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Made in Türkiye July 2022

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July 2022

Inflation top priority as

Turkey unveils new steps

Current account gap

at $6.47B in May, less

than expected

Turkey’s current account balance

registered a lower than expected

deficit in May, official data showed.

The shortfall widened to around

$6.47 billion (TL 112.07 billion) in

May, the Central Bank of the Republic

of Turkey (CBRT) said. It marked a

$3.15 billion increase from a year ago

and came in less than forecasts that

hovered around $6.7 billion. The rise

stemmed from a marked increase in

the goods trade deficit, which soared

by $5.7 billion to reach $8.8 billion,

the central bank said. The country’s

12-month rolling deficit stood at $29.4

billion this May. The gold- and energyexcluded

current account posted a

$388 million surplus, versus a deficit

of over $1 billion in the same month

of last year. In a poll of 11 economists,

the median estimate for the current

account deficit in May was $6.7 billion.

A Bloomberg survey of 13 analysts was

for a $6.76 billion shortfall. A group of

16 economists surveyed by Anadolu

Agency (AA) projected the gap would

come in at $6.15 billion. The survey

showed the end-2022 current account

balance is forecast to see a deficit of

$42.4 billion. The Reuters poll sees the

at $40.30 billion for 2022 as a whole.

Economists have been revising up

their forecasts for the 2022 deficit due

to surging energy prices. The deficit

stood at $7.1 billion in January, the

highest since December 2017, and

was $5.55 billion in March. In April,

the current account deficit was nearly

$2.95 billion.

The government says Turkey’s chronic

current account deficit, which stood

at $14.9 billion last year, will turn into

a surplus under its economic plan

that prioritizes growth, exports and

employment, with low interest rates.

Turkey, UAE space

agencies ink deal

for cooperation

The Turkish Space Agency (TUA) and

the United Arab Emirates Space Agency

(UAESA) signed a memorandum of

cooperation on the “peaceful use of

space, space science, technology and

applications.”

The signing ceremony was attended

by Industry and Technology Minister

Mustafa Varank and his Emirati

counterpart Sultan Ahmed al-Jaber,

as well as several other high-level

officials. In line with the memorandum

of cooperation, the two countries will

cooperate on training human resources

and share information and experience

in the field of space exploration. Joint

research and development (R&D) studies

will be carried out on suborbital flights,

launch, rocket and imaging satellite

systems.

“We have come to this beautiful country

and Istanbul to further strengthen the

strong ties between the two countries,”

the Emirati minister said and thanked

Varank and the Turkish Ministry of

Industry and Technology for their

invitation. Noting that the meeting also

paved the way to explore possible areas

of investment in a wide range of sectors,

the minister further said that both Turkey

and the UAE were connected through

close social, economic, commercial and

cultural ties.

“Our countries share a common vision

so that the peoples and the regional

countries could benefit from sustainable

economic growth. The trade figures

between the two countries also confirm

that,” he added.

The euro’s plunge against the dollar,

triggered by the Ukraine war and

mounting recession fears in Europe,

has driven the two currencies to parity

for the first time in two decades.

The European single currency sank to

$0.9952 – a level not seen since the

end of 2002, the year it was officially

introduced.

The tumble puts it on course for

one of the worst years in its history,

especially if the energy price shock

triggered by the Ukraine conflict tips

the bloc into a prolonged economic

crisis.

But traders believe the euro could

recover, provided it clears several

hurdles in the coming months.

The first to get over is to avoid the

risk of a halt in Russian gas supplies to

Europe, which would cause electricity

prices to soar and force eurozone

countries to limit some industrial

activity.

“If gas flows from Russia normalize,

or at least stop falling, following

the end of the Nord Stream 1

maintenance shutdown, this should

somewhat decrease market fears of

an imminent gas crisis in Europe,”

Esther Reichelt, an analyst at

Commerzbank, told Agence France-

Presse (AFP).

With Russian gas giant Gazprom

having warned it cannot guarantee

that the pipeline will function

properly, European countries fear

that Moscow will use a technical

reason to permanently halt deliveries

and put pressure on them.

to shore up economy

French President Emmanuel Macron

even said that Russia was using

energy “as a weapon of war.”

If Nord Stream 1 “doesn’t turn back

on, the euro falls as the economic

shock waves will be felt worldwide as

the European energy crisis could very

well trigger a recession,” warned

Stephen Innes, an analyst at SPI Asset

Management.

“Recession would inevitably mean

that the market becomes even more

concerned about fragmentation risks

in the eurozone,” added Jane Foley,

a foreign exchange specialist at

Rabobank.

Like other central banks, the

European Central Bank (ECB) is

seeking to avoid stifling the economy

by raising rates too sharply.

