“Turkey made a correct decision by not increasing interest”

11 thousand people watched 'Turkish Innovation Week' in İzmir

Turkish Exporters Assembly President Mehmet Büyükekşi assessed Turkish Innovation Week which was held in İzmir. Büyükekşi also made evaluations concerning markets as well. His evaluations were as such:

“We held the first organization of Turkish Innovation Week in İzmir on May 17-18 with Aegean Exporters Union. We hosted 11 thousand people in our organization that lasted two days. We are highly excited seeing the conscience of innovation is being gradually prevalent. Now it is time to Turkish Innovation Week to be held in Ankara on May 4-5. We know that the future of economy, employment and export is possible with production of innovative goods and service. One of the essential conditions to perform this production is appropriate environment of investment and low financing costs.”

It was a correct decision to not increase interest

We saw some countries started to increase interest due to tightening in global markets in summer of 2015. Some people recommended the same method for Turkey, even told this is inevitable and pushed our Central Bank to this method. As TIM, Exporters Union and exporters, we were always against this. We always took a distance from the idea of increasing interest.

The time that passed by showed we made a correct choice by not increasing interest as Turkey. Following European and Japan Central Banks, yesterday USA Central Bank's explanations gave positive signals for markets on the short run.

If we had started increasing interests last year, we would both have waived from growth, have many people become unemployed and many of our companies would have financial difficulties.

Now it is export's turn

We are seeing signals of a period that will be rather convenient in terms of finance. We have 2 expectations from our government aside from structural reforms in economy. The first is putting our export support recommendations into practice that we conveyed to our government and will ensure a permanent increase of export's contribution into growth. The second is to take firm steps to reduce current deficit through increase of domestic production and export but not through the decline in petrol prices.

Export turned positive in February after 14 months. It looks like we will display the same performance in March as well.

We desire our economy to grow fast, the growth to be permanent and employment-friendly, the fast growth to not end up with high current deficit and contribution of net export in growth to be constantly positive.