Turkish Exporters' Assembly

Turkish company Baykar has started building a drone factory near the Ukrainian capital of Kiev, says its CEO Haluk Bayraktar.

Baykar's TB2 or TB3 drone models will be produced at the plant, which will create jobs for 500 people, Bayraktar said, speaking at the World World Defense Show in Saudi Arabia's Riyadh.

The recent attacks by the Houthi rebels on ships in the Red Sea have already started to significantly affect trading activities, especially in the container segment, while creating an opportunity for Turkish manufacturers.

Turkish exporters will focus more on large economies, such as the U.S, China and India, this year, as they aim to boost goods and service export revenues to a total of $402 billion, says Mustafa Gültepe, the head of the Turkish Exporters' Assembly (TİM).

"We are shifting our focus to the alternative markets with large import potential," he told reporters.

Treasury and Finance Minister Mehmet Şimşek has held a meeting in Spain with representatives of Spanish companies and the finance industry.

"Our international investor meetings continue in Spain," Şimşek wrote on the social media platform X, formerly Twitter.

Türkiye's leading business associations have welcomed the government's new medium-term program, as they expect the economic roadmap to increase predictability.

The new medium-term program, which covers 2024-2026, outlines a comprehensive strategy aimed at reducing inflation, fostering growth and addressing various key challenges.

Türkiye's product safety record in its exports abroad, particularly to Europe, has deteriorated.

Exports increased by 8.3 percent in July from a year ago after plunging nearly 11 percent in the previous month, the data from the Turkish Statistical Institute (TÜİK) have shown.

The country's export revenues amounted to $20 billion last month.

Türkiye aims to increase its food and agricultural products export revenues to $50 billion in 2028, says Mustafa Gültepe, the president of the Turkish Exporters' Assembly (TİM).

The country generated some $27 billion in food and agricultural products exports last year.

Encouraged by the steps the new economic team has taken over the past two and a half months, Türkiye's exporters have voiced optimism that the target of generating $265 billion in export revenues appears to be within reach.

The Turkish automotive sector's export revenues may climb to $34 billion this year, according to a report by KPMG.

Last year, the local industry produced 1.3 million vehicles and sales on the local market amounted to 827,000 while 970,000 vehicles were shipped to foreign markets.