Union of Chambers and Commodity Exchanges of Turkey

Meeting the members of the Installation Construction Industry Outfitters Association (TİMKODER) for iftar supper, Hisarcıklıoğlu stated in his speech that Turkey is located in a geography with economic crisis to the west, high political risks to the east and south.

Hisarcıklıoğlu said that markets such as China, India and Mexico present important opportunities. TOBB President said, “The spending of 200 million in China are above those in Europe. Another market of 200 million is in India. These earn and spend more than those in Europe. Added together, that’s the consumer population of Europe. We are not doing business there. The construction sector is non-existent in India. All of those old constructions need to be rebuilt. India is in need of construct-and-sell type of construction. Another country would be Mexico. Mexico is the world’s 14th largest economy. It has a population of 120 million with 14,000 per capita incomes. It is one of the most dynamic countries in the world. The ambassador told me that there are only 400 Turks there.

- “The success in growth belongs to the private sector”

Relating that Turkey has achieved a record growth during the first quarter, Hisarcıklıoğlu said, “Thankfully, our country has become the fastest growing country in the world as of the first three months of the year. A record growth of 11% has been achieved and it belongs to Turkish entrepreneurs. The success story behind this is the Turkish private sector. The domestic consumption and investment has become 15.8%. The government’s contribution to the growth is 0.8%.”

Stating that Turkey faced the crisis which Europe now faces ten years ago, TOBB President spoke, “We have learned well from the crisis. Our banking system has become strong. Our public administration treasury has become stronger. The one thing we have not achieved to overcome is the current deficit. Is this a risk for today? It is not. As long as it is financed, it doesn’t present a problem. When will it be a risk? If we can’t finance it. Therefore we need to prepare for an eventuality as a country. We must make it so that the production of the intermediary goods we import is viable and attractive. If we can do this no economy will be able to stand against us.”

Stating that the increase in the exchange rate may seem like an advantage for exporting, Hisarcıklıoğlu stated that because of the energy cost it causes is a burden. He said that another risk was the private sector’s bank debts.

- “Either buy big or sell big”

Hisarcıklıoğlu said that in commerce, industry and economy, in order to have a say in how things are run one needs to be either producing big, buying big or selling big. “If you don’t do this you’re bound to lose,” Hisarcıklıoğlu stated, “This is the economic model in this day and age. If you choose to stay small, no-one can help you.
There is an apt saying in our culture. Prosperity in unity, pain in dissent. If you partner in equity and justice, you can’t be defeated. Partner up to grow.”
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