Business

ITO President Avdagic: We trust Turkey’s potential

Istanbul Chamber of Commerce (ITO) President Sekib Avdagic stated that they trust Turkey’s potential and said, “We do not allow the Turkish economy to be confined to two parameters such as exchange rate-interest. As we have emphasized before, the discussions have moved away from the interest-exchange axis. We should not allow those whose goal is to settle on interest and exchange rates.”

Istanbul Chamber of Commerce (ITO) President Sekib Avdagic, in his statement on his social media account, noted that the Turkish economy is going through a sensitive period and that the government, private sector and the public will successfully emerge from this process together.

Emphasizing that they trust Turkey’s potential and that they do not allow the Turkish economy to be confined to two parameters such as exchange rate and interest, Avdagic said:

“As we have emphasized before, the discussions have moved away from the interest-exchange axis. We should not allow those whose goal is to calculate on interest and exchange rates. In this period, where our share in world exports exceeds 1% and the ratio of exports to imports exceeds 90%, currency attacks are manipulative. Turkey’s new development model is built on production. The Turkish real sector draws its strength from production, investment and exports. The anchor of the Turkish economy is production and investment. It cannot be condemned to a vicious cycle. We should not miss the opportunity to be the country that will make the best exit after the epidemic. We will continue to produce. We will respond to those who want to besiege the economy by producing more. In particular, we will protect our employees in solidarity with an increase in wages above inflation.”

Expressing that it is necessary to focus on global opportunities together with the government, the real sector and banks, Avdagic said, “In this period, it would be appropriate for market makers to be in active communication with the business world and to take measures to facilitate production in the short term.”

Source: Sabah / Translated by Irem Yildiz

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