Speaking at the World Investment Summit in Istanbul on Friday, Turkey's foreign direct investment (FDI) hunter Arda Ermut announced that they aim to establish an investment market that would allow developing economies to cooperate with developed economies. Indicating that they would be much more successful if they could band together all the economic and political opponents, he said working this way could achieve amazing results. The World Investment Summit was held in Istanbul with the attendance of heads of over 100 investments agencies as well as the high level executives of World Bank, International Labor Organization (ILO), the Islamic Participation Bank and the Organization for Economic Co-operation and Development (OECD).
Arda Ermut, the president of the Prime Ministry Investment Support and Promotion Agency (ISPAT) and the World Association of Investment Promotion Agencies (WAIPA), stressed the decisive role of the summit in terms of the course related to the direct investments around the world and the strategy followed by the relevant institutions responsible for these investments. He also said the WAIPA represents over 170 investment agencies around the world, and after taking over the presidency of this organization in 2014, they managed to carry its headquarters from Geneva to Istanbul due to its more central location. During his opening speech at the 21st World Investment Summit, indicating that the Investment Promotion Agencies are working to prevent further deterioration of the global economy, Ermut said the cooperation is of vital importance for achieving this objective. "WAIPA is working to involve even more members into the association, which would make it more inclusive. So far, we have 168 members from 30 countries. These figures will not stop increasing because we already have 20 new applications from all over the world. There is a great need for cooperation. In particular, the Investment Promotion Agencies must work together. We work with international organizations and investors. Our goal is to channel foreign capital to developing countries. We as WAIPA contribute to encouraging investments with our training events," he said.
The WAIPA was founded in 1995 as an association under Swiss law. It is a nongovernmental organization that provides the opportunity for investment promotion agencies to network and exchange the most effective practices in investment promotion. Apart from building the human resources capacity of its member agencies, the WAIPA organizes training events, either independently or in coordination with partner organizations. Announcing that membership is open to all entities, the WAIPA stresses on its official webpage that the primary function of the organization is "to promote any country, political subdivision of a country or other uncontested territory, as a destination for, or source of, investments."
Deputy PM: We will not separate our paths with West "We may have some disagreements among the members and friends, however, we will not separate our paths with the West," Deputy Prime Minister Mehmet Şimşek said during his speech at the Summit. "Even after the July 15 failed coup attempt, we would like to update the Customs Union Agreement with the EU," he said, adding that they are trying to convince the EU in a period of refugee crisis. Turkey could increase its trade volume with the EU over the next 10 years, according to Şimşek, and the government will continue to strengthen its relationship with its western partners.
