Israel to reopen its economic office in Turkey

i24NEWS

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Turkey's President Recep Tayyip Erdoğan, (R), greets Israeli President Isaac Herzog at the Presidential Complex in Ankara, March 9, 2022.
Haim Zach/GPOTurkey's President Recep Tayyip Erdoğan, (R), greets Israeli President Isaac Herzog at the Presidential Complex in Ankara, March 9, 2022.

'It reflects Israel's commitment to deepening economic ties with Turkey'

The minister of Economy and Industry will reopen the Israeli Economic Office in Turkey, the ministry announced on Tuesday.

The office, located in Istanbul, will reopen on August 1 after three years of closure.

“The Economic Office will play a central role in deepening and strengthening relations with Turkey, which is an important partner for Israel. It will provide assistance and support for Israeli exports, identifying and creating business opportunities, and contributing significantly to the expansion of bilateral trade," Economy Minister Orna Barbivay stated.

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"The reopening of the economic office reflects Israel's commitment to deepening economic ties with Turkey," she said. 

The reopening of the economic office in Istanbul will affect around 1,540 Israeli companies exporting to the Turkish market and help strengthen their business operations in this market.

Turkey is the fourth most important trading partner for Israel and the fifth destination for its exports in 2021.

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According to the Israel Foreign Trade Administration, mutual trade in goods and services between Israel and Turkey in 2021 amounted to $7.7 billion, an increase of around 30 percent compared to 2020. 

Israel mainly exports chemicals (52 percent), basic metals (14 percent), and rubber and plastics (10 percent) to Turkey. 

A free trade agreement between Israel and Turkey was signed in 1997. Under the trade agreement, four joint economic forums between the countries have already taken place, the most recent being in Jerusalem in 2009.

Against the background of warming relations between the two countries, it was recently decided that the fifth session would be held in the fall of 2022. 

In March, Israel's President Isaac Herzog visited Ankara as the first president since 2003, and in May, Turkey's foreign minister traveled to Israel to meet Foreign Minister Yair Lapid, who is currently prime minister in addition to continuing as foreign minister.

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