Erdogan calls for public, private sectors to invest jointly

Turkish President Erdogan says it's vital for public, private sectors to collaborate to achieve global infrastructure targets

Photo by: AA
Photo by: AA

President Recep Tayyip Erdogan addresses the G20 Energy Ministers in Istanbul, Turkey on October 02, 2015

Turkish President Recep Tayyip Erdogan on Friday called for public-private partnerships for much-needed infrastructure investment. 

Speaking on Friday at G20 energy ministers conference in Istanbul, Erdogan asked the private sector to cooperate "hand in hand" with the public sector. 

"The private and public sectors should collaborate to meet the necessary financing for global infrastructure investments," Erdogan said. 

Erodgan said the world needs to invest around $70 to $90 trillion for infrastructure until 2030 to achieve sustainable growth, while developing countries should put in $1.5 trillion annually. 

"A new effort and a new mentality for cooperation is needed to achieve this," Erdogan added.

The president said that improving the private sector's confidence in such investment is important, and he called for financial institutions to make funding more accessible for investors. 

The G20 countries have set a 2.1 percent growth target until 2018, at the meeting in Australia, with the goal of adding $2 trillion to global GDP. 

Erdogan said he expects to reach global targets, if the agreed-upon growth strategies are implemented.

The president also called for accelerating energy infrastructure investments as delaying them would affect energy security.

According to the International Energy Agency, globally $48 trillion of energy investment is needed until 2035, Erdogan said.