But it also has to worry about a

possible fragmentation of the debt

market, with large differences in

borrowing rates across the eurozone.

The ECB has so far maintained an

ultra-loose monetary policy to

support the economy, while the U.S.

Federal Reserve (Fed) has instead

raised rates and promises to continue

to do so to counter inflation.

It will announce its monetary policy

decision and has indicated that it

would raise rates for the first time in

11 years to combat inflation running

at a record high of 8.6%.

Currency weakness exacerbates the

inflation problem. Yet the ECB cannot

risk aggressive policy tightening for

fear of sending economic growth

into reverse.

Total volume of freight handled

at Turkey’s ports increased by 6.6

percent in the first half of the year

from a year ago to 273.5 million

tons, Transport Minister Adil

Karaismailoğlu has said.

In June alone, ports handled 45.3

million tons of goods, marking a

3.7 percent increase from the same

month of 2021, the minister said in a

written statement.

Ports also handled 12.9 million tons

of good destined for foreign markets,

down 4.3 percent on an annual basis,

Turkey announced several new measures to support the economy,

with authorities saying reining in inflation remained the top

priority, in addition to encouraging savings and bolstering the

Turkish lira.

The Treasury and Finance Ministry said it will issue domestic

bonds indexed to the revenues of state enterprises to encourage

lira asset savings, the central bank raised the required reserves

ratio for lira commercial cash loans, and the banking watchdog

tweaked a maturity limit for consumer loans.

“The fight against inflation remains a top priority. In this struggle

the importance of coordination between institutions is clear and

all our institutions are acting with the understanding of a joint

struggle,” a statement by the ministry said.

Treasury and Finance Ministry said it will start assessing demand

for the so-called revenue-indexed bonds on June 15. The

new domestic debt instruments would have a minimum yield

guarantee in coupon payments, it noted. Page 6

What’s next for the euro after slump against dollar?

“Bloocell technology will be the

first Unicorn company in the field

of healthcare in our country”

“If the ECB is aiming to give the euro

a boost, it will have to deliver a 50-

bp hike in July and/or signal that

75-bp moves are on the cards for

September,” S&P analysts said in a

note.

“Speedier policy adjustments

now would help anchor inflation

expectations, reducing the risk of

needing a restrictive policy stance

further down the line,” they added.

For economists at Berenberg, the

euro’s fall is more attributable to

the strength of the dollar, which has

“appreciated strongly against a broad

basket of currencies since mid-2021.”

The dollar has benefited from the

Fed’s tightening of monetary policy

while the volume of imported goods

rose by 9.6 percent to 19.96 million

tons, according to Karaismailoğlu.

“Consequently, foreign traderelated

freight handling at the ports

increased in June by 3.7 percent from

a year ago to 32.9 million tons.”

The U.S. was the top destination

of export goods with 1.63 million

tons, followed by Italy and Spain and

cement was the largest export item

shipped from the Turkish ports to

foreign markets.

In import freights, Russia and oil

Discover the world

of glass with

glasstec 2022

as it tries to limit inflation, which hit

record highs again in June.

“Markets are speculating that the

Fed may raise rates by 100bp instead

of 75bp at its next meeting on 27

July,” noted Berenberg.

“If so, this could strengthen the dollar

further.”

UniCredit added: “Towards yearend,

prospects of declining inflation

and more-balanced messaging from

central banks as the cyclical peak of

official rates nears should support a

return of risk appetite and ease USD

demand.”

Should that happen, the euro could

move away from parity in the last few

months of 2022, they say.

Freight handled at ports rose nearly 7 pct in first half

topped the list.

The port in the northwestern province

of Kocaeli was the busiest as 6.98

million tons of freight were handled

there, followed by the ports in Aliağa

and Ceyhan, said Karaismailoğlu.

The volume of containers handled

at the country’s ports stood at 6.4

million TEU (twenty-foot equivalent

unit) in January-June, up 2.7 percent

from the same period of last year,

while the volume of transit containers

was down 16.2 percent to 158,177

TEU, the minister also said.

K 2022, The World’s No.1

Trade Fair for Plastics &

Rubber to boost global

marketplace


Economic Newspaper July

2 Please mention

2022

Made in Türkiye” when writing to advertisers

Mehmet Soztutan

Editor-in-Chief

Letter From

The Editor

We have a part to

play as usual

Under a new strategy of Turkey’s

Trade Ministry to reach out to

more foreign markets, shelf space

for Turkish products will be rented

in markets located in nations

defined as “distant countries.”

A range of cooperation will be

developed with the purchasing

units of chain supermarkets in

distant countries for the sale of

Turkish products, and studies will

be carried out to rent shelves in

stores, according to the strategy.

