Germany's largest auditor KPMG calls for end to row with Turkey

Germany's largest economic auditing firm KPMG Germany has urged Turkey and Germany to de-escalate the recent political tension between the two countries as soon as possible.

Speaking to the German broadcaster NTV yesterday, Marcus Schüller, a KPMG Germany specialist, carried a warning for politicians from both countries.

"If the politicians of the two countries do not put an end to the tensions within a short time, it will open deep economic wounds for German employers that will be hard to compensate," Schüller said.

"We cannot emphasize how much Turkey and Germany are economically integrated. Turkey ranks 15th among Germany's trade partners. It comes ahead of countries like Japan and Russia. On the other hand, Germany is Turkey's largest trading partner. In 2016, one-tenth of Turkey's exports, mainly textile, motor parts and automobile accessories, came to Germany," he said. "Trade bilateralism alone is not enough to show the importance of this partnership for the German economy. Turkish sub-industry enterprises and the production of German companies in Turkey are fundamental elements of our industrial enterprises and production chain. It is enough to think about the German automobile companies that produce in Turkey," he added.

When asked about his expectations from the politicians under the current circumstances, Schüller said, "Of course, politicians have to do their politics, however, they should interfere in the economy as little as possible. What the companies want is clear: de-escalation. I hope that both sides will put aside their emotions to analyze the situation neutrally and objectively."