Despite anticipated world challenges in 2024, Türkiye will as soon as once more “stand positively” along with a disinflation program and insurance policies geared toward supporting progress by bolstering manufacturing, funding and exports, in line with a senior business official.
Foreign Economic Relations Board (DEIK) President Nail Olpak stated they’ve begun to “receive signals” from overseas traders, after the nation shifted to extra standard policymaking after the May elections.
“We should wait for foreign investments, but it would be misleading to question why they haven’t arrived next month. For example, we will see that investments coming from the United Arab Emirates (UAE) will be spread over time,” Olpak stated throughout a news convention in Istanbul.
Olpak offered data on DEIK’s industrial diplomacy actions throughout a gathering held at its head workplace, the place he evaluated the yr 2023 and shared the agenda for 2024.
“If you ask whether we receive signals for investments in discussions with other countries, the answer is yes. We receive signals not only from the Middle East but also from Europe and the United States,” Olpak stated, detailing the 4 sectors which are broadly mentioned.
“I can say that energy, digitization, food and agriculture and the health sectors are highly discussed. Regarding this, they (investors) will monitor how much of the goals set within the scope of new economic policies announced by the new economic administration are achieved,” he defined, referring to the return to extra standard policymaking following elections earlier this yr.
“We expect foreign investors to be interested in Türkiye even before the local elections, but we anticipate that there will be more activity after the elections and that both portfolio and direct investments will increase,” he outlined. “This will help us reduce our foreign exchange gap and help us manage inflationary expectations,” he stated.
Furthermore, he expressed that there’s a new interval within the world financial system with a slight slowdown in progress, the continuation of the affect of worldwide inflation, and transformations in commerce and investments.
He emphasised that Turkish companies ought to open to new markets with high-value-added merchandise and increase alternatives with investments that align with traits.
2024 agenda
In this context, whereas new commerce and power corridors stand out within the 2024 agenda of DEIK, which continues to speed up overseas financial relations with its imaginative and prescient of extra commerce, the subjects, together with the inexperienced financial system and digital financial system, will even be on the radar of economic diplomacy.
Referring to the distinguished regional subjects in DEIK’s 2024 street map and agenda, Olpak acknowledged that, as DEIK, they’ve created a brand new street map for each nation and area on their radar, with an method that additionally considers the sectors.
Delving into subjects equivalent to updating the customs union settlement with the EU, Türkiye’s place in China’s Belt and Road Initiative (BRI), and cooperation method in Africa, the DEIK head stated they count on the nation’s exports to extend to $267 billion in 2024.
He famous that they divided the world into six areas and defined DEIK’s industrial diplomacy actions within the areas whereas touching upon key areas of improvement and foremost focus contemplating the commerce.
“If we consider Europe, although the annual trade volume between Türkiye and the EU reaches $200 billion, the customs union, which covers only industrial and processed agricultural products, needs to be rapidly updated, that is, modernized, to adapt to the needs of today’s trade,” Olpak defined.
In addition, when contemplating the U.S. market, he additionally talked about that DEIK had restructured its industrial diplomacy actions within the U.S. with state-based committees, including that they ultimately intention to boost the export worth to $1 billion for every state.
Trade with Israel
Touching on Israel’s assaults on Gaza, Opak, in reply to journalists’ questions, stated that Israel brought about photographs in Gaza that “the human heart could not bear.”
“(However), when we come to the commercial side, it was not said: ‘No more trade with Israel.’ But we observe that there is a serious decrease and contraction in the last two months,” he stated.
“We see that the commercial contraction is around the 30%-40% level. This is the direct reaction of companies and people in this process. This reaction within two months should not be underestimated,” Olpak famous, including that DEIK didn’t survey its members relating to industrial relations with Israel.
“I think that the boycott of Israel on the agenda is in a different position than the old boycotts. The reaction in the world is not like that. In other words, there is a different reaction than we have experienced.”
Source: www.dailysabah.com