The “Far Countries Strategy” introduced

by Trade Minister Mehmet

Muş aims to spread the

export success of Turkey, which

it has achieved in its close geography,

especially in Europe, the

Middle East and North Africa, to

the global arena.

The strategy document and action

plan showed that while preparing

the strategy, the focus was

on increasing the export range,

which is 3,065 kilometers (1,905

miles) on average, to above the

world average of 4,744 kilometers.

Accordingly, 18 target countries

for the development of trade

have been determined, namely

Canada, Mexico, Brazil, Chile,

China, Japan, South Korea, Pakistan,

India, Indonesia, Malaysia,

Thailand, the Philippines, Vietnam,

South Africa, Nigeria, and Australia.

It is also aimed to transport export

products and service exports

to the farthest points of

the world and to increase the

awareness of the Turkish brand.

According to the strategy, support

will be increased by intensifying

promotional activities,

especially advertising activities in

the written and visual media for

these countries. In the consumption

channels of the countries,

shopping malls and chain stores

will be specifically targeted.

It should be noted that exports

and export-oriented policies

in particular are regarded as a

growth stimulator by the Turkish

government officials. As a matter

of fact, opening up a country’s

market to the international markets

allows a country more efficient

production and allocation

of resources as the country can

concentrate on the production

of goods in which it has a comparative

advantage based on its

factor endowments.

Actually, being around the world

for decades, we have a crucial

part to play under this strategy

through our diverse range of export-

oriented publications.

We wish lucrative trade for the

business people.

Food

Turkey’s food industry has recorded

a steady growth in recent years, with

the Turkish consumers becoming

increasingly demanding, driven by

the multitude of choices offered by

mass grocery retail outlets. Rising

disposable income and changing

consumption patterns, along with the

increase in the number of persons

in full-time employment, have all led

to an increase in interest as regards

packaged and processed food, such

as ready-to-eat meals and frozen

food. As the sector is getting more

sophisticated, Turkey is becoming

one of the largest markets for baked

goods with its bread.

N.Brown/ New York

How to prioritize human

life?

The reduction in business activity is

necessary to prioritize human life. We

need to know the true infection and

asymptomatic rates before deciding

on local lockdowns.

Abandoning severe lockdowns a time

when the likelihood of a resurgence

in infections remains high will lead to

greater total economic damage than

sustaining the lockdowns to eliminate

the resurgence risk.

Now, borders suddenly do matter,

as countries hold on tightly to face

masks and medical equipment, and

struggle to source supplies. The

coronavirus crisis has been a

powerful reminder that the basic

political and economic unit is still the

nation-state.

H. Trun/ Berlin

Letters to

The Editor

We were short-sighted

To build our seemingly efficient

supply chains, we searched the

world over for the lowest-cost

producer of every link in the

chain. But we were short-sighted,

constructing a system that is

plainly not resilient, insufficiently

diversified, and vulnerable

to interruptions. Just-in-time

production and distribution,

with low or no inventories, may

be capable enough of absorbing

small problems, but we have now

seen the system crushed by an

unexpected disturbance.

So long as this is the case, countries

will have to strive for a better

balance between taking advantage

of globalization and a necessary

degree of self-reliance.

G.Raft/ Paris

The lesson of crisis

We should have learned the

lesson of resilience from the 2008

financial crisis. We had produced an

interconnected financial system that

seemed efficient and was perhaps

good at absorbing small shocks, but

it was systemically fragile. If not for

massive government bailouts, the

system would have collapsed as the

real estate bubble popped. Evidently,

that lesson went right over our

heads. The economic system we

construct after this pandemic will

have to be less shortsighted, more

resilient, and more sensitive to the

fact that economic globalization has

far outpaced political globalization.

D. Forester/ Istanbul

Responsible Editor:

Mehmet Söztutan

(mehmet.soztutan@img.com.tr)

Editors:

Assoc. Prof. Mehmet Ali Özbudun

Ayça Sarıoğlu

Correspondent:

İsmail Çakır

(ismail.cakir@img.com.tr)

Marketing Manager:

Recep Arslantaş

(recep.arslantas@img.com.tr)

Arts Director:

Tolga Çakmaklı

(tolga.cakmakli@img.com.tr)

Subscription:

Ismail Özçelik

(ismail.ozcelik@img.com.tr)

HEAD OFFICE:

İstanbul Magazine Group

İHLAS MEDIA CENTER

Merkez Mah. 29 Ekim Cad. No:11

Medya Blok Kat:1 34197

Yenibosna / İstanbul / Turkey

What is your advise for

former President Trump?

