Union of Chambers and Commodity Exchanges of Turkey

Moderated by Engin Yeşil, President of the Diyarbakır Chamber of Commerce and Industry, the meeting was attended by Hisarcıklıoğlu, as well as Mehmet Kaya, President of the Diyarbakır Chamber of Commerce and Industry; Mustafa Fidan, President of the Diyarbakır Organized Industrial Zone; Alican Ebedinoğlu, President of the Diyarbakır Chamber of Tradesmen and Craftsmen; Recep Süleyman Özdemir, General Manager of Halkbank; Vakıfbank General Manager Osman Aslan, Ziraat Bank General Manager Alpaslan Çakar, and numerous business leaders.

In his assessment of the meeting, TOBB President Hisarcıklıoğlu stated, “Financing is much like the flow of blood in the body. When blood flow is blocked, organs do not function properly and illnesses set in! We discussed the challenges of accessing financing together with our public banks at the Business World Finance Summit in Diyarbakır. At the meeting, which saw strong participation from Diyarbakır’s business community, we addressed the challenges faced by our SMEs, who are most deeply affected by these difficulties, in their entirety. I would like to thank Alpaslan Çakar, General Manager of Ziraat Bank; Osman Arslan, General Manager of Vakıfbank; and Recep Süleyman Özdil, General Manager of Halkbank, for their constructive approach. “On the other hand, the Central Bank of the Republic of Türkiye’s resumption of one-week repo auctions has been a positive step. We expect banks to swiftly reflect this normalization measure in commercial loan interest rates. We also call on the Central Bank to exempt SME loans from the growth cap and to increase support for foreign currency conversion,” he stated.

In his speech at the meeting, M. Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), said, “Two days ago, the Central Bank made a wise decision to cut interest rates by 3 percentage points. We view this as a welcome first step toward easing the interest burden on our industrialists and merchants. We are calling on our banking sector to swiftly reflect this 3-point reduction in commercial loan interest rates without delay.”

Hisarcıklıoğlu noted that the real sector and the financial sector were gathered together in the same hall today and highlighted the significance of this.

TOBB President Hisarcıklıoğlu said, “Just as a bird cannot fly with one wing, the economy cannot survive on one wing alone. Both must be strong and functional. In other words, the private sector and the financial sector must support each other. That is why we have gathered here in Diyarbakır today.”

Expressing his gratitude especially to the public banks, Hisarcıklıoğlu stated that during difficult times, public banks have always stood by the real sector.

Noting that in all Western countries around the world, the quality of services provided by chambers of commerce and stock exchanges is measured by independent organizations, Hisarcıklıoğlu continued:

“It doesn’t end with awarding a star just once. They conduct audits every year without the organizations even knowing about it. From this perspective, the Diyarbakır Chamber of Commerce and Industry and the Diyarbakır Commodity Exchange deserve a full 5-star rating based on the standard and quality of the services they provide. Now, when we look at who else in the world has a 5-star rating, the Paris Chamber of Commerce and Industry, the London Chamber of Commerce, and the Berlin Chamber of Commerce and Industry also receive full 5-star service ratings. In other words, the standard and quality of the services our members in Diyarbakır receive are in no way inferior to those in Germany, France, and the United Kingdom, quite the opposite, they are superior. I would like to thank all my colleagues who have served as presidents, as well as their boards and assemblies, who have worked with great determination to provide the best possible service to Diyarbakır, from the past to the present.”

- “Much brighter days lie ahead for Diyarbakır”

Hisarcıklıoğlu stated that the increase in the number of companies established, the number of insured employees, the number of workplaces, and the number of income and corporate tax payers in a province demonstrates how vibrant the economy is. He noted that the growth rate in Diyarbakır was above the national average when compared to last year and therefore congratulated everyone.

Hisarcıklıoğlu described witnessing the vibrancy on the streets of Diyarbakır, saying, “I saw firsthand just how vibrant the economy is here. What does this show? When an environment of peace, trust, and stability prevails, trade flourishes. There can be no trade without peace, and there can be no wealth without trade. Allah willing, much brighter days lie ahead for Diyarbakır.”

Noting that financing is much like the flow of blood in the body, Hisarcıklıoğlu explained that when blood flow is blocked, organs do not function properly and illnesses begin.

- “This normalization step by the Central Bank is a positive development that will give the markets a breath of fresh air”

Hisarcıklıoğlu said:

“We know that our banks are not solely to blame for the difficulties in accessing financing. Due to macroeconomic conditions and regulations such as credit growth limits, our banks’ hands are tied as well, but we all share the same concern. If we strengthen our empathy, truly understand one another, and act together, we can speak with a strong, united voice to address these issues. That is what makes this meeting so valuable. The biggest challenges are shrinking credit limits, high interest rates, and excessive collateral requirements. We are conveying the requests we have received from you regarding these issues. The growth limit on commercial loans needs to be relaxed through positive discrimination in favor of SMEs.

