Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu stated at the “Turkey Economy from 2011 to 2012, The Threats and Opportunities for the Business World” Conference hosted by the Construction Materials Industrialists’ Association (İMSAD) that Turkey has written a success story on growth.

The real hero behind this success is the Turkish private sector, spoke Hisarcıklıoğlu and went on, “This year, when we look at our contribution to the 8.8 growth we see that private consumption and investments make up 12.9%, public spending and investments make up 1.1% and the contribution of foreign trade -5.2%. The figures show that this is the success of the Turkish private sector. I want you to embrace this success story as the private sector.”

Investing 50 billion dollars in the first 6 months in machinery and equipment, the Turkish private sector has broken a historical record, Hisarcıklıoğlu said, “When compared to the same period of previous year, there is a 45% increase. In a world of political and social problems, the Turkish private sector did not slow down. The Turkish private sector believes in the future of the country.”

- “The private sector has given 10 billion liras to the government regarding tax and premium debts”

Hisarcıklıoğlu stated that in the months of June-July-August, the private sector has given the government for the restructuring of tax and premium debts.

Assessing the developments in the world economy, TOBB President Hisarcıklıoğlu said;

“The trouble that might hit Greece in the future has a chance of hitting France and Germany as well… The 56.7 billion dollars lent to Greece by French banks… The 33.9 billion dollars lent by German banks… If Greece can’t repay these banks then the ratios of these banks may be disturbed and banking could go into crisis just like it happened to us in 2002. The actual problem is that of Europe’s banks. That Greece pulls through is very important for Europe…”

Drawing attention to risks present in Turkey’s economy, Hisarcıklıoğlu said, “The current deficit has reached historical figures. It is not a problem as long as we can finance it. We can do it now but there is a decrease in financing quality. One of the upcoming risks is current deficit.”

The increase of rate from 1.4 to 1.7 burdens Turkey with an additional 12 billion in energy stated Hisarcıklıoğlu and said that foreign currency debts were also a risk factor.

Hisarcıklıoğlu, “Speaking for the sectors with no foreign currency income, it is imperative and inevitable that we turn to domestic currency. No one in Turkey has any idea what will happen to foreign tender.”

Calling on businessmen to diversify export markets, Hisarcıklıoğlu said, “Use the investment and tourism opportunities created by the Arab Spring. There is no call to be pessimistic. Do not become embroiled in mundane issues as businessmen. Look at the big picture. The sun is rising once again from the east. We are the fastest growing, most dynamic country in Europe, Eurasia, the Middle East and Central Asia.

Afterwards, Construction Materials Industrialists’ Association (İMSAD) President Hüseyin Bilmaç presented TOBB President Rifat Hisarcıklıoğlu with a plaque commemorating the occasion.
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