The EU-Turkey Global Business Bridges Initiative
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What is the EU-Turkey Global Business Bridges Initiative?
The EU Delegation to Turkey has launched a new initiative entitled EU-Turkey Global Business Bridges in partnership with the Ministry of Economy of Turkey and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) which is also co-financing the initiative. The initiative aims at facilitating trade and investment partnerships between EU and Turkish companies in third countries. The pilot stage of the initiative covering Egypt, Tunisia and the selected sectors of the Palestinian economy is supported by a research study on EU-Turkey synergies and opportunities for business-making in these markets, carried out by the Ankara-based think tank organisation TEPAV. The Barcelona-based IEMED Institute has been associated to the study. The study, which is available upon request, constitutes the basis for the trilateral matchmaking approach.
What is the purpose of this initiative?
EU-Turkey relations, currently at a critical juncture, need reinvigorating through any efforts building on bilateral achievements and strengths. One is no doubt the Customs Union, which enabled a very deep degree of economic (trade and investment, and industrial) integration between the parties, thus constituting the facilitating framework for market forces to operate. Such business operators will be the main actors under this initiative, in an attempt to seek other and novel opportunities at the current difficult economic juncture. Also, countries in the EU-Turkey common neighbourhood undergoing socio-economic transformation (following, for instance, the Arab spring) would require support by external actors, public and private, to strengthen their economic governance.
The EU and Turkey individually and separately pursue business links and investment opportunities in such third markets. However, shared benefits could be reaped through connectivity efforts leading to joint/complementary (i.e. tripartite) undertakings in selected sectors, where potential synergies could be tapped in a win-win-win situation.
This is the purpose of the Global Business Bridges Initiative.