An agreement was signed for cooperation between the business organizations in Israel and Turkey

Just before President Herzog travels to Erdogan, the Turks are heating up economic relations with the business sector in Israel. More than 100 senior businessmen came from Turkey to a meeting with senior members of the business sector in Israel, led by the Association of Chambers of Commerce and the Association of Turkish Exporters.

At an event held this morning at the David Intercontinental Hotel, the parties signed an economic cooperation agreement between Israeli and Turkish companies, followed by dozens of business meetings, as part of round tables. The event revealed the economic data between the countries, according to which in the past year there has been a 35% jump in the volume of trade between the countries, compared to 2020, and it stood at $ 6.7 billion, compared to 4.9 in 2020.

At an event held this morning (March 6, 2222), the President of the Association of Chambers of Commerce, Adv. Uriel Lin, signed with his counterpart Mr. İsmail Gülle Chairman of the Turkish Exporters Association (TIMOn a cooperation agreement MOU , As part of a visit by a large business delegation from Turkey to Israel. This is the largest and most senior business delegation to arrive in the country for many years, including about 100 exporters from Turkey.

Note that organization TIM Represents business organizations across 15 business sectors, representing approximately 70,000 Turkish businesses. Among other things from the fields of infrastructure, construction, industry, food, agriculture, commerce, malls and more.

Advocate Uriel Lin, president of the Association of Chambers of Commerce, noted that Turkey is one of the key countries in Israel’s relations with the Middle East. The delegation is a turning point of truth in our future relations with Turkey. A delegation of this level and to this extent indicates a welcome renewal in our relations with Turkey. Strengthening and renewing the momentum of economic relations between Israel and Turkey is of great importance for Israel in the fields of imports and exports, as well as opening up additional opportunities for cooperation between businesses in the two countries.

Asmiel Gola, chairman of the Turkish Exporters Association, said that “the Turkish Exporters Association sends out delegations around the world to promote trade and investment with Turkish companies. Since the beginning of the epidemic, we have organized more than 100 trade delegations to 73 countries, and I believe that the delegation to Israel has great potential, which will significantly increase business opportunities between the two countries. The increase in Turkish exports to Israel during the epidemic proved that Turkey is a reliable and vital exporter to Israel. I sincerely hope that the volume of trade between the countries will increase as soon as possible. “

Ayelet Nachmias – Verbin, Chairman of the Export Institute, said that “Turkey is a significant economic partner and I hope that the renewal of relations brings with it interesting opportunities for Israeli industry and new collaborations. The Export Institute, which operates in collaboration with the Foreign Trade Administration at the Ministry of Economy, will strive to create a new infrastructure for industry to encourage our partners in Turkey to adopt Israeli technologies and innovation. “Renewal of relations is an opportunity for the entire Eastern Mediterranean countries, and I hope it can also be realized.”

The Association of Chambers of Commerce points out that it is precisely now that the cost of living is struggling that trade with Turkey can help reduce costs that will directly affect the consumer’s personal pocket. The combination of the circumstances of the devaluation with the value of the Turkish currency that made Turkey more attractive, the geographical location that shortens the delivery times from Turkey, which stand at about 10 sailing hours compared to 21 sailing days from China, and cheap labor cost with high quality and production; All of these create a significant window of opportunity for imports to Israel.

The Association of Chambers of Commerce added that they are witnessing a growing demand from Israeli companies interested in finding business partners in Turkey and believe that this delegation will lead to significant cooperation between the economies. A move that will contribute to lowering the cost of living in Israel, by increasing the range of products and increasing competition in the economy.

A sharp jump in the volume of trade between the countries

An analysis by the Association of Chambers of Commerce, based on CBS data, shows that the volume of trade between Israel and Turkey was $ 6.7 billion in 2021, compared with 4.9 in 2020, an increase of 35%. Imports from Turkey to Israel constitute the bulk of trade 71%.

Imports from Turkey to Israel stood at 4.76 in 2021, recording an increase of 36% compared to 2020; Exports from Israel to Turkey in 2021 stood at $ 1.9 billion, an increase of 33% compared to 2020.

Most of the increase in the volume of imports was due to the following areas

  • Imports of rubber plastics and their products increased by 40%, which is $ 137 million
  • Imports of electrical equipment machines rose by 30%, which is $ 123 million
  • 50% imports of metals, which are $ 470 million
  • Imports of cement and ceramics and glass products rose by 43%, which is $ 120 million

Most of the increase in the volume of exports was due to the following areas

  • Exports of chemical industry products increased by 44%, which is $ 273 million
  • Exports of mineral products increased by 121%, which is $ 135 million
  • Exports of simple metals increased by 74%, which is $ 113 million
  • In contrast, plastic and rubber exports fell by 19%, which is $ 44 million.

Imports and exports of Israel – Turkey in the millions of $

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