Commerce plans renewable energy trade mission to Turkey

Commerce plans renewable energy trade mission to Turkey    The U.S. Commerce Department's International Trade Administration is organizing a Renewable Energy and Energy Efficiency Trade Mission to Turkey on Oct. 23-29.
   The mission will include 15 to 20 representatives from U.S. firms specializing in wind turbines, geothermal equipment, biomass power generation, hydroelectric, solar power and fuel cells.
   Mission participants will be introduced to potential international agents, distributors, and end users for their products. Companies will also have a site visit to the Izmir Ataturk Organized Industrial Zone, targeted by the U.S. Energy Department for a Near-Zero Zone Project (NZZ) to promote industrial energy efficiency and potential U.S. export opportunities.
   'Turkey is a country offering significant opportunities for foreign investors and exporters with its geographically favorable position to function as a gateway between Europe, the Middle East and Central Asia,' the Commerce Department said. 'Hospitality and tolerance being the traditional cornerstones of the Turkish way of life, the country is open to foreign firms.'
   Foreign Direct Investment (FDI) in Turkey slowed to $7.9 billion in 2009 during the height of the world economic crisis, but has reached $20 billion in previous years, according to the department. There are about 24,000 companies with foreign capital in Turkey.
   A treaty between the United States and Turkey exists to protect foreign investments and another treaty between the countries prevents double taxation.
   The International Monetary Fund recently said Turkey is the world's 16th-largest economy. In 2010, Turkey’s GDP reached $958.3 billion.
   Turkish imports in 2010 are estimated at $166 billion, while exports were about $114 billion for the same period (2010 official results are not announced yet). U.S. exports to Turkey in 2010 will exceed $10 billion and Turkish exports to the United States will top $4 billion. Total U.S. FDI in Turkey is more than $7 billion, the Commerce Department noted.
   For more details about the trade mission, access the Federal Register notice.