Business representatives welcome new economic reforms in Turkey



Business representatives expressed appreciation for Turkey’s new package of economic reforms aimed at boosting investment, production, employment and exports.

Announced Friday by President Recep Tayyip ErdoÄŸan, the package included several measures such as reducing the share of foreign exchange in the total outstanding debt and putting in place new mechanisms – presidency of health industries, presidency of industries. Software and Hardware, Economic Co-ordination Council and Financial Stability Committee.

He also underlined the responsibility, savings and transparency for the economic administration in the coming period.

Abdurrahman Kaan, president of the Association of Independent Manufacturers and Businessmen, said the reform package will help the V-shaped recovery of markets during the normalization process after the COVID-19 pandemic.

With the package, the resilience of the economy will improve in terms of inflation and current account deficit, he said.

Ensuring spending discipline, reducing waste in the public, rebuilding the budget and increasing the efficiency of cash management will increase the contribution of public spending and investment to economic growth, Kaan said.

Urgent reforms

Simone Kaslowski, President of the Turkish Industry and Business Association, called the package measures aimed at ensuring price stability, restoring the investment environment, supporting employment, ensuring discipline budget and control spending in a positive way.

Measures to support digital transformation and green transition in industry are very valuable in increasing Turkey’s global competitiveness, he said.

In this difficult period due to the pandemic, the implementation of these reforms is urgent for the business world, he added.

Reforms support exports

Ismail Gülle, head of the Turkish Exporters’ Assembly, said the reform package will provide significant support to meet the target of $ 200 billion in exports.

Turkey closed 2020 with an export figure of $ 169.5 billion above target despite the pandemic, he said, adding that this success would continue into 2021 and the country could exceed 184 billion. dollars this year.

“We now see that 200 billion dollars is not a dream for Turkish exports,” he said.

Critical Steps

Nail Olpak, chairman of the Council for Foreign Economic Relations of Turkey, said economic reforms based on stability, predictability, transparency and accountability will strengthen the country’s business community.

The package was a sufficient roadmap, which was prepared in consultation with all stakeholders in business and economy, he said.

The economic reforms included crucial stages for the development of Turkey’s economy and trade.



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