President Recep Tayyip Erdoğan, in his speech at the 10th Meeting of the Investment Advisory Council held at the Presidential Dolmabahçe Office. He emphasized that they will increase Turkey’s share of the global capital pie to 1.5 percent by 2028.
Stating that he was very pleased to host the participants in Istanbul on the occasion of the meeting, President Erdoğan wished that the consultations to be held would be beneficial.
Stating that the Council was established in 2004 to receive the opinions and suggestions of the international business world, President Erdoğan said:
“We have always taken into consideration the many proposals and recommendations conveyed to the Council while improving our country’s investment environment. We have taken revolutionary steps in a wide range of areas, from the Foreign Direct Investments Law to capital markets regulations, from the activation of the banking and financial system to investment incentives, from intellectual property to customs and competition regulations. All “Thanks to these, our country has become one of the leading destinations for international direct investments. From now on, we will implement new reform packages that will find solutions to our problems with common sense. We are determined to make the Turkey Century also the century of investment.”
“Our country’s position in global supply chains is getting stronger every year.”
President Erdoğan stated that the disruptions in global supply chains and the resulting geopolitical tensions after Covid-19 reshaped international trade and investments and continued his words as follows:
“Turkey is one of the countries that has adapted most quickly to this transformation process with its production capabilities, strong infrastructure, qualified human resources, location close to developed markets and global integration. Many recent developments have further highlighted Turkey’s role in the global economy. For example, The crisis in the Suez Canal at the beginning of the year has once again demonstrated how fragile world trade is. Turkey has proven itself as a reliable partner in global trade by offering alternative transportation routes during the blockage in the Suez Canal. “While we had a share of 5 per thousand in world trade with exports of 36 billion dollars in 2002, today we have increased our share to over 1 percent with our exports reaching 256 billion dollars.”
Underlining that he is not just talking about a volume increase here, President Erdoğan said that they also expanded the technology composition of exported products.
Stating that almost half of the product basket now consists of high and medium high technology products, President Erdoğan said:
“We have achieved an average annual growth of 5.4 percent in the last 21 years, rising to the 11th place according to purchasing power parity. We have completed our country’s infrastructure deficiencies with the huge investments we have made in the fields of transportation, energy, education, health and digitalization. International direct investments have also helped us in this process. Turkey, which received only 15 billion dollars of investment in the 30 years before 2003, attracted a total of 268 billion dollars of direct investment in the last 20 years, while only 5,600 companies with international capital were operating in our country in 2002, today there are more than 83 thousand multinational companies. “Turkey has now turned into an economic center where the production activities of these companies are supported by research and development centers, design teams, purchasing offices, logistics bases and regional management centers.”
Emphasizing that there is a “win-win” situation here, President Erdoğan said, “Approximately 31 percent of the exports in Turkey in the last 15 years were made by companies with international capital. The share of international investors in private sector employment increased to 8.8 percent.” he said.
Stating that Turkey will continue to be one of the leading economies preferred, grown and developed by international investments in the new period, President Erdoğan said, “We have determined our road map in the economy with documents such as the 12th Development Plan, Medium Term Program and International Direct Investment Strategy. One of the main goals of the Medium Term Program is “An annual average economic growth of over 5 percent. Reducing inflation to single digits, reducing the current account deficit and increasing exports by an average of seven percent annually are among the prominent topics of the program.” he said.
“We have entered a period where inflation is under control”
Emphasizing that they plan to accelerate investments in these areas by focusing particularly on digital transformation, green economy and energy efficiency, President Erdoğan said, “Despite the additional burden of 104 billion dollars brought by the February 6 earthquakes to our finances, we do not compromise on fiscal discipline during the program period. The recently announced growth, employment, external “Trade and inflation data show that the program is working. We have entered a period in which our current account deficit has decreased, reserves have increased, risk indicators have improved and inflation is under control.” he said.
Stating that they support the positive trend achieved in the microeconomy with their efforts to improve the investment environment, President Erdoğan stated that they have already completed many studies in the Investment Environment Improvement Coordination Board (YOİKK) 2024 Action Plan.
