Turkey has secure investment environment: EU official

ISTANBUL-Anadolu Agency

Turkey has a secure investment environment like other European countries, said the president of the European Economic Senate.

"Investment of European firms in Turkey are secured and are treated like Turkish citizens. So there is a good message for Europe that you can make an investment in Turkey and can be sure that you can decide like in the other parts of Europe," Ingo Friedrich told Anadolu Agency.

Friedrich also appreciated the Turkish government's efforts to create a better investment zone.

Stating that investment conditions in Turkey are similar to European countries, he noted that the country is a hub for gigantic companies such as Siemens.

He also touched on Europe's economy saying that the region is facing the danger of shrinkage.

"Perhaps not a real recession but it will be not be easy," Friedrich said.

He criticized The European Central Bank (ECB)'s latest move calling it "too heavy".

However, he said the previous decisions were in the right direction.

"We have this so called easy financing all over the world and if we want to change and to stop this, then there must be cooperation all over the world from the U.S. to Japan to China," Friedrich said.

"Europe alone cannot stop at once this easy financing. It should not go on wide away but till now this policy of Mario Draghi -- the ECB head -- was successful."

Friedrich expressed an optimistic view on Brexit, noting that the country will leave the EU with deal.

"It [Brexit with deal] will not be a positive push but it will not be an uncalculating situation," he said.

He said he did not expect the U.K. to leave EU on Oct. 31.

"And then there will be new election in the U.K. As an optimist, I would say 50% probability they will go out with a treaty and 50% probability they will stay in the union," he noted.

Friedrich added that the EU and Germany would be more affected by Brexit than Turkey.

"If the U.K. leaves EU with a treaty Turkey will have no effect, if they go without the treaty then you would feel it but not very strong. I think it’s not really a danger for Turkey," he said.

U.K. voters decided to leave the EU in a 2016 referendum with a small margin.The government triggered Article 50 – a two-year-long process to be followed by any member state that would leave – on March 29, 2017.

The deadline of March 29, 2019 was extended twice at the request of the previous British government led by Theresa May after she repeatedly failed to pass her deal through the House of Commons.

U.K. and EU officials have started intensive talks on a possible deal after a principal agreement was reached by the sides in meetings between Britain and Ireland’s premiers on Oct. 10 and then between Brexit Secretary Stephen Barclay and the EU’s chief negotiator Michel Barnier on Oct. 11.

Talks will continue until the European Council summit next week in Brussels and the possible agreement will be explored until the end of the summit.