President Nayib Bukele of Salvador will head to Turkey this week to meet with his Turkish counterpart Recep Tayyip Erdogan in an effort to boost cross-border trade and investment, the government announced on Tuesday.
El Salvador President Nayib Bukele to meet his Turkish counterpart Recep Tayyip Erdogan
President Bukele will visit Ankara between Thursday and Friday, and he will meet with business executives and lay a floral wreath at the monument to Mustafa Kemal Atatürk, the founder of the Turkish Republic.
Este jueves, en Visita de Estado, sostendré una reunión con Recep Tayyip Erdoğan (@RTErdogan), Presidente de Turquía.
This Thursday, in a State Visit, I’ll hold a meeting with Recep Tayyip Erdoğan (@RTErdogan), President of Turkey.
— Nayib Bukele 🇸🇻 (@nayibbukele) January 18, 2022
The Salvadoran government states that: “El Salvador has explored opportunities for Turkish firms to invest in El Salvador, specifically in energy and tourism, setting out the advantages of the coastal strategy known as Surf City.”
Bitcoin might be a way out for the Turkish economy
In December 2021, the Turkish lira hit a near all-time low against the US dollar. The value of the national currency has collapsed by nearly 30% making everything from food to fuel far more costly.
Forbes notes that investment in Bitcoin might be a way out for the Turkish economy. Bitcoin has outperformed traditional currencies such as the Turkish lira and even the US dollar, whose purchasing power has steadily decreased.
“In the past 40 years alone, the greenback has lost two thirds of its value as Fed governors have pursued increasingly more unorthodox monetary schemes.”
While Bukele, a 40-year-old bitcoin enthusiast with Palestinian heritage on his father’s side, is one of the most popular leaders in the Americas, according to opinion polls and Erdogan has been extremely effective at the ballot box last 20 years.