World Bulletin / News Desk
Turkish Economy Minister Nihat Zeybekci will meet South Korea’s Trade, Industry and Energy Minister Yoon Sang-jick on Thursday in Seoul to boost bilateral economic ties.
Zeybekci is expected to hold meetings with the CEOs of Samsung, CJ Group, Doosan Group and Hyundai to convince them to invest in Turkey, the Turkish Ministry of Economy said in a statement Saturday.
Turkey and South Korea will sign free trade deals in the investment and service sectors to complement a free trade agreement that came into effect in May 2013.
The two countries reached a de facto agreement for free trade in the investment and service sectors in July 2014 after a seventh round of negotiations to narrow their remaining differences on the text of the free trade agreement.
“After the implementation of the agreement, we will also mark Turkey's first-ever free trade pact in the service and investment sectors,” the ministry said.
Turkey, an emerging economy, has also demanded free trade agreements with the EU and the U.S. So far, it has signed 17 free trade agreements; however, these only deal with products.
"The Turkish economy and labor market will develop after the agreement comes into effect. South Korean firms’ direct investment into our country will also be positively affected. The agreement is a sign that Turkey does not fear international competition in any area," the statement said.
"The agreement is an important instrument to achieve a trade volume of $10 billion in a short period," the ministry added.
Trade between two countries stood at $7.5 billion last year. It is comprised of $471 million in exports to South Korea and $7.5 billion in imports to Turkey, according to the ministry.
South Korean companies are very active in Turkey, particularly in the automotive, IT, mining, tourism and manufacturing industries.