turkish president visits austria to boost ties
News Posted On: 05 May 2011
The Turkish president has visited Austria for the first time in 13 years with the aim of boosting the economic relationship between the two countries. He was accompanied by a group of businessmen and academics and has met with several CEOs of Austrian corporations during a working breakfast.
Officials from the Investment Support and Promotion Agency of Turkey (ISPAT) put on a presentation highlighting the investment opportunities in the country.
The Turkish President also met with his Austrian counterpart, Heinz Fischer to attend the Austria-Turkey Economic Forum. President Gul used the opportunity to speak about the Nabucco pipeline which represents a safe alternative energy route from the Caspian, beginning in Turkey and terminating in Austria.
During the meeting the President invited Austrian business people to invest in Turkey either with Turkish partners or by themselves, and also suggested that Austrian and Turkish businessmen could team up to invest in other countries in the region which are in need of significant infrastructure. The Austrian President, Fischer, acknowledged that Austrian businessmen have already had successful projects in Turkey.
Austria is currently the 23rd largest economy in the world but has a population of just 8.5 million. In 2010 the trade volume between the two countries was about $2.3 billion, while before the global economic crisis it was $2.5 billion.
Turkish imports from Austria total $1.45 billion, and exports $835 million. Austrian imports included medical devices, drugs, industrial machinery and equipment for energy production.
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