Union of Chambers and Commodity Exchanges of Turkey

According to survey results the global business community wants a solution to the financing issues of SMEs and being integrated into the global supply chain. Islamic finance is also being considered to address the halt in the banking sector.

The meeting held by the International Chamber of Commerce (ICC) in Singapore also featured a special session for the B20 Turkey Term Presidency.

Attending the session were over 100 business people from 60 countries. B20 Turkey Chair and TOBB President M. Rifat Hisarcıklıoğlu made the opening remarks of the session in which the agenda and priorities of B20 Turkey were relayed to business people from all over the globe.

Stating that the ICC is the world’s largest business organization active in nearly 100 countries, Hisarcıklıoğlu said, “We met with Gulf Countries in Saudi Arabia three weeks ago. Today, we told the leaders of 60 countries’ business communities about B20 Turkey. We will be holding out next meetings in India, Southeast Asia, China, Brazil, Mexico, Azerbaijan, South Africa and Russia. Throughout the year we will tour the globe and act as the voice of the business community. It is of the utmost importance to be acting as the directing country for the global business community. We must use it to the best effect.”

- Washington DC visit

Hisarcıklıoğlu stated that they are preparing much more extensive and active programs with the guidance of PM Davutoğlu, “In the middle of April, we will be in the US for IMF and World Bank meetings. We are preparing appeal to the global political agenda and G20 ministers with a delegation of 250 business community leaders. All of our efforts are greatly assisted by PM Davutoğlu and Mr. Babacan in addition to the rest of our government.”

The representatives of the business world were also given information on B20 Turkey’s 6 Taskforces; Trade, Infrastructure and Investments, Financing Growth, Employment, Fighting Corruption and, lastly, SMEs and Entrepreneurship which has been implemented as a part of B20 for the first time by Turkey.

- Taskforce Surveys

In a survey prior to the ICC General Assembly B20 special session with the attendees, the most important issues for global commerce was selected by an overwhelming 65% as “Bali Agreement should be signed and implemented”. This is an indication of the importance business people put on the removal of obstacles to trade.

Another part of the survey brought forth the opinion that “Foreign investors should be protected and incentivized”.

Stressing the fact that classical banking and investment banking methods have come to a standstill, it was suggested that asset based financing such as Islamic finance should be considered.

In regards to global growth, the opinion that measures to increase financing for SMEs were necessary to ensure global growth was widely expressed in the survey, stating the need to integrate SMEs into the global supply chain.

A need for more flexible workforce was expressed as well as access for businessmen in regards to increasing employment opportunities.