Erdoğan urges public, private sectors to invest jointly

ISTANBUL - Anadolu Agency

Cihan Photo

Turkish President Recep Tayyip Erdoğan has called for public-private partnerships for much-needed infrastructure investment across the world. 

Speaking on Oct. 2 at the G-20 energy ministers’ conference in Istanbul, Erdoğan asked the private sector to cooperate “hand in hand” with the public sector.

“The private and public sectors should collaborate to meet the necessary financing for global infrastructure investments,” he said.

Erdoğan said the world needed to invest around $70 trillion to $90 trillion for infrastructure by 2030 to achieve sustainable growth, while developing countries should put in $1.5 trillion annually.

“A new effort and a new mentality for cooperation are needed to achieve this,” he added.

The president said improving the private sector’s confidence in such investment was important, calling for financial institutions to make funding more accessible for investors.

The G-20 countries set a growth target of 2.1 percent by 2018 during a meeting last year in Australia, with the goal of adding $2 trillion to global GDP.

Erdoğan said the global targets would be reached if the agreed-upon growth strategies are implemented.

The president also called for an acceleration of energy infrastructure investments, as delaying them would otherwise affect energy security.

According to the International Energy Agency, $48 trillion of energy investment is needed globally by 2035, Erdoğan said.