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27 Jul 2017

Turkey invited to make automobile components, household appliances in Belarus

Turkey invited to make automobile components, household appliances in BelarusMINSK, 27 July (BelTA) – The Belarus government suggests that Turkey should set up enterprises in Belarus to make automobile components and household appliances. The idea was discussed as Prime Minister of Belarus Andrei Kobyakov met with Turkish Minister of Forestry and Water Affairs Veysel Eroglu on 27 July, BelTA has learned. Veysel Eroglu is a co-chairman of the Belarusian-Turkish intergovernmental commission on economic affairs.

During the meeting Andrei Kobyakov outlined bilateral cooperation avenues, which development the Belarusian side deems advisable. “We see serious prospects for setting up enterprises in Belarus to make automobile components, household appliances, furniture, apparel, textiles, construction materials, and agricultural products,” said the prime minister.

Apart from that, the Belarusian side sees good prospects for cooperation with Turkey in optimizing freight delivery logistics. At present Belarusian-Turkish trade is primarily handled by trucks. “The development of alternative logistics routes using combined means of transportation will allow reducing costs and starting earning money together by moving transit freights between the Baltic Sea and the Black Sea,” noted Andrei Kobyakov. In his opinion, Belarus and Turkey should start using the green corridor for the accelerated customs clearance of cargoes as fast as possible. The relevant agreement will come into force within days.

Belarus sees prerequisites for stepping up banking cooperation. Belarus is interested in attracting the capital of Turkish banks for servicing bilateral economic projects. “We are ready to consider the possibility of participation of Turkish state banks in the privatization of Belarusian banks. Belarusian and Turkish companies could use banking services in national currencies,” believes the prime minister.

Andrei Kobyakov suggested that the Belarusian-Turkish intergovernmental commission should take a look at investments and manufacturing cooperation. As an example he referred to the Belarusian companies Gomselmash and Amkodor, which are working with partners from Turkey in order to start making vehicles and machines in the country using Turkish components. The head of government noted that the Belarusian side expects that investment preferences will be granted to these projects in accordance with Turkish laws. In particular, preferential interest rates on loans and government orders for the machines and vehicles to be made were mentioned.

In turn, Belarus is ready to enable the most favorable business conditions for Turkish industrial companies in addition to the industrial infrastructure necessary for making products for the Eurasian Economic Union market.

The Belarusian side is also interested in advancing cooperation with Turkey in science and technologies. The Turkish delegation intends to visit the National Academy of Sciences of Belarus (NASB) later on. NASB scientists are ready to offer promising R&D products, which can be successfully commercialized in Turkey.

Andrei Kobyakov stressed that Belarus views Turkey as an important and promising partner, a respected participant of international relations. He pointed out that Belarus-Turkey trade has increased by more than five times in the last ten years. “And all the prerequisites are available for pushing the trade figures beyond $1 billion, provided the existing growth pace stays in place. It will be beneficial for reaching the goal the heads of state set during their meeting in November 2016,” stressed Andrei Kobyakov.

In January-May 2017 Belarus-Turkey trade totaled $398.2 million, nearly 124% as against January-May 2016. Belarus’ main exports to Turkey were potash fertilizers, synthetic fibers and yarns, linen fabrics, and glass. In turn, Belarus imported Turkish agricultural products, primarily seasonal products, which are not grown in Belarus, as well as knitted fabrics.

In Q1 2017 Turkish investments in Belarus totaled $11.2 million, 161% as against Q1 2016. There were 137 companies with a share of Turkish capital in Belarus in early 2017.

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