Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu stated that the uncertainty of the world’s economies is still ongoing, “Economic growth in Europe is unable to remain constant. Developing countries’ economies are unable to recover. Chinese economy is slowly winding down and encountering problems. In just the last 2 days, China’s foreign currency reserves have decreased by 200 billion USD. The only positive signals are coming in from the USA but the more US economy recovers, the more it becomes likely that it will increase interest rates. This causes global markets to gravitate towards US markets.”

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) Industry Chambers Council Meeting was held at the TOBB Twin Towers with the attendances of Customs and Commerce Minister Bülent Tüfenkci and Science, Industry and Technology Minister Fikri Işık.

Hisarcıklıoğlu that goods prices have suffered a surprising reduction, “Drops in petroleum and natural gas prices are to our benefit. This decreases our exporting costs but a third of our exports, 85% of our construction work, half of the tourists we receive are from oil and gas exporting countries. While our energy costs are decreased, the sectors which bring in foreign currency suffer.”

Drawing attention to the increase in terror attacks in recent days, Hisarcıklıoğlu stated that the business community in the region is suffering greatly as a result.

Expressing their conviction that Turkey will overcome these issues, Hisarcıklıoğlu said, “We must preserve our unity and solidarity. The latest statistics underline the robust nature of the Turkish economy despite the upheaval in the world. Turkey’s industry is still undergoing positive diversification.”

Stating that the public and private sector cooperation will reattain rapid growth rates for Turkey, Hisarcıklıoğlu touched on the fact that they are cooperating with the ministry on many projects.

- Customs and Commerce Minister Bülent Tüfenkci

Customs and Commerce Minister Bülent Tüfenkci stated that the chaotic situation in Syria is still present, “Countries which are urging us to open our borders have shut their doors tight themselves. You can appreciate the civilized stance of Turkey in such a world.”

Minister Tüfenkci stated that the government has a solution-oriented approach and that they will continue to support the private sector.

Minister Tüfenkci reported that they are working to provide the private sector with savings in regards to time and costs, “Hopefully, with each day that passes, we will advance towards this goal. Those who conduct business honestly and safely will have all doors opened to them.”

- Science, Industry and Technology Minister Fikri Işık

Science, Industry and Technology Minister Fikri Işık reported that they will be making great leaps in commercializing patents with the opening of the Intellectual Property Exchange under Exchange İstanbul.

Işık reported that the number of representative offices in South America have increased from 6 to 13 and that exports have increased from 1.5 billion USD to 9 billion USD and that additional enterprises and visits will cause these figures to increase.

Drawing attention to the fact that Turkey has transitioned to medium technology goods from low technology goods, Işık reported that the share of high technology goods ratio in exports amounts to 4% at present.

Işık stressed the need to increase this to at least 15% providing statistics from Japan’s exports in high technology production to illustrate its importance.