HomeEconomyTürkiye's economy chief calls for regional cooperation at 14th TAF

Türkiye’s economy chief calls for regional cooperation at 14th TAF


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Treasury and Finance Minister Mehmet Şimşek emphasised Wednesday the significance of evaluating alternatives and collective efforts among the many international locations’ contributors of the 14th Turkish-Arab Economic Forum (TAF’2023) in overcoming the present challenges.

Speaking throughout the occasion held in Istanbul underneath the auspices of the Foreign Ministry, the Ministry of Treasury and Finance, the Presidency of the Republic of Türkiye Investment Office and the Turkish Union of Chambers and Commodity Exchanges (TOBB), the minister expressed happiness for internet hosting the occasion, which he believes will serve to strengthen the ties between the international locations’ contributors.

As a part of the discussion board, a panel titled “Overcoming Global Challenges and Seizing New Opportunities,” moderated by Şimşek, featured the participation of Deputy Prime Minister and Minister of Oil of Kuwait Saad Hamed Nasir Al-Barak, Egypt’s Minister of Finance Muhammed Muid and Qatar’s Minister of State and Chairperson of the Free Zone Authority Ahmed al-Sayed.

Highlighting the uncertainties on this planet and the challenges within the area the place Türkiye is located, Şimşek identified the pressures stemming from the worldwide backdrop for doing business as he commemorated the lives misplaced in Gaza.

Şimşek acknowledged that the competitors between the present superpower, the United States and the rising energy, China, causes fragmentation in commerce, protectionism and geopolitical tensions, noting that “global economic tension has now become our normal.”

“In such a time, it is generally seen that regional trade integration occurs faster, but when we look at our region, trade and commerce integration within the region is the lowest in the world. Our regional trade, if you exclude oil, accounts for 11% of all trade. Including oil, in our region, it is at 14%. This is 70% in Europe and 50% in Asia,” he defined.

“We do not need to reinvent the wheel. It will be beneficial to provide a positive environment in terms of politics and legislation,” he added.

“We are going through a challenging period. When we look at the global economy, we see that there is moderate growth. According to the IMF’s forecasts, the global growth rate will be only 2.9% next year. Excluding India and China, we see that the global growth rate will drop to 1.6%, which is almost a recession in terms of per capita income,” he stated.

“The problem is not only for the next year but also for the growth forecasts for the next five years. It is clear that developing regional trade and integration will become important in such a situation,” he defined. He urged beginning with a regional strategy, as commerce is without doubt one of the elementary drivers of development.

“By working closely, we can strengthen regional trade. And at the same time, we can overcome the challenge of slow growth together,” he famous.

“The situation with global interest rates is also valid here. This will naturally affect the region as a whole. That’s why we all need to work in better cooperation with each other. We need to solve regional problems together,” he added.

Referring to the shortage of funding within the power sector and world uncertainties on this regard, the minister famous it’s probably oil costs would stay greater for an extended interval.

“We need to work together, not only in terms of the business world or economic integration but also in terms of solving political and geopolitical issues.”

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