Publisher:

ISTMAG Magazin Gazetecilik

İç ve Dış Ticaret Ltd. Şti. Adına Sahibi

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PLEASE MENTION

Tel: +90. 212 454 22 22

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Tel : (90.224) 211 4450 - 51

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H. Ulusahin Is Mrkz. C Blok

No: 603-604-605 Konya / Turkey

Tel : (90.332) 238 10 71

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PRINTED BY:

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Tel: (90 212) 454 30 00

Fax (90 212) 454 34 83

WHEN CONTACTING ADVERTISERS

THE ECONOMIST

Well!!!

Try not to become a man

of success but rather to

become a man of value.

Metal industry seeks FTAs

with Latin America

With a decline in commodity prices hurting profits,

companies operating in the metal industry are looking

at the markets in Latin America, seeking free trade

agreements (FTA) with the countries in this continent.

“That is correct. We have expensive goods in inventories

to sell but the prices are on the decline, and this

situation causes losses in profits,” said Çetin Tecdelioglu,

head of the Istanbul Ferrous and Non-ferrous

Metals Exporters’ Association (IDDMIB).

However, he noted demand from the EU and other

markets for local products is strong.

At a meeting at the Trade Ministry, they convened their

demand to government officials for signing FTAs or

similar deals with Mexico and Brazil.

“The decline in prices may well continue until the end

of the year,” Tecdelioglu added.

The local ferrous and non-ferrous metal industry’s

export revenues target is $16 billion, and revenues

from shipments to foreign markets already exceeded

$8 billion in the first half of 2022, he said, noting that

the current situation in the global markets may offer

opportunities to Turkey.

Tecdelioglu recalled the meeting at the Trade Ministry,

when the “distant countries strategy” for exports was

unveiled. “Under this strategy, we also aim to increase

our share from the global market.”

“The report on the new strategy provides details on

how exports could be increased to the target countries.

We are very excited about the Latin America

[market]. Particularly, Mexico and Brazil have a large

population, and their consumption is strong. With

FTAs, we can also capture a larger share in Europe,”

he said.

Turkey is seeking to increase its exports to the world’s

largest economies with a specially tailored “distant

countries strategy.”

The targeted 18 countries in different continents, including

the U.S., Canada, Mexico, Brazil, China, Japan,

India, South Africa and Australia, account for more

than half of the global economy.

Countries need to bolster their game to attract FDI

The President of the Investment Office of the Presidency

of Turkey Burak Daglıoglu called on countries

to strengthen their efforts to attract foreign direct

investment (FDI) amid the rise of globalization and

technology.

In an op-ed piece penned for the World Economic

Forum, Daglıoglu said entrepreneurship has expanded

thanks to more opportunities and innovative projects,

which have an impact on the national, global and local

economies.

“To attract FDI, countries need to get serious about

their own startup ecosystems and their own value

propositions in order to sell them to the world. That’s

why now investment promotion agencies (IPAs) are

more important than ever,” Daglıoglu said, adding that

IPAs need to have a grasp of their local startup ecosystems

and keep up with their global counterparts.

He continued by highlighting that they can play an “intermediary

role in connecting startups and investors.”

Daglıoglu also suggested that IPAs should cooperate

with public and private stakeholders to devise and

maintain a suitable startup ecosystem.

Academics and industry experts also need to collaborate

to produce a talent pool and work as a platform

to put the ideas into action, he said.

Referring to the example of Turkey, Daglıoglu said Turkish

startups were able to raise $2.3 billion in funding

between 2011 and 2021.

“Early-stage investments averaging $100-$150 million

per annum skyrocketed to $1.6 billion in the year

2021, despite the COVID-19 pandemic. That growth

momentum has continued into 2022 as well, securing

$1.2 billion in the first quarter,” he outlined.

Daglıoglu noted that Turkey now has several unicorns

and decacorns thanks to the snowball effect of recycling

capital into the ecosystem.

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July

Economic Newspaper

2022 Please mention

Made in Türkiye” when writing to advertisers

3

“Bloocell technology will be the first Unicorn company

in the field of healthcare in our country”

Blocell, which produces high-standard equipment and automation systems to meet the quality requirements of the pharmaceutical industries

and received awards from 4 different international organizations, continues to make a difference in its field.

Mustafa Cüneyt Çıkman, Chief Executive Officer, Bloocell Technology, shared the origin story and goals of the company with our readers...

Could you inform us about

yourself and the origin

story of the Bloocell brand?

I am Mustafa Cüneyt ÇIKMAN,

the founder of BLOOCELL.

I received basic training in

pharmacology, medicine,

physiology, histology,

biomechanics and anatomy

engineering. I gained

expertise in the development

of Virtual Reality, Augmented

Reality organ, tissue, cadaver

modeling and training

simulation systems. I have

been a manager and executive

in National and International

projects including mechanics,

mechatronics, chemistry,

metallurgy, veterinary

medicine, biomedical,

electronic engineering.

