Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu stated that Turkey has benefited greatly from the European Union to this day in regards to its financial transformation and went on, “We’ve conducted most of our foreign trade with the EU. Direct foreign investment into Turkey has been mostly from the EU member states. Now, we want to form the same level of financial ties with the US as Turkey has with the EU. We view the cooperation between TOBB and the US Chamber of Commerce as a very important enterprise to support this vision.”

Speaking in regards to the history of Turkey – USA economic relations, Hisarcıklıoğlu gave an example from Winston Churchill’s speech following the victory of El Alamein in 1942 to illustrate the development process of Turkey’s economy, “What was it Churchill said, ‘This is a victory not an end. It’s not even the beginning of the end, but an end of a beginning.’”

- “We’ve come to the end of beginning in the transformation process”

Stating that the things which need to be accomplished during Turkey’s process of transformation are not yet at an end, Hisarcıklıoğlu said, “We are nowhere near the end of the process of transformation. At most, we are at the end of the beginning of Turkey’s financial, social and political transformation process.”

Stating that the financial cooperation opportunities between Turkey and the USA used to be very limited in the past, Hisarcıklıoğlu said, “Today, our opportunity sets have been greatly expanded. The figures, however, are not completely improved. This dinner is very special for us; for Turkey and for TOBB.

This is due to the fact that we have wanted to work together as TOBB and the US Chamber of Commerce for many years. We’ve wanted to take on roles and responsibility for the development of bilateral financial relations.  We’ve emphasized time and time again that the weight of the relations between Turkey and the USA should not be put solely on the shoulders of diplomats and politicians. We’ve wanted to bolster the political and military aspect of our relations by complementing them with the financial relations and make them stronger.

We are, at present, quite cognizant of the diversity of the US economy. We know that each state is comparatively advantageous. Whatever is produced in the world can also be produced in the USA. We know that the US Chambers of Commerce can help guide us in this aspect. We have already begun working to this end.

Among the subjects we are focusing on are bilateral trade, investment, tourism, entrepreneurship and know-how transfer as well as cooperation in third countries. The improved and deepened Turkey-USA economic relations will greatly benefit both countries. Turkey’s financial transformation will benefit from this. Turkey’s 2023 vision will become more meaningful.

Until today, Turkey, In its transformation process, has benefited greatly from its relations with the European Union. It has conducted most of its foreign trade with the EU. Most of the direct foreign investments into Turkey have been from the EU.”

- Importance of the G20 process

“The developments in global economy indicate that the G20 process will be even more important from this point onward. It is necessary to develop a new cooperation mechanism in global governance.

For the healthy operation of the global system, global economic policy coordination must adhere to a better agreement. We will be bringing our views on this matter to the B20 platform.

78% of Turkey’s direct international investments go to the EU and the USA. Therefore, Turkey will be directly effected by the Transatlantic Commerce and Investment Partnership Agreement between the EU and the USA. That is why we consider it very important for Turkey to be involved in this process.”

- US Chamber of Commerce Vice President Myran Brilliant

During his speech, the US Chamber of Commerce Vice President Myran Brilliant, touched on the importance of the relations between the two countries and stressed that they wish to increase cooperation. Stating that they have been hosted by 9 ministries in two days, Brilliant said, “We are truly being spoiled in Ankara.” Pointing out that the strength of all other relations will be determined by how well the foundations of economic relations have been laid, Brilliant said that there were many uncertainties present in the Middle East at the moment. Myren Brilliant said, “Everything is quaking in the region. There are issues. The Arab Spring did not take full effect. It is in this environment that Turkey and the USA should consider forming a more concrete cooperation.”