DP World Terminal Opens in Turkey in Latest Step to meet 2023 Foreign Trade Target
The Minister for European Union Affairs and Chief Negotiator Mevlüt Çavuşoğlu said Turkey is making good progress on its target to make the country a regional logistics base by 2023.
This comes off the back of the opening of DP World’s brand new container terminal in Yarimca on the Asian side of Istanbul. The port boasts an initial capacity of 1.3 million Twenty-foot Equivalent Units (TEU).
The vision on foreign trade also indicates that the Turkish government will make further investments in transportation infrastructure. Çavuşoğlu attended the opening ceremony of the Yarımca terminal and in the press conference he congratulated DP World, one of the largest container terminal operators, for its investment in Turkey.
Çavuşoğlu stated that the port, fitted with the latest technology, will set an example for other investors and he noted that Turkey had the potential to become a regional logistics base thanks to its geographic location between two continents.
Turkey has gained ground in many areas ranging from politics and economics to transportation and energy in the process for full EU membership. Therefore its plan to be one of the top 10 economies by 2023, which is a century after the establishment of the Republic of Turkey, is progressing well. Currently the country lies 16th place in the table of world’s largest economies.
Çavuşoğlu said: "Only in the last year, 16 primary and 195 secondary regulations have been made and there have been many changes in different public areas. The EU accession process is not just made up of making some changes in legislation or imposing new regulations.
“The process of adaptation to the EU has very significant economic impacts and this process is playing an important role in the steady growth of Turkey. Despite the current crisis, the EU is still one of the biggest economies in the world and one of the substantial trading partners of Turkey.
Nearly 40 percent of Turkish foreign trade is conducted with EU countries, and although the EU has turned in on itself recently because of the financial crisis, it sees the transition in Turkey. It is hoped Gross domestic product (GDP) will rise to $2 trillion, and annual Turkish exports to $500 billion.
As a consequence of substantial investments in the Energy, Healthcare, Transport and Tourism sectors it is anticipated that national unemployment will go down to as little as 5 percent with the next nine years, with the port opening itself expected to generate more than 650 direct permanent jobs.
Elon Musk's Boring Co. planning wider tunnels for freight
Elon Musk’s drilling outfit The Boring Company could be shifting its focus towards subterranean freight and logistics solutions, according to reports.
A Boring Co. pitch deck seen and shared by Bloomberg depicts plans to construct wider tunnels designed to accommodate shipping containers.
Founded by Tesla CEO Musk in 2016, the company initially stated its mission was to offer safer, faster point-to-point transport for people, particularly in cities plagued by traffic congestion. It also planned longer tunnels to ferry passengers between popular destinations across the US.
The Boring Co. completed its first commercial project earlier this year in April. The 1.7m tunnel system is designed to move professionals between convention centres in Las Vegas using Tesla EVs. It says the Las Vegas Convention Centre Loop can cut travel time between venues from 45 minutes to just two.
Boring Co.'s new freight tunnels
The Boring Co.'s new tunnel designs would allow freight to be transported on purpose built platforms, labelled as “battery-powered freight carriers”. The document shows that, though the containers could technically fit within its current 12-foot tunnels, wider tunnels would be more efficient. Designs for a new tunnel, 21 feet in diameter, show that they can comfortably accommodate two containers side-by-side, with a one-foot gap between them.
The Boring Co.’s new drilling machine, dubbed Prufrock, can tunnel at a rate of one mile per week, which is six times faster than its previous machine, and is designed to ‘porpoise’ - mimicking the marine animal by ‘diving’ below ground and reemerging once the tunnel is complete.
Tesla’s supply chain woes
Tesla is facing its own supply chain and logistic issues. The EV manufacturer has raised the price of its vehicles, with CEO Musk confirming the incremental hike was a result of “major supply chain pressure”. Musk replied to a disgruntled Twitter user, confused as to why prices were rising while features were being removed from the cars, saying the “raw materials especially” were a big issue.
Car manufacturing continues to be one of the industries hit hardest by a global shortage in semiconductor chips. While China’s chip manufacturing levels hit an all-time high in May, and the US is proposing a 25% tax credit for chip manufacturers, demand still outstrips supply. Automakers including Volkswagen and Audi have again said they expect reduced vehicle output in the next quarter due to a lack of semiconductors, with more factory downtime likely.
Top Image credit: The Boring Company / @boringcompany