Global investors praise Turkish reforms: Deputy PM Şimşek

Global investors praise Turkish reforms: Deputy PM Şimşek

Global investors praise Turkish reforms: Deputy PM Şimşek

Global investors see Ankara’s economic reforms as positive and the “reform package aimed at improving Turkey’s investment climate shines out as first class,” Deputy Prime Minister Mehmet Şimşek has told state-run Anadolu Agency.

Şimşek 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, Şimşek said on April 20.

A package of over 100 articles to encourage investment in Turkey was sent to parliament on Jan. 30. Some 35 of the 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.

Meeting with US treasury secretary

Şimşek also met with U.S. Treasury Secretary Steven Mnuchin and discussed President Donald Trump’s recent decision to impose 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 had also said on April 5.

“We have a $1.2 billion export in the iron and steel sector and $1.3 billion in imports [from the U.S.]. There’s a gap here,” Zeybekci said.