Exclusive: Turkey Instability Jeopardizes German Business Interests
German businesses may reduce their presence in Turkey due to growing political instability, the president of the German Federation of Industries told Handelsblatt in an exclusive interview.
“We are observing the developments in Turkey with concern,” Ulrich Grillo told Handelsblatt. “The attempted coup and the many terrorist acts have maximized political instability.”
With an annual trade volume of €37 billion ($40 billion), Germany is Turkey’s most important trade partner. Ten percent of Turkey’s total exports and imports stem from trade with Germany.
“Further negative developments would be poison for bilateral economic relations,” Ingeborg Neumann, president of the Confederation of the German Textile and Fashion Industry, told Handelsblatt.
Everything must be done “to avoid uncertainty among investors and customers,” Ms. Neumann said.
Anton Börner, president of Germany’s foreign trade association, said the situation in Turkey was going downhill even before the recent coup attempt. Businesses will have to carefully consider how they make investments in the future, he said.
“The political climate has deteriorated considerably,” Mr. Börner told Handelsblatt. “That includes the conflict with the Kurds and the enormous problems on the Syrian border.”
Read the full story in Handelsblatt Global Edition on Friday
Picture source: DPA