Union of Chambers and Commodity Exchanges of Turkey

Speaking at the event, TOBB President M. Rifat Hisarcıklıoğlu expressed satisfaction with the growing trade and investment ties with the U.S. over the past 10 years.

Noting that the bilateral trade volume reached a historic high of $39 billion last year, making the U.S. Türkiye’s second-largest trading partner after Germany, Hisarcıklıoğlu reported that this momentum has continued through the first quarter of the year.

Hisarcıklıoğlu noted that the global economy is experiencing frequent and severe shocks, that fragmentation among countries and regions is deepening, that the rules-based trade system is weakening, that protectionism is on the rise, that confidence is waning, and that predictability is gradually disappearing.

Highlighting that Türkiye is a predictable, rules-based country with strong production capacity, Hisarcıklıoğlu also noted that it is the region’s largest industrial production hub and holds a strategic partner status.

- “The trade volume we have achieved is encouraging us.”

Hisarcıklıoğlu noted that global supply chains are being restructured and that the concepts of “near-shoring” and “friend-shoring” have become essential, stating, “Türkiye is at the center of this new paradigm thanks to its geography, industrial infrastructure, and human resources. “We want to establish a stronger economic partnership with the U.S., but this partnership should not be limited to trade figures alone. The trade volume we have achieved today is encouraging. We have gained strong momentum toward our $100 billion trade target, but we must ensure this growth is sustainable and achieve a more balanced structure.”

Noting that this partnership should aim to produce together, develop technology, and foster growth, Hisarcıklıoğlu highlighted that deep cooperation is possible across many sectors, ranging from the defense industry to artificial intelligence, and from energy to the digital economy.

Hisarcıklıoğlu, noting that Türkiye has great potential in areas such as energy, defense, artificial intelligence, the digital economy, and cybersecurity, continued:

“We believe we need to take our cooperation in the field of renewable energy—particularly LNG (liquefied natural gas) trade—to the next level. Türkiye has become one of the world’s leading players in the defense industry, and we have achieved significant capacity in high-tech manufacturing; we can take this capacity to the next level with the U.S. At the same time, increasing mutual investments is of great importance. Investments made by U.S. companies in Türkiye over the past 20 years have reached $16 billion, and we believe this figure needs to be raised much higher.”

Pointing out that there are still obstacles to building a stronger partnership, Hisarcıklıoğlu stated that CAATSA sanctions must be lifted as soon as possible.

Hisarcıklıoğlu also noted that “Section 232” measures and the U.S.’s unilateral increases in customs tariff rates have hindered the realization of the full potential of bilateral trade, stating, “If we truly aim for a greater partnership, we must overcome these obstacles together.”

- “We are implementing joint programs to strengthen economic ties”

Noting that Turkish companies’ investments in the U.S. exceeding $14 billion is a sign of the Turkish business community’s strong belief in this partnership, Hisarcıklıoğlu stated that they established the TOBB Trade Center in Chicago to contribute to achieving the $100 billion trade target.

Hisarcıklıoğlu said that the center offers a wide range of solutions - from logistics to after-sales services, and from marketing to supply chain management - to facilitate new commercial ties between Turkish and U.S. companies.

Explaining that the center has served over 150 exporting companies across 17 sectors since its opening, Hisarcıklıoğlu expressed their goal of expanding similar centers to various U.S. states and regions across the American continent.

Hisarcıklıoğlu noted that, as the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) and the U.S. Chamber of Commerce, they have been implementing joint programs to enhance economic relations between the two countries, organizing events to strengthen trade and investment ties, and maintaining this cooperation independently of political fluctuations.

- Vice President Cevdet Yılmaz

In his speech at the meeting, Vice President Cevdet Yılmaz stated, “A new post-war regional environment and new conditions await us. New dynamics will come into play. As a country that maintains its stability and serves as a safe haven, and one with significant values, we believe we have very important opportunities and potential in this environment.”

Yılmaz noted that they have collectively witnessed the positive effects of the cooperation between the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) and the U.S. Chamber of Commerce, which has been ongoing since 2012, in fostering dialogue and partnership between the two countries and supporting investments.

Noting that the deep-rooted strategic partnership and alliance between Türkiye and the U.S. provides a strong foundation for economic cooperation, Yılmaz stated that this structure, based on mutual trust, enables the deepening of investment and trade relations and supports the long-term and sustainable development of economic interaction between the two countries.

Yılmaz noted that the Türkiye-U.S. trade volume approached $39 billion last year, with a target of $100 billion, stating, “The developments are encouraging. “A trade volume of 10.4 billion dollars was achieved in the first quarter of 2026. This indicates that we will demonstrate significant performance this year and points to strong potential toward the 100 billion dollar target,” he said.

Yılmaz, noting that it is also important for this trade to achieve a more balanced and sustainable structure, stated: “Starting in 2025, a trend has emerged in the trade balance that is unfavorable to Türkiye; the trade deficit has shown an upward trend, particularly due to the impact of cooperation in the energy and defense sectors. “For this reason, we aim to establish a more balanced growth structure by diversifying our trade relations and focusing on high-value-added sectors,” he noted.

- “The performance of Turkish companies in the U.S. is noteworthy”

Yılmaz noted that, in addition to developments in trade volume, mutual investments also constitute one of the most important elements of the relationship, stating, “Direct investments from the U.S. to Türkiye during the 2003–2025 period amounted to approximately $16 billion. Today, over 2,300 U.S.-owned companies in our country are making significant contributions to production, exports, employment, and R&D. During the same period, direct investments made by Turkish companies in the U.S. have reached a level of 14 billion dollars, which is by no means insignificant. Therefore, I can say that there is a balanced relationship in terms of investments.”

- “The investments you make in Türkiye will yield incredible returns”

Hamdi Ulukaya, Chairman of the U.S.-Türkiye Business Council under the U.S. Chamber of Commerce and CEO of Chobani, also noted that Türkiye has a young, energetic, and dynamic business community.

Pointing out that recent wars and conflicts have highlighted Türkiye’s importance, Ulukaya noted:

“We are not just American companies looking to invest in Türkiye. We are also Turkish companies investing in the U.S. We have ambitious goals, such as reaching 100 billion dollars. As the U.S.-Türkiye Business Council, we see a tremendous opportunity between the two countries. I am excited about the development and deepening of economic relations. A strong U.S.-Türkiye relationship is good for the region and the world; I will continue to do my best within my role to further improve these relations. I’ve even started thinking, ‘Maybe I should make an investment in Türkiye.’ I think in 20 to 30 years, I’ll need to make an investment here as well. If you think long-term, the investments you make in Türkiye will yield incredible returns. Therefore, Americans should seriously consider making more investments here.”