Possibilities for cooperation between Turkey and the US in many areas including entrepreneurship were addressed during a meeting attended by Robert Hormats, Undersecretary for Economic, Energy and Agricultural Affairs, U.S. State Department.

ISTANBUL - The Foreign Economic Relations Board (DEİK) hosted Robert Hormats, US Undersecretary for Economic, Energy and Agricultural Affairs, U.S. State Department, on Friday, July 15, 2011. Hormats was in the delegation accompanying US State Minister Clinton on her official visit to Turkey. At the meeting held in Istanbul, Hormats and M. Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and DEİK delivered opening speeches. Also, TEPAV Director Güven Sak delivered a presentation on the "model partnership" between Turkey and the US. The main emphasis of the speeches was on entrepreneurship.

Export potential cannot be utilized without customs

Delivering an opening speech at the meeting, Hisarcıklıoğlu said that Turkey's exports to the US at the beginning of the 2000s was around 11.2 percent of total exports at US$ 3.13 billion while in 2010 the total exports reached only US$ 3.7 billion and the share of exports to the US decreased to 3 percent. Pointing out that there existed many opportunities for exporting to the US free of customs charges, he maintained that in 2010 Turkey used this option only for 2,309 products compared to the total of 11,924 products that are not subject to customs tax. Stressing that holding a considerable share in the US market was a critical matter of development for Turkey, he said, "I believe that we can achieve this by selling higher-technology products. For this, we need to bring Turkish and American entrepreneurs together and facilitate joint production."

Hormats stated that they were working to develop joint investment possibilities between the US and Turkey and stressed that in 2011, the exports of Turkey and the US increased by 34 percent and 71 percent, respectively, compared to 2009.

Call for a joint initiative in the Middle East

Maintaining that the two countries could cooperate to tap the economic opportunities in North Africa and the Middle East, he said, "Turkey's entrepreneurship ecosystem is very advanced. The two countries can work together in the region. The US has angel investors in Egypt. We invite Turkish counterparts to join us. The untapped resource of North Africa and the Middle East is the natural ability of their people. We are hoping to do this, not only as a US initiative, but in cooperation with Turkey." Hormats stressed that promoting entrepreneurship was one of the critical instances of cooperation and that Turkey and US could develop a successful entrepreneurship ecosystem and share it with the world.

Following the opening speeches, TEPAV Director Güven Sak delivered a presentation with the theme "Turkish-American Relations in Third Markets." Sak focused on the importance of innovativeness and entrepreneurship for the new model partnership between Turkey and the US, and stated that cooperation now required more structural and institutional instruments. Sak stressed it was necessary to take steps to restructure corporations, establish partnerships for innovation, and finance entrepreneurship.