Jigs
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ISTANBUL - Hürriyet Daily News
Turkey, S Korea envision tripling trade-
Turkey and Korea will launch negotiations for a Free Trade Agreement in March with a view to tripling their bilateral trade.
The two countries also signed a deal to construct a nuclear energy plant in the Black Sea province of Sinop during a Turkey-Korea business forum organized in Istanbul on Wednesday.
Ümit Boyner, president of the Turkish Industrialists' and Businessmen's Association, or TÜSİAD, said the discussions will start during the visit of South Korea's trade minister to Turkey on March 19. The first round of negotiations for the agreement will start on April 26. The negotiations are expected to be completed by the end of 2010.
The cooperation protocol signed will establish a nuclear power plant in the northern Turkish province of Sinop. "We have to produce at least 10 percent of our energy from nuclear power plants by 2020," Turkish Energy and Natural Resources Minister Taner Yıldız said during the signature ceremony.
Turkey's Enka and South Korea's Kepco will make a joint bid to build the plant. The two companies agreed to form a 50-50 venture to construct the plant of 5,600 megawatts, Enka Deputy Chief Executive Mustafa Gecek told Bloomberg on Wednesday.
Turkey and South Korea have an annual trade volume of some $3.3 billion, which is largely in South Korea's favor. The trade volume stood at $4.3 billion in 2008 but fell to the current level due to the global crisis.
Speaking at the Turkey-Korean Business Forum, Boyner said there is now need to strengthen bilateral trade but in a more balanced manner.
"Private partnerships will contribute to the strengthening of economic ties. South Korea is a very strong knowledge-based economy with strengths in energy, information technologies and biotechnology. Energy is one of the key areas of cooperation where solar energy, power, hydropower and geothermal energy projects offer opportunities for Korean firms in Turkey," she said.
Young Hak Kim, the South Korean vice minister for trade and energy, said many Korean firms are interested in partnering with Turkish firms. "There is a growing demand for energy in Turkey and in Korea we have a long reliance on nuclear power. Turkish and Korean firms could cooperate on, for example, building nuclear energy infrastructure in Turkey."
Target of $10 billion
Zafer Çağlayan, Turkey's foreign trade minister, said at the present time South Korea exports to Turkey nine times more than Turkey exports to the East Asian country. "We need to map out how these ratios can be balanced and in which sectors ... We need to start working seriously to bring trade between Turkey and Korea to $10 billion," he said.
Turkey, S Korea envision tripling trade-
Turkey and Korea will launch negotiations for a Free Trade Agreement in March with a view to tripling their bilateral trade.
The two countries also signed a deal to construct a nuclear energy plant in the Black Sea province of Sinop during a Turkey-Korea business forum organized in Istanbul on Wednesday.
Ümit Boyner, president of the Turkish Industrialists' and Businessmen's Association, or TÜSİAD, said the discussions will start during the visit of South Korea's trade minister to Turkey on March 19. The first round of negotiations for the agreement will start on April 26. The negotiations are expected to be completed by the end of 2010.
The cooperation protocol signed will establish a nuclear power plant in the northern Turkish province of Sinop. "We have to produce at least 10 percent of our energy from nuclear power plants by 2020," Turkish Energy and Natural Resources Minister Taner Yıldız said during the signature ceremony.
Turkey's Enka and South Korea's Kepco will make a joint bid to build the plant. The two companies agreed to form a 50-50 venture to construct the plant of 5,600 megawatts, Enka Deputy Chief Executive Mustafa Gecek told Bloomberg on Wednesday.
Turkey and South Korea have an annual trade volume of some $3.3 billion, which is largely in South Korea's favor. The trade volume stood at $4.3 billion in 2008 but fell to the current level due to the global crisis.
Speaking at the Turkey-Korean Business Forum, Boyner said there is now need to strengthen bilateral trade but in a more balanced manner.
"Private partnerships will contribute to the strengthening of economic ties. South Korea is a very strong knowledge-based economy with strengths in energy, information technologies and biotechnology. Energy is one of the key areas of cooperation where solar energy, power, hydropower and geothermal energy projects offer opportunities for Korean firms in Turkey," she said.
Young Hak Kim, the South Korean vice minister for trade and energy, said many Korean firms are interested in partnering with Turkish firms. "There is a growing demand for energy in Turkey and in Korea we have a long reliance on nuclear power. Turkish and Korean firms could cooperate on, for example, building nuclear energy infrastructure in Turkey."
Target of $10 billion
Zafer Çağlayan, Turkey's foreign trade minister, said at the present time South Korea exports to Turkey nine times more than Turkey exports to the East Asian country. "We need to map out how these ratios can be balanced and in which sectors ... We need to start working seriously to bring trade between Turkey and Korea to $10 billion," he said.
