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Şimşek outlines three stages for Turkey’s recovery
Şimşek stated out of the three stages of this recovery, the first was the recent decrease in inventory stocks. He continued by saying that the recovery of domestic and foreign demand would be an additional stimulus to inventories. Şimşek spoke at the 25th session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of the Islamic Conference (OIC). High-level officials from the member states convened under the chairmanship of Kemal Madenoğlu, undersecretary of the Turkish State Planning Organization (DPT).
Şimşek noted that he anticipates an increase in lending from banks, and that this would materialize by the beginning of the new year. He noted that this increase in lending would assist in stimulating private sector investments. Minister Şimşek added that the banking sector had a crucial role in the betterment of labor market conditions.
The last phase of the recovery, Şimşek continued, would originate from increased and stable investments. He stated that the global manufacturing sectors and the increase in capacity utilization would also play a crucial role in this phase.
Issues such as the global financial crisis, cooperation among member states and combating poverty will be high on agenda of the two-day meeting.
A Business Forum meeting was held by the Union of Turkish Chambers & Commodity Exchanges (TOBB) yesterday and today in association with the Independent Industrialists and Businessmen’s Association (MÜSİAD) with the participation of businessmen from member countries. Rifat Hisarcıklıoğlu, the TOBB president, was the opening speaker of the COMCEC business forum, and spoke about the equal distribution of gains from development and the post-crisis financial system being built. “For the G-20 to fulfill its actual purpose in the global economy, it must build a financial system that includes the real sector.”
Şimşek emphasized the role of banks in the post-crisis recovery, noting that they would need to and be willing to finance investments in the private sector.
Şimşek highlighted that global crises create opportunities for necessary economic reforms to be realized. Şimşek added that trade between Islamic countries should be supported by lifting barriers to investments, and that stronger trade agreements and cooperations need to be researched.
In the forum, in which 30 representatives from Islamic countries gathered, Hisarcıklıoğlu emphasized that “we have much work to do. We need to think about both Islamic countries with a population of 600 million, and those with 120 million, ones that have immense natural energy resources, and ones that have energy bottlenecks. This is an ocean of opportunities. Our gathering together, our cooperation and our relationships are greatly important for our developing trade relations between each other. Our governments will take the first steps to form cooperative agreements, but we, the representatives of the private sector, must move together to realize our goals.”
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