Erdogan’s message on interest and inflation in the US

President Tayyip Erdoğan, who was in New York to attend the 78th United Nations (UN) General Assembly, met with representatives of the business world at the dinner organized by the Turkish American Business Council (TAIK).

Emphasizing that they wish to strengthen and continue this partnership, which makes significant contributions to the security, peace and stability of the Euro-Atlantic geography, Erdoğan said: “Our economic and trade activities with the United States are an important dimension of our bilateral relations. Our bilateral trade volume has multiplied by 1.5 in the last 10 years. The United States was the second country to which we exported the most and the fifth country to which we imported the most last year. “By the end of 2022, our bilateral trade volume has increased by more than 15 percent, exceeding $32 billion.” he said.

‘WE MUST ALSO DIVERSIFY OUR ECONOMIC COOPERATION’

President Erdoğan stated that this increasing trend in trade volume with the US is satisfactory and said: “However, our goal is to reach 100 billion dollars. To do this, we need to increase our mutual efforts. In this context, we have high expectations of you. “As we advance our relations with the United States on a political level, we must also diversify our cooperation in the economic field.” he made the assessment of it.

Noting that there is great potential between Turkey and the United States, from new technologies to critical sectors, from innovation to manufacturing, from artificial intelligence to cybersecurity, Erdoğan said the energy sector is another critical area where it can be promoted. The cooperation.

President Erdoğan used the following statements:

“As Turkey, we accelerate our work in the exploration and production of natural gas and oil after our historic discovery in the Black Sea. As you know, we recently opened our Istanbul Financial Center. With the Istanbul Financial Center we want to transform our country into a global center in the field of finance and participatory finance. We will establish a new structure within the center where many products, from natural gas to minerals, will be marketed and evaluated. “We also want to make Istanbul Financial Center our ‘power center’.”

DETROIT FLIGHTS WILL BEGIN NOVEMBER 15

Erdoğan explained that Turkish Airlines flies to 342 destinations in 121 countries and has direct flights from Istanbul to 12 destinations in the US, and said: “Flights to Detroit, which will constitute the 13th flight point, are scheduled to begin on November 15”. saying.

President Erdoğan emphasized that they were satisfied with the course of relations with the US in the field of tourism and said that with the decreasing impact of the epidemic, more than 1 million American tourists were welcomed in Turkey in 2022 and We expect this number to increase further in the coming period.

‘Türkiye IS THE PRODUCTION AND SERVICE BASE OF AMERICAN COMPANIES’

Noting that Turkey has written a great success story in the past 21 years, from economy to trade, from defense industry to infrastructure investments, Erdoğan continued his words as follows:

“Thanks to the reforms we have carried out, our country has attracted more than 252 billion dollars of international direct investment in the last 20 years. Turkey’s share in global investments will be 1.03 percent in 2022. US direct investments in Turkey amounted to approximately $14.4 billion. I would like to especially thank the 2,088 American companies and entrepreneurs who invested in our country for their trust in the Turkish economy.

Turkey is a major regional production and service base for American companies. Today, many international companies, including American ones, prefer Turkey as a regional hub for manufacturing, export, management, logistics, engineering, and research and development. “This position of our country has become more prominent in the post-epidemic period.”

ELECTORAL MESSAGE

Stating that the contributions of Turkish business circles to the US economy have reached a considerable level, Erdoğan stated that direct investments of Turkish companies in the US have reached approximately $8.6 billion in the past 10 years. .

President Erdoğan stressed that these investment figures will mutually increase with the efforts of business representatives and continued as follows:

“We see that we have achieved a positive environment with the completion of the elections in our country. We were honored with the favor of our nation in the elections of May 14 and 28, which were held in a celebration of democracy, with a record participation that reached 90 percent. As a Popular Alliance we won the majority in Parliament and had the opportunity to serve our nation for another five years with 52.18 percent of the votes in the Presidency. We formed our government less than a week after the election. We start our development journey from where we left off. For economic management we choose competent and well-known names in international economic circles. “We are pleased to note that confidence in the economic stability of our country has strengthened after the elections.”

