Business circles welcome Turkey's new economic reforms

Business representatives have expressed their appreciation for Turkey's new economic reform package aimed at boosting investment, production, jobs, and exports.

Announced by President Recep Tayyip Erdoğan on Friday, the package included several measures such as reducing foreign exchanges' share in total debt stock and establishing new mechanisms - Healthcare Industries Presidency,
Software and Hardware Industries Presidency, Economic Coordination Council, and Financial Stability Committee.

It also highlighted accountability, saving and transparency for economy administration in the coming period.

Abdurrahman Kaan, the chairman of the Independent Industrialists and Businessmen's Association, said the reform package will contribute to the V shape recovery of markets during the normalization process from the COVID-19 pandemic.

With the package, the resilience of the economy will improve in terms of inflation and current account deficit, he asserted.

Ensuring spending discipline, reducing waste in public, reconstruction of the budget, and increasing efficiency in cash management will increase the contribution of public expenditures and investments to economic growth, Kaan stated.
Simone Kaslowski, the chairman of the Turkish Industry and Business Association, called the package's steps toward providing price stability, recovering investment environment, supporting employment, ensuring budget discipline, and bringing expenses under control positive.

Steps to support digital transformation and green transition in industry are very valuable in increasing Turkey's global competitiveness, he underlined.

In this difficult period due to the pandemic, the implementation of these reforms is urgent for the...