News in brief: Turkey aims to boost its food and agricultural exports to $50 billion within five years. Analysts anticipates the country’s diverse products, technological usage, and industrial capacity will contribute to achieving this goal, as part of a broader target to reach $400 billion in total export revenues by 2028.
Turkey seeks to increase revenues of its food and agricultural products exports to $50 billion in five years, according to the president of the Turkish Exportersâ Assembly (TÄ°M), Mustafa Gültepe. He said they were optimistic of meeting the target by 2028.
Turkey generated $27 billion in food and agricultural products exports in 2022. In the first seven months of 2023. its agriculture industry’s shipments to foreign markets grew by 5.3% year on year to $19.7 billion, representing about 16% of the countryâs total export revenues.
Gultepe disclosed that the food and agriculture sector will play a crucial role in achieving overall export revenues of $400 billion in 2028. He added that the countryâs agriculture sector has several advantages due to product diversity, high technology usage and its industrial infrastructure’s large production capacity.
In addition, Turkey is positioned to cash in on the opportunities presented by climate change in the light of global food security challenges.
Analysts have suggested that the country needs a global well-known food brand as its geographical location offers large opportunities. A representative of the Agricultural Council of the Turkish Exporters Assembly, Melisa Tokgoz, added that the country is building a sustainability strategy. She expresses hopes that it achieves the target of becoming the supplier to global markets with high purchasing power.
According to Tokgoz, creating high value-added products will give Turkey a strong presence in markets like the United States of America, Europe and Japan.
Turkey is regarded as a newly industrialised country or an upper-middle income economy, because its economic growth is much higher than other developing countries. Its economy is the 19th-largest in the world by nominal gross domestic product (GDP).
