In his speech at the Türkiye-USA Business Council Meeting held at Türkevi, President Erdoğan thanked the American Chamber of Commerce, business councils and the Foreign Economic Relations Board for organizing the meeting.
The question that business people are most curious about is "At what stage is the economic program? To what extent have you progressed towards the goals?" Stating that he will answer the questions, Erdoğan stated that the four basic components of the program they implemented are "price stability, financial discipline, sustainable external balance and structural transformation".
Emphasizing that they have made visible progress in all four principles despite the wars that broke out in the region in the last year, Erdoğan continued his words as follows:
"Basic goods inflation dropped to the lowest level of 2020 and rental inflation to the lowest level of the last four years. If it were not for the direct and indirect effects of the war, we would close 2026 with an inflation rate of around 20 percent. Under current conditions, we anticipate completing the year at around 28 percent. We believe that 2027 will be a stronger year in terms of disinflation. We are in a very good position on the fiscal discipline side. We will reduce taxes in order to protect our citizens and the real sector from rising fuel prices." We have achieved a performance beyond our target in the budget, despite the tax loss incurred due to this. If we need to make a comparison, this ratio is close to 6 percent in similar countries. While the ratio of public debt to national income is 78 percent in developing countries, it is below 22 percent in Türkiye. Despite the increase in energy prices in the external balance, we have managed to keep our current account deficit and external debt indicators below the averages of the last 20 years. "shows its distance."
"WE ARE ACCELERATING INVESTMENTS THAT WILL SUPPORT DIGITAL TRANSFORMATION"
President Erdoğan stated that the main issue is efficiency, which is why they placed structural transformation at the center of the program.
Pointing out that they are assertive in green transformation, Erdoğan reminded that they will host COP31 in Antalya in November this year.
Stating that they implemented targeted and selective policies to increase added value in the industry, Erdoğan said:
"We are accelerating infrastructure investments that will strengthen us in artificial intelligence and support digital transformation. We provide strong incentives to investors with the industrial zone we are establishing in Ankara in the field of healthcare. We are moving determinedly towards the goal of a Terrorism-Free Turkey to activate our regional potential. In short, Turkey is an economy that not only reacts to shocks, but has gained resistance to shocks and invests in durability, efficiency and economic security."
"AMERICA RANKS FIRST AMONG OUR LNG SUPPLIERS"
President Erdoğan said that they are improving their strategic cooperation with America in every field as the 100th anniversary of diplomatic relations approaches.
"Our strategic cooperation with the USA is developing in every field. We wish to reflect the harmony we have achieved in our political relations to our economic and commercial relations." Erdoğan continued his words as follows:
"In fact, we have a very serious potential in this field. We have recently concluded important agreements in energy, aviation and other critical sectors with our joint efforts. Today, America ranks first among our LNG suppliers. Thus, we are one of the countries that prefer American sources in Europe. We aim to expand this cooperation to the entire energy sector, including nuclear. On the other hand, it is not correct to read our economic relations with America only through trade figures. I believe that a strategic economic cooperation model with Turkey is needed in a period when the global economic order is being reconstructed."
ENERGY ROUTES ARE BEING REDRAWED
President Erdoğan pointed out that five major transformations will accelerate in the region as conflicts are left behind.
Stating that the first of these is the repositioning of supply chains, companies are now looking for the most reliable place, not just the cheapest place, Erdogan said, "Turkey is the natural address of this search with its strong industrial infrastructure connected to a wide free trade network with the European Union and the Customs Union." he said.
Erdogan said:
"Secondly, energy routes are being redrawn. Turkey is the most reliable corridor of uninterrupted energy flow, from Baku-Tbilisi-Ceyhan to TANAP. Thirdly, trade corridors are changing. The middle corridor connecting Asia to Europe and the Development Road connecting the Gulf to Europe intersect in Türkiye. Fourthly, the reconstruction period begins. Roads, ports, power plants, residences, factories will be rebuilt in our region. The Turkish contracting sector is the most prepared actor of this process with its experience of doing business in difficult geographies. Fifth, defense and advanced technology. Our defense industry, which produces at NATO standards, has reached the capacity to contribute to the supply security of our allies. In April, we implemented one of the most competitive investment packages in the world to enable our country to benefit from these transformation opportunities. Our foreign representations, especially our investment and finance offices in Washington and New York, are always ready to support you.
Erdoğan thanked business people for their efforts to strengthen Turkish-American relations.
