Consultation Meeting With International Investors YASED-TOBB Joint Statement

 

International Investors Association - YASED and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) held a Consultation Meeting in Ankara on July 12 with the participation of top executives of international direct investment companies. A joint written statement was made by YASED and TOBB after the meeting.

 

The statement reads as follows:

 

On the anniversary of July 15, we once again condemn the treacherous coup attempt against Turkey's stability, the economy, and the rule of law, and we hope that similar attempts will never be repeated. We are against any kind of intervention to abolish the rule of law and the constitutional order.

Until now, the rapid measures taken by your government, the legal-administrative regulations and incentives it has put into practice have made an important contribution to the continuation of the business and investment environment in a healthy way by restricting the negative effect created by the coup attempt.

Towards the development of our country, attaining the deserved position in the global competitive environment and the continuation of value-added sustainable investments; it is essential to maintain the existence of a transparent and competitive free market economy through democracy, the rule of law, and foreseeable legal regulations.

Under the leadership of our President and the persistence of our government, the progress that will be made in this direction will further increase international direct investors' confidence in Turkey.

In the upcoming period, we should aim to increase our country's global competitive power and to ensure its position as an investment attraction center by focusing more on our economic and structural reform agenda. And we are ready to fulfill any duty in line with this purpose.

As international investors, we believe in the future and potential of Turkey and continue to show this belief by preserving our long-term investment perspective. We take responsibility as “ambassadors” for promoting Turkey's investment environment abroad and for strengthening our perception.

We will continue to work closely with all parties as a business community, with the aim of increasing investor interest in the Turkish economy, increasing the efficiency of existing investments and thus boosting the prosperity of our country.

Our basic expectation in this process is strengthening of the democratic rule of law with all of its institutions, the continuation of our country's development process by increasing the integration with the developed world, and continuing the reforms to improve the investment environment without interruption.

Improving the investment climate is a continuous objective. The continuation of structural reforms, ensuring a sustainable improvement in our investment and business conditions will play an important to step ahead in the global competition.

In this context, first of all:

·                   The positioning of our country as a regional hub,

·                   Expansion of financing opportunities, together with increased savings ratio,

·                   The integration of SMEs into the global value chain,

·                   Attaching importance to education efforts aimed at increasing qualified human resources,

·                   The development of a comprehensive employment strategy required by a productive economic policy,

·                   Accelerating digital transformation in the industry,

·                   Facilitation of business processes and reduction of bureaucracy,

·                   By harmonizing the tax legislation with the international legislation, decreasing high tax rates which have a negative effect on the productivity and competitiveness and updating the incentive system in line with today’s needs,

·                   Creating production capacity that produces and exports high value-added competitive products in our country, targeting a global market in this direction,

·                   Reviewing the import regime and safeguard measures in this respect, and the implementation of such practices in a way that will not cause unfair competition and that will not adversely affect the predictability of the business/investment environment

will take us one step ahead in the global competition.

It is of great importance to update the Customs Union Agreement in the short run in line with today's needs and Turkey's EU membership perspective. Modernization of the Customs Union to allow Turkey to sign free trade agreements with third parties outside the EU will contribute to expanding our export markets.

We also think that preparing "International Investment Strategic Plan" for Turkey to improve the investment environment will be helpful. In this regard, we are ready to fulfill our duty as international direct investors.

Respectfully,

 

With contributions of Vodafone