Strong relations between Turkey, Italy, and Turkey date back as far as the Ottoman Empire. These relationships have gradually deepened, allowing for centuries of active trade between Rome-Istanbul, Giorgio Marrapodi, Italy’s Ambassador to Ankara, to continue, he said Wednesday.
Marrapodi stated that these ties also include Florentine as well as Ottoman bankers who have been cooperating. He believes in Turkey’s potential strategic power and strategic importance, as well the importance of Europe for the future.
The Italian ambassador was speaking at a Turkey, Italy and the U.S. Trade, Investments and Arbitration Panel held at the Venice Palace, Istanbul.
Marrapodi, Ahmet Birak Dalolu, Head of the Presidential Investment Office, Livio manzini, Head of the Italian Chamber of Commerce and Industry Association, CCIIST, Erin Sakan, President of the Union of Turkish Bar Associations, and ArzuOngur, President of International Law, Investments and Development Association, (ILIDA) also spoke as distinguished guests.
Marrapodi noted that Turkey has a large young population and invests heavily in education. He said that Turkey is Europe’s gateway into the Middle East. It is important to build lasting relationships and personal relationships.
He stated that international trade and communication tools, such as energy, are becoming more important each day. He also said that it is crucial to provide macroeconomic incentives to companies from both countries in order to foster cooperation.
The diplomat from Italy stated that investors must be given effective tools to solve their problems.
Dalolu said that the commercial relationships between Turkey and Italy were in balance. This is what makes these ties valuable.
He stressed that Turkey’s long-term economic success was evident and its participation in the international supply chain were important, especially in a time when global supply chains were disrupted.
Many sectors, including the industrial sector, chemicals and the food and beverages sector, are in sync to the world trade, he stated, citing the recent investment decision by Amazon in Turkey of $100 million (TL1.4billion).
Turkey is now a regional power center, both as a production and logistics base. It is clear that Turkey is moving in a positive direction, he stated.
Dalolu stated that there are increasing numbers of financial investors in Turkey and that startups in the country continue to attract investment from foreign giants that want to invest in Turkish technology.
Manzini pointed out the increase in bilateral trade between Turkey and Italy to $23 billion. He also stated that “If Turkey were an EU Member Country, it would have the third-largest Economy of the bloc.”
The trade volume of Turkey with the European Union rose by 25%. This represents 36% total Turkish foreign trade, he stated.
Concerning foreign investment, he stated that Turkey’s entry has reached good levels and that Italy has risen to third place in Turkey’s foreign country investments with its nearly $5 billion worth of industrial investments.
He also mentioned that Western countries, particularly the U.S. want to seperate from China, making Turkey an attractive alternative.
“China loyalty has reached alarming levels and trade from neighboring countries has increased as the pandemic has caused supply chain disruptions.”
He said that Turkey has become a major production source.
Germany is Europe’s biggest production center. Italy is second. It would be third if Turkey were a member the European Union. Turkey’s land, people, and industrial infrastructure make it a good candidate for this. Manzini stated that as long as foreign investors have access to the right environment, they can see their way.
Safe investment environment
Sakan stated, however, that the commercial relations between Turkey, Italy, and the legal profession are also very important and that they follow closely the development of bilateral commercial relations.
We all know that Italy is Turkey’s second largest partner. It is the largest commercial partnership when we put it in the Mediterranean region. He stated that this close commercial partnership, which includes Italy, offers important opportunities in the legal profession.
Sakan noted that more than 2,000 Italian companies have their operations in Turkey. He also said that they are aware of the fact that these investors will apply for our colleagues in many legal disputes that could arise in both pre-investment consulting services and investment processes.
Arbitration, one of the dispute-resolution methods, is a tool that offers opportunities to settle disputes in a fair way and quickly, he explained.
Arzu Ongur from ILIDA stressed that it is crucial to resolve disputes in foreign investment quickly and transparently.
Two key issues are important for investors. One is profitable and one is safe. She stated that the only way to ensure safe investment is through the law and the rule.