‘WE ARE THE SECOND GROWING COUNTRY IN THE OECD’

Erdoğan stated that Turkey, on the one hand, was healing the wounds of the February 6 Kahramanmaraş earthquakes and, on the other hand, recorded 3.8 percent growth in the second quarter, Erdoğan said that Turkey became the second country with the highest growth rate among OECD members and third among G20 countries, said it managed to become one.

President Erdoğan stated that Turkey exported 165 billion dollars in eight months and 253.5 billion dollars annually and highlighted that tourism had a much more active season compared to the previous year.

Erdoğan stated that there is no decrease in employment and pointed out that in the first six months of the year a net increase in employment of 220 thousand people was achieved despite the earthquake.

MESSAGE OF GROWTH, INTEREST AND INFLATION

Stating that inflation, which has reached the peaks of the last 60-70 years in the world, is naturally a problem of Turkey, Erdoğan recalled that in this context, they shared the Medium Term Program, which is a roadmap of three years, with the public last week.

Erdoğan stated that they have determined priority reform steps in seven basic areas, from growth and trade to price stability and financial stability, from human capital and employment to green and digital transformation, from disaster management to public finances and the business and investment environment. as follows:

“We will definitely not compromise economic growth. By applying all the tools of monetary, fiscal and income policies, we aim to eliminate the structural elements that increase inflation. Our main focus is the establishment of a climate of sustainable growth thanks to our policies that prioritize investment, employment, production and exports. “Our goal is to grow at an average rate of 4.5 percent, driven by high value-added private sector investments.”

Stating that Turkey is the world’s 11th largest economy by purchasing power and 17th largest economy in nominal terms, Erdogan said: “By the end of 2026, for the first time in our history, we will reach an economic size greater than 1, 3 trillion dollars and a national per capita income of 14,850 dollars.” In 2026 we will reach exports of more than 300 billion dollars and tourism income of more than 70 billion dollars. “Our goal is to increase 2.7 million jobs over the program period and 900,000 jobs on average annually.” he said.

‘Türkiye IS A SAFE PORT FOR INVESTORS’

Erdoğan stated that the exchange rate has been stabilized thanks to the measures taken:

“Turkey remains a safe haven for international investors thanks to its political stability, educated workforce, young population, large domestic market and access to regional markets, strategic location and modern logistics infrastructure. We further strengthen this position thanks to the close dialogue we have established with the countries of the region. During our visit to Saudi Arabia, Qatar and the United Arab Emirates last month, we signed agreements worth more than $50 billion.

We have continued our search for a solution to the war between Russia and Ukraine from day one. We have demonstrated a strong will to resolve our problems with Israel and Greece. During this visit, we met with the prime ministers of both countries and discussed the topics on our agenda. We attach great importance to our renewed dialogue with Egypt. “We still maintain our goal of being full members of the European Union, despite the obstacles in front of us and the injustices to which we have been exposed for 60 years.”

“We are the NATO ally with the second largest land army.” Erdoğan said: “Fortunately, our cooperation with the Turkish world is strengthening. Our presence on the African continent is increasingly being felt. By approaching foreign policy from a broad perspective, we try to most effectively use all the advantages offered by our country’s strategic location. “We believe we can find common ground with all countries when dialogue and diplomacy are allowed.” he said.

CALL TO REMOVE OBSTACLES FOR THE DEFENSE INDUSTRY

Emphasizing that they hope to overcome problems arising from unilateral practices such as additional customs duties with the US in the steel and aluminum sectors, Erdoğan concluded his speech with the following words:

“Likewise, we hope that obstacles to the development of our cooperation in the field of defense industry will be removed as soon as possible. He also has important duties in promoting the geopolitical importance of Turkey, a monument of stability in its region, and the opportunities it offers in the economy. We always appreciate the efforts of the private sector, the valuable business world and business councils to promote relations between Turkey and the United States. We hope that your efforts in this field continue to increase. I reiterate that our Presidential Investment Office, as well as our embassies, consulates, commercial consultancies and all the institutions of our state are ready to provide you with all types of support.” (AA)