Message from International Investors Association YASED’s 29th General Assembly:
“Political and economic stability is essential for investment”
The leading representative of international investors in Turkey, International Investors Association YASED’s 29th Ordinary General Assembly was held on Wednesday February 24th, at Yapı Kredi Plaza Conference Hall in Istanbul. The Guest of Honor of the General Assembly was the Minister of State and Deputy Prime Minister Ali Babacan, who made a speech entitled “Turkish Economy and International Investment in a Year of Crisis”. In her opening address of the General Assembly, YASED Chairman Piraye Antika said, “Turkey is a country suffering from lack of savings. Measures that would secure continuous foreign capital and external finance inflows and strengthen our advantages should therefore be taken. Aside from the incentives focused on the manufacturing industry, service sectors such as tourism, health, IT that would sharpen our competitive advantages should also be given weight to.”
Members of YASED Board, representatives from embassies, consulates, and foreign chambers of industry and commerce, high-level bureaucrats, and executives of nongovernmental organizations participated in the General Assembly Meeting. Besides YASED members, quite a number of businessmen, representing international investments in Turkey were also present at the meeting.
Piraye Antika, thanked Minister Babacan, YASED members and all the guests, who participated in the General Assembly in her opening speech for their attention and attendance, and stated that Turkey needs a vision that would facilitate it to take place among the developing countries, which are looked on as the prospective locomotives of the new world order. Antika pointed out that although the impacts on Turkey of the crisis, which in general has caused adverse effects on the world, were confined - thanks to the structural reforms - it still manifested itself in decreases in registered capital and loan borrowings. Antika underlined that the structural reforms aimed at improving transparency and encouraging domestic savings should therefore continue, in order to enable Turkey to compete on the international platform.
Antika also referred to the contacts made with the authorities about the sustainability of international investments and said, “We are pleased with the legislative amendments which have brought improvements in the code applications and facilitated work permit issuance for expatriates recently.”
Antika added that they, as YASED, were anticipating to witness similar approaches towards the improvement of the investment environment on other areas YASED gives particular importance to, namely in preventing unregistered economy, protection of intellectual property rights and development of the R&D capacity.
Ali Babacan: “The role of the state should be regulation and supervision”
Minister of State Ali Babacan, who took the podium after Piraye Antika, gave a speech on “Turkish Economy and International Investment in a Year of Crisis”.
Babacan said, “International direct investment inflows to Turkey amounted almost to USD 8 billion in 2009 in spite of the global crisis. Given the fact that investments are the economic driving force of a country, the significance of this accomplishment is self evident. We are continuing our reforms and efforts relentlessly to cement this accomplishment.”
Ali Babacan added, “Our reforms will guarantee Turkey’s forward quest on the international arena without losing any speed. The reports of organizations such as OECD, IMF and the World Bank confirm these forecasts. According to researches made by these international organizations, Turkey is among the foremost countries, which will get rid of the impacts of crisis in a short time.”
On the last part of his speech, Minister Babacan referred to the balance between the state and the private sector; “The private sector, in our opinion, should not relinquish its competitive elements – within certain rules. This is a very important issue for Turkey’s dynamic economy. We, as the state choose to adopt a regulatory and supervisory position and not make unnecessary interventions.”
Following these speeches, the Annual Report of the Board and the report of the Board of Auditors were read and both Boards were acquitted. The General Assembly was adjourned after the discussions on and the approval of the 2010 budget and the statements of good wishes and requests by the members. There were no elections this year in the General Assembly, and the Board in office will continue to serve for one year more.
Minister Ali Babacan will hold a special Economic Coordination Council meeting on “International Direct Investments”, with YASED Board on Monday March 1st.