STRENGTHENING ISTANBUL’S FOREIGN TRADE

One of the main strategies to become a strategic player in the global economy is strengthening the foreign trade performance of Istanbul, which has played a vital role in Turkey’s development throughout history. In Istanbul, especially in manufacturing, production is reliant on imports. Raising export revenues through export-oriented sectors not only reduces trade deficits but also generates employment and income. Our country, which has adopted an export-led growth strategy, aims to boost its share of world exports in 2023 from 0.8% to 1.5%. For Istanbul, where nearly half of Turkey’s exports originate, this objective is crucial to be globally decisive by taking a larger share of world trade.

Considering that low quality, low technology products also yield low return and cannot preserve their competitiveness, Istanbul aims to take advantage of this dynamism and grow the share of high value added and high-tech goods and services. To improve exports, SMEs, which make up a large percentage of Istanbul’s economy, must be mobilised. Starting with SMEs that experience the most difficulty in access to foreign markets, it is aimed to facilitate the internationalisation of domestic firms and their access to foreign markets. Considering its weight in the economy,  Istanbul’s services sector carries great potential in reducing Turkey’s current account deficit. Therefore, preparing the Foreign Trade Strategy of Istanbul is of paramount importance in order to best utilise the export potential of goods and services.