Davutoglu made the remarks at a joint press conference Saturday in Istanbul with Japan's Prime Minister Shinzo Abe who is in Turkey for the G20 Summit to be held in Antalya.

"Trade volume between the two countries has reached $3.6 billion as of end of 2014 but it is not enough. The potential of the two countries is far beyond this figure" he said.

Stating that Turkey and Japan economic relations will reach the desired level as soon as the economic cooperation agreement is signed Davutoglu said: "We are planning to increase the current volume to $5 billion in twoto three years and to $10 billion in the next five years at the latest".

The Turkish premier also said that the other focus would be to upgrade current agricultural relations. "Turkey which is the seventh biggest agricultural country should have a larger market share in Japan which is one of the biggest agricultural importers in the world" the premier said.

Abe also noted that Japanese interest and investment in Turkey gradually increased over the past years.

"Turkey is a powerful country contributing to the development of the region. The country is also a door opening to economies of Asia Middle East Europe and Africa.

“Japanese companies will also invest in media finance and other sectors besides automotive and machine industry" Abe said.

According to Turkey's official statistics agency TurkStat Japanese firms invested $215 million in Turkey between January and July this year resulting in a total of $1.7 billion since 2010.

Meanwhile Turkey's exports to Japan have risen from $234 million to $375 million in the last 10 years marking a 60 percent increase.

Turkey’s main exports include fish pasta tobacco and knit goods and its imports cars and construction equipment such as bulldozers graders diggers and excavators.

Paris attacks condemned

During the press conference the two leaders also observed a minute's silence for the Paris terror attacks victims.

Abe and Davutoglu reiterated their condolences for the victims and slammed the attack.

"For whatever reason they did it the terror must be condemned. [...] We will do our best to prevent the terror within the scope of the international relations with countries like Turkey and France" Abe said.

At least 127 people were killed in multiple gun-and-bomb attacks at several locations across the French capital Paris.

French President Francois Hollande has blamed Daesh for the attacks.