ANKARA: Turkiye plans to draw on its geographical position an European Union (EU) customs deal to entice Chinese investors keen to access European markets tariff-free, as it recently just did with Chinse carmaker BYD.

The Chinese electric vehicle giant signed a billion-dollar deal with Ankara on Monday to open a plant in west Turkiye, promising to create 5,000 jobs, a move that will help it dodge new EU tariffs.

The country, at the crossroads between Europe, the Middle East, and Central Asia, is also in talks with other Chinese companies, Turkiye’s Industry and Technology Minister Mehmet Fatih Kacir said this week.

“We want to transform Turkiye into a production centre for the next generation of vehicles,” Kacir told private broadcaster Haberturk.

The minister emphasised his country’s selling points, including being part of the EU’s customs union and having trade agreements with 28 countries.

Published in Dawn, July 14th, 2024