Bloocell® was my biggest

dream. The project, which

was realized with the

contributions of valuable

scientists of our country,

has received awards from

the American Academy

of Orthopaedic Surgeons

(AAOS), the Orthopaedic

Research Society (ORS) and

John Hopkins University and

4 different international

organizations.

Bloocell Bioscaffold is the

first “ARTIFICIAL BONE

PROJECT” implemented in

the world

In the current climate of

increasing life expectancy

with the increase in bonerelated

injuries, a paradigm

shift is taking place from

standard bone grafting

to tissue engineering

/ tissue regeneration

gain in applications such

as orthopedic, dental,

plastic and reconstructive

surgery. Bloocell is the

first representative of this

paradigm in the world.

The scientists in the Bloocell

Scientific Advisory Board

at the Johns Hopkins

University Faculty of

Medicine Translational

Tissue Engineering Center

and Biomedical Engineering

Department have been

completed by obtaining

all legal permissions and

registration to the Medical

Devices institution. “Bloocell

Technology” from raw

material to production

was nationalized and its

production was started by

establishing a GMP (Good

Manufacturing Practices) onsite

production line within

Life Sciences Institute,

Boğaziçi University. The

project, which is the first

in the world, has been

presented to the service of

our country and humanity.

What are your product

types?

The team of Bloocell ®

engineers is conducting

their research to design a

technological platform for

the production of scaffolds

that will enable 3D (3D)

bone tissue regeneration.

Our products allow

customization of precise

shape and geometry. This

approach is critical for the

products to fully adapt to

the anatomical structure.

Bloocell Bioscaffold’s unique

architecture is conducive

to the infiltration of cells

and blood vessels that play

a key role in wound healing

and tissue repair. Bloocell ®

assists in the natural stages

of bone healing.

Bloocell ® offered its

technology developed

products to the market.

“BLOOCELL HYBRID”

used in neurosurgery and

craniofacial surgery consists

of titanium and polymer

materials.

“BLOOCELL BONE AND

CARILAGE REPAIR MATRIX”

used in Orthopedics,

Maxillofacial Surgery,

Otorhinolaryngology, Plastic

Surgery and Neurosurgery

is a biomaterial used in the

repair of bone and cartilage

defects. We produce with

high standards of equipment

and automation systems.

So, what are your most

demanded products?

The indication area of

Bloocell Bioscaffold is wide.

It is an osteoconductive

material, that is, when used

as a scaffold or template, it

can form bone on its surface,

in channels, and into pores.

Its important feature is that

it has the best ability to

imitate the bone in terms of

biomechanics and molecular

weight, so we call it artificial

bone. Bloocell Bioscaffold

has superior technology with

its “structural adaptation”

and “natural mechanical

compensation” features.

The internal structure of the

product imitates the texture.

In this way, it allows the

tissue to develop. Bloocell ®

Bioscaffold, which can take

the desired anatomical shape

or have pre-prepared forms,

is designed for the treatment

of bone augmentation and

deteriorated structures.

Bloocell ® Technology

provides vascularized tissue

formation by mimicking

bone. Doctors began to

use this innovation for

their patients. Unrivaled

technology is one of the first

symbols of groundbreaking

medical devices in medicine.

The surface technology

developed by using Mesh and

Barrier models in the repair

of neural defects increases

tissue transmission.

Bloocell ® Bioscaffold takes

the physiological cues of

the tissue in response and

generates the appropriate

geometry within it in the long

term. Due to its enzymatic

structure, it is completely

removed from the body after

treatment.

autologous materials and

donor site morbidity. Recent

advances in biomaterials

have provided attractive

alternatives to bone grafting,

expanding surgical options

to restore the shape and

function of injured bone.

Bioactive

(second

generation) biomaterials

have been developed that are

characterized by controlled

action and reaction to the

host tissue environment

while exhibiting controlled

chemical degradation and

absorption between the

regenerated tissue and the

replacement tissue .

The next generation Bloocell

Bioscaffold is designed to

promote the regeneration

of host tissues by combining

tissue engineering and in

situ tissue regeneration

methods with a focus on

new applications, not only

osteoconductive but also

osteoinductive.

Bloocell Bioscaffold will open

up new possibilities for tissue

regeneration and repair.

It currently supports bone

reconstruction to restore

structural and functional

integrity for complex skeletal

defects of post-traumatic,

degenerative, neoplastic, or

congenital /developmental

“origin”.

Engineering functional bone

using combinations of cells,

scaffolds and bioactive

factors, Bloocell capable

of exhibiting favorable

biomimetic and mechanical

properties It is an exemplary

and unique technology for

future development in the

bioscaffold field.

