Turkey to continue to grow exports, says minister

ISTANBUL

The Turkish economy will continue to grow thanks to the new model based on production and exports, Treasury and Finance Minister Nureddin Nebati has said.

“Turkey broke a historical record in exports in 2021 and the annual exports grew by 32.9 percent to reach $225 billion,” Nebati told members of the Independent Industrialists and Businessmen Association (MÜSİAD) at a meeting in Istanbul.

“Now we continue on our way with exports of $20 billion and more per month,” he said. “The export-oriented growth trend will continue this year as well.”

According to Nebati, the new Turkish economy model aims to “ensure permanent macroeconomic stability, encourage high value-added production, increase production and employment, and reduce the current account deficit by increasing exports.”

The minister said the volatility in foreign exchange markets was over.

“The exchange rate is no longer debatable,” he said. “Exchange rates have stabilized.”

Nebati said Turkey has recently gone through a significant economic and structural transformation and that the process is ongoing.

“The most important actors of this process are you, our businesspeople, who follow and analyze the global demand and consumer expectations in the most accurate way and deliver the highest quality products according to changing preferences,” he added.

Turkish companies have to produce high value-added technological products in order to become more competitive in international markets and the government will continue to support research and development projects, the minister noted.

“We will support our production-oriented manufacturing and export-oriented companies with new instruments,” Nebati told businesspeople.

“Those who want to develop their exports and those who want to produce will come to us. We clearly say that as long as you produce, increase production, increase exports and increase employment, we will carry you on our back,” Nebati added.

The minister said that high inflation has become a global problem, with the annual inflation rate hitting 6.8 percent in the United States and Germany facing a major increase in prices.

“Inflation is on the agenda of the world due to the high prices of commodities in the world, heavy costs in transportation, and the demands brought by internal dynamics, especially in countries such as Turkey,” Nebati stated.

“We will fight inflation. We will resolutely continue our fight against inflation without compromising on budget discipline.”