Turkey pledges to combat inflation and unveils a strategy to attract investments.
Turkey pledges to combat inflation and unveils a strategy to attract investments.
Turkish Deputy President, Jodat Yılmaz, affirmed his government’s commitment to fighting inflation and prioritizing its reduction to achieve enduring price stability. Concurrently, Ahmed Burak Daglioglu, the head of the Turkish Presidency’s Investment Office, disclosed the international direct investment strategy spanning from 2024 to 2028.
During a meeting with international investors in London, Yılmaz assured that Turkey’s economic program is on track as projected. He provided a comprehensive outlook on Turkey’s economic prospects for 2024, emphasizing the success of the government’s economic program in the medium term.
Despite inflation surging to approximately 65%, Yılmaz expressed confidence that anti-inflation measures would lead to a significant decrease in the latter half of the year. He also addressed the government’s endeavors to tackle inflation, focusing on implementing tax hikes and curbing domestic demand.
The Journey of Reforms Towards Sustainable Growth in Turkey
Government plans in Turkey are aimed at achieving a growth rate of 4% in 2024, although Yılmaz warns of the possibility of a significant decline in the annual inflation rate by mid-2024. Yılmaz emphasizes the government’s commitment to continue anti-inflation policies, expecting inflation to reach around 15% in 2025, with the desired goal of achieving a low percentage in 2026.
In this context, reports indicate that Yılmaz pointed out Turkey’s flexible growth, with a growth rate of 4.7% in the first nine months of 2023 and an average annual growth rate of 5.4% over the past twenty years.
These reformative steps reflect a serious commitment towards achieving sustainable growth and improving the economic situation in the country, paving the way to enhance confidence in the Turkish economy and make it more stable and competitive internationally.
Enhancing Investment Quality | Yılmaz’s Vision for Turkey
Yılmaz emphasizes the importance of investment quality and diversity in Turkey, pointing to its strategic location at the intersection of three continents and its extensive network of free trade agreements. According to him, these factors make Turkey a center for global business and economic activities.
Yılmaz underscores the importance of supporting fundamental sectors to stimulate investment, such as the electric mobility sector, green energy, chemicals, petrochemicals, information and communication technology, high-quality manufacturing technologies, and defense and aviation sectors.
The Turkish Vice President highlighted achieving the highest level of exports ever in 2023, totaling $256 billion, indicating the continuous development of the Turkish economy and its ability to attract investments and promote sustainable growth.
These efforts affirm Turkey’s commitment to enhancing the investment environment, improving infrastructure quality, and vital economic sectors, enhancing its position as a significant investment destination regionally and globally.
A New Investment Strategy | Ahmed Burak Daglioglu’s Vision
During his participation in the 2024 Global Brand Finance Summit for Soft Power in London, Ahmed Burak Daglioglu, the head of the Turkish Presidency’s Investment Office, emphasized Turkey’s “permanent economic stability,” which makes it a beacon for international investment, according to his words.
Daglioglu unveiled Turkey’s “International Direct Investment Strategy 2024-2028,” emphasizing their commitment to disseminating and facilitating the vast opportunities Turkey offers to global investors.
He highlighted the country’s success in attracting more than 700 global companies operating in technology and research and development centers, in addition to over 80,000 global companies providing diverse services in various sectors.
These announcements underscore Turkey’s commitment to enhancing the investment environment and attracting more global capital, bolstering its position as a significant investment destination and a dynamic economic center on the global stage.
A Strategic Vision for Global Investments | Towards Sustainable Growth
Daglioglu affirmed that “cumulative international investments in Turkey over the past two decades have exceeded $260 billion,” as reported by the newspaper.
He announced an ambitious goal to increase Turkey’s share in the global direct investment market to 1.5%, outlining the initiatives planned in the upcoming strategy aimed at achieving a significant leap from the current share of 1%.
In addition to Jodat Yilmaz, the Turkish Vice President, Daglioglu participated in a series of meetings in London to present the business climate in Turkey and attract investors.
These steps reflect Turkey’s commitment to providing a conducive and encouraging investment environment, enhancing investment opportunities, solidifying its status as a preferred destination for global investments, and contributing to sustainable growth and economic prosperity in the country.
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