Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu convened with the ambassadors of G20 countries at the TOBB Twin Towers.

Stating that history shows how effective a platform G20 is in times of global economic crisis, Hisarcıklıoğlu said, “However, today we are faced with problems we’ve never seen before in the global economy. We are talking about a time when an abundance of cash will no longer be present and when monetary tightening will be all too present. All eyes are on the American Fed. Nobody is able to predict how the situation will effect developing economies or underdeveloped countries.”

Stating that they are unable to successfully implement infrastructure projects, Hisarcıklıoğlu said that they are unable to pair resources with projects.

- “We are still bonded to petroleum”

Pointing out that the issue of energy is still fraught with many unknowns, Hisarcıklıoğlu said, “We are still bonded to petroleum. Brent oil prices have dropped by 50% despite no expectations of a serious crisis. It is unclear what this drop will bring.”

Stating that trade has lost its old luster, Hisarcıklıoğlu reported that increase in trade has been left behind even by slow growth rates in recent years.

Stating that the issues at hand are global problems requiring global solutions, Hisarcıklıoğlu underlined G20’s importance in this regard.

Stressing the fact that G20 is a platform which can enable the rapid and effective implementation of decisions in regards to the global economy, Hisarcıklıoğlu said, “This is why we, the Turkish business community, put great importance on our 2015 presidency. We know that we will have this opportunity again only in 20 years at the earliest. We are working with all our power to make use of this opportunity.”

Touching on the importance of increasing cooperation between business and government at a time when G20 has such significance, Hisarcıklıoğlu added that B20, the business wing of the G20, needs to be strengthened.