ISTANBUL, March 27 (Xinhua) -- The Turkey Wealth Fund (TWF) has been implementing a revised and redefined strategy towards Asia, locating China in the heart of this plan, Zafer Sonmez, the managing director of the fund, said on Friday.
"We would like to bring together China's Belt and Road Initiative with Turkey's Middle Corridor Initiative with solid and mega business projects," Sonmez told Xinhua.
In 2013, China proposed the Belt and Road Initiative. Turkey has agreed to align its Middle Corridor project with the initiative.
"In that regard, the TWF pays utmost attention to Chinese businesses, investors, and financial institutions for building a strong bridge between Turkey and China," Sonmez stressed.
To localize the fund's efforts in China and develop "fruitful and mutual business relations," the TWF is planning to open an office in Beijing within a year.
Speaking about the latest deal signed between the TWF and China Export and Credit Insurance Corporation (Sinosure), Sonmez said that in the last six to nine months his institution has continually been investing its intellectual capacity to build further relations with the Chinese company.
"Sinosure is a very important financial institution in China ... It not only acts as an insurer but also the most instrumental referral mechanism for strategic investors and lenders for TWF's projects," Sonmez added.
The deal covers various projects in various fields, particularly energy, petrochemicals, and mining, he noted.
"TWF's mandate includes addressing the current account deficit of the Turkish economy that mainly stems from energy and petrochemical imports," he continued, noting that Sinosure's contribution would be significant in that regard.
The TWF has also been seeking to establish long-lasting relations with like-minded strategic investors in China and draw their attention to its projects.
"These are strategic companies in the energy, coal, petrochemical and mining projects," Sonmez said.
"The other layer is to cement deeper relationships with similar sovereign wealth funds in China," he continued, noting that the TWF is already in contact with these institutions to build solid business ideas.
