Japan-Türkiye business ties expanding, says Japanese minister

Turkish market has great potential for growth; investments by Japan will continue, says Yasutoshi Nishimura

Businesses from Japan are expanding their operations in Türkiye, a country that offers a significant geographical advantage and other benefits, Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura said.

Türkiye is strategically located north, south, east, and west, having a critical closeness to the Middle East, Africa, Caucasus region, as well as Central Asia and Europe, Nishimura told Anadolu during Türkiye-Japan Business Forum in Istanbul on Tuesday.

He stated that approximately 280 Japanese firms operate in Türkiye, emphasizing that the Turkish market has a great potential for growth in the future, with its population nearing 100 million and an average age of 33.

Japan’s foreign investments in the world totaled $2 trillion and Türkiye expects more direct investments from Japan, Turkish Trade Minister Omer Bolat told the forum.

“We can develop joint ventures in many areas such as alternative energy, electric car, infrastructure and superstructure, digital economy, smart cities, climate change, and sustainable energy, to meet the global goals of both our countries,” Bolat added during his speech at the forum.

Turkish and Japanese firms gathered in Türkiye’s metropolitan Istanbul on Sept. 5 to strengthen economic relations between the two countries.

– Economic partnership

Stressing that Japanese businesses have technology and capital, Nishimura said Japan can join Turkish people’s strength for business ventures in third countries.

Türkiye and Japan’s bilateral annual trade volume stood around $5 billion as of 2022, and it is expected to reach $6 billion in 2023.

Türkiye and Japan will mark the 100th anniversary of diplomatic relations next year.

“These thoughts have been shared with my counterpart Bolat and we have been talking about accelerating and negotiating economic partnership agreements between Japan and Türkiye,” he said.

“And hopefully, we can also push forward our joint activities in the third countries as well.”

Bolat also said that Japanese companies aim to cooperate with Turkish firms in the Middle East, Central Asia, and Africa, adding: “There will also be a great business potential between Turkish and Japanese companies in the reconstruction of post-war Ukraine.”