In recent years, the economic collaboration between Japan and Turkey has reached new heights, exemplified by the presence of 257 Japanese companies operating in Turkey, and reciprocally, four Turkish companies making their mark in Japan.
This bilateral exchange extends beyond corporate endeavours, as numerous Turkish citizens have ventured into Japan to establish restaurants and small enterprises, fostering a vibrant cultural and economic exchange.
Japanese FDI into Turkey
The past two decades have witnessed a substantial flow of Japanese Foreign Direct Investment (FDI) into Turkey, with an impressive total of 3.28 billion USD. This significant investment reflects the growing confidence and interest that Japanese businesses have in Turkey's economic landscape, contributing to the strengthening of economic ties between the two nations.
A pivotal player in this collaborative journey is the Japan International Cooperation Agency (JICA), which has played a crucial role in supporting major infrastructure projects in Turkey. Notable ventures include the Marmaray Tunnel, the Halic Bridge, the Second Bosporus Bridge, Hasan Ugurlu Dam, and Altınkaya Dam. JICA's financial assistance and expertise have been instrumental in the successful implementation of these projects, enhancing Turkey's infrastructural capabilities and contributing to its economic development.
Mutual growth and understanding
The strategic collaboration between Japanese and Turkish entities goes beyond mere economic transactions; it reflects a commitment to fostering mutual growth and understanding. As both nations continue to explore new avenues for cooperation, the foundation laid by the numerous businesses and projects mentioned above paves the way for a future marked by even deeper ties and shared prosperity. The enduring partnership between Japan and Turkey serves as a testament to the potential unlocked when nations come together with a shared vision for economic advancement and collaboration.
Despite the rich tapestry of relations between Japan and Turkey, the current trade volume of 5 billion dollars may not fully capture the depth and breadth of their economic collaboration. However, beneath the surface lies a dynamic partnership where Global Japan companies strategically leverage Turkey as a production hub, exporting goods to Europe and thereby contributing significantly to both nations' economic prosperity.
Turkey as a gateway for exports
The relationship between Japan and Turkey has found expression through the operations of Global Japan companies within Turkey. By establishing production bases on Turkish soil, these companies have not only enhanced their manufacturing capabilities but have also strategically positioned Turkey as a gateway for their exports to the European market. This innovative approach demonstrates the strategic synergy at play, as both nations capitalise on their respective strengths to create a win-win scenario.
In a momentous move reflecting the enduring strength of their ties, a new trade agreement was inked in 2024, coinciding with the 100th anniversary of diplomatic relations between Japan and Turkey. This landmark agreement is poised to usher in a new era of economic cooperation, providing a comprehensive framework for expanded trade and investment opportunities.
Lifting of visa restrictions between the two countries
A noteworthy aspect of the burgeoning relationship is the absence of visa restrictions between the two countries. This open-door policy fosters not only business ties but also cultural exchanges and people-to-people connections, further solidifying the foundations of the enduring bond between Japan and Turkey. As these nations continue to navigate the complexities of the global economic landscape, the trade agreement and lack of visa restrictions serve as catalysts for unlocking untapped potential.
The stage is set for a more robust and diversified economic engagement, with both sides poised to reap the benefits of their collaborative efforts. The evolving economic landscape between Japan and Turkey stands as a testament to the resilience and adaptability of their partnership, with a promising future characterised by increased trade, shared prosperity, and strengthened bilateral relations.
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