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Deals worth 1b euro inked with Turkey

By Jiang Wei (China Daily)
Updated: 2009-06-27 09:04

Five Chinese companies signed agreements worth 1 billion euros with a visiting Turkish business delegation on Friday even as officials of both countries called for more trade and investment exchanges.

The projects cover a range of sectors, including metro construction in Turkey and trade of agricultural products, steel products and marble. The agreements were signed in Beijing during Turkish President Abdullah Gul's visit to China. Detailed volume of each agreement is unavailable.

"As two major emerging economies, China and Turkey are complementary with each other and enjoy a promising future in cooperation," Chen Jian, vice-minister of commerce, said at the China-Turkey Business Forum in Beijing on Friday.

He said the two sides should work together to expand cooperation in areas ranging from traditional trade and contracting to sectors such as new energy and hi-tech industries.

Bilateral trade between the two countries jumped from $1.2 billion in 2001 to $12.6 billion in 2008. But investment to each other is comparatively low: Turkey's accumulated investment to China hit $150 million while China's investment is only $60 million.

Turkish officials said Turkey's geographic and economic advantages are attractive for Chinese enterprises to invest in the country.

"For Chinese enterprises, Turkey, which is located at the junction of Europe, Middle East and Central Asia, could serve as a bridge to Europe and other regions and also as a logistics center," said Turkey's Minister of Industry and Trade Zafar Caglayan.