By Chrysostomos Tsoufis

Aegean, hydrocarbons, continental shelf, gray zones, Cyprus are some of the issues that “injure” relations over time Greece-Turkey and place them in… The unbreakable bonds in the opposing camps.

However, in matters of the economy, the ties are strong and with the passage of time they are constantly strengthening. And it must be considered certain that in the meeting between the prime minister and the Turkish president, the agenda will also include… economy.

TRADE

First of all, the 2 countries are “united” by €5.5 billion, which is the value of trade relations between Greece and Turkey in 2022 according to the Statistical Services of the 2 countries, a value that constitutes a historical record.

The figures show that last year Greece exported products worth €2.5 billion to Turkey, in fact Turkey is the 5th largest “receiver” of Greek products behind Italy, Bulgaria, Germany and Cyprus. In the last 27 years, the rate of exports to Turkey has been increasing by an average of 11.8% per year. In 1995, exports to Turkey were only €245m

In the neighboring country we mainly export:
Refined Oil
Flared Cotton
Plastic
Aluminum
Computers
Wheat

On the contrary, imports from Turkey reached €2.9 billion last year and Turkey is in 9th place among our “feeders”. In the last 27 years, the rate of imports to Turkey has increased by an average of 11.7% per year. In 1995, exports to Turkey were only €230m.

From Turkey we mainly import:
Refined oil
Cars
Natural gas
Textile products
Electrical devices
Fish

TOURISM

And in tourism, the ties are unbreakable and both countries are trying after the global shock of the pandemic to find their pace again.

According to the Turkish Statistical Service, 584,000 Greeks traveled to the neighboring country in 2022, an increase of 260% compared to 162,000 in 2021. Of course, we are still far from the 820,000 in 2019.

The reverse route was made by 585,000 Turkish citizens, a number 5.5 times higher than in 2021

INVESTMENTS

Here there is field of glory brilliant for “tightening” relationships. According to the Bank of Greece, Greece’s direct investments in Turkey will reach €352m in 2022, while in 2014 – largely due to the acquisition of the Turkish Finansbank by the National Bank – they amounted to €5.4bn, which is the record.
Turkish investments in Greece are at approximately the same levels, €312 million, with the difference, however, that Turkish investments have only increased since 2013 and even tripled compared to 2021.

However, it is surprising that the Turkish Ministry of Foreign Affairs on its official website mentions Greek investments of $6.8 billion mainly in IT, agricultural applications, construction, cosmetics and medicines, manufacturing and plastics.
There is also talk of Turkish investments in Greece amounting to around € million mainly in marinas and ports while special mention is made of ZiraatBank and its branches in Athens, Komotini and Xanthi.