Global investors praise Turkish reforms: Simsek

Global investors see Turkish economic reforms as positive, and especially the reform package aimed at improving Turkey’s investment climate, Deputy Prime Minister Mehmet Simsek told Anadolu Agency late on April 20. Simsek met with more than 100 global investors as part of the current Spring Meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group in Washington between April 16 and 22.

“We had the chance to discuss Turkey’s economy and reform agenda after presidential and parliamentary elections,” set for June 24, Simsek said.

A reform package of over 100 articles - designed by the Coordination Council for the Improvement of the Investment Environment (YOIKK) - to encourage investment in Turkey was sent to parliament on January 30. Some 35 articles were approved and published in the Official Gazette on March 10. The reforms aim to simplify the process of setting up companies, getting construction permits, foreign trade, doing research, and bringing in investments.

Simsek also met with U.S. Treasury Secretary Steven Mnuchin and discussed President Donald Trump’s decision to imposing a 25 percent tariff on imported steel and a 10 percent tariff on aluminum. He gave Mnuchin information on how Turkey has a foreign trade gap in iron and steel production.

Ankara is in touch with the U.S. over its decision to impose tariffs on steel and aluminum imports, Economy Minister Nihat Zeybekci said on April 5. “We have $1.2 billion in exports in the iron and steel sector and $1.3 billion in imports [from the U.S.]. There’s a gap here,” Zeybekci said.