“Our work on many issues that are important for our investors continues at full speed.”
Noting that progress has been made on important issues such as protection of personal data, renewable energy, venture capital, and advance loans with investment commitments, President Erdoğan said, “Our work on many issues that are important for our investors continues at full speed.” he said.
Emphasizing that they aim to complete these studies, focusing on issues such as climate law, entrepreneurship ecosystem, research and development activities, digitalization and investment incentives, before the end of the year and pave the way for investors, President Erdoğan said, “Another important document is our International Direct Investment Strategy. It was announced to the public on July 29.” “We designed this strategy, which we shared with , as a road map that will bring qualified investments to our country. With the strategy, we want to attract more investments that support high value-added sustainable digital transformation, are based on high technology and provide quality employment to our country.” he said.
President Erdoğan stated that they will thus increase Turkey’s share of the global capital cake to 1.5 percent by 2028 and continued his words as follows:
“I would also like to say this here. As of October 1, our new legislative year will begin. With the opening of our parliament, the climate law will come to the agenda. With the law, we will accelerate the green transformation process in our industry. Work on establishing an emission trading system continues. By encouraging all kinds of innovations that reduce the carbon footprint, our industry will be on the agenda.” We will support the transformation and increase our competitiveness. Both our high technology investment program and our advance loan mechanism with investment commitments are available to you. With this program, supported by a budget of 30 billion dollars, we will offer very important opportunities in more than 30 investment areas in 8 priority areas. “Many sectors, from energy to advanced manufacturing, communications and space to value chain investments, will benefit from the program.”
“I want you to know that we stand by everyone who invests in Turkey’s bright future.”
President Erdoğan stated that he wanted to emphasize one point in particular and said:
“As the government and the alliance, we are making all our plans for 2028. We are trying to use the authority given by the nation in the May 14-28 elections in the best and most efficient way. We see the election debates brought up by the opposition to conceal their internal conflicts as beating around the bush. Turkey We have 3.5 years worth of gold in front of us without elections. We can only achieve our goals in economy, defense, diplomacy, democracy and other fields by doing justice to these 3.5 years. Any agenda other than this is verbal, fake and only virtual. “They are unnecessary moves towards consumption. I believe it would be beneficial for you to make your future plans accordingly.”
Emphasizing that Turkey will continue to be the center of international direct investments with its political stability, qualified human resources, rising position in global value chains, geographical advantages and strong economic infrastructure, President Erdoğan said, “Please remember this in this process. Our Presidential Investment Office is at your service 24 hours a day, 7 days a week.” “Our relevant ministries are always ready to give you the necessary support. I want you to know that we are and will be with everyone who trusts in the Turkish economy and invests in Turkey’s bright future.” he said.
At the meeting, Vice President Cevdet Yılmaz, Minister of Justice Yılmaz Tunç, Minister of Energy and Natural Resources Alparslan Bayraktar, Minister of Treasury and Finance Mehmet Şimşek, Minister of Commerce Ömer Bolat, Minister of Industry and Technology Mehmet Fatih Kacır, Minister of Transport and Infrastructure Abdulkadir Uraloğlu, Presidential Strategy and Budget President İbrahim Şenel, Presidential Investment Office President Ahmet Burak Dağlıoğlu, Union of Chambers and Commodity Exchanges of Turkey (TOBB) President Rifat Hisarcıklıoğlu, Turkish Exporters Assembly (TİM) President Mustafa Gültepe, Turkish Industrialists’ and Businessmen’s Association (TÜSİAD) President Orhan Turan, International Investors Association (YASED) President Engin Aksoy, Independent Industrialists’ and Businessmen’s Association (MÜSİAD) President Mahmut Asmalı, Foreign Economic Relations Board (DEİK) President Nail Olpak, European Bank for Reconstruction and Development (EBRD) Vice President Mark Bowman, International Finance Corporation (IFC) Vice President Susan Lund and representatives of international companies from 13 countries in the energy, automotive, technology, asset management, financial services, transportation and telecommunication sectors were also present.
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