Small- and medium-sized companies stand to benefit from a recent memorandum of understanding signed by the Chicagoland Chamber of Commerceand the Istanbul Chamber of Industry. The memorandum is a crucial step in aligning mutual interests in industry, trade and investment, technology transfer, information technology, and telecommunications.
“Everyone we met with in Turkey is ready to explore business opportunities right now,” says Chicagoland Chamber Foundation President Lance Pressl, Ph.D. “Our job is to identify the companies in greater Chicagoland that are equally ready and open to doing business in Turkey or sourcing products from Turkey.”
Pressl, who recently addressed the Istanbul Chamber of Industry, sees several factors that contribute to the significance of opportunity for Chicago and Illinois businesses in Turkey:
- State of Illinois was selected as one of five geographical areas in the United States that the Turkish Government will focus its efforts to accelerate business partnerships and investment.
- Turkey is the fastest growing economy among Organization for Economic Coordination and Development (OECD) nations, averaging above 7 percent during the last six years.
- Turkey has made reforms necessary to become a major player in the global economy.
- Turkey possesses the largest young population in all of Europe.
- Turkey's location provides direct access to the Middle East, Europe and Central Asia, and it provides unique expertise in the business framework of surrounding countries, many of which rely on imports.
“Ultimately, doing business overseas, as well as domestically, depends heavily on the strength of the personal relationships you build,” says Mary Roberts of the Illinois Department of Commerce and Economic Opportunity. “Sometimes, building up the level of trust can take time, but it is never too soon to start.”
Chicago companies, particularly small and medium sized enterprises, need to open their minds to the possibility of international business opportunities, she adds. More than 95 percent of the world’s customers are outside the United States.
“The Chamber can assist member companies in this process and make the necessary introductions to the appropriate organizations to assess market opportunities in particular countries,” Pressl says. ”Given the special relationship we have with Turkey, we can serve as a catalyst to help educate our members and others, but we can’t force this upon any one. People have to see the inherent value and benefit to take action. We can help introduce them to the market, but, ultimately, the decision is up to them.”
In addition to the signing of the memorandum of understanding in Istanbul, Pressl, Roberts and the Illinois delegation held key meetings in Istanbul with industry and association leaders, including a dinner hosted by the Chairman of the Turkish-American Business Association, Ugur Terzioglu. In Ankara, the delegation had the privilege of meeting with the Under Secretariat of the Prime Ministry for Foreign Trade, Zafer Caglayan, and members of his team for over an hour. His Excellency Minister Caglayan, was instrumental in establishing the MOU agreements with the State of Illinois and the Chicagoland Chamber of Commerce during his visit to Chicago last July. During the meeting in Ankara, the Minister discussed the importance of bilateral trade and called on the members of the delegation to take advantage of the opportunities available in Turkey. The Commercial Attaché to the Consulate General of Turkish Republic in Chicago, Sevtap Akguloglu, was instrumental in facilitation and an integral part of the delegation.
