Turkey touts economic, legal confidence-building steps

ISTANBUL-Anadolu Agency

Turkey is focused on macroeconomic stability with transparent policies as well as fast and comprehensive reforms in the economy and law fields, as part of confidence-building measures, the country's industry and technology minister said on Dec. 7.

Mentioning the newly changed economy administration of the country, he said three ministries - Treasury and Finance, Trade, and Industry and Technology - united their forces, Mustafa Varank told the International Investment Forum.

The five-day virtual forum was organized by the International Investors Association.

The event hosts dozens of experts and top officials, including President Recep Tayyip Erdoğan and sector representatives under several topics.

The minister said the structural transformation is essential for sustainable and balanced growth.

"We started to implement comprehensive policies for this transformation," he stressed, adding: "We want to benefit from the opportunities offered by global collaborations, we offer the same domestic and foreign opportunities to everyone who invests in our country."

While foreign direct investments (FDI) were too low before 2002, Turkey has attracted $222.5 billion in FDI for the last 18 years, Varank noted.

The annual FDIs reached the $22-billion level during the same period, but they are still not at the desired level in recent years, he added.

The minister also said the FDIs will narrow by 40% globally due to the pandemic this year, and the contracting period may continue in 2021.

Trade Minister Ruhsar Pekcan also said Turkey, located on energy corridors and with its educated young work force, is an attraction center for FDIs.

She also recalled that Turkey has the capability to make production at the EU standards.