Sunday, 20 April 2014

Turkish PM Erdogan in Prague

4 February 2013

Prague, Feb 1 (CTK) - Czech-Turkish economic ties have almost a 100-year history and the country's trade turnover with Turkey, whose Prime Minister Recep Tayyip Erdogan is visiting Prague today, has been steadily rising.

With a 8 percent GDP growth, Turkey ranks among the world's fastest growing economies. It is located on two continents which makes it a centre of trade exchange between Europe and Asia.

Czech trade with Turkey has almost doubled since 2004 when Czechs entered the EU. The EU has a customs union with Ankara since January 1996.

The Czech Republic has a positive trade balance with Turkey in the past four years. Turkey ranks around 20th in Czech foreign trade and the Czech Republic occupies the 30th place among Turkish trading partners.

Czech export increased to Kc24bn in 2011 from Kc19.8bn in 2010 and import rose to Kc23bn from Kc18.5bn in 2010.

Jan-Nov export last year amounted to Kc31bn and import stood at Kc20bn.

Machinery and transport equipment is the most important article of trade making up two-thirds of Czech exports to Turkey and one-third of Turkish exports to the Czech Republic.

The Czech Republic has also been more active in recent years in terms of foreign direct investment.

Energy group CEZ entered the Turkish market in 2008 having acquired the firms Akcez Enerji A.S. and Akenerji Elektrik Uretim A.S.

Czech firm EnergoPro acquired five hydroelectric power plants in Turkey two years later.

Vitkovice Machinery Group, CKD Group and Skoda Power have also invested in the Turkish energy sector.

The Odien group is one of Turkish companies that have invested in the Czech Republic. The group is the owner of the Czech travel agency Cedok.

Czech President Vaclav Klaus visited Turkey last February accompanied by over 60 entrepreneurs. In the course of the visit contracts and memoranda of cooperation and financing of projects for hundreds of millions of crowns had been signed.

The Confederation of Industry, for instance, signed agreements on cooperation with economic chambers in Mersin and Adana, the cities in southern Turkey.

An agreement on investment support and protection, signed during a visit by Turkish President Abdullah Gul to the Czech Republic in April 2099, was ratified last March.

The Czech Economic Chamber and the agency CzechTrade and the Czech-Turkish Joint Chamber of Commerce, established in 2006, have been making efforts to promote bilateral ties.

Turkish parliament speaker Cemil Cicek paid a visit to the country in November 2011 and Erdogan last visited Prague in November 2007.

Diplomatic relations between Turkey and Czechoslovakia were established in November 1924 and interrupted from 1939 to 1944.

Turkey has abolished visa duty for Czech citizens as of January 1, 2005.

Turkey is a popular tourist destination for Czech travellers.

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