TIM Chairman Büyükekşi commented on the change in the 'Rediscount Regulation'
Turkish Exporters Assembly (TIM) Chairman Mehmet Büyükekşi commented on the revision made on the 'Rediscount and Advance Regulation' by the Central Bank. Büyükekşi indicated that increasing the maturity of the instruments that will be accepted for rediscount in the financing of exports to be made to new markets, exports of high-technology industrial products, tourism and other foreign currency earning services that will be determined with the “Export and Foreign Currency Earning Services Rediscount Credit Implementation Instructions” from 240 days to 360 days is an indication that the development and targets of exports and needs of the exporters are followed up closely. Büyükekşi, who said “Our exporters will know how to score a goal from this long pass” commented as follows:
High technology is incentivized
“Access to financing with acceptable cost is very important for our exporters. In a period of increasing competitive environment, at a time when our firms are frustrated in an environment of high interest rates, we find the extension of maturity for rediscount by the Central Bank quite favorable. With this decision of the Central Bank our exporters' way is opened more and exports of high-technology products and investments in this context are incentivized. It is important that new markets and high-technology products are emphasized in the Regulation amendment.
We attach great importance to opening to new markets for sustainable export increase and deepening in these markets. Our Africa strategy that we started in 2003 under the auspices of the President is one of the most important activities in this field. By this means the African market where we made 4.5 percent of our exports in 2003, accounted for 8.7 percent of the exports with 12.5 billion dollars in 2015. We will observe the positive contributions of the Kenya and Uganda visits we made with the President at the beginning of June to this goal in the medium term. The Middle and South American market, which were exported to very little in the past, have a similar progress. The region did not even account for 1 percent of our exports received a share of 1.5 percent in 2015 with 2.2 billion dollars.
We need to export more high-technology products in order to increase our share in the world trade with a sustainable and permanent export increase. In 2015, the share of high-technology products in our exports was 3.4 percent, while the share of medium-advanced technology products was 29.7 percent. These percentages are not sufficient for Turkey to have a sustainable and permanent export increase. As TIM, we are working with all our power to increase our high added-value exports. In this context, we are opening Enterprise Houses, bringing together tens of thousands of innovation fans together with Innovation Weeks. We are generating information and awareness on this subject with our Unions with Design, R&D and Innovation competitions. We believe that our exporters will achieve the production and exports of more high-technology products with the contribution of our activities and this decision of the Central Bank”.Published on Thursday, August 25, 2016