Support measures aimed at the real economy must be swiftly implemented in a way that does not weaken the fight against high inflation. To ease the burden on our exporters, we are calling for a significant increase in the foreign exchange conversion support for rediscount loans. As a result of some of our requests, we secured the launch of low-interest, long-term “Breathing Loans” backed by the Credit Guarantee Fund, but this is merely a drop in the bucket. We now want this amount increased to 100 billion. We expect measures that will provide relief to companies struggling with insufficient collateral, lighten their financing burden, protect production and employment, and create new opportunities.

Rising costs, particularly in agriculture, employment, and energy, are taking a heavy toll on all of us. Two days ago, the Central Bank made a welcome decision to cut interest rates by 3 percentage points. The Turkish lira overnight interest rate, which had been hovering around 40 percent in February, was lowered to 37 percent. This step toward normalization by the Central Bank is a positive development that will give the markets some breathing room. We view this as a welcome start toward easing the interest burden on our industrialists and merchants. We urge our banking sector to promptly reflect this 3-point reduction in commercial loan interest rates. In particular, there is a full 20-point gap between the policy rate and loan interest rates. We cannot bear this interest burden.”

- “Our future will be better than today”

Expressing his hope for the future, Hisarcıklıoğlu noted that business cannot be conducted if merchants and industrialists lose hope.

Hisarcıklıoğlu said, “By virtue of our faith, we cannot lose hope. Our future will be better than today. When we stand united, Allah bestows His mercy and blessings accordingly. There is mercy and blessing in unity, and torment in division. This, my dear brothers and sisters, is the greatest outcome of unity. Let us just not marginalize one another. Let us not view one another as “the other” because of our ethnic origins, sects, beliefs, religions, or political views. We will come together in shared wisdom at the same table, and we will walk forward together.”

- “We will continue to make your financial lives easier”

Alpaslan Çakar, General Manager of Ziraat Bank, noted that Diyarbakır must be evaluated based on its potential, stating that with the development of its agricultural potential, increased agricultural productivity, and, in particular, the growth of agriculture-based industries and manufacturing, Diyarbakır will undoubtedly reach the place it deserves.

Pointing to the importance of the “Türkiye Free of Terror” process, Çakar noted that within the established environment of peace and security, the economies of Diyarbakır, the region, and the country will reach a very different level.

Noting that a new world is being built and taking shape, Çakar said:

“We believe in this country’s potential. When you look at this country sector by sector, we truly have a very robust infrastructure and an entrepreneurial spirit. We need to embrace industrial transformation. These days, no one cares how much you produce; they care about the value you add through your production. What matters is the cost at which you operate. Four key sectors will always be at the forefront in this country. One is the defense industry. Global trends indicate that investment in defense will continue to grow. Second, the pharmaceutical industry will become highly valuable alongside artificial intelligence. Agriculture will never fall behind.”

Because even if you have money in agriculture, sometimes you can’t buy goods. Remember the Ukraine-Russia war. Wheat couldn’t be shipped to the rest of the world. Thanks to our President’s intervention, wheat could be shipped to disadvantaged countries. Another issue is energy. Unfortunately, there is serious inflation in the country, but know this: we must resolve this inflation. We cannot manage anything without managing inflation. Because the right foundation, the right infrastructure, and the right investment environment can only exist in non-inflationary countries or economic environments. We must ensure price stability, financial stability, and the economic stability that comes with it, and political stability is what will crown all of this. When these four elements complement each other, investment becomes possible. Predictability is the most important factor. Therefore, we must manage inflation. Today, a medium-term program aimed at managing this inflation is being implemented. This medium-term program has various dimensions that affect all sectors. Interest rates, particularly the upper band interest rate, have been lowered from 40 to 37. As you may have noticed, this has been reflected in the deposit market. Once it is reflected in the deposit market, it will also be reflected in credit interest rates. As banks, we are the ones most eager to see interest rates fall at this stage. We will all see this reflected in the credit market next week in terms of pricing and interest rates.”

- “As Halkbank, we are accelerating our on-the-ground presence across Türkiye”

Halkbank General Manager Recep Süleyman Özdil also noted that the beautiful development and transformation in Diyarbakır are a source of pride.

