Turkish financial system administration and the business neighborhood on Tuesday paid tribute to the nation’s resilience and unity, marking the anniversary of the defeated July 15 coup try, highlighting how the spirit of resistance has additionally turn into a driving pressure for the financial system.
Tuesday marked 9 years for the reason that Gülenist Terror Group (FETÖ) and its U.S.-based chief Fetullah Gülen orchestrated the coup that left 251 folks useless and hundreds extra injured. Gülen died in Pennsylvania, U.S., in October 2024.
Hundreds of corporations have been seized and handed over to the Savings Deposit Insurance Fund (TMSF) as a result of their hyperlinks to FETÖ.
Business leaders emphasised that the coup try was thwarted by residents from all walks of life uniting across the nationwide will. That unity, authorities officers and trade leaders say, has since served as a robust catalyst for rebuilding and strengthening the Turkish financial system.
They commemorated heroes who gave their lives for the homeland, and prolonged gratitude and appreciation to veterans.
Industry and Technology Minister Mehmet Fatih Kacır described July 15 because the day the Turkish nation “declared to the world it would never submit to disgrace.”
“It is the name of the glorious resistance in which the Turkish nation stood up for its will, independence and future,” Kacır mentioned. “The victory we achieved under the leadership of our President and Commander-in-Chief, Recep Tayyip Erdoğan, is a symbol of our nation’s unity and determination,” he added. “The name of the victory is Türkiye.”
‘Türkiye’s power doesn’t bow to coups’
Agriculture and Forestry Minister Ibrahim Yumaklı echoed Kacır’s message, emphasizing the “courage and resolve” of residents who confronted tanks and bullets in protection of democracy.
Trade Minister Ömer Bolat referred to as the occasions of July 15 a “victory of resistance for freedom,” citing the unity between Erdoğan’s management and the folks’s patriotic spirit.
He mentioned the rebellion left a sacred mark in historical past and despatched a transparent message that “no chains could bind the Turkish nation’s will.”
Energy and Natural Resources Minister Alparslan Bayraktar linked the spirit of July 15 to Türkiye’s ongoing pursuit of power independence.
“Today, we continue to work with the same determination and spirit of July 15 to achieve full energy independence,” he mentioned.
“Energy independence means a greater and stronger Türkiye. In this pursuit, we are tirelessly striving day and night to lead our country to energy sovereignty,” he added.
“Türkiye’s energy does not bow to coups.”
Major value
Business representatives highlighted how the unity displayed on July 15 has translated into financial momentum and resilience over the previous 9 years.
Independent Industrialists and Businessmen’s Association (MÜSIAD) President Burhan Özdemir identified that what the Turkish nation protected by standing up for its will on July 15 was not solely democracy, but additionally the Turkish financial system.
Özdemir that the FETÖ terrorist group sought to break not solely financial capability but additionally poison human capital.
The coup try focused a Türkiye that had paid off its IMF debt in 2013, achieved 27 consecutive quarters of development, strengthened its monetary and financial self-discipline and was making ready to launch many main initiatives, he famous.
“Although markets returned to normal shortly after July 15 thanks to successful economic policies, the coup attempt had significant costs,” Özdemir mentioned. Initial estimates put the price at round TL 300 billion, and contemplating its influence on sub-sectors, this determine probably elevated additional, he added.
Özdemir additionally emphasised a pointy rise within the alternate charge, market panic, and disruptions in manufacturing and financial exercise additional deepened the harm.
While the Turkish financial system had grown by 4.5% and 4.7% within the first two quarters of that yr, it contracted by 0.2% within the third quarter. It closed the 2016 with an annual development of two.9%.
All these prices, Özdemir mentioned, haven’t overshadowed the financial beneficial properties achieved over the previous 20 years.
Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç praised the Turkish folks for rallying round Erdoğan and defending democracy. “The era of coups in Türkiye ended that night,” Avdagiç mentioned, including that individuals from all political backgrounds resisted with a collective coronary heart.
Avdagiç warned of what might have occurred had the coup succeeded: “Türkiye would have become a helpless country left at the mercy of those who want to reshape our region… Who would have stood up for Gaza, or said ‘stop’ in Syria?”
He emphasised that Türkiye’s financial restoration since then has been pushed by nationwide resolve: “We believe that the wheels of trade and economy turn with the winds of freedom.”
Seized corporations’ efficiency
The variety of FETÖ-linked corporations run by the TMSF stands at 533, in comparison with 1,371 within the aftermath of the coup try, in accordance with a report by the Turkish business every day Nasıl bir Ekonomi.
At the time of switch, the mixed asset dimension of the 533 corporations was TL 35 billion. As of Dec. 31, 2024, this determine grew by 518%, reaching TL 229.5 billion.
Their complete fairness on the time of switch was TL 12.7 billion. By the top of 2024, it had elevated by 908%, reaching TL 128 billion, the report mentioned.
The mixed turnover of those corporations reached TL 133 billion as of final yr. These corporations at present make use of 21,976 folks.
Mustafa Gültepe, head of the Türkiye Exporters Assembly (TIM), emphasised the position of manufacturing and exports in rising nationwide prosperity.
“This is why we approach production and exports with a sense of national duty. All our game plans and strategies are designed with the long-term goal of placing Türkiye among the world’s top 10 exporting countries,” Gültepe mentioned.
“Of course, we know that reaching this goal is not easy. At times, global developments or domestic factors can slow our momentum.”
Türkiye reached document annual exports in 2023 and 2024, however Gültepe says they don’t take into account the expansion in shipments enough.
“We started 2025 with an export target of $280 billion, and although we are 4.1% ahead compared to the same period last year in the first half of the year, we are still below the desired level,” he famous.
“For our medium- and long-term goals, we need to grow our exports by double-digit rates every year.”
Door to coups closed
Gültepe additionally pressured the significance of stability and predictability, suggesting that varied makes an attempt are made – each internally and externally – to attempt to destabilize Türkiye and disrupt the ambiance within the nation.
“On July 15, 2016, we faced one of those vile attempts. The coup attempt by a treacherous terrorist organization that infiltrated all state institutions – especially the Turkish Armed Forces, law enforcement, and judiciary – was thwarted by the resolute leadership of our president and the unwavering determination of our people, even at the cost of their lives,” mentioned Gültepe.
“On that night, our nation declared loudly and clearly to both friends and foes that it would never allow another coup in Türkiye.”
Istanbul Commodity Exchange (ISTIB) President Ali Kopuz described the failed coup as a turning level.
“Thanks to the foresight and courage of our people, the door to coups in Türkiye is now closed,” he mentioned. He warned, nonetheless, that threats will all the time stay and referred to as for continued vigilance and excellence in each skilled discipline.
“Therefore, while continuing the fight against the remnants of FETÖ, we must also remain constantly vigilant against all threats. By performing our work in the highest quality across the sectors we operate in, we must strive to build a stronger and more prosperous country.”
