Encouragement needed for solidarity with Greece

But when and how could this aim be put into action? Are the businesses and unions from both sides actually considering taking concrete steps in this regard? Sunday’s Zaman discussed these questions with business organizatons and analysts.

According to anonymous sources from the Foreign Trade Undersecretariat (DTM), the government currently has no plan to engage in partnerships with the Greek side as part of crisis support. It seems that what can be expected from the government in the short run is nothing more than encouraging firms to seek and start partnership projects with Greek counterparts if possible. On the side of private industry there is, however, a lack of interest in such an initiative as many say they have not been able to overcome the aftereffects of the 2009 global financial crisis themselves. This comes as no surprise since everyone knows that Turkish markets were not exempt from the impact of the crisis. But this does not mean that Turkey must remain indifferent to problems faced by its neighbor, which is in a far worse position.

Sectors lack interest in the issue, should be encouraged

According to İbrahim Öztürk, strong support for Greece will likely remain unfulfilled for some time to come. “I don’t think that many take such suggestions seriously enough. Çağlayan’s trip might have served as a positive message to the Greek side. But we could do more; this is an opportunity that we should take advantage of and use for the sake of improving bilateral relations with our neighbor.”

We could see the Greek market as a means to further expand our existence in the EU market, Öztürk argues, adding that there could be mergers and acquisitions between Turkish and Greek firms. “The initial step must be organizing workshops for various sectors,” he states.

Cooperation in tourism, maritime industries possible

Sharing his views on the issue, Independent Industrialists and Businessmen’s Association (MÜSİAD) President Ömer Cihad Vardan said both Greek and Turkish entrepreneurs need to concentrate on profitable partnerships, particularly in the field of tourism. “Both countries border the Mediterranean Sea. They could make use of geographical proximity and create strong partnerships in the tourism sector. Companies could increase the number of tours to each country.” Vardan noted that they have faith that Greece and Turkey will make the best of what they have “if they can manage to establish a mutual atmosphere of confidence.”

Another area that offers opportunities for partnership could be the maritime sector, according to the MÜSİAD head. Turkey has significant experience in shipbuilding, and Greece has a strong maritime industry. Regarding the utilization of financial tools in cooperation, Vardan suggested that the Turkish and Greek central banks could run a mutual liquidity mechanism.

THY should consider partnership with Greece’s Olympic Air

When asked whether they had taken the issue onto their agenda, Turkish Confederation of Businessmen and Industrialists (TUSKON) Chairman Rızanur Meral said they have not yet taken a step in this direction. “We sincerely support such an initiative. If your neighbor is in trouble, you should help them before the fire reaches you.”

Meral said a partnership between Turkish Airlines (THY) and Greece’s Olympic Air would be beneficial. “I hear that the Greek carrier is facing serious troubles. THY has displayed an impressive performance; they are on top of their game nowadays. Why not merge with or acquire Olympic?” he suggested. Olympic Air last month announced they planned to merge with another Greek carrier, Aegean Airlines.

“I cannot say that there is any such plan in our minds, but we could consider taking steps, organize business trips to Greece. We have learned that there are some Greek businesses in different sectors, from tourism to retail, that are in trouble and seeking support. Turkish entrepreneurs should be encouraged to seek possible partnerships with their Greek counterparts.”

Some in Turkey may say that they were badly hit by crisis, but most firms have managed to overcome the crisis problems to a great extent, Meral said, adding, “The financial sector, for instance, enjoyed remarkable profits during the crisis.”

From the financial sector side there is not yet any sign of an attempt to enter the Greek market. Recently asked whether they planned to acquire any Greek banks, the general manager of Ziraat Bankası, a state-owned bank that has two offices in Greece, said it had no such plans but was instead concentrating on opening new branches in this market.

Comprehensive risk analysis, market research needed