Top bosses repeat calls for strong ties with EU, voice concerns over high inflation

ISTANBUL

Members of Turkey’s top business organization have reiterated their demand to maintain Turkey’s European Union membership perspective in a meeting with Deputy Prime Minister Mehmet Şimşek on Sept. 7, while also voicing their concerns about high inflation and financing costs. 

In a statement, the Turkish Industry and Business Association (TÜSİAD) said Şimşek and the organization members came together in a closed meeting to discuss the recent domestic and global economic outlook, investment climate and Turkey’s ties with the EU.

Şimşek also answered the questions of the association members during this meeting, according to the statement. 

TÜSİAD Chair Erol Bilecik underlined the importance of key economic reforms for Turkey, while also voicing the bosses’ concerns over high inflation rate, high financing costs and Turkey’s complicated tax system. 

“We need to recognize that we cannot discuss the high inflation rate and high financing costs separately. It does not seem possible to ease the high costs of Turkish Lira-based financing, a need for foreign exchange-based borrowing and our parity risks without permanently pushing down the inflation rate to 5 percent and below,” he said in an opening speech. 

“We also need comprehensive reforms in our tax system, which is quite complicated,” he added. 

Bilecik also noted it was of great significance for Turkey to keep its ties with the EU intact, while voicing their concerns over the educational system. 

“We have seen there are some genuine efforts for the curriculum to comply with what the 21st century requires on one hand with some unscientific tendencies and implementations on the other. These contradicting steps have slowed us down on the road to reaching a common goal,” he added.