Finance minister pitches ‘Turkey model’ to investors in London

LONDON

Treasury and Finance Minister Nureddin Nebati has said that his messages on the Turkish economy were “well received” during his meetings with some bankers and investors in London.

“We have explained Turkey Economy Model and the steps we will take, and exchanged views,” he said in a tweet on Feb. 7 after one-to-one meetings in the British capital.

In his first foreign trip since starting the job in early December, Nebati also held two group meetings with representatives of banks, investment funds and international investors.

In November 2021, the Turkish government announced a new economy policy approach based on low interest rates and current account deficit and increased exports, output and employment.

Turkey’s foreign trade gap was down 7.5 percent to $46.13 billion in 2021, compared to the previous year, according to official figures released by the Turkish Statistical Institute (TÜİK).

Exports rose to $225.3 billion in 2021 with an increase of 32.8 percent, while its imports increased by 23.6 percent to $271.4 billion.

Speaking after a cabinet meeting on Jan. 31, Erdoğan unveiled new schemes to be provided under the Credit Guarantee Fund to support firms, including small and medium-sized companies.

One of schemes will support investments by companies that focus on the production of high value-added products while another scheme will support companies’ export activities, according to the president.

“We aim to create an economic environment which bolsters investment, employment, production, exports and current account surplus,” Erdoğan said.

Turkey’s economy grew by 7.4 percent in the third quarter of 2021 from the same period of the previous year.