Minister of Commerce Mehmet Muş stated that Turkey has succeeded in integrating with international markets in every sense and said, “I invite you to evaluate the opportunities in Turkey for joint cooperation initiatives at a time when global supply chains are re-forming and our country is reinforcing its position as a center of attraction.” said.
The "D-8 Investment Forum", which was held in Istanbul on the occasion of the 8th anniversary of the Organization for Economic Cooperation of 25 Developing Countries (D-8) consisting of Turkey, Bangladesh, Indonesia, Iran, Malaysia, Egypt, Nigeria and Pakistan, started.
Speaking at the opening of the forum held in cooperation with the D-8 Secretariat and the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Minister of Trade Muş said that the D-8 Economic Cooperation Organization, which was established exactly a quarter of a century ago in line with a strategic vision, is based on extremely strong foundations.
Noting that the D-1 countries have a tremendous economic potential, with a population of over 4 billion and an economic size of 8 trillion dollars, Muş said, "However, we have not yet fully utilized this potential that we have as D-25 in the past 8 years since its establishment." said.
Stating that as of last year, the share of D-8 countries in Turkey's foreign trade volume was only around 5 percent, Muş continued his words as follows:
“Again, since 2002, foreign direct investment inflow to our country has been at the level of 242 billion dollars, while the total investment from D-8 countries to Turkey in the same period is only 1,1 billion dollars. In the same period, our country's direct investments in D-8 countries amounted to 716 million dollars. Therefore, we see that our level of integration in terms of trade, investments and supply chains is far below what is desired. Putting into use mechanisms that will use our potential in the most effective way is very important in accelerating our development efforts at national and regional level.”
“Growth rates reveal the forward potential of our economy”
Mehmet Muş mentioned the difficulties experienced in the global economy, the Russia-Ukraine war, the increase in commodity and energy prices, and the deterioration in the supply chain, emphasizing that these negativities put serious pressure on growth.
Stating that despite all these negativities, Turkey closed 2021 with 11 percent growth and the first quarter of this year with 7,3 percent growth, Muş said, “The growth rates captured in such a conjuncture are an important indicator in terms of revealing the future potential of the Turkish economy. ” said.
Muş stated that Turkey has raised the bar not only in goods exports but also in service exports, and that they expect service exports to exceed 68 billion dollars this year.
Mentioning the successes Turkey has achieved in exports, Muş said, “As a country that has succeeded in integrating with international markets in every sense, we are aware that export means increasing and diversifying production as well as investment, employment and prosperity spreading all over the country. On this occasion, I invite you to evaluate the opportunities in Turkey for joint cooperation initiatives at a time when global supply chains are re-forming and our country is reinforcing its position as a center of attraction.” he said.
“Explicit or implicit restrictions on foreign investments should be removed”
Minister of Commerce Muş stated that the global developments made the economic and commercial cooperation of the D-8 countries much more important, and said:
“As D-8 members, further integration of our regional multinationals through global value chains is vital to stimulating economic growth within the union. Foreign direct investment, which is a long-term and solid source of economic growth, has become one of the most effective tools that can contribute to productivity and capacity increase, while encouraging the spread of knowledge and experience by enabling technology transfer. The increased cooperation in the field of investment within the scope of D-8 will provide unique opportunities to revive new trade and investment links between our countries, and will make invaluable contributions to the growth of our countries, to increase our employment and welfare level.”
Muş called for the removal of explicit or implicit restrictions on foreign direct investments for close cooperation to be provided under the D-8, and said, “At this point, we fully understand the D-8 Preferential Trade Agreement, which we continue to see as the biggest building block of cooperation in the field of trade and investment. I would also like to underline the importance we attach to its implementation.” said.
“The D-8 Preferential Trade Agreement should be implemented by all members and countries”
Mehmet Muş said, “By the end of 2030, as member states, it is determined that the intra-regional trade of the D-8 will be increased to at least 10 percent of our total trade. In order to achieve this goal, we believe that the implementation of the D-8 Preferential Trade Agreement by all members and countries is of key importance.” he said.
Mentioning the contribution of the full implementation of the agreement to trade, Muş emphasized that the intra-regional trade, which reached 130 billion dollars last year, could reach much higher levels.
Muş said that Turkey will continue to cooperate with D-8 member countries and that they are ready to increase cooperation in every field.