Union of Chambers and Commodity Exchanges of Turkey

TOBB President M. Rifat Hisarcıklıoğlu, along with Prime Minister Deputy Ali Babacan, attended the dinner held by the USA Commerce Chamber as part of the Turkey Investment Week at Washington D.C., the last leg of the activities in the USA.

Stating that Turkey’s total exports have reached 152 billion USD and that over 90% of this is comprised of industrial goods, Hisarcıklıoğlu said that 1 out of every 4 home appliances sold in Europe are produced in Turkey and that Turkey is the second country right after the USA to produce cars of 11 different brands.

Hisarcıklıoğlu stated that they are following their economic reform agenda despite the global economic crisis and said that present policy is to increase the production of high technology goods.

Hisarcıklıoğlu remarked that Turkey draws in many foreign investments due to its dynamic private sector and strong institutional infrastructure, mostly from countries in the EU active in the fields of banking, insurance, media, telecommunications and production industry.

Stating that the financial relations between the USA and Turkey in both commercial and investment terms are below the desired level, Hisarcıklıoğlu said, “We must worker harder to integrate our economies. There are great benefits for both sides.”

- Call for American companies to invest in Turkey

Hisarcıklıoğlu said that American companies would not only benefit from the dynamism of the Turkish market by conducting more business in Turkey but that they would have access to a large region through it; Central Asia, the Black Sea, Caucasia, the Middle East and North Africa.

Stating that in recent years, many European countries have selected İstanbul as regional headquarters, Hisarcıklıoğlu called for American companies to do the same.

Hisarcıklıoğlu said, “Come to Turkey and benefit from a stable, growing economy. Also benefit from Turkey’s well education human resources and strategic position.”

TOBB President Hisarcıklıoğlu emphasized that they wish to see more American companies investing in Turkey and the development of a larger and better balanced bilateral trade and stated that they will continue to work together with the USA Commerce Chamber to achieve these results.

- Prime Minister Deputy Ali Babacan

Prime Minister Deputy Ali Babacan stated that Turkey and the USA share and support the same values in the world as friends and allies and that the foreign agendas of both countries overlap for the most part, resulting in cooperation in many issues both regional and global.

Babacan continued his speech going in detail into such matters as the period of transformation which Turkey is undergoing, its many advances and reforms, its natural and human resources.

Emphasizing the stability of the Turkish Lira, Babacan stated that the effects of the last global economic crisis have been minimal in Turkey for this reason.

- New efforts in furthering Turkey-USA commercial relations

The USA Commerce Chamber Vice President Myron Brilliant stated that the USA Commerce Chamber USA-Turkey Business Initiative (USTBI) will revitalize efforts to deepen, further and develop financial ties with Turkey.

Brilliant said, “With the work of USTBI, the USA Commerce Chamber will contribute to the efforts to support Turkey’s dynamic economy as a center of attraction for trade and investment. We are pleased to be cooperating with both the Turkish government and TOBB to this end.”