ECONOMY

Turkey's business circle expects economic reforms

Representatives from Turkey's business circle Friday voiced their expectations for a structural reform in the economic area in the upcoming less than a five-year period before next elections.

Exporters, industrialists and representatives of businesspeople associations convened in an Istanbul meeting of Trade Ministry's advisory council.

Addressing the meeting, Rıfat Hisarcıklıoğlu, head of Turkey's Chambers and Commodity Exchanges Union (TOBB), said the upcoming four-and-half year election-free period is important for Turkey's targets.

"We see this period as an opportunity to make permanent solutions for our structural problems," he stressed.

On Sunday, President Recep Tayyip Erdogan said next elections in Turkey will be held in June 2023, following March 31 local polls.

Hisarciklioglu recalled that Treasury and Finance Minister Berat Albayrak is expected to unveil a new economic roadmap next week.

"With this roadmap, the credibility of Turkey and Turkish economy will increase with the disciplined stance in public finance and decrease in the need for external sources continuing, as well as adopting measures to support the competitiveness of private sector," he said.

- STRUCTURAL REFORMS EXPECTED TO CONTRIBUTE TO ECONOMY
Nail Olpak, the chairman of the Foreign Economic Relations Board of Turkey (DEIK), stressed elections have kept Turkey's agenda engaged in recent years, hereupon Turkey should focus on development and reforms.

"We will work to form a sustainable and balanced growth, durable economy by making more quality products," he noted.

Olpak added: "We expect that structural reforms will contribute to the economy."

Simone Kaslowski, deputy head of Turkish Industry and Business Association (TUSIAD), said Turkey's priority is to decrease inflation rate to the single-digit level for providing financial stability.

Turkey is an open economy and it should make more trade and attract more foreign investment, he underlined.

Also highlighting the need for reforms in economic, political and social areas in Turkey, Kaslowski said that strengthening institutions, developing insurance sector, and increasing transparency in public finance, as well raising financial covering and fighting against the underground economy were important for financial stability.

- TURKEY TO REACH ITS TARGETS UNTIL NEXT ELECTIONS
Abdurrahman Kaan, the head of the Independent Industrialists' and Businessmen's Association (MUSIAD), said: "As business world, we wish that Turkey will focus on financial stability and development until next elections."

In this period, economic reforms, production, investments, and exports are important issues, he added.

Ismail Gulle, head of Turkish Exporters Assembly (TIM), said Turkey will spend upcoming period for making reforms and rising exports.

"I believe that our country will be successful by reaching its targets at the end of this four-and-a-half-year period," he underlined.

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