Union of Chambers and Commodity Exchanges of Turkey

In his opening speech, Hisarcıklıoğlu stated that, ever since his first days as Prime Minister, President Recep Tayyip Erdoğan has been a friend to the private sector, contributing to enacting many reforms which have helped transition Turkey into a real market economy.

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M. Rifat Hisarcıklıoğlu stated that over 1,100 people from 61 countries will be attending the conference with high level directors from the world’s largest business organizations; reporting that SOCAR, Koç Holding, Doğuş Group, Fiba Holding and Vestel are acting as strategic partners for B20 activities.

Pointing out that global economic growth has been unable to attain stability in the last 6 years, Hisarcıklıoğlu stated that there are issues in central countries chiefly the USA and European countries.

- “Global economy is transitioning to a new monetary policy”

Emphasizing that the business world is facing a new problem in the short term, Hisarcıklıoğlu said, “The global economy is transitioning to a new monetary policy.”

Reminding that, at a time when the FED has shut off the faucets, with various central banks including the European Central Bank going for monetary expansion, Hisarcıklıoğlu said, “The effects of seemingly national decisions are having global results. These developments are extraordinary for all of us.”

Hisarcıklıoğlu pointed out that currency wars are underway and went on:

“It’s an interesting time when 10% loss in value for the strongest currencies is viewed as normal. This just illustrates how rife with uncertainty the global economy is. We require a global coordination mechanism in order to address these global issues. That is why G20 is so important. We all know that global solutions for global problems can only be reached through G20 and we have the opportunity to influence G20 leaders and the global agenda. It is my hope that the world leaders who will be hosted by President Erdoğan in November in Antalya will take solid steps to this end. We need the G20 leadership to show us the way. The sea is violent; we need a captain at the helm.”

- “We’ve circumnavigated the globe 4 times over"

Emphasizing that they’ve gained much ground in B20’s traditional workspaces such as commerce, infrastructure and investments, financing growth, employment, SME’s as well as fighting corruption, Hisarcıklıoğlu stated that Ali Koç has been heading their efforts in regards to employment; Güler Sabancı with trade; Ferit Şahenk with infrastructure; Hüsnü Özyeğin with finance; Ayhan Zeytinoğlu with fighting corruption; Melih Yurter with SMEs.

Hisarcıklıoğlu stated that they’ve brought SMEs to the forefront of the B20 agenda, he reported the foundation of the World SME Forum established by ICC and TOBB in İstanbul which is supported by all G20 governments, the World Bank and the OECD.

- 19 requests from G20

Hisarcıklıoğlu stated that the B20 Report comprised of 19 requests will be presented to President Erdoğan which he will be relaying to the leaders of the G20.

B20 Turkey’s 19 suggestions regarding the problems of the global economy are as follows:

·          WTO’s Facilitation of Trade Agreement should be signed and put into effect.

·          Global financial reform agenda should be finalized and ratified.

·          Coherence between legislations should be emphasized while the advisory period for financial reform agenda needs to be improved.

·          G20 should implement the Principles of Transparency for Corporation Rights.

·          The formation of a joint set of international investment principles and increased transparency and coherence for taxation of direct foreign investment.

·          Development of infrastructure investment strategies specific to countries with regards to G20’s growth goals.

·          Improvements to the infrastructure investment ecosystem to facilitate the development of infrastructure as a value stock.

·          Development and financing of programs aimed towards addressing ability deficiencies especially in regards to technical, administrative and entrepreneurial skills.

·          Structural reforms aiming to render employment markets more dynamic and inclusive in order to increase employment opportunities.

·          Increasing youth and women’s employment rates.

·          Increased transparency and accessibility of credit credibility and relevant information for SMEs to lower risks of SMEs in attaining credit thereby enabling more effective utilization of financial tools.

·          Reinforcement and harmonization of policy, regulation and standards, enabling and diversifying SMEs’ access to alternative finance tools.

·          Support for SMEs to enable them to attain compliance with international standards; capacity development and technical support for SMEs’ access to international markets.

·          Integration of the 5 year global broadband goal into G20 member states’ growth strategies and improvements to SMEs access to digital economy and innovation ecosystem through participant cooperation.

·          Improvement of the global system in regards to developing digital economy.

·          Commencement of an entrepreneurial visa program for G20 countries.

·          Reiteration of commitments for the retraction of protectionist policies, especially in regards to nontariff obstacles to trade concerning localization measures.

·          Development and adoption of a comprehensive digital environment for customs procedures and border crossing systems in all G20 countries within five year through public and private sector cooperation.

·          Digitization of public bids, development of High Level Reporting Mechanisms and Incentivization of business harmonization programs for public bid procedures.

- President Erdoğan

President Recep Tayyip Erdoğan stated that, even alone, Turkey would take its fight against terror to the very end.

Erdoğan started by wishing success for the B20 Turkey Conference hosted by TOBB.

President Erdoğan went on to condemn recent acts of terror and extended his condolences to families and loved ones of the martyrs as well as the security forces.

Erdoğan stated that G20, founded in 1999 and elevated to leadership level in 2008, has played an important role in overcoming the global financial crisis. Pointing out that under Turkey’s term presidency, G20 has become the most effective mechanism for dialogue in generating global economic policy.

He stressed that one of the most important factors which make G20 so effective is that it brings together the leaders, institutions and the business community, essentially all the economic and social parties involved.

Erdoğan stated that G20, the most significant economic cooperation platform at present, is necessary to face possible future economic crises as well as having the potential to do so much more, “We must ensure that G20 also contributes to global peace and stability. Without ensuring peace and trust on a global scale, we will not be able to attain our economic goals.” Stating that G20 has the power to directly effect the life of every individual in the world, Erdoğan stated that they must act with this knowledge in mind as the leaders of G20.

President Erdoğan stated that they would closely follow the developments in regards to SMEs in light of recent additions to B20’s taskforces and focus.

Stating the importance of the Peking-İstanbul route, Erdoğan stressed that no economic, political, social or cultural project which disregards this significance can have lasting relevancy and that the revitalized Silk Road project, connecting London and Peking, will stand at the center of change in the field of transportation, energy, commerce and other fields.

- Deputy Prime Minister Cevdet Yılmaz

Deputy Prime Minister Cevdet Yılmaz also gave speech during the opening of the B20 Turkey Conference hosted by TOBB.

Stressing the importance of inclusiveness, implementation and investment, Yılmaz detailed their work in regards to SMEs, the World SME Forum founded in cooperation with the International Chamber of Commerce, the SME Joint Financing Action Plan as well as the driving force behind growth, investments and their effects on sustainable growth.