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President Erdoğan: Turkey’s Economy Primed for Investment

President Erdoğan: Turkey’s Economy Primed for Investment

​​​​After the cabinet meeting held on June 9, President Recep Tayyip Erdoğan evaluated the social and economic precautions taken against the COVID- 19 outbreak. He said that Turkey had weathered the pandemic with minimal economic disruptions and that the country is ready to welcome back investors.

According to President Erdoğan’s statements, Turkey’s goal is to gradually lower its inflation rate, from 8.5 percent in 2020 to 6 percent in 2021, and then to below 5 percent in 2022. Erdoğan also mentioned that Turkish public banks had lowered their interest rates to help those who would like to invest in Turkey.

As well as explaining the new social regulations and restraints implemented to sustain Turkey’s decisive fight against the outbreak, Erdoğan emphasized that the economic and health-related measures have to be kept firm to ensure that Turkey is a leader in terms of the production and trade relations that will be formed following the pandemic.

President Erdoğan Inaugurates New Emergency Hospitals in Istanbul

President Erdoğan Inaugurates New Emergency Hospitals in Istanbul

President Recep Tayyip Erdoğan inaugurated the Sancaktepe Prof.Dr.Feriha Oz, Yesilkoy Prof. Dr. Murat Dilmener, and Hadımköy Dr.İsmail Niyazi Kurtulmuş emergency hospitals in Istanbul.

All three hospitals had been built/renovated within the past 45 days in order to respond to emergencies like the Covid-19 pandemic.

In his speech, President Erdoğan expressed his hope that these hospitals would provide fruitful contributions to Istanbul and Turkey, and added, "Thank Allah, we have prevented the spread of the pandemic even without the need for the additional capacity we have created here."

Turkey became a focus of interest during the pandemic due to its strong healthcare infrastructure and health insurance system. In addition to serving any immediate needs, the hospitals will contribute to the country's health tourism sector once the pandemic is over.​​​​

President Erdoğan Attends 1915 Çanakkale Bridge Tower Completion Ceremony

President Erdoğan Attends 1915 Çanakkale Bridge Tower Completion Ceremony

A ceremony to mark the completion of the towers of the 1915 Çanakkale Bridge was held on May 16, 2020. President Recep Tayyip Erdoğan attended via videoconference, telling attendees that construction projects such as the 1915 Çanakkale Bridge will make Turkey the heart of regional transportation.

“We have many highway, railway, aviation, and maritime projects still underway. When these projects are completed, Turkey, beyond meeting its own needs, will become a regional transportation hub,” President Erdoğan said.

The 1915 Çanakkale Bridge, planned to come into service on March 18, 2022, will boast the longest central span of any suspension bridge in the world when it opens.

Drilling Ship Fatih Sails to Black Sea

Drilling Ship Fatih Sails to Black Sea

Turkey's first drillship, Fatih, set sail from Istanbul for a drilling mission in the Black Sea.

Along with other boats that pass through the Bosphorus, President Recep Tayyip Erdoğan also greeted Fatih on May 29, the 567th anniversary of the conquest of Istanbul.

Speaking at the send-off ceremony, Energy and Natural Resources Minister Fatih Dönmez announced that the ship will start its first sounding in the Black Sea on July 15 at the Tuna-1 location.

The 229-meter-long (751-foot) vessel, which weighs 5,283 gross tons, is capable of drilling to a maximum depth of 40,000 feet.

Turkey, a Global Energy Hub

Turkey, a Global Energy Hub

TurkStream, Turkey’s natural gas pipeline project transporting Russian natural gas to Europe via Turkey launched on January 8, 2020, with the participation of President Recep Tayyip Erdoğan. Also attending the ceremony were President Vladimir Putin of Russia, President Aleksandar Vučić of Serbia, and Prim​e Minister Boyko Borisov of Bulgaria.

TurkStream will directly connect the gas reserves in Russia to the Turkish gas transportation network, enhancing Turkey's position as a primary energy hub and creating a reliable source of energy for Turkey and Europe.

Highlighting Turkey’s vision to be a global energy hub, President Erdoğan said that Turkey's vision for cooperation is embodied by TANAP, which carries Azerbaijani natural gas to Europe, and TurkStream, which transports Russian natural gas to Europe.​​

Euroclear to Provide Service for Turkey’s Government Bonds

Euroclear to Provide Service for Turkey’s Government Bonds

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Ministry of Treasury and Finance agreed with the Euroclear Bank, one of Europe's largest securities depositories, to provide depository services for Turkey's government domestic debt instruments.

Thanks to the agreement, international investors can now directly invest in Turkish government bonds without using a correspondent bank.

Minister of Treasury and Finance Berat Albayrak said, “This is an important milestone. Our steps towards adaptation of capital markets with international standards within the scope of Istanbul Finance Center targets are continuing. Thanks to our cooperation with Euroclear, foreign investors will have easier access to our TRY, foreign currency, and gold denominated bonds."

“Being able to tap into the liquidity provided by international investors through Euroclear is important for the continued development of our local debt markets," he added.​

EBRD and JPMorgan Chase Foundation Ally to Support Turkey-based MSMEs

EBRD and JPMorgan Chase Foundation Ally to Support Turkey-based MSMEs

The European Bank for Reconstruction and Development (EBRD) and the JPMorgan Chase Foundation joined forces to support particularly women-led micro, small, and medium-sized enterprises (MSMEs) in Turkey, according to a statement released by the bank on June 10.

The EBRD and JP Morgan Chase Foundation will co-finance Turkish women entrepreneurs as part of EBRD’s Women in Business program. It is the first time that a philanthropic foundation has joined the bank in its mission to lend support to women’s participation in the economy.

With the allocated financing, a brand-new digital platform will be launched that will allow Turkish women in business to find solutions to the problems they encounter in terms of know-how and opportunities.

Supporting women-led businesses is one of the EBRD’s priorities across its regions, and the bank makes use of Business Lens, an online tool to pinpoint the advantages and possible opportunities of the enterprises. Out of more than 7,000 global women entrepreneurs supported via Business Lens, 2,500 are Turkey-based.

“Higher participation of women in the economy and closing the gender gap is expected to increase the country’s overall prosperity,” read a statement from the bank. Similarly, President Recep Tayyip Erdoğan formerly introduced a series of financing regulations to encourage women with children to participate in the workforce.

In the last 11 years, the EBRD has invested more than EUR 12 billion across numerous sectors in Turkey. The bank’s Turkey portfolio currently stands at EUR 7 billion, which makes it the largest among the 38 economies that the bank makes investments in.

TPAY Mobile Acquires Turkey’s Fintech Platform Payguru

TPAY Mobile Acquires Turkey’s Fintech Platform Payguru

​​Owned by the British Helios Investment Partners, the UAE-based payment services provider TPAY Mobile has acquired Payguru, a Turkish payment platform.

“We are proud to have carried out a successful and profitable business within 5 years through organic growth and with no external fund. We are delighted to be joining TPAY Mobile, a leading actor in the region, " CEO of Payguru, Işık Uman, said.

While emphasizing the growing fintech sector in Turkey, he added, “Turkey's advanced infrastructure on information technology, telecommunications, and the banking sector has positioned the industry as an important fintech market with participation from many global companies."

Payguru, established in 2015, offers several services, including mobile payments, ATM cash payments, and bank transfers services.​​

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