Throughout the 2000s, the commercial relationship between Turkey and Norway has experienced a significant upswing, marked by a robust expansion in mutual foreign trade. This upward trajectory reached a noteworthy milestone in 2008 when the bilateral trade volume surpassed the 1 billion-dollar mark for the first time. As of 2018, the foreign trade volume between these two nations stood at an impressive $1.27 billion.
A balanced and reciprocal exchange
Within this substantial figure, Turkey's exports to Norway amounted to $513 million, while Norway reciprocated with exports totalling $765 million. This economic interplay reflects a balanced and reciprocal exchange, contributing to the overall vitality of their commercial partnership.
Delving into the specifics of this economic symbiosis, Turkey predominantly exports passenger and fishing vessels, automobiles, motor vehicles, and textile products to Norway. These items constitute the backbone of Turkey's export portfolio to its Scandinavian counterpart, showcasing the diversity and competitiveness of Turkish industries in the international market.
Conversely, Norway's imports from Turkey are characterised by a reliance on essential commodities. Petroleum products, fish, ferroalloys, polymers, newsprint, and fish oil top the list of products flowing into Norway from Turkey. This strategic import mix underlines the complementary nature of the two economies, with Turkey supplying key resources that contribute to Norway's economic development and sustainability.
Growth of trade volume
The consistent growth in trade volume over the years is indicative of the deepening economic ties between Turkey and Norway. This flourishing relationship not only underscores the mutual benefits derived from bilateral trade but also sets the stage for further collaborative endeavours. As both nations continue to navigate the global economic landscape, their dynamic commercial engagement serves as a testament to the resilience and adaptability of their partnership.
In the realm of foreign trade, the relationship between Norway and Turkey is flourishing, boasting a remarkable trade volume of $2 billion. This robust economic partnership is underscored by Turkey's significant investment of $300 million in Norway, reciprocated by Norway's substantial investment of nearly $4 billion in Turkey.
The diplomatic ties between these two nations seem to be navigating smoothly, with no apparent hurdles hindering their progress. The current state of affairs suggests a positive trajectory in bilateral relations, indicative of ongoing development.
The Norwegian Wealth Fund
A noteworthy milestone in this evolving relationship is the substantial investment made by the Norwegian Wealth Fund. In 2023 alone, the fund injected $1.3 billion into Turkey, signalling a commitment to further fortify the economic bonds between the two countries. This strategic move by the Norwegian Wealth Fund is poised to contribute significantly to the continued growth and enhancement of bilateral relations.
As Norway and Turkey continue to foster economic collaboration, the prospects for future advancements in their diplomatic ties appear promising. The mutually beneficial investments and increasing trade volume underscore the resilience and prosperity characterising the current state of Norway-Turkey relations.
What companies does the Fund invest in?
Tüpraş, the prominent Turkish oil refining company, has emerged as the primary beneficiary of the Norwegian Wealth Fund's investments in Turkey, securing the largest share among its diverse portfolio. The fund, holding a significant 1.30 percent stake in Tüpraş, has allocated approximately $121.7 million to the company, underscoring its confidence in the energy sector.
Among the notable recipients of the fund's investments, Koç Holding received a substantial injection of $106 million, while Birleşik Mağazalar AŞ (BİM) and Akbank secured investments of $90.98 million and $73.09 million, respectively. Turkish Airlines and Aselsan also benefited significantly, with investments totalling $63.39 million and $60.54 million, respectively. These strategic allocations reflect the fund's diverse interests across various sectors of the Turkish economy.
Within its Turkey portfolio, the Norwegian Wealth Fund holds the largest share in Mavi Giyim, boasting a 4.18 percent ownership stake in the fashion company. The fund's investment in Mavi Giyim stands at an impressive $32.73 million, highlighting its commitment to supporting the textile and apparel industry in the region.
Following closely in the fund's portfolio are Yataş and İş Yatırım, both securing a 3 percent share. The fund's investments in these companies amount to $3.69 million and $48.74 million, respectively, demonstrating its strategic approach to diversifying its holdings across various sectors.
Commitment to growth and key sectors
This calculated investment strategy by the Norwegian Wealth Fund reflects not only its confidence in the Turkish market but also its commitment to fostering growth and stability in key sectors. As Tüpraş leads the way in this strategic investment venture, the fund's diversified portfolio underscores its role in contributing to the resilience and development of Turkey's dynamic economic landscape.
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