UPDATE - Determined to make Turkey center for investors: Erdogan

UPDATES WITH MORE REMARKS FROM PRESIDENT AND VICE PRESIDENT

By Aysu Bicer and Ali Murat Alhas

ANKARA (AA) - Turkey's president on Monday said the government is determined to make the country a center for domestic and international investors by offering low risk, high confidence and satisfactory earnings.

"In the upcoming period, we will further improve the investment environment with additional reforms in this area," Recep Tayyip Erdogan told a virtually-held International Investors' Association (YASED) summit.

He said the government has launched inclusive new reforms in law, democracy and economy in this regard.

"Our country will be able to reach its 2023 targets with the support of our 83 million citizens," he said, adding that they are open to constructive criticism and innovative ideas.

Noting the strong economic growth rate achieved in Q3, he said, this is a testament to the country's successful recovery period from the pandemic.

The president added that the Turkish economy is growing successfully, unlike other countries that are experiencing recession.

"We are one of the few countries that increased their investments at a time when direct investments decreased all over the world. In 2018, when global direct investments declined by 12%, direct investments in our country increased by 17.3% and exceeded $13 billion," he said.

Direct investments to the tune of $220 billion made in Turkey since 2002 represent the trust of international entrepreneurs, he added.

- Foreign investment

Turkey ranks 13th in the world and 7th in the OECD region in terms of purchasing power parity, Erdogan noted.

In the past two years alone, Turkey has made progress of 27 grades in the World Bank's Ease of Doing Business Index 2020 rankings, he said.

"'Come and see Turkish hospitality,' I tell investors across the world," he said, adding that Turkey offers significant advantages, especially for international investors seeking an alternative to the Asia-based manufacturing network.

He said in the 18 years of his party's rule, Turkey has never treated international investors as 'foreign'. The facilities the government provides for its own people, will also be provided for all international entrepreneurs who invest in Turkey, he added.

"From defense industry and digital economy to health and food, we encourage investment that will add high value and lead Turkey's technological transformation."

Also speaking at the event, Turkey’s Vice-President Fuat Oktay said the coronavirus outbreak has affected social, security, health and economic systems all around the world, but it has also offered opportunities in the financial sector.

Oktay said Turkey offered foreign investors a great opportunity amid the ongoing pandemic due to its qualified labor force and top-notch transportation network.

He went on to say that the country enjoyed a significant geographical location, bridging Europe to Asia, and Turkey could reach some 1.7 billion people within a 4-hour flight radius, making it a key player in international investments.