Newly appointed Trade Minister Ömer Bolat on Sunday said Türkiye's primary aim in the period ahead would be to increase production and goods exchange, in addition to improving the chronic current account deficit and lifting foreign exchange reserves.
Bolat was named the new trade minister in a renewed Cabinet announced by President Recep Tayyip Erdoğan on Saturday for his new five-year term.
"Our main goal is to increase production and trade. If trade increases, prosperity increases. We want to improve our current account deficit and increase our foreign exchange reserves by constantly increasing our exports of goods and services," he told a handover ceremony alongside his predecessor Mehmet Muş.
Bolat cited challenges, including lasting negative effects after the COVID-19 pandemic, stressing they would work to eliminate problems and rein in exorbitant price increases.
He yet emphasized that Türkiye has increased its exports from just $36 billion two decades ago to a record of almost $255 billion last year.
Bolat, 60, served as president of one of Türkiye's leading business associations, the Independent Industrialists and Businessmen’s Association (MÜSIAD), between 2004 and 2008.
He was a member and vice president of economic affairs in the ruling Justice and Development Party's (AK Party) Central Executive Committee and Central Decision Board (MKYK) between 2012 and 2015.
Bolat also served as a member of the board of directors and the executive board of the Foreign Economic Relations Board (DEIK).
He lastly served as CEO of Albayrak Group, which operates in an array of industries, including logistics, real estate, tourism, media, television and hospitality.
Bolat's appointment came days after Türkiye's exporters reported their best May sales ever despite a fallout after devastating earthquakes in early February and challenges plaguing the global economy.
Outbound shipments jumped 14.4% year-over-year to nearly $21.7 billion. Imports rose 16% to $34.3 billion in May, driving a 19% increase in the foreign trade deficit to nearly $12.7 billion.
The January-May foreign trade gap jumped nearly 30% from a year ago to $56.1 billion as imports increased 8.9% to $158.6 billion, while exports rose just slightly by 0.2% to some $102.5 billion.
"In my 41-year business life, I have served in many organizations and in the real sector. I know our business world well, industrial and commercial organizations and organized industrial zones. I hope we will solve the existing problems together," Bolat said.
In terms of safeguarding households' purchasing power, he stressed it is the government's priority to "accelerate the downward trend in the inflation rate experienced in the last six-seven months together and to ensure price stability."
Türkiye's annual inflation hit a 24-year peak last year before moderating significantly in the previous six months.
It lastly eased to an annual 43.68% in April, almost halving from 85.51% in October.