15 September 2024
Nail Olpak, President of the Foreign Economic Relations Board (DEİK), has warned that China’s Belt and Road Initiative could negatively impact Türkiye, potentially leading to significant losses for Turkish companies in their European export markets. Speaking to journalists in his hometown of Burdur, Olpak explained that while China currently ships goods from Shanghai to Amsterdam in 40-45 days, a truck from Gaziantep, one of Türkiye’s top exporting regions, can make the same trip in three to four days. However, if China’s shipping time is reduced to eight days, Türkiye’s logistical advantage may vanish.
Olpak cautioned that Chinese trucks arriving in Europe would not return empty, which could result in considerable losses for Turkish exporters in their largest market. He emphasized the need for caution when endorsing the Belt and Road Initiative, noting that DEİK has prepared two reports on the issue. He suggested that with strategic actions, Türkiye could potentially turn this challenge into an opportunity.
While China has become a major trading partner for Türkiye, Olpak highlighted that the trade balance is skewed in favor of China. He urged the government to take additional supportive measures for exporters without compromising fiscal discipline or inflation control. This could include increasing foreign exchange support for exporters and easing the 2 percent cap on loan growth for small and medium-sized enterprises.
Olpak also announced that the 15th Türkiye Investment Conference will be held in New York from September 23-25. President Recep Tayyip Erdoğan will attend the conference, organized by DEİK, and will meet with leading American businesspeople and Fortune 500 executives.
