Colombia and Turkey hold burgeoning economic relationship

Turkey maintains economic interest on Colombia for a variety of reasons. Among them, its location. Trade between the two is constantly rising. 

Colombia is becoming an important destination for Turkish investments. As a result of a privileged location, investor confidence and protection and incentives for foreign investors, the 18th largest economy in the world has been drawn to Colombia.

This was reflected in the Turkish Exporters Assembly’s (TIM) decision to hold its first round of business in Bogotá during November. As part of this event, 20 exporting companies from Turkey came to Colombia to seek mutually beneficial agreements.

TIM’s regional coordinator for Latin America, Volkan Incekara said that the goal of the visit is to “get to know the market and increase trade between Turkey and Colombia”.

The latest figures concerning Turkish exports to Colombia indicate that they are worth $185 million dollars, and 80% of it pertains to construction materials. Colombia’s exports to Turkey, on the other hand, are worth $800 million, 90% of which comes from coal.

This blossoming business partnership will be further aided by the inauguration of a direct flight between Bogotá and Istanbul operated by Turkish Airlines earlier this year. Incekara assures that “the opening of the flight has been very beneficial for the whole expansion plan towards Turkish markets”.

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