Union of Chambers and Commodity Exchanges of Turkey

Giving the opening speech of the conference, Hisarcıklıoğlu touched on the fact that retail is the driving force of the economy, stating that 15% of all growth in the last 10 years has been achieved thanks to the retail sector.

Reporting that, the turnover of retailers in the last 2 years has increased by 12% while that of domestic franchises increased by 32%, the TOBB President said, “Is the economy getting better or worse? You only have to look at the retail sector.”

Providing information regarding the developments in the global economy, M. Rifat Hisarcıklıoğlu stated that the world’s financial map is changing and that cash supply has decreased. “The cash circulating in the global economy will decrease. That is why taking on credit will be more difficult,” warned Hisarcıklıoğlu and pointed out that the rules of global trade are also undergoing change. Pointing out that the US, EU and Pacific countries’ markets will merge into a single market, Hisarcıklıoğlu emphasized the need to make Turkey a part of this new formation.

- Energy map also changing

Expressing that another change is the one occurring in the field of energy, TOBB President Hisarcıklıoğlu said that it is expected for shale gas to take its place among the top energy resources alongside petroleum and natural gas. Pointing out that one of the most important sources of shale gas is located in the USA; Hisarcıklıoğlu stated that USA will become a new production center. He also pointed out that there are views that there are reserves of shale gas in the Thracian and South Eastern regions of Turkey.

Stating that every year, 150 million people move up from the lower class to the middle class, Hisarcıklıoğlu said, “This means that people are prospering. This points to consumption. That means the retail sector has a clear road ahead.”

Bemoaning the little quantity of trade conducted over the internet in Turkey, Hisarcıklıoğlu reported that Turkey’s share of e-commerce is only 1% while it is 14% in England. He also touched on the high commission rates in the banking sector. He concluded with the statement that he was optimistic for Turkey’s future.