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TUSKON Hosts US Assistant Secretary Jose W. Fernandez

US Assistant Secretary for Economic, Energy and Business Affairs Jose W.Fernandez spoke on Wednesday, January 26 during the Working Luncheon on Opportunities for Economic and Commercial Cooperation between Turkey and the US, which was organized by TUSKON.

He noted that the world “applauds Turkey’s economic improvement” and that the country has “turned into a crucial financial actor.” Moreover, Fernandez noted that Turkey could attract investments totaling $1 billion from the American pharmaceuticals sector, but noted that many US companies do not see transparent legal legislation. Fernandez said it is possible to attract these US investments by securing intellectual property rights for companies that would like to invest in Turkey. “Turkey has an exciting market. Our businessmen would like to enter the country but legislation prevents improving the trade relations between the two countries. Turkey should focus on improving legislation regarding starting a business, closing a business and incentives for attracting foreign investments,” Fernandez said.

Fernandez stated that Prime Minister Recep Tayyip Erdoğan and US President Barack Obama took important steps in forming a model partnership mechanism that aims to increase trade figures between the two countries. He added that trade volumes rose by 25 percent in the previous year. Despite these developments “we could do better,” Fernandez stated, referring to the low trade volumes between the US and Turkey. Answering a question on the double taxation of goods in the US and Turkey, Fernandez said there are problems in that regard, noting that it is not possible to solve these problems in the short term.

TUSKON President Rızanur Meral said during the meeting on Wednesday that they appreciate seeing international and multinational companies operating in Turkey, although they would like to see more foreign small and medium-sized enterprises (SMEs) in the country. “In the framework of seeing more US SMEs in Turkey, we are planning to organize seven business trips to the US in the coming five months,” Meral noted. “The first business delegations will visit Virginia and New York in the first week of February. The other [business] delegations will visit California, Texas, Chicago, Atlanta, and Washington in the US, along with Mexico and Canada,” Meral noted.

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