Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu stated that the latest indicators, despite the global upheavals, point to the robustness of the Turkish economy and real sector.

TOBB Chambers of Commerce and Industry Council Meeting was held at the TOBB Twin Towers with the attendances of TOBB President M. Rifat Hisarcıklıoğlu, Economy Mister Mustafa Elitaş and Customs and Commerce Minister Bülent Tüfenkci.

Hisarcıklıoğlu emphasized that a busy schedule awaits them in 2016 and said, “Global markets face a new upset each day. Uncertainty reigns in many of the world’s economies. Europe is unable to maintain economic growth.”

Touching on recent terror attacks, Hisarcıklıoğlu said, “Especially the business community of the region feels the effects deeply. Allah aid them in this time of need. Business life is already difficult and effort intensive. The situation is exacerbated by these acts of terror. The Prime Minister has met with the Chamber and Exchange Chairpersons from Eastern and Southeastern Anatolia regions. They’ve consulted on the situation. They were reminded that they are not alone and that all efforts to bring peace to the region are being made. It is a source of great confidence and morale to see their sensitivity to the matter and their determination to facilitate a solution with all due haste.

Turkey is a great country with the power to overcome any obstacle. All that is necessary is that we preserve our unity and stability.”

- “Our priority is to strengthen peace and trust nationwide”

Hisarcıklıoğlu stated that the latest indicators, despite the global upheavals, point to the robustness of the Turkish economy and real sector, that growth reached 4.2% in the last quarter of 2015, resulting in a possible 4% overall growth rate in 2015.

Stating that they will not let their guard down, Hisarcıklıoğlu said, “We will not ignore risks. We will not miss opportunities. In the event of problems, our priority will be to strengthen peace and trust nationwide. If there’s peace, there is trade. If there is trade, there is prosperity and riches.”

Touching on the slowing down of cash flow in the markets, Hisarcıklıoğlu said, “Official figures indicate growing problems in cheque and bond transactions. Confidence in cheques needs to be restored. Banks must think of not just themselves but the economy as a whole and act in a more sensitive and responsible manner.

The Investment Incentive System is a special mechanism for investors in the real sector. As a result of our consultation with the government, the system has been differentiated in regards to sectors and regions. A new revision is once again necessary with the conditions of the current day in mind.

In order to achieve employment friendly growth, the burdens laid on employment, severance pay and mandatory employment must be reviewed together and a holistic reform for the job market be enacted.”

- “Companies are facing financial issues”

Requesting that the employment burden on the strategically important tourism sector during off-season, Hisarcıklıoğlu reported that they are in agreement on this matter with Prime Minister Davutoğlu and that they expect the changes to enter into effect soon.

Drawing attention to the fact that there are huge differences in VAT in many sectors, the TOBB President said, “That is why companies are unable to collect VAT returns and experience financial problems. The government, as much of a hawk it is in regards to its share, should be accountable for its debts. The option for VAT returns of companies should offset corporation income tax should be implemented.

- Customs and Commerce Minister Tüfenkci

Customs and Commerce Minister Bülent Tüfenkci stated that they view a myriad of micro reforms which aim to transform the production technologies of the real sector and said, “We will closely monitor the implementation of the reforms. Turkey has an economy which allows for the formation of long term plans. We will ensure that Turkey is increasingly integrated with the world at large.”

Emphasizing the importance of dynamic and enterprising business people for Turkey, Tüfenkci said, “We have stood by you for 14 years and will continue to do so. We’ve lifted visas one by one which were and are still the biggest obstacle to trade. If everything works out well, we will have lifted visas with the European Union by the end of this year as well.”

- Economy Minister Elitaş

Economy Minister Mustafa Elitaş stated that the region Turkey is located in is a veritable well of energy and that, unfortunately, there are also many problems.

Stating that stability in the US as one of the largest consumers in the world will also bring about stability globally, Elitaş said that Turkey’s economy has faced off with many conjectural crises and has continued to grow for the last 24 quarters and will continue to do so.