Özdil said, “I instructed my colleagues to give Diyarbakır a little special attention. Türkiye’s unity and solidarity will, Allah willing, be achieved through the positive relationships to be established in Cizre and Diyarbakır. Allah willing, this atmosphere of brotherhood will benefit us all. Our greatest gain is ensuring that no funeral comes to any home, whether in the east or west of Türkiye. If we can also crown this with economic success, it will pave the way for our future. “As the three banks, we will do our part. As Halkbank, we are accelerating our on-the-ground presence both in the region and throughout Türkiye,” he said.

- “We will lower interest rates by 2–3 points”

Vakıfbank General Manager Osman Arslan also noted that they provide services in Diyarbakır with 9 branches and 151 employees.

Highlighting the importance of the Law on Strengthening National Solidarity and Social Integration, Arslan said, “To ensure that the economic and financial aspects of this law are as strong as possible, we will put not just our hands but our whole bodies on the line, Allah willing.”

- Other speakers

Erdoğan Özegen, Chairman of the Board of Directors of the Credit Guarantee Fund (KGF), said that they provide guarantees to companies facing collateral issues by collaborating with banks, thereby facilitating these companies’ access to financing.

Özegen continued:

“To date, the Credit Guarantee Fund has provided guarantees for loans totaling over 1.7 trillion lira to more than 600,000 companies. I consider this to be of great value to the business community. During the pandemic and in the aftermath of the treacherous coup attempt on July 15, when markets were uncertain about the future and access to financing had become extremely difficult, the KGF, guided by its ‘Great KGF’ vision, launched highly valuable programs in collaboration with our banks. To date, we have provided guarantees to approximately 8,900 companies in Diyarbakır. We have guaranteed loans totaling 17.2 billion lira. In addition, in 2025 and 2026, again through our president’s directives and initiatives, and with contributions from our banks, particularly our public banks, we have provided guarantees totaling 1.2 billion lira to over 1,000 companies in Diyarbakır under the ‘TOBB Breath Credits’ program. “Consequently, we have provided guarantees for loans totaling nearly 20 billion lira in Diyarbakır.”

Mehmet Kaya, President of the Diyarbakır Chamber of Commerce and Industry, also referred to the “Türkiye Free of Terror” process, stating, “There is a Framework Law. A 50-year-long period of conflict in this country is coming to an end. Not a single person has died in the past 20 months. Nothing could be more valuable than this.”

Kaya noted that after the meeting reached this decision, they received 250 applications for one-on-one meetings with the financial sector in response to their call to various industries, and added that at this meeting, the business community would convey its demands to the banking sector.

- “As the business community, we understand the value of peace and security very well”

Engin Yeşil, President of the Diyarbakır Chamber of Commerce and Industry, emphasized that the banking sector must listen to the real sector, and the real sector must understand the banking sector’s conditions.

Yeşil said, “Where there is consultation, there is trust. Where there is trust, there is trade. Where there is trade, there is production, investment, and employment.”

Referring to the city’s potential in trade, agriculture, and livestock farming, Yeşil said their goal is not merely to produce crops in the fields, but to process, package, and brand the products in the city and sell them throughout the country and around the world.

Yeşil noted that entrepreneurs are eager to invest in the city but require financing to do so, and he emphasized that investment in the city would benefit the entire region.

- “Diyarbakır will become an industrial city”

Mustafa Fidan, Chairman of the Board of Directors of the Diyarbakır Organized Industrial Zone (OIZ), also stated that 370 factories are operating in the OIZ and that approximately 23,000 people are employed there.

Noting that one of the most significant challenges facing industrialists is access to financing, Fidan said:

“VakıfBank, Halk Bank, and Ziraat Bank have all kept their doors open for our industrialists whenever we’ve visited. They’ve done everything in their power to help Diyarbakır to the very end. Our problem isn’t just access to financing. Of course, there’s nothing the banks can do about interest rates, but our request to you is to lower the interest rates on the loans currently used by businesspeople by 3 to 4 percentage points. That’s a significant amount for industrialists.”

- “We must build the economic pillar of the peace process together”

Alican Ebedinoğlu, President of the Diyarbakır Union of Chambers of Tradesmen and Artisans, also stated that Türkiye has entered a new era with the “Türkiye Free of Terror” process.

Noting that they believe the environment of resolution and peace in this process will pave the way not only for social but also for economic transformation, Ebedinoğlu made the following remarks:

“We believe that a financial mobilization aimed at the region’s economic development will be one of the strongest pillars of the resolution process. We now see that Diyarbakır is ready for investment. As the climate of trust strengthens alongside the peace process, it will pave the way for new investments across many sectors, from tourism to industry, and from agriculture to trade, but for this to happen, the financial sector must also stand alongside this transformation.”

Later in the program, representatives from the business community and the financial sector held closed-door meetings with the press to discuss their demands and expectations.