Turkey-China economic cooperation on rise
Turkey has a special place in China’s Belt and Road initiative, as confirmed by the increase in Chinese direct investment in Turkey.
As the relationship between Turkey and the United States is going through turbulent times, Ankara’s ties with Beijing, Washington’s economic foe, are unmistakably growing.
Chinese diplomatic missions in Turkey celebrated the 70th anniversary of Communist rule Oct. 1 with unusually high-profile receptions in Ankara and Istanbul. The event organized in Istanbul’s iconic Ciragan Palace was particularly remarkable, making headlines in the Turkish press.
The celebrations indicate Beijing attaches more significance to its diplomatic and economic ties with Ankara at a time of massive influx of Chinese capital into Turkey, which plays a pivotal role in China’s Belt and Road initiative — a multi-nation trade project Beijing designed to strengthen its position in the global economy.
Direct Chinese investments in Turkey are expected to double by the end of 2019 and exceed $4 billion. Cui Wei, the Chinese consul general in Istanbul, affirmed the trend, telling the Turkish media there will be a huge leap in the mutual trade.
