Finance and Finance Minister Mehmet Şimşek spoke at the closing panel entitled “Resilience and Economic Transformation Journey for Emerging Countries” of the Developing Countries Conference organized by the Ministry of Finance of Saudi Arabia and the International Monetary Fund (IMF) in Al-Ula, Saudi Arabia.
Stating that the last year was a difficult time in the global economy, which included “volatility, uncertainty, complexity and ambiguity,” Şimşek said, “It was a difficult year with increasing uncertainties, especially for emerging markets.” he said.
Şimşek reminded that developing countries are generally dependent on exports: “Current protectionist measures make these countries fragile. Developing countries are also relatively more dependent on capital inflows, especially foreign direct investment (FDI). In a rules-based system, these countries benefit from lower risk premiums and lower costs of doing business.” he said.
Emphasizing that Türkiye is relatively resistant to disruptions in global trade, Şimşek said: “We have a customs union with the EU. In addition, we have free trade agreements with 27 other countries in the nearby geography, including the Middle East, North Africa and Central Asia,” he said.
Stating that Türkiye is in the top 20 in the world in services trade, Şimşek said, “We are in fourth place in tourism. In construction, we are one of the leading countries in the world. We are even at the top in the world in TV series exports. The services sector is our strength. In addition, services trade has not yet encountered the kind of protectionist measures that we see in goods trade. This gives us a significant advantage. We are particularly focusing on this area where it is all about added value and job creation.” high.” he said.
Minister Simsek said:
“Of course, we are not completely immune to global problems. However, thanks to the program that we have implemented as Turkey, we are in a less fragile situation. We have been implementing the macroeconomic stabilization and reform program for two and a half years.
Pointing out that Türkiye's trade deficit with China is almost $47 billion, Şimşek said, “That's a pretty big number. It accounts for more than 50 percent of our total trade deficit.” gave his assessment.
Minister Şimşek said: “A country the size of Turkey cannot solve this problem alone. That's why we say to our Chinese colleagues: 'Let's solve this together, let's not have a one-sided trade relationship, let's make it reciprocal and sustainable.” For example, we suggested that more Chinese tourists come to Türkiye. Another suggestion we made was to direct global Chinese banks to long-term infrastructure projects or industrial investments in Turkey. Thirdly, we recommend that Chinese companies enter the Turkish market not only through the sale of products but also through production.” he said.
“Artificial intelligence needs energy”
Pointing out that Türkiye also prioritizes and invests in the field of artificial intelligence, Şimşek explained that in addition to infrastructure investments, they also attach importance to the dimension of human capital, skills development and education.
Şimşek explained that they are also focusing on regional integration and that connectivity is part of it and that they are building new corridors.
Pointing out that Türkiye is part of the central corridor stretching from Beijing to London, Minister Şimşek said: “Now we are trying to build new corridors that will connect the Gulf Arab States Cooperation Council, that is, the Middle East, to the rest of the world through Turkey in a few decades,” he said.
The final round was also attended by IMF President Kristalina Georgieva, Qatari Finance Minister Ali bin Ahmed Al Kuwari and Ecuadorian Finance Minister Sariha Moya.
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