During the 15th Turkey Investment Conference in New York, held as part of his visit to the 79th United Nations General Assembly, President Recep Tayyip Erdoğan addressed both American and Turkish business leaders. In his speech, Erdoğan highlighted Turkey's significant economic strides, noting that the number of foreign-capitalized companies in the country had surged to 83,000. He noted that three major international agencies had upgraded Turkey’s credit rating in 2024, and he saw it as a testament to the country’s improving economic outlook.
The President also underscored the growing trade relationship between Turkey and the United States, emphasizing that the U.S. was now Turkey’s second-largest export market and fifth-largest import partner. He expressed confidence in the potential to boost bilateral trade, aiming to reach a $100 billion trade volume with proper planning. Erdoğan called for the removal of restrictive tariffs and unilateral trade barriers in sectors like iron, steel, and aluminium, which he argued were stifling mutual economic growth.
He said, over the past two decades Turkey had attracted nearly $270 billion in foreign direct investment, bolstered by a strong economy and investor-friendly policies. He emphasized that the country’s average annual growth rate over this period had been 5.4%, with major infrastructure projects underway, including a doubling of airports and a 20-fold increase in exports. Additionally, he touted Turkey's role as a leading player in the defence and aerospace sectors, positioning itself as one of the world’s largest arms suppliers.
Despite ongoing regional challenges, Erdoğan stressed that Turkey continued to experience growth in key areas such as exports, employment, production, and tourism. He attributed this success to the government’s economic program, which had been in effect for the past year. He also said Turkey was now seeing a permanent decline in inflation, with the unemployment rate surpassing initial targets. He did not fail to mention the rapid recovery of public finances following the 2023 earthquake.
The President said Turkey’s goal was to increase its share of global investments from 1% to 1.5% by 2028. He highlighted the importance of attracting high-value investments that are technology-driven, sustainable, and create qualified jobs. He identified renewable energy, defence, biotechnology, and the automotive industry as key sectors of focus. Erdogan hopes that Turkey will become a global hub for high-tech investments, with a particular focus on semiconductors, green energy, digital technologies, and space, by 2030
In closing, Erdoğan called for continued collaboration with U.S. companies, emphasizing the strategic importance of their partnership, particularly in energy. He noted that since Turkey began importing liquefied natural gas (LNG) from the U.S. in 2016, America has become Turkey’s largest supplier in this area. He expressed hope that this relationship would be strengthened through a long-term contract.
Erdoğan’s message was clear: Turkey is not only on a path to economic recovery but is also positioning itself as a key player in global trade, investment, and technology, with strong ties to the United States driving this forward-looking vision.
