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26/09/2011
Turkish Delight For UK Businesses
British firms looking to boost trade links with Turkey are joining Business Secretary Vince Cable on a three-day mission to the country.
While the successful retailer Tesco is using the opportunity to boost local suppliers for its 130 Turkish 'Kipa' stores, the visit is also the first by a UK Business Secretary for a decade and underlines the importance of the two countries ambition to double bilateral trade by 2015.
This visit builds on that of Minister for Trade and Investment Lord Green in April this year, and follows the Prime Minister David Cameron's establishment of a new UK-Turkey Strategic Partnership with Prime Minister Erdoğan in July 2010.
Business Secretary, Dr Vince Cable, said: "Turkey has an enviable record of economic growth over the last decade; reaching almost 9% last year.
"It is an important business hub in the region - with its reach into the EU, the Middle East and Central Asia. Istanbul is already establishing itself as a regional centre for financial services.
"There are big opportunities for both British and Turkish firms to seize. The size and stature of the delegation accompanying me here signals the clear and growing importance of the Turkish market for British companies," he said.
Dr Cable is visiting Ankara and Istanbul from 25-28 September. During this three-day visit, he will meet senior Turkish Ministers and government officials.
He will sign the UK-Turkey Knowledge Partnership with Turkish Economy Minister Zafer Çağlayan, and attend the formal launch of this collaboration at Sabanci University in Istanbul.
He will also make a keynote speech at the Istanbul Financial Centre Summit.
With the accompanying business delegation, Dr Cable will attend a working lunch and meet representatives from Turkish business organisations including the Business Network and TUSKON.
Members of the UK business delegation include household British names such as Fosters+Partners, Rolls Royce, GSK and Legal & General, as well as innovative SMEs such as Redmint Communications and Poke.
Elizabeth Fells, CBI Head of International Strategy, who is on the business delegation said: "The UK is a significant investor in Turkey, with more than 2,000 UK companies operating throughout the country.
"With Turkey's economy growing fast, and with strong prospects for continued expansion, there is considerable potential for the UK's trade and investment ties with Turkey to be strengthened further."
Tesco Goes East
The launch of the Tesco Supplier Academy Initiative will also take place during the visit.
Tesco Kipa's, Paul Ritchie, said: "Turkey is an important market for us as a business based in the UK and we are keen to contribute to an already prosperous UK-Turkey economic relationship.
"Tesco Kipa currently has 131 stores across Turkey and we have ambitious plans to increase this to 150 stores by the end of the financial year.
"The great benefit to operating in Turkey is that we can develop new partnerships, knowledge and skills, which we can ultimately transfer back to the UK retail market."
(BMcC/GK)
While the successful retailer Tesco is using the opportunity to boost local suppliers for its 130 Turkish 'Kipa' stores, the visit is also the first by a UK Business Secretary for a decade and underlines the importance of the two countries ambition to double bilateral trade by 2015.
This visit builds on that of Minister for Trade and Investment Lord Green in April this year, and follows the Prime Minister David Cameron's establishment of a new UK-Turkey Strategic Partnership with Prime Minister Erdoğan in July 2010.
Business Secretary, Dr Vince Cable, said: "Turkey has an enviable record of economic growth over the last decade; reaching almost 9% last year.
"It is an important business hub in the region - with its reach into the EU, the Middle East and Central Asia. Istanbul is already establishing itself as a regional centre for financial services.
"There are big opportunities for both British and Turkish firms to seize. The size and stature of the delegation accompanying me here signals the clear and growing importance of the Turkish market for British companies," he said.
Dr Cable is visiting Ankara and Istanbul from 25-28 September. During this three-day visit, he will meet senior Turkish Ministers and government officials.
He will sign the UK-Turkey Knowledge Partnership with Turkish Economy Minister Zafer Çağlayan, and attend the formal launch of this collaboration at Sabanci University in Istanbul.
He will also make a keynote speech at the Istanbul Financial Centre Summit.
With the accompanying business delegation, Dr Cable will attend a working lunch and meet representatives from Turkish business organisations including the Business Network and TUSKON.
Members of the UK business delegation include household British names such as Fosters+Partners, Rolls Royce, GSK and Legal & General, as well as innovative SMEs such as Redmint Communications and Poke.
Elizabeth Fells, CBI Head of International Strategy, who is on the business delegation said: "The UK is a significant investor in Turkey, with more than 2,000 UK companies operating throughout the country.
"With Turkey's economy growing fast, and with strong prospects for continued expansion, there is considerable potential for the UK's trade and investment ties with Turkey to be strengthened further."
Tesco Goes East
The launch of the Tesco Supplier Academy Initiative will also take place during the visit.
Tesco Kipa's, Paul Ritchie, said: "Turkey is an important market for us as a business based in the UK and we are keen to contribute to an already prosperous UK-Turkey economic relationship.
"Tesco Kipa currently has 131 stores across Turkey and we have ambitious plans to increase this to 150 stores by the end of the financial year.
"The great benefit to operating in Turkey is that we can develop new partnerships, knowledge and skills, which we can ultimately transfer back to the UK retail market."
(BMcC/GK)
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