When the United Nations General Assembly (UNGA) comes to mind, what one thinks of first are speeches by heads of state and government, diplomatic engagements on global crises, and political talks between countries. Yet the activity that emerges in New York every September is not only a focal point of international diplomacy; it is also one of the most important meeting places for global capital and the business community.
State officials, central bank governors, global corporate executives, investment funds, banks, and business associations converge on New York within the same week. As a result, alongside the UNGA itself, an “invisible economic summit” takes shape: one that is absent from the official program but is gaining growing importance for global economic relations.
Türkiye’s engagements in New York on the sidelines of the 81st UNGA, held on 21–23 September 2026, were a striking example of this transformation. From Treasury and Finance Minister Mehmet Şimşek to Central Bank of the Republic of Türkiye (CBRT) Governor Fatih Karahan, and from Trade Minister Ömer Bolat to Industry and Technology Minister Mehmet Fatih Kacır and Energy and Natural Resources Minister Alparslan Bayraktar, the leading figures of Türkiye’s economic leadership met with American investors and corporate executives in the same week.
However, the significance of these engagements does not stem solely from the seniority of participation. During the New York week, a major aircraft deal was signed between Turkish Airlines (THY) and Boeing; technical cooperation on small modular nuclear reactors was launched between Türkiye and the United States; and executives from around 20 major American companies met with Turkish officials to assess Türkiye’s investment agenda. The real question, therefore, is not whether economic momentum was generated in New York. The real question is whether this political and commercial intensity will translate into lasting investment, joint production, and technology transfer.
The Map of Economic Engagements in New York
The 19th Türkiye Investment Conference, organized by the Foreign Economic Relations Board (DEİK)/Türkiye–U.S. Business Council, brought together several meetings addressing different economic needs within a single program.
| Platform | Core agenda | Level of economic maturity |
| Citi investor meeting | Macroeconomic outlook, monetary policy, the Medium-Term Program, and the investment climate | Investor confidence and project development stage |
| Industry and High-Technology Roundtable | Semiconductors, mobility, green energy, advanced manufacturing, communications, and space | Sectoral cooperation and investment opportunity development stage |
| Energy Roundtable | LNG, renewable energy, SMRs, critical minerals, batteries, and smart grids | Technical and financial project structuring stage |
| Presidential Roundtable Meeting | Energy, finance, technology, aviation, automotive, and consumer products | High-level investment and cooperation talks |
| THY–Boeing agreement | Commercial aircraft procurement | Signed commercial transaction |
| TÜNAŞ–USTDA agreement | Small modular and Generation IV reactors | Technical assistance and feasibility stage |
On the first day of the conference, Mehmet Şimşek and Fatih Karahan met with American institutional investors, fund managers, and financial institutions in cooperation with Citi. Beyond short-term market movements, the discussions covered the medium- and long-term outlook of the Turkish economy, the disinflation program, fiscal discipline, reserves, productivity gains, and the investment climate.
At the Industry and High-Technology Roundtable, attended by Mehmet Fatih Kacır, Türkiye’s potential in semiconductors, mobility, advanced manufacturing, digital technologies, communications, and space was assessed, and American companies were invited to produce, innovate, and grow together in Türkiye.
The Energy Roundtable addressed renewable energy, liquefied natural gas, small modular reactors, critical minerals, battery systems, and smart grids. The meeting attended by President Recep Tayyip Erdoğan included executives from around 20 American companies, among them Mastercard, Uber, Honeywell, P&G, Google, Zynga, GE Aerospace, Citi, Ford, PepsiCo, and Boeing.
A reception held at the New York Public Library brought together more than 400 Turkish and American business representatives. The Türkiye–U.S. Business Meeting organized by ASKON and the TABA-AmCham Global Business Summit further broadened the scope of business engagements.
All of these meetings generated a considerable intensity of economic diplomacy. In investment analysis, however, a clear distinction must be drawn between the number of engagements and their results. Holding a meeting is not an outcome; it is merely the starting point of a process that may generate economic outcomes.
From Confidence Narrative to Investment Thesis
The central message Mehmet Şimşek conveyed to American investors was that the resilience of the Turkish economy against global and regional shocks has increased. Şimşek highlighted the low level of total indebtedness, the room for maneuver in public finances, the reduction in external vulnerabilities, the increase in international reserves, the exit from the FX-Protected Deposit (KKM) scheme, and the productivity gains recorded over the past two years. Green and digital transformation, the technological upgrading of industry, and productive infrastructure investments were also presented as the pillars of Türkiye’s medium-term growth strategy. The defense industry, health tourism, television series, mobile games, and digital service exports were listed among the opportunity areas offered to investors.
