Martial Arts, Korea-Turkey 65th Anniversary of Diplomatic Relations 'Business Strategy Forum' Held

Discussion on Economic Cooperation Including Battery Industries of Both Countries

[Asia Economy Reporter Jin-ho Kim] The Korea International Trade Association (KITA) announced on the 18th that it held the 'Turkey Business Strategy Forum and Expert Consulting' at the Trade Tower in Samseong-dong, Seoul.

The event, held to commemorate the 65th anniversary of diplomatic relations between Korea and Turkey and to strengthen investment cooperation in the battery sector between the two countries, was attended by over 100 participants including KITA Vice Chairman Kwan-seop Lee, Ersin Er?in, Ambassador of Turkey to Korea, Taha Saran, Head of the Korea Office of the Turkish Investment Office, and Korean companies aspiring to enter the Turkish market.

In his opening remarks, Vice Chairman Lee said, "Following SK On of Korea partnering with Ford of the U.S. and Ko? of Turkey to build a battery joint venture factory in Ankara, we have also heard the news of the opening of the '1915 ?anakkale Bridge,' the longest suspension bridge in the world, which was contracted by Korea's DL E&C and SK Ecoplant. Next year marks the 10th anniversary of the Korea-Turkey Free Trade Agreement (FTA), and I hope that trade between Korea and Turkey will expand further across various fields."

Head Saran stated, "Thanks to Turkey's entrepreneurial business culture, young and skilled population and workforce, experienced talent pool, strategic geographical location, and various incentive systems, Turkey has attracted $240 billion in foreign direct investment (FDI) over the past 20 years. We look forward to the diverse cooperation that Korea and Turkey will continue to build."

The forum featured presentations and discussions on Turkey's battery industry trends, investment and business environment, and legal issues including taxation.

Regarding Turkey's battery industry trends, Ethem Tokgozlu, an e-mobility sector expert from the Turkish Investment Office, said, "Turkey ranked first in automotive production in Central and Eastern Europe in 2021 and 13th worldwide. Turkey is gaining attention as a production base for new industries such as electric vehicles, enough for SK On to decide on battery factory investment."

Yunus Emre Ceylan, an incentives expert from the Turkish Investment Office, added, "For R&D centers employing 15 or more people, benefits such as a 100% deduction of R&D expenses from the tax base and exemption from income withholding tax for the employed workers are provided. Additional benefits may vary depending on the six regions, so it is essential to contact the Turkish Investment Office in advance when investing."

Following the forum, expert consulting was held with participation from Turkish Investment Office officials, KITA customs brokers, and representatives of Turkish and Middle Eastern export companies, providing consultations on utilizing the Korea-Turkey FTA, requirements and procedures for entering the Turkish market, and more.

This content was produced with the assistance of AI translation services.