In his recent visit to the U.S. to attend the United Nations (UN) meetings, President Recep Tayyip Erdoğan met approximately 70 senior representatives of global companies and the U.S. community. During this meeting, President Erdoğan was reported to elaborate on the necessary adjustments and reforms Turkey has accomplished in line with the ever-changing circumstances.
A written statement disclosed the details of the meeting organized by the Investment Support and Promotion Agency of Turkey (ISPAT) and hosted by the EastWest Institute. The release affirmed that Erdoğan welcomed high-level representatives of companies operating in diverse sectors, including information, pharmaceuticals, aviation, food, finance and energy, in New York where he was to attend the 72nd UN General Assembly.
Top executives from giant companies, such as Boeing, Citigroup, Metlife, GE, PepsiCo, Allergan, Cargill, Chevron, UBS, Blackstone, TPI, Oppenheimer, Abraaj, Coca Cola and Qinvest, as well as executives from organizations like the U.S. Chamber of Commerce attended the meeting where investment climate and opportunities, current economic developments and reforms in Turkey were discussed.
The president, read the ISPAT statement, told investors the significant reforms Turkey has achieved to attract foreign direct investment (FDI) and the country's sustained commitment to carrying out necessary adjustments and reforms in accordance with the continuously changing circumstances.
Erdoğan also explained the recently issued intellectual property rights law, which investors deem important. He also stressed the compliance of Turkish law with the international legislation with regards to the matters of intellectual property rights. Moreover, the president also provided the U.S. investors with extensive knowledge about the miscellaneous incentives Turkey launched within the scope of a production reform package a few months ago.
Emphasizing all and any kind of support and incentives Turkey provides for investors, Erdoğan said, "We facilitate the investment processes by any means for the international investors who want to invest in our country through our Investment Support and Promotion Agency of Turkey, which we established for service and support, and other institutions including the presidency.
ISPAT President Arda Ermut said in the statement Erdoğan's meeting with investors was of great importance. As a result of great interest by the representatives, the agency combined Erdoğan's program with the EastWest Institute's program attended by top executives to bring together a much greater number of high-level attendees, Ermut noted.
Furthermore, despite his busy schedule, Erdoğan's meeting with investors shows the importance Turkey attributes to FDI, ISPAT President pointed out and added the 10-year-old agency has enabled Turkey to equip an institutional and corporate identity to the support and services provided for investors, a proof the high-level attention and care for the investors.
"Our greatest source of inspiration since the establishment of our country has been the visionary leadership of the president and his constant support," Ermut said. "With the inspiration and support we get from here, we are working with all our authority to further empower Turkey and to attract value-added investments that provide employment and technology transfer in our country."
Invitation to investors in U.S. newspapers
In the meantime, ISPAT invited American investors to Turkey by buying advertisements in the New York Times and the Wall Street Journal, two of the U.S.'s best-selling newspapers, regarding investment opportunities in Turkey.
The ads emphasized that Turkey is the 13th-largest economy in the world in terms of its purchasing power parity. "How the Turkish cartographer Piri Reis created the map of the Americas so clearly and precisely in 1513 still maintains its mystery," the ad read and continued, "Yet there is nothing mysterious about the fact that 1,750 companies with U.S. capital are operating in Turkey right now."
The ad also gave information as to the basic macroeconomic and demographic data of Turkey such as the average growth rate of 5.3 percent sustained since 2003. The info included the country's young and educated population of 80 million with an age average of 30, drawing attention to its strategic location at the intersection of Europe, Central Asia and the Middle East, which ensures a free trade opportunity for more than one billion people. Finally, it also noted the low taxes, political stability and a reformist investment climate, calling upon U.S. investors to invest in Turkey.