The New Economic Program Press Release
The New Economic Plan announced by Berat Albayrak, the Minister of Treasury and Finance, is designed with a realistic approach for sustainable economic development and lays out tangible and net targets.
The New Economic Plan provides an important road map towards ensuring economic balance. In this context, we welcome policies and measures aimed at maintaining financial discipline, embracing a new conversion policy for production and exports to focus more on added value and implementing policies and actions to provide a qualified workforce simultaneously with the balancing process. At this point, to create a financial structure that is based on financial stability and safety, it is especially important to adopt a government approach that makes fast decisions in economic administration that is one step ahead of markets and private industry and that clears the way for the private sector.
Regarding the plan’s target of decreasing the current account deficit, it suggests replacing currency needs with long-term international investments instead of short-term tools. In addition, the creation of new models for improving technology and R&D investments, new markets, product and export subventions developed with global value chain benefits will also support this approach. As YASED, we will continue to contribute to Turkey’s efforts with our international know-how and experience. In particular, by realizing public-private cooperation models to execute technology and R&D investments considered best practice in domestic and international production, in pursuit of decreasing dependency on imports and increasing export capacity.
It is of utmost importance to integrate and simplify tax and incentive regulations and mechanisms, one of the most important requirements of an investment environment, and to enhance the tax base to make it more efficient.
The Plan also includes sound objectives such as updating the Customs Union agreement with the EU, simplifying international trade, important for streamlining ways of conducting business, and accelerating customs processes.
Realization of this Plan, which matches with YASED’s priorities, will greatly affect the flow of international direct investments.
Chairman of YASED