Union of Chambers and Commodity Exchanges of Turkey

“We are ready to stimulate the economy and start turning the gearsagain”

20.05.2020 / Ankara

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President Rifat Hisarcıklıoğlu stated that normalization has begun to be talked about thanks to the measures and supports implemented in the economy, “We are ready to stimulate the economy and start turning the gears again.”​

TOBB Economic Meeting, which was held with the participation of 365 chambers and commodity exchange heads and 61 sector council presidents under TOBB, was conducted via videoconference in accordance with the measures implemented in regards to the Covid-19 outbreak.

Hisarcıklıoğlu stated that, thanks to the steps taken by Treasury and Finance Minister Berat Albayrak who attended the opening of the meeting, throughout the Covid-19 outbreak process, these troubles will be left behind with minimal damage and the economy will begin the process of regrowth.

“Normalization has begun to be discussed thanks to the measures and supports implemented in the economy,” Hisarcıklıoğlu said, TOBB came together from the first day, making the necessary contribution to identify and solve problems.

Hisarcıklıoğlu stated that the information they received from the field is quickly communicated to the government, Minister Albayrak bringing the majority of them to completion.

Noting that throughout this process, the banking system put into operation credit packages, the Credit Guarantee Fund doubled its bail capacity, tax-SGK postponements, short work allowance, businesses were saved from a significant burden, Hisarcıklıoğlu emphasized that this dynamic process was managed successfully.

Hisarcıklıoğlu stating that this was considered a 3-month break on the path to reaching Turkey's goals, said:

“We are ready to stimulate the economy and start turning the gears again. At this point, my chamber-commodity exchange and industry council friends have prepared a very nice work in relation to the necessary measures and supports. You've shown that challenges can be overcome through public and private sector co-ordination. Under our President Recep Tayyip Erdoğan and your leadership, we will continue the global race where we left off by overcoming all these difficulties.”

- Minister Albayrak

Treasury and Finance Minister Berat Albayrak said, “We are entering a process where we can witness historical opportunities and produce more effectively in all areas. If we can properly evaluate our production capacity, there will be a period in which we will write a brand new and lasting story in the economy.”

Albayrak, noting that the effect of the Covid-19 epidemic which is affecting the whole world and dealing a heavy blow to the global economy, is declining day by day, said that all data shows a steady approach to normalization.

Albayrak stated that the protection they provide with Economic Stability Shield to all our citizens, especially after Covid-19, and said they are working diligently in preparation for the post-outbreak period in the best way.

Minister Albayrak, noting that they mobilized all necessary supports for tradesmen, industrialists, SMEs’ liquidity needs, said, “Allah willing, in the process of normalization, we will continue to take our steps quickly, considering that the next period is 'the new normal.' I think the economy will adapt quickly to the new normal. The review of supply chains in the global system will consist of the creation of alternatives in the fields of production, and health infrastructure becoming a priority in all areas from investments to tourism. Turkey will be even brighter in the world with its strong production infrastructure, young and trained human resources, business world and advanced industry which adapts rapidly to global changes.”

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