USA Turkish Times - Turkey is the land of opportunity but...

Turkey is the land of opportunity but...

Gila Benmayor - A lot can be said about the two-day conference “Turkey - The Land of Opportunity,” organized by Turkey's International Investors Association. Let's start with the numbers…

As, in a speech opening the second day of the conference, Prime Minister Recep Tayyip Erdođan and Turkey's International Investors Association (YASED) President Ţaban Erdikler stated, the total foreign capital that entered Turkey directly in 2006 was $19.9 billion.

According to an Ernst and Young's report, $18.3 billion of this was realized with mergers and acquisitions.

Here is what Ţaban Erdikler said on this point:

“There is no reason to feel ashamed or offended by foreign capital's entrance into the market with mergers and acquisitions. Three quarters of the foreign capital flow in the world is realized this way.”

According to Erdikler, Turkey's current potential to draw foreign capital is $30 billion. Turkey can go above this also but with the condition to secure “economic stability” and to dispose of the “informal economy.”

The “informal economy” is especially a barrier in Turkey's path according to Erdikler. On the other hand, according to Erdođan, the biggest barrier to foreign capital is what he calls “bureaucratic oligarchy.”

In other words, the bureaucratic barrier…

As an example of this, Erdođan explained that a businessman wanting to invest $500 million had given up due to bureaucracy and they had to intervene.

The prime minister's hope is that this bureaucratic oligarchy can be dissolved by the “Investment Promotion Agency” under his direct jurisdiction. This agency was established to simplify the bureaucratic procedures of foreign investors and to guide them.

According to the data Erdođan provided, there are still over 14,000 foreign companies in Turkey. Expressing that 8,200 of these are based in European Union countries, Erdođan added, “I dedicate this data to opponents of Turkey's accession to the EU.”

He also criticized those who disapprove of foreigners purchasing property in Turkey.

The truth is, as Erdođan also pointed out, there are many people opposing foreign acquisition of property, just as there are many who disapprove of foreign capital in Turkey. If I am not mistaken, a couple of years ago, Rahţan Ecevit's words about foreigners buying property near Antalya and Alanya were met with criticism.

Meanwhile, when the Mediterranean coasts are examined, for example the southern coasts of Spain, it can be seen that many people from England, Scandinavian countries and Germany have acquired property there.

If we look up to see what is going on around us, we will see where the world is going but, for some reason, our view never goes beyond the borders of Turkey.

I believe that YASED's conference was important for this reason.

To both discuss foreign capital and to criticize ourselves.

I think the most prominent criticism is this:

Turkey is not aware of its own potential and significance.

It is still introverted and cannot explain itself well enough to the world.

This is not my opinion only.

French Employers' Federation (MEDEF) President Laurence Parisot, invited to make a speech during the conference by the Turkish Industrialists and Businessmen's Association (TÜSÝAD), shares the same view.

During our interview at the conference, Parisot openly said: “The French realized the importance of India and China. However, they do not realize the significance of Turkey yet. Only a handful of French are aware of Turkey's potential. Turkish businessmen should come to France and promote Turkey.”

Let's listen to the statements of Parisot, the head of MEDEF, one of the most powerful organizations of France.

We need to communicate better to the world that Turkey is a land of opportunity.

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