The main purpose of these messages is to lower Türkiye’s perceived risk and reassure investors about the continuity of the economic program. Nevertheless, investor confidence and an investment decision are not the same thing.
International capital assesses a country through three fundamental questions: What is the expected return, how much risk will be assumed, and how can one exit the investment if necessary? Accordingly, alongside macroeconomic stability, regulatory predictability, legal certainty, the ability to repatriate profits, foreign exchange risk management, a skilled workforce, and bankable projects with financing already arranged are also decisive.
For the economic narrative Türkiye presented in New York to translate into lasting foreign direct investment, general invitations to invest must be made concrete through sector, project, investment amount, incentive model, and implementation timeline. Investors must be shown not only why Türkiye is an important country, but also which project they can enter, under which partnership model, and with which financing structure.
THY–Boeing Agreement: Trade Volume or Industrial Partnership?
The largest concrete commercial development of the New York week was the aircraft agreement signed between Turkish Airlines and Boeing. According to a statement by the U.S. Department of Commerce, the agreement covers the sale of 100 Boeing 737 MAX aircraft, along with an additional option for 50 more. The new agreement follows the order for 75 Boeing 787 Dreamliner aircraft placed in 2025.
The U.S. Department of Commerce states that the 737 MAX agreement will support approximately 101,000 jobs in the United States. This figure clearly illustrates the industrial and employment impact of the deal for the American economy. From Türkiye’s perspective, however, the strategic assessment should not be based solely on the number of aircraft to be purchased. Large-scale aircraft procurement may increase bilateral trade volume, but on its own it may not create balanced and reciprocal economic integration.
The real strategic value of the agreement for Türkiye will depend on the answers to the following questions:
- Will Turkish companies be able to participate more extensively in Boeing’s global supply chain?
- Will the share of aviation parts and systems manufactured in Türkiye increase?
- Will maintenance, repair, and overhaul (MRO) services be carried out in Türkiye?
- Will joint centers be established for pilot and technical personnel training?
- Will there be joint development in aviation software, data analytics, and digital maintenance systems?
- Can Türkiye evolve into a regional Boeing maintenance and engineering hub serving neighboring geographies?
If these questions are answered in the affirmative, the aircraft purchase can go beyond being a mere import transaction and evolve into a long-term industrial and service partnership.
Türkiye could back large-scale strategic procurement contracts with an “industrial participation package.” Such a package could include elements such as local supplier development, maintenance and repair capacity, engineering services, training, joint R&D, and service exports to third countries. In this way, Türkiye–U.S. trade volume could be expanded not through a linear model in which one side sells products and the other buys them, but through a reciprocal model in which both countries produce and earn revenue within the same value chain.
Small Modular Reactors: A Small Agreement, a Major Strategic Option
The second concrete development of the New York week was the small modular reactor cooperation agreement signed between Türkiye Nükleer Enerji A.Ş. and the U.S. Trade and Development Agency (USTDA). Under a technical study with a budget of approximately USD 2 million, planned to last at least one year, the small modular reactor designs of four American companies and five different Generation IV reactor designs will be examined. The study will assess costs, licensing, the supply chain, financing sources, site selection, safety, authorization, and the legal framework.
Although the financial scale of the agreement is limited, its strategic value is considerable. This is because determining technical standards, regulatory infrastructure, and the financing model at an early stage may shape which companies enter the market and which technologies are preferred in the future.
For the United States, the agreement means early access for American nuclear technologies to the Turkish market. For Türkiye, it offers an opportunity to build technical and institutional capacity in next-generation nuclear technologies. That said, Türkiye should not remain merely a technology customer. In any prospective SMR investments, the participation of Turkish companies in the supply chain, in areas such as parts and equipment manufacturing, engineering, construction, digital control systems, cybersecurity, maintenance, and human resources, should be planned in advance. Furthermore, the following issues need to be clarified before a technology is selected:
- Local production and the share of domestic content
- The scope of technology transfer
- Intellectual property and licensing conditions
- Nuclear fuel and waste management
- The technical capacity of regulatory institutions
- The limits of public guarantees and private-sector financing
- Türkiye’s right to participate in third-country projects
If approached with a sound industrial policy, small modular reactors can create a new engineering and technology ecosystem that goes beyond energy generation. If poorly structured, however, they could lead Türkiye into long-term technology and licensing dependence. The issue, therefore, is not only which reactor will be selected, but what role Türkiye will assume in this technology’s value chain.
