Luxembourg invites Turkish banks to open branches

ISTANBUL - Anadolu Agency

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Luxembourg’s deputy prime minister has invited Turkish banks to open branches in Luxembourg.“We are a significant finance center, but there is no Turkish bank in Luxembourg,” Etienne Schneider told a Turkey-Luxembourg Joint Economic and Trade Committee meeting in Istanbul.The trade volume between the two countries is short of its potential, Schneider said, adding that ways should be sought to increase bilateral commerce.“As a successful country in the logistics sector, we want to establish a solid line and relation in logistics. There are many opportunities to take the situation further. Our national air cargo company is also promoting its activities in Turkey,” the minister added.Recalling the significance of stability and predictability in investment, Schneider said people wanting to invest more in Turkey had adopted a “wait and see” strategy.“We are sure that the difficult period between Europe and Turkey will normalize in the following months,” he added.Turkish Economy Minister Nihat Zeybekci said the current bilateral trade volume of $200 million between Turkey and Luxembourg did not reflect the countries’ potential.“We want to increase it immediately,” he said.Zeybekci said the trade volume might swiftly reach $1 billion in the future.Luxembourg has $9 billion in direct investments in Turkey, while 460 Luxembourgish companies operate in Turkey.Zeybekci said 29 Turkish companies had invested $1.2 billion in Luxembourg.Recalling significant export activities in the two countries’ relations, Zeybekci said there was a great opportunity for Turkey’s Eximbank to receive finance from Luxembourg.Turkey’s Eximbank is a state-owned bank that acts as the government’s major export incentive instrument in Turkey’s sustainable export strategy.