Istanbul: Officials at the Trkiye-Belgium Business Forum in Istanbul highlighted on Monday growing economic ties between the two countries and opportunities for broader trade and investment cooperation. The forum, organized by Trkiye’s Foreign Economic Relations Board (DEIK), was attended by Belgium’s Queen Mathilde as well as a high-level Belgian delegation. Officials highlighted opportunities to expand cooperation in areas including technology, green transition, defense, and logistics. Speakers also emphasized the importance of modernizing the Trkiye-EU Customs Union and Trkiye’s role as a production and logistics hub for European markets.
According to Anadolu Agency, Trade Minister Omer Bolat welcomed Queen Mathilde during what he described as the largest international delegation visit to Trkiye. He said reliable partnerships are increasingly important amid global supply chain disruptions and geopolitical tensions. He noted that bilateral trade between the two countries reached $9.3 billion last year and said officials aim to raise the figure to $15 billion in a sustainable and balanced manner. Bolat said priorities include strengthening the legal and business framework between the two countries through agreements on investment protection, investment promotion, and the avoidance of double taxation, ensuring transparency, predictability, and security for investors. Belgian investments in Trkiye have reached nearly $5 billion, while Turkish investments in Belgium stand at around $750 million.
Bolat stated that Turkish companies are expanding their footprint in Belgium across sectors such as logistics, defense, manufacturing, retail, and advanced technologies. He also highlighted opportunities in logistics, noting that Trkiye’s market exceeds $150 billion. Trkiye stands out with its strategic location at the crossroads of Europe, Asia, and Africa, offering direct access to a market of over 1.3 billion consumers. Bolat also called on the EU to modernize the Customs Union to support integrated value chains between European and Turkish companies.
DEIK President Nail Olpak said Trkiye and Belgium have complementary economic strengths. Belgium is home to world-class companies in pharmaceuticals, chemicals, logistics, high-tech manufacturing, and defense. He highlighted Trkiye’s economic strength in production, technology, and research and development – with its role as a global trade hub and consumer market of 86 million people. Olpak said the green transition presents significant opportunities for cooperation, combining Belgian sustainability expertise with Trkiye’s rapidly growing renewable energy sector. He also highlighted the potential for cooperation between Belgian high-tech companies and Trkiye’s expanding startup ecosystem.
According to Olpak, defense industry cooperation remains an important and logical area for both countries. He noted the significance of Trkiye’s more than 60-year EU partnership journey, suggesting it should now be viewed from a new perspective. Investment and Finance Office head Ahmet Burak Daglioglu said more than 700 Belgian companies currently operate in Trkiye, with total Belgian investment since 2003 exceeding $8 billion. Trkiye recorded a compound annual growth rate of 5.3% over the past two decades and recovered rapidly from major global economic shocks. The government introduces a new reform agenda every 24 months based on private sector feedback.
Daglioglu highlighted Trkiye’s young and highly educated workforce, saying investors can easily access skilled technical staff, software developers, and senior managers across sectors. Trkiye’s strategic location has turned the country into a major connectivity and logistics hub linking three continents. Massive infrastructure investments have transformed Trkiye from a regional bridge into a global economic powerhouse. He also noted that the government recently announced a new package of financial and non-financial investment incentives. Daglioglu concluded by inviting the Belgian business community to a reception in June marking the 20th anniversary of the office.