Turkish economy management and the business community on Tuesday paid tribute to the nation's resilience and unity, marking the anniversary of the defeated July 15 coup attempt, highlighting how the spirit of resistance has also become a driving force for the economy.
Tuesday marked nine years since the Gülenist Terror Group (FETÖ) and its U.S.-based leader Fetullah Gülen orchestrated the coup that left 251 people dead and thousands more injured. Gülen died in Pennsylvania, U.S., in October 2024.
Hundreds of companies were seized and handed over to the Savings Deposit Insurance Fund (TMSF) due to their links to FETÖ.
Business leaders emphasized that the coup attempt was thwarted by citizens from all walks of life uniting around the national will. That unity, government officials and industry leaders say, has since served as a powerful catalyst for rebuilding and strengthening the Turkish economy.
They commemorated heroes who gave their lives for the homeland, and extended gratitude and appreciation to veterans.
Industry and Technology Minister Mehmet Fatih Kacır described July 15 as the day the Turkish nation "declared to the world it would never submit to disgrace."
"It is the name of the glorious resistance in which the Turkish nation stood up for its will, independence and future," Kacır said. "The victory we achieved under the leadership of our President and Commander-in-Chief, Recep Tayyip Erdoğan, is a symbol of our nation's unity and determination," he added. "The name of the victory is Türkiye."
Agriculture and Forestry Minister Ibrahim Yumaklı echoed Kacır's message, emphasizing the "courage and resolve" of citizens who confronted tanks and bullets in defense of democracy.
Trade Minister Ömer Bolat called the events of July 15 a "victory of resistance for freedom," citing the unity between Erdoğan's leadership and the people's patriotic spirit.
He said the uprising left a sacred mark in history and sent a clear message that "no chains could bind the Turkish nation's will."
Energy and Natural Resources Minister Alparslan Bayraktar linked the spirit of July 15 to Türkiye's ongoing pursuit of energy independence.
"Today, we continue to work with the same determination and spirit of July 15 to achieve full energy independence," he said.
"Energy independence means a greater and stronger Türkiye. In this pursuit, we are tirelessly striving day and night to lead our country to energy sovereignty," he added.
"Türkiye's energy does not bow to coups."
Business representatives highlighted how the unity displayed on July 15 has translated into economic momentum and resilience over the past nine years.
Independent Industrialists and Businessmen's Association (MÜSIAD) President Burhan Özdemir pointed out that what the Turkish nation protected by standing up for its will on July 15 was not only democracy, but also the Turkish economy.
Özdemir that the FETÖ terrorist organization sought to damage not only economic capacity but also poison human capital.
The coup attempt targeted a Türkiye that had paid off its IMF debt in 2013, achieved 27 consecutive quarters of growth, strengthened its financial and fiscal discipline and was preparing to launch many major projects, he noted.
"Although markets returned to normal shortly after July 15 thanks to successful economic policies, the coup attempt had significant costs," Özdemir said. Initial estimates put the cost at around TL 300 billion, and considering its impact on sub-sectors, this figure likely increased further, he added.
Özdemir also emphasized a sharp rise in the exchange rate, market panic, and disruptions in production and economic activity further deepened the damage.
While the Turkish economy had grown by 4.5% and 4.7% in the first two quarters of that year, it contracted by 0.2% in the third quarter. It closed the 2016 with an annual growth of 2.9%.
All these costs, Özdemir said, have not overshadowed the economic gains achieved over the past two decades.
Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç praised the Turkish people for rallying around Erdoğan and defending democracy. "The era of coups in Türkiye ended that night," Avdagiç said, adding that people from all political backgrounds resisted with a collective heart.
Avdagiç warned of what could have happened had the coup succeeded: "Türkiye would have become a helpless country left at the mercy of those who want to reshape our region... Who would have stood up for Gaza, or said 'stop' in Syria?"
He emphasized that Türkiye's economic recovery since then has been driven by national resolve: "We believe that the wheels of trade and economy turn with the winds of freedom."
The number of FETÖ-linked companies run by the TMSF stands at 533, compared to 1,371 in the aftermath of the coup attempt, according to a report by the Turkish business daily Nasıl bir Ekonomi.
At the time of transfer, the combined asset size of the 533 companies was TL 35 billion. As of Dec. 31, 2024, this figure grew by 518%, reaching TL 229.5 billion.
Their total equity at the time of transfer was TL 12.7 billion. By the end of 2024, it had increased by 908%, reaching TL 128 billion, the report said.
The combined turnover of these companies reached TL 133 billion as of last year. These companies currently employ 21,976 people.
Mustafa Gültepe, head of the Türkiye Exporters Assembly (TIM), emphasized the role of production and exports in increasing national prosperity.
"This is why we approach production and exports with a sense of national duty. All our game plans and strategies are designed with the long-term goal of placing Türkiye among the world's top 10 exporting countries," Gültepe said.
"Of course, we know that reaching this goal is not easy. At times, global developments or domestic factors can slow our momentum."
Türkiye reached record annual exports in 2023 and 2024, but Gültepe says they do not consider the growth in shipments sufficient.
"We started 2025 with an export target of $280 billion, and although we are 4.1% ahead compared to the same period last year in the first half of the year, we are still below the desired level," he noted.
"For our medium- and long-term goals, we need to grow our exports by double-digit rates every year."
Gültepe also stressed the importance of stability and predictability, suggesting that various attempts are made – both internally and externally – to try to destabilize Türkiye and disrupt the atmosphere in the country.
"On July 15, 2016, we faced one of those vile attempts. The coup attempt by a treacherous terrorist organization that infiltrated all state institutions – especially the Turkish Armed Forces, law enforcement, and judiciary – was thwarted by the resolute leadership of our president and the unwavering determination of our people, even at the cost of their lives," said Gültepe.
"On that night, our nation declared loudly and clearly to both friends and foes that it would never allow another coup in Türkiye."
Istanbul Commodity Exchange (ISTIB) President Ali Kopuz described the failed coup as a turning point.
"Thanks to the foresight and courage of our people, the door to coups in Türkiye is now closed," he said. He warned, however, that threats will always remain and called for continued vigilance and excellence in every professional field.
"Therefore, while continuing the fight against the remnants of FETÖ, we must also remain constantly vigilant against all threats. By performing our work in the highest quality across the sectors we operate in, we must strive to build a stronger and more prosperous country."
