Turkish business leader urges bridge role in polarized global economy

Türkiye should strategically position itself as a bridge connecting increasingly polarized global economic blocs while pursuing substantial economic opportunities, particularly in Russian markets, according to Russian-Turkish Business People's Association Chair Erdem Acay. Speaking during the Verona Eurasia Economic Forum in Istanbul, Acay emphasized that Turkish businesses must capitalize on emerging prospects created by current geopolitical dynamics and international sanctions regimes.

Trade Targets and Market Opportunities

Acay noted that Turkish and Russian presidents have established an ambitious $100 billion bilateral trade volume target, creating significant momentum for economic cooperation. He observed that sanctions and restrictions affecting Russia have paradoxically enhanced potential opportunities for Turkish businesses, though this has also generated competitive dynamics between Turkish and Russian enterprises in certain sectors. The business leader urged greater focus on joint investments and ventures to advance mutual interests.

Global Economic Realignment and Strategic Positioning

The association chair characterized the current global economic landscape as transitioning toward a bipolar structure, with traditional US and European hegemony increasingly challenged by emerging powers including China, Russia, India, and Indonesia through frameworks like BRICS. Acay highlighted China's dominant 40% share of global real production as particularly significant, suggesting Türkiye's geographical and political positioning between these emerging poles creates unique advantages that should be strategically leveraged through enhanced entrepreneurial initiatives.

Sectoral Focus and Future Cooperation

Acay identified multiple unsanctioned sectors including food, textiles, and healthcare as presenting substantial opportunities for Turkish businesses, while noting that hesitation among many firms represents a barrier to capitalizing on these prospects. He emphasized that real production forms the essential foundation for economic development, with subsequent elements including software, digital technologies, artificial intelligence, and automation building upon this base. The business leader characterized Turkish and Russian economies as complementary and advocated for enhanced cooperation in technological production and other high-value-added domains to strengthen bilateral economic relations.