At the ceremony, the JETCO Protocol was signed by Minister of Commerce Ömer Bolat and Singapore Minister of Sustainability, Environment and Trade Grace Fu.
In his speech, Minister Bolat said that they had the opportunity to discuss all aspects of commercial and economic relations with his counterpart and in the meetings between delegations before signing the protocol.
Emphasizing that this step taken today is an indication of the importance Türkiye attaches to Singapore and the Southeast Asia region, Bolat said, "Today is also November 14. It is the anniversary of the signing of the Free Trade Agreement (FTA) between Turkey and Singapore on November 14, 2015. 11 years ago, Turkey and Singapore signed the FTA on November 14. This was a very nice coincidence." he said.
Stating that they will take bilateral relations to further levels with the JETCO protocol, Bolat said, "Because JETCO meetings are a very important instrument that creates the opportunity to come together more frequently, especially between ministers and their staffs, to review relations, and to expand and grow with new projects and new programs." he said.
Bolat said that they have established a regular consultation mechanism at the ministerial level in areas such as investments, digital economy, green transformation, energy, logistics and finance, as well as trade, and that thanks to this mechanism, they will discuss the economic agenda more regularly, monitor the issues they agree on more closely, and aim to turn new cooperation areas into concrete projects.
"Since 2020, Singapore's investments in Türkiye have increased by 90 percent"
Minister Bolat stated that the trade volume between the two countries reached 1.1 billion dollars in 2025 and that they estimate that the total trade volume between the two countries will increase to 1.3-1.4 billion dollars by the end of this year.
Stating that the direct investment stock of Singaporean companies in Türkiye is at the level of 2.7 billion dollars, Bolat said:
"Especially since 2020, Singapore's investments in Türkiye have increased by 90 percent. Considering the economic size of the two countries and the large trade volume and potential they have, we can say that the current trade volume between the two countries does not reflect the true potential of our relations. We believe that trade and investment relations will rise to much higher levels. Singapore is a very important finance, trade and logistics center in Southeast Asia. Turkey is also a strong production and export base and logistics base providing access to European, Middle East, Central Asian and African markets. We believe that these complementary features of our two countries offer important opportunities.
In addition to developing trade and investment relations between the two countries, there is also a significant potential for cooperation in joint projects to be implemented in third countries. The decision taken by ASEAN members to make Türkiye the 12th Dialogue Partner of the Association of Southeast Asian Nations (ASEAN) in July 2026, that is, 3 months ago, started a new era between Turkey and the countries in the Southeast Asian region. "We also thank the Singapore government for their constructive approach in this process."
Bolat explained that they plan to hold the JETCO meeting between the two countries next year with the strong participation not only of official delegations but also of business people of the two countries, and within this framework, they decided to organize business forums and round table meetings in addition to JETCO meetings.
Stating that they can contribute to the establishment of new partnerships with the business world in both countries with these meetings, Bolat said that green transformation is another priority area in which they want to develop their cooperation.
Bolat stated that they wish to benefit from Singapore's experience in the field of green transformation and increase mutual knowledge and experience sharing, and said, "We believe that our presence in Antalya on the occasion of COP31 and the fact that Fu will go to Mersin today and then to COP31 in Antalya adds a special value to our dialogues." he said.
"After the FTA, Türkiye received very close attention from Singapore companies"
Fu, Singapore's Minister of Sustainability, Environment and Trade, also thanked Türkiye for hosting such an important organization as COP31 and for the success of the program.
Stating that he was very pleased to sign the JETCO Protocol, Fu stated that they started working when the proposal first came to realize this protocol and that they signed the protocol in a period of 6-7 months, and that this was a very important progress.
Fu stated that it was an important coincidence that it was the anniversary of the FTA agreement signed 11 years ago and said:
"After the signing of the FTA, Turkey received very close attention from Singapore companies. Singapore companies have very strong capabilities, especially in the fields of logistics, port management, food processing, energy, renewable energy and financial services, and they are very willing to work in these areas. There is great potential and important needs, especially in the field of renewable energy, both in Türkiye, Singapore and Southeast Asia. Considering the capabilities of Turkish companies in this field, there are cooperation and investment opportunities in the field of renewable energy in Singapore."
Emphasizing that they want to continue the momentum in trade and investment between the two countries, Fu said that the JETCO process will contribute to this momentum by bringing together ministers and businessmen.