In summary, it shows what

we can expect from the next

generation concept of bone

regeneration, which makes

this work superior to the

others.

Could you inform us about

your export and target

markets?

We made our Turkey and

World launch. We expanded

our market in MEDICA,

America CES, Arab Health

fairs. Our primary goal is to

have a permanent say in the

market. To cooperate with

leading health institutes and

technology companies and

to expand our sales network

in order to contribute to

the country’s economy and

become a world brand.

How do you evaluate your

own position in your sector

at home and abroad? What

are your current position,

strengths and plans in this

market?

Mustafa Cüneyt ÇIKMAN,

founder of BLOOCELL

It is known that the tissue

engineering North American

market is 35 billion dollars.

Continuing hot sales in

Turkey, MENA region

and Europe, additionally

establishing a representative

office. Bloocell America was

opened and Russia, Central

Asia, Pacific, China and India

markets were entered. Our

goal is to be a reliable and

permanent brand in the

global market. Bloocell

technology will be the first

Unicorn company in the field

of health in our country.

What about your in vivo

and in vitro studies? What

distinguishes this work

from others?

The role of Bone Tissue

Engineering in Regenerative

Medicine has been the

subject of significant

research over the past two

decades. Technological

advances have improved

orthopedic implants and

surgical techniques for bone

reconstruction. However,

advances in surgical

techniques to reconstruct

bone have been limited by

the scarcity of available


Economic Newspaper July

4 Please mention

2022

Made in Türkiye” when writing to advertisers

Turkey’s car brand Togg backs tech

ventures’ global journey

Looking to guide startups on their global

journeys, Turkey’s first domestically produced

car brand is taking its mobility acceleration

program to the international arena.

Automobile Joint Venture Group (Togg), the

consortium developing Turkey’s indigenous

car, has announced a cooperation with the

world’s largest innovation platform to launch

its Mobility Acceleration Program.

The cooperation looks to support

international startups in many areas, from

mentoring to financial consultancy.

Plug and Play has 400 corporate partners in

the heart of the Silicon Valley as well as in

four continents, 20 countries and 39 offices.

Togg will also be a member of STARTUP

AUTOBAHN, an open innovation platform

supported by Plug and Play, and will take an

active role in the field of mobility together

with global players.

Addressing the STARTUP AUTOBAHN Expo

2022 in Stuttgart, Germany, Togg CEO Gürcan

Karakaş said startups are an important part

of new technology solutions in the mobility

ecosystem.

“Companies relied heavily on their own

R&D (research and development) units 5-10

years ago, but with start-ups, technological

innovation has reached an unprecedented

speed,” Karakaş said.

“Startups that take bold steps with their

agile business models take fast action

and transform sectors. Startups also

play a critical role in shaping the mobility

ecosystem. The sector produces a window

of opportunity for new players to emerge,

while collaborations with new players allow

us to produce sustainable value,” he noted.

“The Mobility Acceleration Program we are

launching with Plug and Play is an important

step we have taken to support startups, a

very important element of the ecosystem.”

“We are the rare mobility ecosystem

application platform in Europe in a real

sense.”

Karakaş said in June the company participated

in Vivatech, Europe’s largest technology and

startup event, and conveyed their startup

approach.

“We also had the opportunity to engage

with startups with Mobility Park by Togg,

which was located in the center of the event.

As a company that is preparing for global

competition, we will continue to be involved

in all kinds of efforts that will improve the

mobility ecosystem not only in our country

but also internationally.”

Plug and Play Turkey Director Lale Gozübüyük

said the innovation platform “will be happy

and proud” to share with Togg an experience

that encompasses not only global automotive

companies but many other sectors, mainly

mobility, as well as the opportunities

it has developed.

“Togg aims to be much more

than a car. Plug and Play,

the world’s largest

innovation

platform,

will be happy and proud to share its

experience and opportunities that extend

not only to global automotive companies,

but also to many sectors, especially mobility,

with Togg on this long journey,” Gozübüyük

noted.

Cooperation with Türk Telekom

Plug and Play is known in Silicon Valley as the

acceleration program that most successfully

matches technology startups with giant

companies in the vertical industry.

Making the best innovation-oriented pairing

of technology startups with global giant

companies in the heart of Silicon Valley, Plug

and Play collaborated with Türk Telekom,

one of Turkey’s leading information and

communication technologies companies, last

year.

It mediated the transfer of initiatives from

Turkey to the center of technology. With the

latest cooperation, mobility initiatives will

also have a similar

opportunity.

Turkish builders

take on $4.6B in H1

projects abroad

Turkish construction companies undertook

projects worth nearly $4.63 billion in the first

half of 2022, data showed.

