Foreigners continue to invest in the 'future'


The 2004-2006 period was a time when we focused on what role Turkey could assume in the rise and development of Eurasia in the 2020s and 2030s when we were rapidly moving forward in an economy to build the technologies necessary for manufacturing. Then suddenly, at a time when Turkey was concentrating on inclusive development, high tech, innovation, production and private sector investments, with the attack on the council of state, the lawsuit to shut down the Justice and Development Party (AK Party) and the assassination of Hrant Dink cast a shadow over society, and by extension politics, directly attacking consumer trust. By eliminating all the attacks, Turkey's "decision makers" are putting their heart and soul into ensuring that the horizon, the course of the "future," does not fade away. If Turkey has a future over the next 25, 50 and 100 years, then the region we are in also has a future and hope.In international reports, we are speaking of a future Turkey from 2010 to 2060, that is in ninth place among the world's 50 leading countries with a population estimated between 92 and 96 million, a working population of 47-52 million and GDP per capita forecast between $42,000 and $48,500. A Turkey that raises the share of the "local and national" in the manufacturing industry and defense sector, that sustains its efforts to increase value creation in the agriculture and services sector and that strategizes value-added investment and export. In January alone, foreign investors invested $816 million in stocks of companies that will continue to have important roles in Turkey today and in the future. Despite the coup attempt on July 15, we are talking about a monthly entry that is higher than the total investment - $808 million - by foreign investors in 2016.In the global political economic system, we are moving into a new era where economic, political, and military relationships between countries will be bilateral from an era of relations progressing over multilateral and slummed international institutions. Turkey hosts many critically important visits that push toward this new period. We have to re-format our economic and political models for this new course will continue until 2030. Foreign investors are keeping and advancing their positions to be investors in the future of Turkey and to be partners in our firms. For the future, let's focus on high value-added and maintain our campaign for consumer trust.Maastricht 'in pieces' in its 25th yearIn the city of Maastricht, Netherlands, 25 years ago, EU countries decided on the economic criteria that eurozone countries would have to follow, so that Europe could move toward a common currency area, that the EU Project could pass a historical threshold and make sure that the common currency was well founded. Among the criteria based on the ratio of budget balance over GDP, on the ratio of public debt stock over GDP and on the limitation of inflation, the two most carefully followed criteria were based on EU nations' fiscal discipline. Criteria, mainly formalized such that the ratio of fiscal deficit over GDP cannot pass 3 percent and that the ratio of public debt stock over GDP cannot pass 60 percent, relied on the assumption that these two criteria cannot be surpassed regarding the average 5 percent growth of European economies.However, by the end of the 1990s, when most EU member countries fell below 5 percent growth, and France and Germany overran the public debt stock criterion, bringing with it the result of bending the criteria, and the two countries were freed from paying fines because they had broken them. Academic economist Oliver Sievering states that the rule to not exceed 60 percent of GDP for accumulated debts was arbitrarily determined; and even though Maastricht criteria was violated at least 200 times, he explains that none of the countries in the agreement were fined, as none of the nations want to punish another, thinking about not getting fined in future years in case they violate the criteria.Turkey grasped critical fiscal success due to economic reforms carried out after the 2001 crisis. Such that, according to 2016 data, the ratio of Turkey's budget deficit over its GDP might have fallen back to 1 percent. The ratio of public debt stock over the national income is under 35 percent. Turkey is much more successful in financial discipline and has a much better course of growth when compared to EU members or to the 20 candidate countries. Despite that, countries that perform worse in fiscal and economic management, which are far behind Turkey in the transition process to a market economy, were accepted for EU membership long ago. Now, after Britain's "Brexit" decision, in the process of elections in France, Netherlands and Germany, this EU of double standards is discussing countries leaving the EU. The project that will be affected the most by the new "bilateral" era appears to be the EU project.