The Road to Trade Winds Europe/Eurasia: Türkiye to Host the U.S. Government’s Largest Annual Trade Mission in May 2024
December 8, 2023
Yasue Pai is the Principal Commercial Officer at the U.S. Consulate in Istanbul
This is the first post in a blog series about the different markets that will be featured during Trade Winds Europe/Eurasia.
In May 2024, the U.S. government’s largest annual trade mission, Trade Winds, is heading to Europe and Eurasia. Led by the International Trade Administration (ITA), Trade Winds is a multi-country trade mission and business development forum that provides U.S. businesses with the expertise of commercial diplomats from over 25 European and Eurasian markets, and connects them with potential business partners across the region. It also provides numerous networking opportunities for U.S. businesses interested in entering (or expanding their presence in) international markets around the world.
This year, the Trade Winds Europe/Eurasia Trade Mission and Business Forum will be hosted in Istanbul, Türkiye from May 13-15, 2024. Straddling two continents and situated at the crossroads of Europe, Central Asia, North Africa, and the Middle East, Türkiye has always been an important hub for trade and international commerce. Beyond its natural appeal as a travel destination, Türkiye is also home to a strong consumer market, as well as a young and vibrant workforce, making it a critical commercial center for U.S. companies doing business in the region. It is no surprise that Istanbul was selected as this year’s Trade Winds Forum destination.
The trade relationship between the United States and Türkiye has accelerated over the past decade, with our trade in goods reaching over $34 billion in 2022, and overall trade increasing by over 80% in that timespan. What’s more, well over 1,000 U.S. firms have been active and thriving in Türkiye for decades. Many of the most iconic U.S. brands, including Ford and General Electric, enjoy widespread favorability by consumers and rely on the market for their regional headquarters overseeing business activities in Europe, the Middle East, and Central Asia.
U.S. companies in leading industries and sectors with potential for growth in Türkiye include but are not limited to: advanced manufacturing, aerospace technology and equipment, environmental and clean technologies, information and communications technology, medical technology and health IT, transportation technology and equipment, as well as renewable energy/energy security. For more details, take a look at our Country Commercial Guide or this brief market overview.
The United States government is also actively interested in supporting Türkiye’s green transition. The U.S. Trade & Development Agency (USTDA), the Export-Import Bank of the United States (EXIM Bank), and the U.S. International Development Finance Corporation (DFC) can offer U.S. companies financing for renewable energy projects in Türkiye. The Turkish government has also prioritized renewable energy. Currently, 54% of the country’s installed electricity capacity comes from renewable sources.
As the numbers indicate, there is significant momentum in our trade relationship as well as potential for growth!
Registration for Trade Winds Europe/Eurasia’s Business Forum in Istanbul is now open! For more information and registration for Trade Winds or the optional business-to-business matchmaking meetings in Türkiye, Italy, Romania, Denmark, Poland and/or Kazakhstan from May 9-17, 2024, please visit https://events.trade.gov/TradeWindsEuropeEurasia.