OECD plans to open center in Istanbul soon

ISTANBUL

The Organization for Economic Cooperation and Development (OECD) is planning to open a center in Istanbul by the end of the year, according to local media reports based on Trade Ministry sources.

The center, in collaboration with academics, will work on areas such as competitiveness, entrepreneurship, trade, governance, innovation, human capital, connectivity, infrastructure development, economic resilience, green development and recovery from the COVID-19 pandemic, sources said.

It will also host high-level meetings to provide dialog between stakeholders of the economies, they added.

After attending an online OECD Ministerial Meeting on Oct. 29, Turkish Trade Minister Ruhsar Pekcan also noted that the 37-member organization hopes to establish a center in Istanbul so that its work can better benefit Turkey and nearby regions including the Balkans, the Middle East and North Africa.

The COVID-19 pandemic has made the global economy more fragile by affecting both supply and demand, she said.

Recalling measures by countries to mitigate its effects, she warned that they should be target-orientated, measured, temporary and transparent to avoid creating unnecessary obstacles to global trade.

She said the pandemic also revealed that relying on specific geographies for industrial production carries huge risks and global value chains that are currently facing problems should evolve into more durable and efficient structures.