The companies took on some 132 projects

that had an average cost of over $35 million,

Anadolu Agency (AA) said, citing data

compiled from Trade Ministry.

Since they took on their first contract overseas

in 1972, the builders have undertaken more

than 11,273 projects in 131 countries. The

total value of the projects has reached more

than $458.4 billion. Over recent years, their

businesses were delivered a heavy blow by

geopolitical instability and uncertainties in

multiple markets.

The size of the 354 projects they took on

abroad in 2020 dropped to $15.9 billion,

mainly due to measures to curb the

coronavirus pandemic.

The figure rebounded to some $30 billion last

year, as many countries eased the COVID-19

lockdowns. Currently hit by sweeping

sanctions over its invasion of Ukraine, Russia

has been Turkish builders’ top market,

accounting for 20.8% of all projects to date,

whose size has reached around $94.5 billion.

Turkmenistan and Iraq follow with 10.9%

and 6.9% share. Projects in the two countries

have a total size of nearly $50 billion and

$31.7 billion, respectively. Libya, Kazakhstan

and Saudi Arabia are among other markets

where Turkish builders have undertaken the

most projects.


July

Economic Newspaper

2022 Please mention

Made in Türkiye” when writing to advertisers

5

“Your global healthcare vehicles partner”

Remarking its name of our country in the healthcare vehicles industry as a “quality ambulance manufacturer” to the whole world,

ENAK continues to serve with its developed customer portfolio.

Continuing its activities in the

healthcare sector by producing

healthcare vehicles in accordance

with international standards for

many organizations in the country

and abroad, ENAK Ambulance

produces the highest quality mobile

healthcare vehicles in line with

the wishes and needs of its valued

customers.

By exporting to more than 40

countries, the brand, which is wellknown

in the health sector and is a

candidate to take an active role in

every life saved, is also expanding

its customer portfolio by following

the business ethics principles such

as honesty, reliability and durability,

gaining the approval of the

customers and recommending them

to their close circles.

The company, which started its

activities in Germany in 1993 and

continues its 28 years of experience

in Turkey and exports around the

world, continues to boost the sector

as one of the leading names of quality

healthcare vehicles manufacturers

in Turkey in the health sector.

Mobile Hospital features:

Developed with care to the smallest

detail, the Mobile hospital stand out

with its following features;

- The main entrance door of the

mobile hospital is at the back and

has a wheelchair access ramp for the

disabled.

- The mobile hospital can close in a

few minutes.

-

When the oxygen is low in the

mobile hospital, spare tubes can be

activated.

- The oxygen system stands out as

the most special mobile oxygen

system in the world. Inside, rooms

and patient units are distributed

with special pipes and oxygen flow

meters.

- There is a 50 KW diesel generator

operating uninterruptedly in all

weather conditions in the mobile

hospital. Since the generator is

designed to operate all kinds of

medical devices, it can operate both

mono-phase and three-phase.

- Includes clinical emergency

department.

- The operating table, operating

lamps, medical equipment, fully

equipped surgical intervention and

operating room section are the

most important parts of the mobile

hospital vehicle.

- The pharmacy section where

hundreds of drugs will be exhibited

in the mobile hospital has been

specially designed. There is a special

ventilation and medical cooler in the

pharmacy.

In addition, ENAK, operating in the

health sector, expresses at every

opportunity that it attaches great

importance to customer satisfaction

with its quality policy, innovative

product design, cost-effective

production and timely delivery.


Economic Newspaper July

6 Please mention

2022

Made in Türkiye” when writing to advertisers

Inflation top priority as Turkey unveils

new steps to shore up economy

Made-in-Turkey bus, minibuses

exported to 68 countries in 6 months

Continued From Page 1

Sstatement earlier had stressed Turkey’s

status as a free market economy.

“Unfortunately some circles take all opportunities

to question recklessly Turkey’s

status as a free market economy with a

liberal foreign exchange regime,” the ministry

said.

That statement came after credit rating

firm S&P Global said there was a rising

risk that Turkey could introduce additional

capital controls if the pressure on its

currency and financial markets continues

to intensify.

The Treasury and Finance Ministry

stressed prudent fiscal policy would continue

in the period ahead and that fiscal

discipline would never be compromised.

“Practices that will increase the use and

attractiveness of the Turkish lira will be

continued without compromising the free

market rules,” it.

The lira has declined 23% this year in addition

to last year’s 44% drop in value after a

series of central bank rate cuts.

Among other coordinated measures, the

Banking Regulation and Supervision Agency

(BDDK) said it decided to set a maximum

24-month maturity for consumer

loans between TL 50,000 and TL 100,000

and a maximum 12-month maturity for

consumer loans over TL 100,000.

