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MINISTER SURE TURKEY WILL SUSTAIN ONLY SLIGHT DAMAGE FROM CRISIS
Today's Zaman
10 October 2008, Friday
Turkey
Minister of State for Foreign Trade KurÅ~_ad Tuzmen said on Wednesday
that Turkey would go through the global economic crisis with minimal
damage since its stock exchange does not use as many financing
instruments as other, larger bourses and its companies are not as
big as those in more developed countries.
Pointing to the fact that the Turkish economy is relatively smaller
than the US and many economies of Europe, he repeated a Turkish
proverb, "Small loses small and large loses large."
In Atlanta as part of the government's strategy to improve commercial
relations with the US, Tuzmen found a chance to answer the questions
of Today's Zaman on the hot issue of the day: the current financial
crisis. He commented that Turkey has to act proactively and look for
ways to transform the global financial crisis into an opportunity
rather than scaling down its economy to minimize the adverse effects
of the situation.
"I have said this several times: The US economy is the Atlantic
Ocean. It is deep and when big storms erupt, it causes huge
waves. Turkey, on the other hand, very much resembles a lake. However
fierce the storm is, it is very unlikely that a huge wave will form
on a lake. I believe the modest size of our economy is an advantage
for us, but only if we can benefit appropriately from it," he opined.
In order to turn this mess into an opportunity to establish a strong
foot in the US, the minister said Turkish companies have to immediately
start thinking about acquiring US companies that are going through
a difficult period. He called on Turkish firms to focus on buying
retail chains.
The minister later attended a meeting organized by a Turkish civil
society organization operating in Atlanta. Tuzmen here stressed that
Turkey must pursue trade focusing on "high price, high quality and
high technology," to survive hardening global competition.
He also spoke about Turkish commercial relations with the US to
stress that Turkish exports to the US had dropped recently as the
Turkish lira had gained in value and competition from the Far East
had increased. "Nevertheless, Turkey and the US pursue similar aims
throughout the world like peace, democracy, freedom, welfare and
the fight against terrorism. These values, which overlap in the
political spectrum, must have wider economic effects and lead to
further improvements in our relations," he noted.
Also on his trip the minister addressed Kennesaw State University
(KSU) in Atlanta to make the keynote speech at a ceremony to kick
off the university's "Year of Turkey." Chairman of the International
Education Council of KSU Daniel Papp also spoke, and he asked the
students to be more enthusiastic about Turkey, a country with which the
US has close relations. He also added that Turkey was one of the most
important countries of the world in terms of its history and culture.
Other key guests at the ceremony were Turkish Honorary Consul General
in Atlanta Mona Diamond, Republican Congressman from Georgia's 11th
District Phil Gingrey, President of the Turkish Confederation of
Businessmen and Industrialists (TUSKON) Rızanur Meral, and İstanbul
Center Executive Director Tarık Celik.
Gingrey said it was an honor for him that Turkey was being introduced
at KSU and in his electoral district and added that Turkey has a
strategic position and a rich history and culture. Gingrey also noted
that Turkey has always been a strong and close ally of the US. The
"Year of Turkey" will continue until May 2009, and the university
will organize conferences, panel discussions, workshops and lectures
to create opportunities for a better understanding of Turkey. Many
civil society organizations and the Zaman daily will support the
running of the activities.
Tuzmen's next stop was the headquarters of the Coca-Cola Company
in Atlanta. In reference to Muhtar Kent, the Turkish-born CEO of
Coca-Cola, Tuzmen said that "it is highly pleasing to see a Turk in
a high position of this multinational company."
The minister later attended a dinner hosted in his honor by the
Turkish-American Chamber of Commerce and Industry (TACCI). In response
to a question at the dinner, Tuzmen made a few remarks on relations
with Armenia, with which Turkey has been reluctant to initiate
diplomatic ties despite a recent thaw after the visit of Turkish
President Abdullah Gul for a soccer match between the national
teams. He underlined that unless the issue of Nagorno-Karabakh is
resolved, Turkey will not develop commercial relations with Armenia.
