OREANDA-NEWS. July 11, 2008. Belarus and Turkey have a huge potential to boost bilateral trade, First Deputy Prime Minister of Belarus Vladimir Semashko noted during a meeting with a Turkish delegation led by Turkish Secretary of State for External Trade Tuncer Kayalar.

According to Vladimir Semashko, for the past five years, trade between Belarus and Turkey quadrupled. “It is too little for such countries as Belarus and Turkey,” the Vice Premier highlighted.

“However, our countries have a huge potential to increase trade in the next two or three years. The time is favourable to make this quickly and efficiently,” the official noted.

Vladimir Semashko also noted that the Belarusian economy has been rapidly developing. Within the last four years, Belarus’ GDP was up 9,7% on average. This year GDP will increase 10,4%. GDP is projected to grow by 10-11% a year for the next several years. Capital investment increase at the pace of 25% annually.

In 2007, the trade between Belarus and Turkey made up USD206.8 million (35% up). The Belarusian exports hit USD67,8 million (75% up). The Turkish imports reached USD139 million (21% up). In 2008, Belarus had a surplus in trade with Turkey for the first time in the past five years.

In January-April 2008, Belarus had a surplus at the amount of USD17,2 million (over the same period 2007, Belarus had a deficit at the amount of USD12.7 million). The bulk (90%) of Belarusian exports to Turkey is stock steel, potash fertilizers, flax linen, synthetic and artificial thread, synthetic fibre.

As of January 1, 2008, there were 27 companies with Turkish capital in Belarus including 4 joint ventures and 23 Turkish companies.