Foreign and Military Affairs

China, Turkey sign $1 billion contracts

(Xinhua)
Updated: 2010-01-08 22:40

ISTANBUL: China and Turkey signed 38 contracts worth of US$1.05 billion at the end of the forum on economic cooperation and investment here on Friday.

The deals cover Chinese imports of minerals, marble and other products from Turkey as well as contracting power plant projects in Turkey.

The signing ceremony was witnessed by visiting Chinese Commerce Minister Chen Deming and his Turkish host State Minister for Foreign Trade Zafer Caglayan in Istanbul.

More than 100 Chinese entrepreneurs came along with Chen to seek purchase and investment opportunities during the minister's four-day visit to Turkey.

Addressing the forum with more than 400 people from the two countries, the two ministers pledged their efforts to forge close economic and trade relations by expanding trade and increasing mutual investment.

China and Turkey saw their trade surge from more than US$1 billion in 2000 to US$12.6 billion in 2008. Turkey's exports stood at only US$1.98 billion in 2008.

Chinese enterprises' direct investment in Turkey reached US$313 million as of the end of September 2009, with the amount in the first three quarters accounting for more than 90 percent of the total, figures from China's Commerce Ministry show. Meanwhile, actual investment by Turkish companies in China exceeded US$100 million as of the end of October.