Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu emphasized that Moody’s lowering of Turkey’s note to below suitability for investment is a clear indication that the realities of the economy are not reflected by rating organization appraisals.

Stating that it rating organizations have failed to present accurate appraisals of the Turkish economy in the past as well, Hisarcıklıoğlu said that Moody’s had raised Turkey’s note to over suitable for investment in May 2013 after which Turkey had broken growth records, and that Moody’s note for a country which draws in 20-25 billion USD in direct investments annually is ‘unsuitable for investment.’

Hisarcıklıoğlu went on:

“Apparently, investors didn’t much care for their appraisement. I don’t think they will now either. We, the Turkish private sector, know that those who invest in the future of Turkey will always prosper. I invite all investors, domestic and foreign to Turkey. We convened with the companies which invest in Turkey last month, bringing them to meet with the Prime Minister and the President of the Republic of Turkey. Those who listened to what they had to say let go of their anxieties in regards to the Turkish economy. Now, everyone looks to the future. We’ve gained significant ground for the improvement of the business and investment ecosystem in our work with the public administration. I believe that these efforts will soon bear fruit and Turkey will regain its rapid growth rates. As the Turkish business community, we trust in our country, economy and entrepreneurs and believe that we will keep moving forward. By continuing the implementation of economic structural reforms with all due haste, we will have answered the claims of these ratings organizations in the best way possible.”

- “Seeing the appetite for investment [in Russia] is very gratifying”

Answering questions regarding economic relations with Russia, TOBB President M. Rifat Hisarcıklıoğlu stated that he has attended a two day business summit as guest of the Russian Union of Industrialists and Entrepreneurs (RSPP).

Hisarcıklıoğlu said, “There is significant warming towards Turkey. The three Russian Deputy Secretaries I met with have stated that they want to normalize relations with Turkey to where they stood prior to November of 2015. As the Turkish private sector, we can see that our issues with Russia persist while we are on the road to reconciliation. We will continue to follow the process closely.”

Stating that Russia and the Russian business community are keen to invest in the Turkish Flow and Akkuyu Nuclear Plant projects, Hisarcıklıoğlu said, “It is gratifying to see appetite for investment in Turkey.”