French companies to invest $5bn in Turkey

French companies plan to invest $5 billion in Turkey over the next three years, Turkish trade minister Omer Bolat said, as the Ankara government seeks to deepen economic ties and raise bilateral trade.

Bolat said the French minister delegate for foreign trade and economic attractiveness, Nicolas Forissier, announced the investment plans at a meeting of Medef, the French business association, which was attended by executives from 24 French companies that have invested in Turkey, the state-run Anadolu news agency reported.

“We explained the potential for development in Turkey-France relations and economic potential,” Bolat said.

Bilaterial trade between the countries has increased by 71 percent, from $14 billion to $24 billion, over the past five years.

“If this continues, we can exceed $25 billion this year. Our goal is to reach a total trade of $30 billion by 2030,” Bolat said.

In March, a European Commission draft decided to consider the some goods made in Turkey as “Made in EU” as part of the customs union.

“This is a pressing issue and will continue to be discussed in the EU Council and the European Parliament,” Bolat said.

France is home to nearly 800,000 Turkish citizens, making it the second-largest Turkish diaspora in the world, the Anadolu report said.

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