobility, green energy, industry and digitalization.

 

Strong bilateral trade relations

Bilateral trade between Spain and Türkiye It is characterized by being balanced, diversified and constantly growing. Trade exchanges in both directions are reinforced by the Customs union between EU-Türkiye.

 

The value of Spanish exports of goods reached 6.762 million euros in 2022 and grew to 8.766 million in 2023. Imports from Turkey in 2022 reached 10.093 million euros and decreased slightly to 9.120 million in 2023.

 

Furthermore, Türkiye positions itself as Country with Strategic Sectoral Action (PASE country) within the internationalization strategy of the Ministry of Economy, Commerce and Business, having been identified as a priority for cooperation and development in specific sectors due to its economic growth and strategic importance.