Treasury and Finance Minister Mehmet Şimşek on Friday labeled engagements with business leaders and investors in the U.S. this week as "productive," emphasizing Türkiye’s strong potential to attract foreign investments.
Şimşek, as well as other Cabinet members, pitched the progress of the government's economic program during a series of meetings with top executives and international organizations on the sidelines of the United Nations General Assembly in New York.
"We have returned home after completing our intensive and productive meetings in the U.S. During these discussions, we shared the outcomes of our program and our roadmap for the future with investors and international organizations," Şimşek wrote on social media platform X.
Reversing years of loose policy, authorities have been pursuing more than a yearlong policy-tightening effort to rein in inflation, rebuild foreign exchange reserves and address some of Türkiye's chronic problems, like the current account deficit.
Türkiye's challenge of persistently high growth in price gains has been exacerbated by global supply chain disruptions and fluctuating energy prices.
To counter inflation, the Central Bank of the Republic of Türkiye (CBRT) has lifted its key policy rate by 4,150 basis points since June 2023. It has held its key policy rate steady at 50% since this March but said it remained highly attentive to inflation risks.
Annual inflation dipped below 52% in August, compared to its peak of 75% this May. The sharp drop is expected to continue as monetary and fiscal tightening campaign brings price relief.
Highlighting Türkiye's potential to attract investment, Şimşek said authorities would continue to implement policies "decisively" to achieve this potential.
"With a strong, large, and dynamic economy and strategic location, Türkiye has significant potential to attract investment. We will continue to pursue our policies decisively to solidify the gains from our program and further improve the investment climate," he noted.
