Union of Chambers and Commodity Exchanges of Turkey

“Money will not be plentiful in the World in the future”

17.02.2014 / Trabzon

During his presentation, “A Look At Turkey’s Economy from Trabzon,” at the Hürriyet Newspaper Regional Meeting TOBB President Rifat Hisarcıklıoğlu stated that the flow of capital has slowed down to a trickle, and that money will not be plentiful in the world in the future.​

Touching on the importance of the Black Sea Region for Turkey’s economy, TOBB President Hisarcıklıoğlu said, “This was, in fact, how it also was in the past. Sultan Fatih turned first to Trabzon after conquering İstanbul. Trabzon is the crossroads of both politics and economy.  I personally believe that the Black Sea region is fortuitous in all manner of ways. When you look at the riches here, you see that there is as much difference between you and Anatolia as big as Mount Zigana.”


Pointing out that Turkey is the first in nut exports, Hisarcıklıoğlu said, “73% of all nut production in the world is made in the Black Sea Region. Agriculture used to be a subsistence activity, now it is a profitable endeavor and present extraordinary opportunities. Having the 11th largest arable land mass in the world is great fortune for us. There has been an increase in the price of agricultural goods in the last 10 years by 176%. This means one thing. Countries which partake in agriculture will come to the fore in the future. The world’s population increases by an amount equivalent to that of Turkey each year. In the last 10 years, the number of people who moved up from low income to medium income in Asia and the Pacific region is 500 million. These people migrated to the city and became consumers. In the future, societies which put importance of agriculture will move forth.”


- “How can there be contraband oil in an oil country?”


Pointing out that the Black Sea Region also produces 5% of all tea in the world, the TOBB President stated that the inability to prevent contraband tea trade is a great disadvantage.


Emphasizing that the best quality teas in the world are produced in Turkey, Hisarcıklıoğlu said, “The Black Sea Region is sitting on a treasure hoard. One of the greatest income sources in the world is branding. We produce 5% of all tea in the world but we are the 20th in exporting it.


What I don’t understand is there is no contraband oil in Saudi Arabia, an oil country. How, then, is there contraband tea in Turkey when Rize produces tea? We have been unable to lower the 8% VAT underlying this situation. That has resulted in contraband tea penetrating as far in as Rize, the production center of tea.”


- “Money will no longer plentiful in the world”


Stating his observation in regards to a capital flow trend in the world since 2002, Hisarcıklıoğlu said, “When there is a plenitude of money, you spend it easily. That is why we encountered the crisis of 2008. The world struggled with global crisis and the related issue of diminishing resources in 2008 and 2009. Then came a period of economic quarantine, bringing along with it a period of rapid resource exhaustion. We see that capital flow is in a downward trend. Money will no longer be plentiful in the world.

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