Third Joint Economic and Trade Commission (JETCO) was held in Istanbul

International affairs

On March 20^th, the third Joint Economic and Trade Commission (JETCO) was held in Istanbul with Turkey Economic Minister Nihat Zeybekçi followed by a business forum bringing together both ministers of the Economy, a high-ranking delegation of government officials and business people.

At the round table were present a number of stakeholders, Luxembourg and Turkey-based companies, various business federations, as well as the Ambassador to Luxembourg in Turkey.

During the meeting, Minister Etienne Schneider highlighted the importance of respecting the rule of law and fundamental freedom, particularly in the current political context. He said: "It is essential that Turkey respects its international commitments in terms of freedom of expression, in particular of the press, which constitutes an essential component of every democratic society." He also said it was important to build a favourable business environment to develop foreign investors' trust and to modernize the customs union with the European Union.

Jeannot Erpelding, director for international affairs at the Luxembourg Chamber of Commerce, presented the Luxembourg economy and highlighed the longstanding business relations between Luxembourg and Turkey. With 80 million inhabitants, Turkey is an important market and hub to markets in Central Asia and the Middle east. Turkey is currently  involved in setting up a rail corridor linking China to Europe. Another interesting project is the creation of a space agency as well as the setting up of a bank in Luxembourg.  Over the past decade, Luxembourg, the third largest foreign investor in Istanbul, had a trade surplus with Turkey. In 2016, the total trade volume between the two countries reached 148 million Euros but exchanges could be raised gradually.

There are a number of sectors that both Luxembourg and Turkey are pursuing: the automotive industry, construction, aerospace, ICT and logistics. The Luxembourg companies that were present then had the opportunity to talk about their projects and activities on the Turkish market