Union of Chambers and Commodity Exchanges of Turkey

We must produce solutions as B20

03.09.2015 / Ankara

Speaking at the B20 Growth Focused Agenda session held as a part of the B20 Turkey Conference hosted by TOBB, B20 Turkey Chair and TOBB President M. Rifat Hisarcıklıoğlu stated that the global economy has taken on an uncertain aspect.​

Pointing out that over 200 million people have lost jobs globally, Hisarcıklıoğlu said, “These do not bode well for the business world. There is a chance for G20 to act and bring stability to the global economy.”

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Emphasizing that problems can only be solved through global cooperation Hisarcıklıoğlu urged the need to support innovation and fair competition. Pointing out that, at their core, G20 and B20 are built upon trust, Hisarcıklıoğlu said, “Trust enables the rapid transformation of the economic situation. On a global scale, trust concerns citizens. We must earn this trust and produce a solution as B20.”

B20 Turkey Infrastructure and Investments Taskforce Chair Ferit Şahenk stated that monetary and financial policies no longer apply to long term growth, “Therefore, structural reforms are more important than ever.”

Şahenk stated that the global economy has failed to perform to standards following the crisis. Drawing attention to the slowdown of growth in developing countries stressed that the markets which they foresaw as being locomotives for growth are having difficulties.

McGraw Hill Financial’s honorary chair and the President of the International Chamber of Commerce, Harold McGraw stated that they are working to measure development and provide continuity for countrices.

Stating that economic growth is possible through commerce, McGraw emphasized the need for the business world and governments to work together; that alone, neither would succeed.

EUROCHAMBRES President Richard Weber stated that they are waiting for a new guide for the future from the G20 and said, “There are only three ways to grow. First: War. This is a bad choice. War destroys and economy gains after the destruction. We do not want this for the future. The second is inflation. Inflation takes gains and carries them far away. We do not want this either. The third is innovation. This is the field in which we must focus for growth.”

Stating that two thirds of all innovation in Europe I made by SMEs, Weber stated that they would be able to address the problem of growth by focusing on policies regarding SMEs.

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