The UK and Turkey's cooperation in third-country trade
Trade Minister Greg Hands talks to Turkish and British businesses about cooperation on third-country infrastructure projects.
Minister, Lord Mayor, my Lords, ladies and gentlemen.
Gunaydin, hoÅŸ geldiniz!
It really is great to see so many businesses from both our countries, and so many people from both our governments.
I think that바카라 사이트™s a testament to the importance of the relationship we have.
It바카라 사이트™s a relationship the UK government values: an invaluable partner in fighting terrorism; a NATO ally for two-thirds of a century; at the heart of our joint efforts on migration.
And trade and investment are right at the centre of that: Turkish trade matters to Britain.
As I discovered when I visited Istanbul early on in this job, the UK sells more goods to Turkey than to Russia, Brazil or Mexico.
And we바카라 사이트™re Turkey바카라 사이트™s second-largest source of foreign investment.
That바카라 사이트™s going from strength to strength: our trade with each other went up over 50% in just 7 years, hitting £15 billion.
There바카라 사이트™s now over 2,700 British companies operating in Turkey 바카라 사이트“ I can see some of you here today.
And my own connections with Turkey, from studying the language at Cambridge in the 1980s, through to private and ministerial visits in recent years.
And I can see many of you thinking: that바카라 사이트™s all well and good, but what happens when the UK leaves the European Union? How바카라 사이트™s my business going to fare then?
Well let me reassure you: we understand the importance of trade with Europe to your business, and trade with Turkey.
We바카라 사이트™re doing all we can to ensure a smooth transition, and to secure our trade, and your business.
And this isn바카라 사이트™t just good intentions: this is something we바카라 사이트™re taking very seriously.
There바카라 사이트™s a reason David Cameron personally appointed someone of the calibre of Lord Janvrin as trade envoy - who I바카라 사이트™m glad to see here today.
There바카라 사이트™s a reason Turkey is one of the 14 markets with which we바카라 사이트™ve set up a trade working group, for our changing trade relations post-Brexit.
And there바카라 사이트™s a reason the next Joint Economic and Trade Committee this autumn will be chaired by Liam Fox, our most senior trade minister, and Nihat Zeybekçi, Turkey바카라 사이트™s Minister for the Economy.
You see, Brexit isn바카라 사이트™t just about smoothing transitions or solving challenges 바카라 사이트“ it바카라 사이트™s also about seizing the opportunities of being outside the Customs Union.
According to the IMF, 90% of global growth is going to be outside the EU in the next 10 to 15 years. The pattern of global economic activity is shifting, and over the long-term we바카라 사이트™ve got to go where the demand is.
Those aims aren바카라 사이트™t contradictory 바카라 사이트“ we can maintain good trade relations with countries inside the Customs Union, as well as looking beyond it. It바카라 사이트™s not like there바카라 사이트™s a limited amount of trade or goodwill to go around.
And today바카라 사이트™s a good example of how complementary those can be. British firms can and are collaborating with Turkish ones to seize opportunities in third countries.
Turkey is one of the world바카라 사이트™s largest international construction contractors 바카라 사이트“ $26 billion in 2016 alone. And UK firms are a natural fit as suppliers, advisers and financers to those projects. We have the world바카라 사이트™s biggest and best financial centre, and a lot of experienced contractors and expert consultants.
That바카라 사이트™s already bearing fruit. Enka UK and General Electric are currently delivering two major power plant projects in southern Iraq, with at least $250 million of UK content. We will hear more about this project today.
The UK government firmly supports this kind of collaboration. The Iraq deal came off the back of $117 million of support from UK Export Finance.
We바카라 사이트™ve been working closely with the Turkish Contractors바카라 사이트™ Association to identify more opportunities like this: and a thankyou to them for their involvement today.
And third-country collaboration is only one part of the opportunity that exists for British businesses in Turkey, and Turkish businesses in the UK.
We바카라 사이트™ve got a lot to offer.
Britain is independently ranked by the World Bank as the seventh best place in the world for the ease of doing business; and we바카라 사이트™re almost uniquely open to foreign investors.
We punch well above our weight when it comes to trade and investment. We바카라 사이트™re the world바카라 사이트™s fourth largest exporter 바카라 사이트“ having overtaken Japan 바카라 사이트“ and we바카라 사이트™ve got £1.2 trillion invested abroad.
That makes us a natural pro-trade country; and a natural partner for any country that wants to trade 바카라 사이트“ especially a country like Turkey, a longstanding ally and a naturally complementary economy to the UK.
That바카라 사이트™s something the British government really values: there바카라 사이트™s a reason we바카라 사이트™ve now got a department dedicated solely to international trade.
In a few months the government is going to be launching our new Export Strategy.
As announced a few days ago, part of that is going to focus on helping UK suppliers win contracts in major international projects 바카라 사이트“ exactly the kind of cooperation we바카라 사이트™re seeing between Turkish firms and UK suppliers in third countries.
And if you바카라 사이트™re a British firm thinking about exporting to Turkey 바카라 사이트“ or if you바카라 사이트™re a Turkish firm looking to use British contractors, buy British goods or invest in Britain yourself - UK Export Finance can now give up to £4 billion of financial support. You can get that in Turkish Lira, too 바카라 사이트“ buy British, pay local.
And there바카라 사이트™s another £9 billion available for the wider Central Asian and South Caucasus region 바카라 사이트“ where Turkey is very strong indeed 바카라 사이트“ that could be the help you need to collaborate on third country projects.
That바카라 사이트™s a huge level of support. And it바카라 사이트™s there for a reason. Turkish trade is important to the UK. And UK trade is important for Turkey.
That relationship is important now. It바카라 사이트™s been getting more important in recent years. And it will stay important, once we바카라 사이트™ve left the Customs Union.
So if you바카라 사이트™re looking to invest in Britain, export to Turkey 바카라 사이트“ or work together in a third country 바카라 사이트“ we want to help you do that.
Because the demand really is out there 바카라 사이트“ and we바카라 사이트™ll back you to get it.
Teşekkür ederim. Thank you.