Turkish Embassy in London

Speeches

Sayın Büyükelçimizin Londra’da beşincisi düzenlenen “Türkiye’ye Yatırım Semineri” etkinliğinde yaptığı açılış konuşması, 28.04.2017

 

Ladies and Gentlemen,

 

Thank you very much for giving me this opportunity to address the participants of the
annual “Invest in Turkey” event.

 

Let me congratulate “EEL events” for successfully bringing together the leading members of the Turkish and British business communities as well as the valuable sponsors and partners.

 

In its fifth year, “Invest in Turkey” established itself as one of the main platforms for discussing investment and business relations between Turkey and the UK.

 

During the day, you will hear detailed analyses from experts about the investment climate in Turkey, big infrastructure projects, promising sectors and especially the business opportunities in the field of energy.

 

Statistical analysis and financial projections are not my strong suit.

 

Yet, in today’s globalized and more interconnected world, economic diplomacy has become a major theme in international relations. And, regardless of our backgrounds and trainings, we, diplomats, have all became economists in one shape or form.

 

Distinguished Guests,

 

Today, I have four key messages to share with you:

 

First, Turkey is continuing to grow, and both the Turkish government and private sector mean business. 

 

As a result of political and economic reforms, Turkey has enjoyed a steadfast growth and managed to attract foreign direct investment.

 

Average growth rate since 2002 is around 5%. Our strong economic performance placed us ahead of all other OECD nations. Over the last ten years, we have created 7 million new jobs. 

 

Since 2003, Turkish economy attracted 180 billion Dollars foreign direct investments. Turkey has become a manufacturing hub not only for the European countries but also the developing markets in the Middle East, Africa and the CIS.

 

My second message is that Turkey and the UK are determined to boost their relations in every field. 

 

As Allies and strategic partners, Turkey and the UK have deep and multi-faceted relations. I am particularly pleased to tell you that relations between Turkey and the UK have recently gained additional momentum.

 

Last year, we have exchanged many ministerial visits that culminated in Prime Minister Theresa May’s visit to Turkey in January. And, we expect Prime Minister Binali Yıldırım to soon visit London.

 

We have a track record in our economic relations. As of last year, the bilateral trade between Turkey and the UK exceeded 17 billion Dollars. The UK is now the second-top destination for Turkish exports.

 

Almost 3.000 British companies are operating in Turkey and their total investment over the last 15 years is around 10 billion Dollars. The UK ranks fifth in terms of FDI stock in Turkey.

 

Only last year, UK companies have invested around 1 billion Dollars in Turkey. This figure alone stands as a testimony for the trust shown to Turkish economy.

 

My third message is related with the most debated topic here in the United Kingdom, “Brexit”.

 

Neither Turkey nor Britain wants “Brexit” to cause any disruption or backsliding in their economic relations. Moreover, we would like to take advantage of arising opportunities in the post-Brexit period. 

 

There is willingness and enthusiasm in both our countries to take advantage of Brexit. This is why the two trade ministers, His Excellency Nihat Zeybekci and The Right Honorable Liam Fox, have met twice in the last six months.

 

This is also why Turkey and the UK decided to establish a “trade working group”.

 

Our experts will soon start sharing their analyses and projections while considering all available options, including the possibility of signing an FTA in the future.

 

Ladies and Gentlemen,

 

My fourth and final message is about the investment climate in Turkey and business opportunities.

 

With its unique geographical location, dynamic economy, strong financial sector and young population, Turkey provides British companies with suitable environment not only to invest in, but also with the opportunity to reach out to neighbouring regions.

 

Having left behind the referendum on constitutional amendments, economic reforms continue to be among the top priorities for Turkey. Our Government will continue with new incentives for investments.

 

Let me stress that Turkey does not seek easy growth. We have a long-term economic strategy building on the comprehensive reforms.

 

We expect all foreign investors to capitalize on the business opportunities offered by Turkey. There are mega projects in the pipeline particularly in the fields of finance, transportation, infrastructure, energy, health, urban transformation and defence.

 

Over the next 15 years, the total amount of infrastructure investments by the public and private sector is expected to be around 1 trillion Dollars. This means annual infrastructure investment of 70 billion Dollars until 2030.

 

We have completed our preparations for the establishment of the “Turkish Sovereign Wealth Fund” in order to generate long-term and low-cost finance for strategic investments.

 

This will further contribute to the diversity and depth of capital market instruments, while bringing publicly-owned assets into the country's economic market.

 

I invite you all to discover the potential of Turkey, and take your place in the success story between post-Brexit Britain and post-referendum Turkey.

 

Thank you.