Turkish deputy PM: Turkey, a reliable country for domestic, foreign investors

Turkish Deputy Prime Minister and Spokesman for the Turkish government Bulent Arinc said on Thursday that there has always been economic crisis, what is important is to know how to keep the boat afloat in a rough sea, stressing that Turkey is a reliable country both for domestic and foreign investors. Speaking at the closing session of the 4th Istanbul Finance Summit (IFS) in Istanbul's Ceylan Intercontinental Hotel, which is officially sponsored by Anadolu Agency (AA), under the theme of "Financing Sustained Growth," Arinc stated that the decision makers in economy, as do the politicians, investors, company CEOs, cannot make decisions only on economic data, statistic but also taking into consideration the political stability, trust as well as the legal and democratic developments in a country. "For the success of a country, a successful management and atmosphere of economy and political stability go hand in hand as an indispensable duo," he said. Arinc highlighted that economy and politics have a win-win relationship. "Politicians are asking themselves what the citizens need most or what are the issues they demand. In this century, humanity answers this question as economic relief and the seek of income," he noted. Arinc stressed that as the Turkish government, they realized the political reforms and foreign policy initiatives together to pave the way for Turkish economy, with economy as the priority area. "In the last 11 years, we have shifted the profile of Turkey from being a fragile country against financial crisis to a country that can resist to global crisis and fight against fluctuations. The economy management of Turkey played a significant role in that success," Arinc told the summit. Thanks to the fiscal discipline, structural reforms and resolute policies of privatization, Turkey's basic economic indicators have proved far more successful than several world countries. Turkish economy has reserved its trend of stabilized growth every year during the rule of Justice and Development (AK) Party government, excluding the impact of the global economic crisis. Despite the economic contraction of 4.8 per cent in 2009 resulting from the global financial crisis, Arinc stated that Turkish economy attained a growth rate of 9.2 per cent in 2010, which put it in the second ranking among the growing world economies in that year. "There has always been economic crisis, what is important is to know how to keep the boat afloat in a rough sea," he said. Arinc underlined the importance of trust between the investor and its counterpart in a trade relationship. "What is most important is to ensure the trust relation between the investor and the state." He argued that Turkey is a reliable country both for domestic and foreign investors, referring to the recent efforts of the Turkish government on public-private sector partnership practices, "which are based on capital, technology and knowledge." As for the Istanbul Finance Summit, Arinc stressed that Turkey is proud to host the summit as now a far stronger country than ever with its dynamic private sector and stability. "Our target is to make Turkish cities capable of competing with the financially-strong Istanbul, increasing the number of such cities that have a fair distribution of welfare, a decreasing migration rate which are all vital for a healthy economic and financial growth," he concluded. The 4th Istanbul Finance Summit (IFS'13), held on September 18-19, is hosting important figures from the global financial world from North America, Europe, the Gulf Region and East Asia. The summit will provide a platform for state-of-the-art discussions on the current condition and future direction of world finance and will bring together leading global policy makers, bankers, corparate financiers and regulators, among others. The Istanbul Finance Summit is one of the premier financial events in the world. Convening annually in Istanbul, IFS brings together world renowned financial and economic personalities as speakers and representatives of major financial and economic businesses as participants.Turkey's success comes from stability of "siamese twins" Arinc stated Thursday political and economical stability were related to each other as "siamese twins", saying Turkey's success in last fifty years came from the stability in these two areas. Speaking at the closing session of the 4th Istanbul Finance Summit (IFS) in Istanbul's Ceylan Intercontinental Hotel, which is officially sponsored by Anadolu Agency (AA), under the theme of "financing sustained growth," Arinc stated Turkey would maintain its economical and political successes that it has achieved until now. Noting Turkey's political stabililty would continue and the country was still an attracting country for investments, Arinc stressed they prioritised economy. He added democratic reforms, uniting with the world and strenghtening Turkey's EU process originated from the recovery of the economy. "As I followed Turkey's movements in last fifty years, I can say that our success today roots back to holding political and economical stability together at the same time," Arinc stated. "With our strong finance sector, Turkish economy is not being prevented from macroeconomical sources against any wavings."   The 4th Istanbul Finance Summit (IFS'13), held on September 18-19, has hosted important figures from the global financial world from North America, Europe, the Gulf Region and East Asia. The summit provided a platform for state-of-the-art discussions on the current condition and future direction of world finance and brought together leading global policy makers, bankers, corparate financiers and regulators, among others. The Istanbul Finance Summit is one of the premier financial events in the world. Convening annually in Istanbul, IFS brings together world renowned financial and economic personalities as speakers and representatives of major financial and economic businesses as participants.