Business Networks: From Attendance Figures to “Deal Flow”
The visibility of the Turkish business community in the New York engagements was very high. Companies such as Borusan, Çalık, Fiba, Kibar, Koç, Limak, Sabancı, Sahibinden, Turkish Airlines, Türk Telekom, and Chobani were among the conference’s sponsors and participants. Business figures such as Murat Özyeğin, Nail Olpak, and Hamdi Ulukaya also played active roles in the programs. However, it should not be forgotten that strong participation does not automatically translate into strong investment outcomes. Receptions and roundtables can build trust, bring parties together, and help uncover new opportunities. Commercial success, though, requires that every engagement be tied to a defined project process.
The role of Turkish–American business organizations should not be limited to organizing conferences and providing a networking environment. These organizations should also:
- Identify potential projects,
- Match suitable Turkish and American companies,
- Analyze financing needs,
- Convey regulatory obstacles to the relevant institutions,
- Monitor the progress of negotiations at regular intervals,
- Report on concluded investments and the reasons behind failed ventures.
In other words, the success of business networks should be measured not by the business cards distributed, but by the “deal flow” generated, that is, the sustainable flow of investments and transactions.
A New York Economic Follow-Up Mechanism
To prevent the diplomatic and commercial momentum generated in New York from dissipating, Türkiye–U.S. economic relations need an institutional follow-up mechanism.
First, an “investment tracking pool,” not open to the public but jointly used by the relevant institutions and business organizations, could be established for the projects discussed at the conferences. For each project, the sector, companies involved, estimated investment amount, financing need, regulatory issues, and the next decision stage could be identified.
Second, a 30-, 90-, and 365-day follow-up schedule could be applied after the engagements. Technical talks between companies should be initiated within the first 30 days, a preliminary feasibility study or partnership model should emerge within 90 days, and whether the project has reached an investment decision should be assessed within a year.
Third, the performance of economic diplomacy should not be measured by total trade volume alone. New indicators should include the following:
- Announced foreign direct investment amount
- Number of joint ventures
- Participation of Turkish companies in American supply chains
- Local value added created in Türkiye
- Technology and license transfer
- Skilled employment generated
- Joint R&D and patents
- Joint sales to third countries
Fourth, a “Centennial Economic Partnership Program” could be prepared for the 100th anniversary of diplomatic relations between Türkiye and the United States in 2027. The program should include a certain number of flagship projects in aviation, energy, artificial intelligence, advanced manufacturing, critical minerals, health technologies, education technologies, digital services, and logistics. Each project should involve at least one Turkish and one American company, a defined financing model, and a measurable commercial target.
Conclusion
The New York engagements generated notable momentum in Türkiye–U.S. economic relations. While the investor meetings of Mehmet Şimşek and Fatih Karahan presented Türkiye’s macroeconomic program to international capital, the technology and energy meetings revealed the potential for cooperation in new sectors. The THY–Boeing agreement and the small modular reactor project, in turn, show that the engagements did not remain purely at the level of rhetoric.
Nevertheless, there is as yet no guarantee that these developments will evolve into a strategic economic partnership. The extent to which large aircraft orders will contribute to the Turkish aviation industry, whether nuclear cooperation will produce technology transfer, and whether the talks with Fortune 100 companies will translate into concrete investments will become clear in the period ahead.
Türkiye’s principal goal should not be merely to attract American capital or to purchase American products. The real goal should be to produce together with American capital and technology, to develop intellectual property, to bring Turkish companies into global supply chains, and to earn joint revenue in third markets.
The true economic success of the UNGA week cannot be measured by the size of the halls in New York or the number of executives attending the meetings. Success should be measured by how many of the talks that began in those halls turn into factories, power plants, technology licenses, joint ventures, and export contracts.
References
- DEİK/TAİK, 19th Türkiye Investment Conference and Investor Meetings (in Turkish)
- DEİK/TAİK, Presidential Roundtable Meeting and American Companies (in Turkish)
- DEİK/TAİK, Türkiye–U.S. Business Communities Convene on the Investment and Energy Agenda (in Turkish)
- U.S. Department of Commerce, Turkish Airlines–Boeing Agreement
- Republic of Türkiye Ministry of Energy and Natural Resources, New Cooperation with the U.S. in Nuclear Energy (in Turkish)
- USTDA, Accelerating Türkiye’s Path to Small Modular Reactor Deployment
- Republic of Türkiye Ministry of Trade, Türkiye–U.S. Business Contacts in New York (in Turkish)