--Boundary_(ID_INX1XZ7svC0Fsvyhpw8zjA)--
Today's Zaman
10 October 2008, Friday
Turkey
Minister of State for Foreign Trade KurÅ~_ad Tuzmen said on Wednesday
that Turkey would go through the global economic crisis with minimal
damage since its stock exchange does not use as many financing
instruments as other, larger bourses and its companies are not as
big as those in more developed countries.
Pointing to the fact that the Turkish economy is relatively smaller
than the US and many economies of Europe, he repeated a Turkish
proverb, "Small loses small and large loses large."
In Atlanta as part of the government's strategy to improve commercial
relations with the US, Tuzmen found a chance to answer the questions
of Today's Zaman on the hot issue of the day: the current financial
crisis. He commented that Turkey has to act proactively and look for
ways to transform the global financial crisis into an opportunity
rather than scaling down its economy to minimize the adverse effects
of the situation.
"I have said this several times: The US economy is the Atlantic
Ocean. It is deep and when big storms erupt, it causes huge
waves. Turkey, on the other hand, very much resembles a lake. However
fierce the storm is, it is very unlikely that a huge wave will form
on a lake. I believe the modest size of our economy is an advantage
for us, but only if we can benefit appropriately from it," he opined.
In order to turn this mess into an opportunity to establish a strong
foot in the US, the minister said Turkish companies have to immediately
start thinking about acquiring US companies that are going through
a difficult period. He called on Turkish firms to focus on buying
retail chains.
The minister later attended a meeting organized by a Turkish civil
society organization operating in Atlanta. Tuzmen here stressed that
Turkey must pursue trade focusing on "high price, high quality and
high technology," to survive hardening global competition.
He also spoke about Turkish commercial relations with the US to
stress that Turkish exports to the US had dropped recently as the
Turkish lira had gained in value and competition from the Far East
had increased. "Nevertheless, Turkey and the US pursue similar aims
throughout the world like peace, democracy, freedom, welfare and
the fight against terrorism. These values, which overlap in the
political spectrum, must have wider economic effects and lead to
further improvements in our relations," he noted.
Also on his trip the minister addressed Kennesaw State University
(KSU) in Atlanta to make the keynote speech at a ceremony to kick
off the university's "Year of Turkey." Chairman of the International
Education Council of KSU Daniel Papp also spoke, and he asked the
students to be more enthusiastic about Turkey, a country with which the
US has close relations. He also added that Turkey was one of the most
important countries of the world in terms of its history and culture.
Other key guests at the ceremony were Turkish Honorary Consul General
in Atlanta Mona Diamond, Republican Congressman from Georgia's 11th
District Phil Gingrey, President of the Turkish Confederation of
Businessmen and Industrialists (TUSKON) Rızanur Meral, and İstanbul
Center Executive Director Tarık Celik.
Gingrey said it was an honor for him that Turkey was being introduced
at KSU and in his electoral district and added that Turkey has a
strategic position and a rich history and culture. Gingrey also noted
that Turkey has always been a strong and close ally of the US. The
"Year of Turkey" will continue until May 2009, and the university
will organize conferences, panel discussions, workshops and lectures
to create opportunities for a better understanding of Turkey. Many
civil society organizations and the Zaman daily will support the
running of the activities.
Tuzmen's next stop was the headquarters of the Coca-Cola Company
in Atlanta. In reference to Muhtar Kent, the Turkish-born CEO of
Coca-Cola, Tuzmen said that "it is highly pleasing to see a Turk in
a high position of this multinational company."
The minister later attended a dinner hosted in his honor by the
Turkish-American Chamber of Commerce and Industry (TACCI). In response
to a question at the dinner, Tuzmen made a few remarks on relations
with Armenia, with which Turkey has been reluctant to initiate
diplomatic ties despite a recent thaw after the visit of Turkish
President Abdullah Gul for a soccer match between the national
teams. He underlined that unless the issue of Nagorno-Karabakh is
resolved, Turkey will not develop commercial relations with Armenia.
--Boundary_(ID_INX1XZ7svC0Fsvyhpw8zjA)--