ISTANBUL: Turkey and South Korea are eager to transform their long-lasting brotherhood into a strong economic partnership by increasing business cooperation, reaching potential and bringing bilateral trade to a higher level. As Daily Sabah writes in an article “Turkey, South Korea to turn long-lasting brotherhood into strong economic partnership”, Consul General of the Republic of Korea to Istanbul Cha Young Cheol said it is very important for both the Republic of Korea and Turkey to turn brotherhood felt by both sides into a strong economic partnership.
He made this remark during his speech at the presentation of the “DEİK South Korea Country Report” prepared by the Foreign Economic Relations Board (DEİK) Turkey-South Korea Business Council in Istanbul Friday. The meeting in Istanbul was attended by a number of officials and businessmen from both Turkey and South Korea. The report examined economic relations between Turkey and South Korea, the world’s 12th largest economy. Seen as a road map as to how the long-lasting economic relationship between the two countries could be improved in the upcoming period, the report analyzed the current potential in exports and investments.
Cheol also stressed that the economic partnership between the two countries should be improved and that economic relations could be improved with by increasing bilateral trade, adding that products with export potential should be subject to trade. “There is huge potential for Turkey and Korea to cooperate, particularly in the construction sector in third countries, like Central Asia, where each country can use its competitive features to reach joint prosperity,” Cheol underlined.
Cheol also pointed to recently signed projects in Turkey, particularly in the renewable energy sector, where local Kalyon and the South Korean Hanwha Group consortium won the tender in March this year for the Karapınar Renewable Energy Resource Area (YEKA), where the largest solar energy power plant in Turkey will be established. Indicating that he has some suggestions in addition to the report on how to improve the current economic situation for both countries, Cheol said the residency and work permit process for Korean businessmen in Turkey is not only complex but also takes a lot of time, even before coming to Istanbul, adding that it needs to be simplified into one step.