Business / Economy

Turkey to benefit from China's "Belt and Road" Initiative

(Xinhua) Updated: 2015-04-08 09:58

ANKARA - China's "Belt and Road" Initiative will enhanced ties between Turkey and China, Turkish experts said.

Professor Ramazan Bas said the "Belt and Road" Initiative are important projects and Turkey should be active participant in these projects instead of being on the sidelines.

"This will bring huge benefits in terms of economic savings by breaking the infrastructure bottlenecks, by boosting efficient allocation of resources and by further integration of markets," he said.

Last month, China announced an action plan for its Silk Road Economic Zone and the 21st Century Maritime Silk Road ("Belt and Road").

The project is a modern version of the famous ancient trade routes that span Asia, Africa and Europe.

The plan has been established on four principles, openness and cooperation, harmony and inclusiveness, market operation, and mutual benefits, emphasizing policy coordination, connectivity, unimpeded trade, financial integration and people-to-people bonds.

Turkey as a major state located on the ancient Silk Road has already welcomed China's "Belt and Road" Initiative.

"The economy of Asia is booming and China is definitely flexing its muscle in economic terms," Turkish analyst Mesut Cevikalp said.

"Hence partnering with China makes sense from Turkey's perspective in order to tap into growing potential," he told Xinhua.

The growing ties between Turkey and China in recent years, especially on trade and investment, may catapult both countries to work closely. The two countries improved their ties to the strategic partnership in 2010.

According to official statistics, the two-way trade volume between China and Turkey in 2014 totalled $27.8 billion, registering a slight year-on-year decrease of 1.8 percent.

Turkey, with its booming consumer market, proximity to European, Middle Eastern and African markets, has been important destination for Chinese companies that want to trade and invest.

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