Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu spoke to İstanbul industrialists regarding opportunities and risks in the economy

22.01.2020 / İstanbul

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu, attending the Istanbul Chamber of Industry (ISO) January Council meeting, described the developments in Turkey and the world economy and spoke in regards to opportunities and risks in the economy.​

Noting that, except for 3 countries (Argentina, Venezuela and Sudan), a growth is expected throughout the world economy, Hisarcıklıoğlu said, “Growth is expected to increase in all regions except the United States. That goes for us, too. Only the U.S. growth expectation smaller. There's a risk, and that's the high borrowing rate. The world has never been so indebted. It's a big risk. The wealth of the 1% has exceeded the wealth of the 99%. Capitalism needs transformation. Capitalism must redefine itself. If we can't do that, no one will have peace.”

- Risks and opportunities

Hisarcıklıoğlu, who also made assessments about the Turkish economy, said, “After shrinking in the first two quarters, we recovered. I'm estimating a 5% growth in the last quarter. We are involved in this as a business community. We have risks and opportunities. As risk factors; turmoil in the environment, relations with the United States and the EU, risk factor, global protectionism, the situation in exports with the UK after Brexit, and cyber security.

The opportunities are: There is a 4-year period free of elections, which is the right environment for structural reforms, looser monetary policies of the United States and the EU, an increase in global fund flows, a decline in interest-inflation SBS risk premiums.

The problems in the world economy are no different from ours. What we are discussing here, we are talking about them in EUROCHAMRES and in the world economy.”

- Education, quality and R&D

3 critical issues in the Istanbul Chamber of Industry Council were evaluated: Education, quality and R&D. Hisarciklıoğlu said, “Investment in education is an investment in the future. As a businessman, I see education as the only area where you never lose money from investing. It always profits. Today's Kayseri's enrolment rate is actually at the point where the city will reach after 10 years. Allah bless all the benefactors.

Recently, as TOBB, we have contributed $270 million to education in 81 provinces. To date, we have made contributions that no province or organization has made. We took into account whatever kind of school that province requires.

You are a member of the İstanbul Chamber of Industry Council and a member of the TOBB Community. See what these institutions do. Whoever was elected from which sector is the leader of that sector. That's how I look at it. The TOBB community is the most democratic institution in the country. As a leader, you have to know and guide. So I say, come be a guest of your own institution in Ankara. To date, we have trained 4,000 council members. I ask you to attend these trainings in Ankara. Let's talk deeply about what we're doing.”

Hisarciklıoğlu, who shared in detail what TOBB has done recently with the members of council of the Istanbul Chamber of Industry stressed that many endeavors have been undertaken which will pave the way for the business world, especially the improvement of the business and investment environment, the KGF system vouching for members, those that have been made in reaching financial resources, commercial credit insurance and compulsory mediation.

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