Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu stated that the global economy was going through a very interesting period, saying, “We live in days when what we knew to be true is false and what we knew to be false is true. The debt crisis in Europe and the political upheaval brought on by the Arab Spring are threatening stability throughout the world. It has become critical to observe the developments in the global economy closely.

During meetings, we discuss how we can protect ourselves against the developments instead of how to realize our latest investments. This truly disturbs me as the President of the Turkish private sector as the need for investments continually increases.”

- “Increasing obscurity and confusion in the world economy are prohibiting are preventing the realization of investments”

According to the World Bank, in the next 10 years the Eurasia region will require 3.3 trillion dollars’ worth of investments in just the energy sector stated the TOBB President Hisarcıklıoğlu and went on, “The private setor has the strength to make these investments. However increasing obscurity and confusion in the world economy are prohibiting are preventing the realization of investments.

Today, what we expect from the leaders of the world, especially Europe, is that correct, timely decisions are made. You know that Greece’s credit grade was lowered first in 2009. It has been almost 2 years and the situation is becoming more and more complicated.”

- “Turkey is a global actor on the rise”

Stating that Turkey has gone through a similar crisis in 2001, Hisarcıklıoğlu said, “But we were able to make swift decisions,” and went on to say, “In the first 6 months of the crisis all structural precautions were taken and the restructuring process of the banks was complete. Turkey, which made those reforms with determination, has become a global actor on the rise today. Turkey, a member state of G20, is the 16th largest economy in the world and the 6th in Europe. Turkey is the strongest free market economy and private sector between Italy and China.

In this process private sector investments have been the driving force behind economic development. Turkey has displayed an impressive performance in the last economic crisis. Economy has cooled down rapidly and picked up momentum again soon afterwards.”

- “A new order and a balance of power will be established”

The TOBB President stated that, having grown by over 10% in the first half of 2011 and that the crisis has been a stress test of the institutional structure.

Hisarcıklıoğlu said, “Our Treasury, Central Bank, all governmental institutions, banks and companies have successfully passed this test. The private sector has proved how agile and adaptable it is with this crisis.”

Emphasizing that it is accepted that economic and political obscurity will last for a while yet, TOBB President said that a new order and a balance of power will be established.

- “Petroleum and natural gas do not make the people rich”

Stating that in this instance, it is very important for the shared future of Eurasia, Hisarcıklıoğlu said:

“There are two important elements of success here. The first, being open to the change required by the new era, and the second is to keep our bonds strong. What we imply by change is very obvious. It is needed that all countries in this region become market-economy with diversified production. As patterns of production diversify, the rules of a market economy will manifest. Doing business will become easier.

We have seen that petroleum and natural gas do not make the people rich. They do not spread the wealth to all of society; it does not render stability sustainable. Therefore there needs to be a transformation in everyone, from the richest to the poorest. This is also very important in regards to the security of energy paths.

We can only prepare for the new era in this way. We can shine the star of our region only in this way. I think that Turkey has a very important mission in this regard. With its diversified economy and the transformation it has undergone in the last 30 years, Turkey has much experience to pass on to the countries of the region. This means Turkey is not just a transit country in the region but also the transformative force of the region.”

- “We must revitalize the Silk Road in order to strengthen our position between Asia and Europe”

Emphasizing the need for strengthening connections as well as diversifying economies, TOBB President Hisarcıklıoğlu said, “And for that, we need to revitalize our transportation corridors and facilitate the physical circulation of goods.

To strengthen our position between Asia on the rise and Europe, we must revitalize the ancient Silk Road. The Silk Road is the economy artery spanning everywhere between China and the Mediterranean, from the Indian Ocean to Europe. Every container that passes through our borders will bind us closer together.

We need to see that laying pipelines on a route that no cargo passes through is wrong. We need to see that we will not achieve prosperity without first spreading economic integration to the masses. The revitalization of the Silk Road is no nostalgia; it is a necessity of the change of global economy.”

Stating that they, as TOBB, have garnered important experiences regarding Customs Gates Modernization, Hisarcıklıoğlu said that they have modernized the land customs gates of Turkey as TOBB in a Public-Private Sector Partnership.

Saying that they have modernized and have started operating 6 customs gates, Hisarcıklıoğlu stated, “We are ready to share these experiences with all countries in the region to abolish obstacles to trade and facilitate modern customs gate usage.”
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