Union of Chambers and Commodity Exchanges of Turkey

Turkey reaped the benefits of the reforms it undertook in 2000 for ten years and with the help of the global climate, reached high growth rates. Yet, for the past three or four years, there has been a stagnant economy; it has fallen in the middle income trap and serious changes are required to reach high growth rates again.

The Turkish Union of Chambers and Commodity Exchanges (TOBB) held its general assembly last Saturday. In every general assembly, we try to hold the pulse of the business world by observing the reactions and applause from the audience.

The Turkish economy has recently slowed down and many businesspeople have experienced problems in cash proceedings and check clearing, Union of Chambers and Commodity Exchanges of Turkey (TOBB) head Rifat Hisarc?kl?o?lu has said. 

Businesspeople want to see the removal of trade barriers as well as more participation from small and medium-scaled enterprises (SMEs) in the global supply chain, according to a survey by the International Chamber of Commerce (ICC).

Turkey's top business organization TÜS?AD has sued the Foreign Economic Relations Board (DE?K), once an arm of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) but recently put under the control and surveillance of the Economy Ministry, to opt out from membership in the organization and to not pay membership fees.

The cost of bribery and its impact on economic growth is huge, Nicola Bonucci, head of legal affairs at the Organization for Co-operation and Development, said on March 6.

"What is clear is that whatever the sector we are talking about, the costs are huge," Bonucci said, speaking at the G-20 conference presided over by Turkey in Istanbul.

The government should impose incentives for women entrepreneurs in public spending just as it does for domestic producers, according to the head of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Rifat Hisarc?kl?o?lu.

The global economy's largest problem is a credibility gap, rather than budget deficits, said Deputy Prime Minister Ali Babacan at the first B-20 meeting abroad during Turkey's G-20 presidency.

"The more rapidly we close this credibility gap, the faster we all build confidence. This will bring all of us robust and sustainable growth across the world," he said on Feb. 22.

The Turkish capital is soon to become one of the leading centers for international conferences and conventions, the head of the Ankara Trade Chamber has said, outlining their objectives to let Ankara receive its piece of the share of the $400 billion-worth market.

Public institutions have paid a record 706.5 million Turkish Liras to private security firms so far this year, a jump by four-fold in the spending items over the last five years, according to the Treasury's budget data.