Union of Chambers and Commodity Exchanges of Turkey

In his speech, Hisarcıklıoğlu stated that the International Chamber of Commerce (ICC) is a very important platform of the World Chambers Federation and that it covers 12,000 chambers throughout the world, “WCF is a global enterprise in the truest sense serving the global chambers community.”

Stating that TOBB has always been in close cooperation with WCF, Hisarcıklıoğlu said that it was especially so during the 5th World Chambers Congress and that TOBB had hosted the WCF World Chambers Congress in İstanbul in 2007.

Emphasizing that they are celebrating TOBB’s 60th anniversary with this TOBB International Business Forum, TOBB President Hisarcıklıoğlu said that the Forum has reached great success.
“I would like to point out that our guest of honor, Rahmi Koç, his father and family are one of the cornerstones of the Turkish industrial development,” said Hisarcıklıoğlu and went on, “Koç is one of the leaders of the Turkish business community. I am sure that we will gain insight through his speech today.”

- Koç Holding Honorary President Rahmi Koç

Koç Holding Honorary President Rahmi Koç, referring to Turkey’s success, said, “How did Turkey achieve this? First of all, this country has a strong single party in power since 2002. Secondly, the government’s determination to make difficult decisions and follow through with these decisions is still present. Following the economic crisis in 2001, the Erdoğan government made sure that the economic policies the of the IMF and Mr. Kemal Derviş of the World Bank were followed meticulously.”

Pointing out that, once these steps were taken, the government has been very determined in maintaining discipline, Koç said, “As a result, our economy grew by 9% in 2010 and 2011. This growth came after being greatly effected by the economic crisis of 2009.”

- “Turkey took major precautions to protect itself from the crisis”

Emphasizing that Turkey took major precautions to protect itself rom the crisis, Koç said, “The Erdoğan government, implementing belt-tightening measures gradually, lowering current deficit and public debts. Both debt dues and interest rates came down to acceptable levels. As a result of coordinated efforts, Treasury, Central Bank, commercial banks, private sector and household debts were kept at reasonable levels.”

Koç said, “To illustrate, today, the ratio of debt to total national income is 92%. Conversely, the same ratio in the USA is 300%, 500% in Britain and around 1000% in Ireland. The coalition government of 2001 successfully restructured the banking system. The sector was weak and was financing the debts of the administration instead of providing credit to companies and households. The lack of proper regulation and observation lead to unnecessary risk taking, huge foreign currency gaps, low liquidity and weak quality of presence.”

Koç, pointing out the importance of the continuing political stability, said, “Implementing changes was not easy. In actuality signs of fatigue have been showing lately and not everything is not rose colored.”

- “Turkey remains at the heart of a very difficult region”

Stating that Turkey remains at the heart of a very difficult region, Koç spoke, “Still, as shown by various surveys done with the directors of international firms, Turkey’s attractive features include its dynamic economy, educated and qualified workforce, competitive costs, open and positive attitude, political stability and predictability, productive communication and logistics infrastructure, business friendly environment and quick adaptation to changing conditions. Lastly, Turkey is an extraordinary country to visit and invest in. Get to know Turks, I am sure you will love them. I earnestly invite you to do business with us.”
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