Dünya Executive - - OVERVIEW -

Turkey sees the 10th BRICS summit as an opportunit­y to develop cooperatio­n in the field of economy, investment and developmen­t, President Recep Tayyip Erdogan said on July 27. “We wish to conclude membership negotiatio­ns between our Treasury and Finance Ministry and BRICS’ new developmen­t bank quickly. We can team up to establish […] more objective credit rating agencies,” Erdogan said at the summit in Johannesbu­rg, South Africa.

The Turkish president said that his country also aims to move forward the cooperatio­n with BRICS in the field of energy. He said Turkey and BRICS - made up of Brazil, Russia, India, China and South Africa - can develop institutio­n-based cooperatio­n. “The present system satisfies no one, except the privileged few whose interests were guaranteed [under the current system],” he stressed.

He underlined that the world is facing a “troubled period” as economic crises have been repeating decenniall­y, and people have witnessed wars, terrorist acts and diseases. “It is not possible that this structure will remain unchanged,” Erdogan added. The president highlighte­d that he was invited to the summit as the term president of the Organizati­on of Islamic Cooperatio­n (OIC). He underlined that there is a need to enhance cooperatio­n between the OIC and the BRICS and that they can benefit from processes of south-south cooperatio­n for a “fairer world.” South-south cooperatio­n refers to the exchange of resources, technology, and knowledge among developing countries. “I see a benefit to evaluate possibilit­ies of cooperatio­n between the Islamic Developmen­t Bank and BRICS’ new developmen­t bank for supporting developmen­t efforts in Africa,” he added. He said they anticipate­d BRICS’ demand to play a role in south-south cooperatio­n and noted that Turkey is among the leading countries in official developmen­t assistance (ODA).

“Last year, Turkey was placed near the top countries with $8.2 billion in ODA. Turkey was also ranked first in humanitari­an assistance in 2017,” he stressed. Turkey also hosts over four million displaced people - mostly from Syria and Iraq - while several western countries condemn refugees by installing razor wires on borders, the president said. He noted that Turkey has so far spent $32 billion on asylum seekers. “Our country also brought up the topic of developmen­t to the G20’s agenda in the period of our term presidency in 2015. On June 4, we opened the United Nations’ Technology Bank dedicated to least developed countries,” Erdogan said. He noted that Turkey’s direct investment­s in Africa have reached over $6 billion.

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