Union of Chambers and Commodity Exchanges of Turkey

Those unable to manage their budget cannot grow

03.05.2014 / Ankara

TOBB President M. Rifat Hisarcıklıoğlu, emphasizing that as a primary tenet of the business world, those who cannot manage their budgets cannot grow, stated that the same principle applies in regards to the country’s economy.​

The Union of Chambers and Commodity Exchanges of Turkey High Coordination Council and Strategy Development High Council Joint Meeting was held at the TOBB University of Economics and Technology, hosted by TOBB President M. Rifat Hisarcıklıoğlu and attended by Minister of Finance Mehmet Şimşek.


Speaking at the opening of the meeting, TOBB President Hisarcıklıoğlu pointed to Minister Şimşek as a symbol for success as a result of hard work and determination, “He has adopted disciplined labor into his character. During his term, he has achieved great success through diligent work, becoming a household name in budget management. He was elected Treasury Minister of the Year in 2013.”


Hisarcıklıoğlu stated that despite undergoing one of the worst global crises, Turkey’s budgetary tendencies have preserved their positive direction and it has upheld Copenhagen Criteria.


The TOBB President thanked Minister Şimşek for his disciplined stance on behalf of the Turkish private sector.


- “Those unable to manage their budget cannot grow”


Emphasizing that those unable to manage their budget cannot grow their business, Hisarcıklıoğlu said, “The healthy growth and development of the country, the progression of the sector and prosperity of the people are all dependent on the proper management of budget. We have experienced firsthand the effects of failure to do so. Thankfully, due to strong reforms in recent years in Turkey, growth and development has been mostly in the field of a robust financial infrastructure.


On the one hand, efforts are underway to lighten the private sector’s encumbrances while on the other hand public spending is being tied into certain criteria. Additionally new regulations are being implemented in regards to debts, treasury bureaucracy and the online implementation of certain processes.


The number of installments for taxpayers experiencing difficulties in paying taxes have been increased. A new application has entered into operation to facilitate the payments of tax returns. We find all of these developments to be steps in a positive direction and thank the Minister and relevant bureaucrats for their contributions to this end.”


- “Unprepared countries are being left behind through reforms”


Hisarcıklıoğlu stated that they want the reform process to continue with increased speed, said, “You must keep in mind these two facts: First, the global system is functioning faster than ever before. The conditions of business and its rules are changing so quickly that countries unable to keep up through reforms are being left behind.


Secondly, competition between countries is more intense than ever. When you enact reform, your competitors enact bigger reforms. Those who pull ahead in a race of reforms, win; those who lag behind, count in place. That is why we must talk about a marathon of reforms instead of packages.”


- “One of the most important fields for reform is in regards to addressing off the record economy”


Stating that we must come to view reforms as occasional gift wrapped presents but instead view them as a way of life, the TOBB President said, “Only then will Turkey reach her goals; her citizens become richer.”


Hisarcıklıoğlu stated that one of themost important fields for reform is in regards to addressing off the record economy, and that, as the private sector, they fully support Treasury Minister Şimşek’s determined efforts to address the issue.


- Treasury Minister Şimşek


Minister of the Treasury, Mehmet Şimşek, provided information on their efforts regarding financial reforms.


He went on to talk about the current deficit, public spending, interest rates, austerity measures, streamlining of bureaucratic procedures.


Having successfully implemented 2 action plans in regards to off-the-record economy, Minister Şimşek reported that they are making the preparations for a third one, with the goal of increasing resources without interfereing with interest rates or raising taxes.


Şimşek stated that once political stability has been reassured following the elections, interest in Turkey from Gulf countries has returned, indicating that flow of funds into the country will continue.


Prior to the meeting, Treasury Minister Mehmet Şimşek and TOBB President M. Rifat Hisarcıklıoğlu toured the TOBB ETU Technology Center were briefed in regards to the Technology Center which is comprised of 74 research labs, 13 design studios and 37 training labs as well as housing the world’s largest Water Turbine and Testing Laboratory (ETÜ HİDRO).

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