Turkey may benefit from trade wars, says MÜSİAD head

ISTANBUL

The Turkish economy may benefit from the global trade wars, the head of a Turkish business group has said.

“Since international organizations and companies predominantly keep market shares under control globally, they [international investors] invest in economically more suitable places with capable infrastructure, logistical means and position to bridge [between countries]. We especially expect a substantial shift from China,” Abdurrahman Kaan, the head of the Independent Industrialists and Businessmen Association (MÜSİAD), said on July 30.

“If we set up industrial zones in Turkey, we will benefit from the trade wars contrarily. I think we will come out of this better,” he told state-run Anadolu Agency.

Kaan accompanied Turkish President Recep Tayyip Erdoğan on his visits to South Africa and Zambia last week.

Recalling that MÜSİAD has declared 2018 as “the year of Africa,” they have been preparing to add nine new ones to their existing 12 branches in the continent, he said.

“South Africa is among the BRICS countries [Brazil, Russia, India, China and South Africa] and it is very pleasing that our president was also invited [to the BRICS summit]. BRICS countries make 60 percent of the world trade,” Kaan said.

“Turkey’s participation in the BRICS would help us have a say in the world economy as a country,” he also said, pointing to Erdoğan’s call on the BRICS leaders to add Turkey to the group.

MÜSİAD has signed several agreements during the Africa visits and will accelerate cooperation and partnerships via reciprocal visits, he added.