Turkey will be part of the solution in the post pandemic quest to diversify global supply chains, opening significant opportunities for investors, Finance Minister Lutfi Elvan tells the International Investment Forum.
Turkey is offering significant opportunities for investors looking for a new and safe haven, and the country launched a mobilisation in the economy and justice fields to become an attraction centre for investments.
Turkey will resolutely implement reforms that will make the future predictable for investors, the country's treasury and finance minister Lutfi Elvan told the International Investment Forum on Tuesday.
The five-day virtual forum, which began on Monday, was organised by the International Investors Association.
Turkey has well developed production, as well as research and development (R&D) infrastructure and the Turkish industry is able to manufacture almost every product, Elvan noted.
"In the manufacturing industry, we have a supplier infrastructure that works flawlessly and can quickly adapt to changing conditions," he underlined.
In Turkey, with its dynamic start-up atmosphere is getting stronger every day, especially in the fintech, biotechnology, and game industries, he stressed.
The diversity of logistical facilities, incentives, and especially dynamic and qualified workforce raise profits and productivity of all entrepreneurs who invest in Turkey, he added.
He also said the economy administration focused on macroeconomic, financial, and price sustainability.
"We will solve every problem in a transparent, accountable, rational, and predictable manner under the market economy rules," he highlighted, adding: "We are very determined to fight against inflation, and the Central Bank has all kinds of instrument independence."
Touching on the pandemic conditions, he said global supply chains have been changing with several multinational companies seeing disadvantages of depending on a single supplier in this process.
"In the coming period, new production locations will probably appear, and Turkey offers significant opportunities for investors looking for a new and safe haven," he stressed.
'Determined to make Turkey a global investment hub'
Turkey's President Recep Tayyip Erdogan has said the government is determined to make the country a centre for domestic and international investors by offering low-risk, high-confidence and satisfactory earnings.
"In the upcoming period, we will further improve the investment environment with additional reforms in this area," Erdogan told a virtually held International Investors' Association (YASED) summit on Monday.
He said the government has launched inclusive new reforms in law, democracy and economy in this regard.
"Our country will be able to reach its 2023 targets with the support of our 83 million citizens," he said, adding that they are open to constructive criticism and innovative ideas.
Noting the strong economic growth rate achieved in Q3, he said, this is a testament to the country's successful recovery period from the pandemic.
The president added that the Turkish economy is growing successfully, unlike other countries that are experiencing a recession.
"We are one of the few countries that increased their investments at a time when direct investments decreased all over the world. In 2018, when global direct investments declined by 12 percent, direct investments in our country increased by 17.3 percent and exceeded $13 billion," he said.