Turkish energy and defense sectors provide opportunities: Italian ambassador

ISTANBUL

Turkey’s energy and defense sectors provide opportunities for investors despite challenging economic conditions, Italian ambassador to Ankara Luigi Mattiolo has said.

“Even in a time of fiscal discipline, great opportunities are still present in this country: For instance, in the energy sector, including renewable sources, or in the field of defense, where Italian companies have always played an active role,” he said at a meeting organized by the Italian Chamber of Commerce in Turkey on Oct. 19.

“I remain convinced that despite the turbulences of the last months, the Turkish economy maintains a unique potential,” he added, pointing to the low public debt and “the young, skilled and dynamic population” of Turkey.

Mattiolo also expressed Italy’s support to the modernization of the EU-Turkey Customs Union, which is supposed to open services and agriculture sectors to trade.

Livio Manzini, Bell Holding’s CEO and the head of the Italian Chamber of Commerce in Turkey, said Italian companies have been increasing investments in Turkey since the 1960s, recalling the partnership of the Italian automotive giant Fiat and the Turkish company Tofaş.

“There are many businesspeople in Italy who know the power and potential of the Turkish markets,” Manzini said.

Aniello Musella, the director of Italian Trade Agency in Istanbul, pointed out that Turkey is a country “used to stormy waters and along the past decades, it has faced political and economic crises and has managed and survived them.”

“The New Economic Program 2019-21 launched by Minister [Berat] Albayrak on Sept. 20 was positively received by the Turkish business community and foreign investors. It is a more realistic approach with more sounding targets and this is the right path to follow for a sound recovery,” he said.

“The devaluation of the Turkish Lira has produced positive effects, such as the increase of exports of goods to foreign countries with the reduction of the trade deficit and current account deficit,” Musella added.

At the event titled “Prospects for the Turkish economy 2019 in the light of Turkey-Italy trust chain,” speakers took the stage for the panel discussion.

Paolo Gatti Comini, CEO of Pirelli in Turkey, Azmi Gümüşlüoğlu, CEO of Ferrero in Turkey, Zeynep Bodur Okyay, CEO of Kale Group and Chair of the Turkey-Italy Business Council, Salih Zeki Poyraz, president of AFS Boru and vice-chair of the Turkish Exporters Assembly and Niccolo Ubertalli, Deputy CEO of the Yapı Kredi Bank shared their experiences and opinions regarding trade between Turkey and Italy.