It also raised the minimum payment requirements

on credit cards in an attempt

to slow loan growth. It plans to ease restrictions

imposed on foreign investors’

access to the lira via the swap facility.

It said in a statement that, among other

steps, it will direct loans toward productive

areas such as investment and exports.

Also, the Capital Markets Board (SPK)

said it had reduced its fees in order to

encourage foreign funding for public offerings

held in Turkey and to encourage

companies to obtain funds by issuing capital

market instruments abroad.

Lastly, the Central Bank of the Republic

of Turkey (CBRT) said banks will maintain

additional lira long-term fixed-rate securities

for foreign currency deposits/participation

funds as a complementary step

to increasing the weight of lira fixed-rate

securities in the collateral pool that becomes

effective on June 24.

“The aim of this regulation is to increase

the effectiveness of the monetary policy

within the scope of the liraization strategy,”

it said.

It also said it was increasing the reserve

requirement ratio for lira-denominated

commercial cash loans to 20% from 10%

earlier in order to support financial stability.

Meanwhile, the Turkish government is

reportedly considering pushing a supplementary

budget through Parliament

before a recess next month in order to

cover possible summer payments and the

rising costs of a lira decline and soaring

inflation.

Two sources told that work on the extra

budget was being conducted, but no final

decision has been made on whether it will

be needed.

Fueled by soaring food and energy prices,

Turkey’s annual inflation rate rose at a

lower-than-expected pace last month but

still jumped to a 24-year high of 73.5%.

The budget burden has grown due to rising

energy costs, public sector wage and

pension hikes, the lira drop and the related

rising cost of a deposit protection

scheme (KKM) launched late in 2021 to

boost lira deposits by protecting them

against depreciation.

“Electricity and gas costs in particular

have had an impact (so) it appears impossible

to stay within the budget this year,”

a senior official said, requesting anonymity.

“Making an additional budget seems inevitable.”

A Treasury source said a supplementary

budget was currently not on the agenda.

To ease the burden on households’ budgets,

Ankara introduced fuel, electricity and

gas subsidies worth TL 200 billion in 2021.

They were expected to cost TL 300 billion

this year, but energy costs have risen much

more than anticipated.

The official said a few meetings have been

held but the size of a supplementary

budget was unclear, and state institutions

are determining their combined additional

budget needs.

“Work has started on issuing an additional

budget in this legislative period ... (and) a

final decision has not been made,” another

source familiar with the subject said.

Data suggests the budget deficit was a

moderate 2.5% of gross domestic product

(GDP) in April-end, but the growing cost

burden indicates it will widen by year-end

towards 5%, which would bring Turkey

closer to the level of other developing

markets.

The government also considered a supplementary

budget at the end of 2021 but

shelved the plan and met rising costs with

higher-than-expected revenues.

The government, since the end of December,

boosted wages and cut taxes to

support lower-income households, taking

advantage of strong public finances and

what was the lowest deficit among peers

until 2016.

The budget deficit-to-GDP ratio remained

low at around 1% from 2013 to

2016, boosting Turkish investments. It then

rose to 1.5% in 2017 and reached 3.5%

by 2020.

The KKM deposit protection scheme was

worth TL 904 billion. While the central

bank backs part of the scheme, the Treasury

has said its payments to depositors

were TL 21.1 billion as of June 3.

The scheme sought to encourage locals

to convert their foreign currency savings

into lira under a deposit protection plan,

compensating depositors for any losses

due to lira depreciation.

Turkey’s bus, minibus and midibus

exports increased by 13.98% in the

first half of the year compared to

the same period in 2021.

The sector, which increased its

export sales from $509.9 million in

January through June last year to

$581.2 million in the same period

this year, sent buses, minibuses and

midibuses to 68 countries, according

to data from the Uludağ Automotive

Industry Exporters’ Association.

During the said period, exports of

buses, minibuses and midibuses to

France, which is the country with

the most foreign sales, increased

by 18.23%. Exports to France, which

were $125.6 million in the January-

June period of last year, increased

to $148.5 million in the first half of

2022.

The exports to Portugal, which ranks

second, reached $62.8 million from

$2.2 million. Exports to Germany,

which follows Portugal, meanwhile,

decreased by 18.61% from $68.2

million to $55.5 million.

Bus, minibus and midibus exports to

the Azerbaijan-Nakhchivan market

increased from $4.2 million to $41.4

million. Azerbaijan-Nakhchivan

became the fourth market in which

the sector made exports in the first

half of the year.

Bus exports to Italy, which ranks

fifth, increased by 3.5% from $35.8

million to $37.1 million.

In the first half of the year, compared

to the same period of 2021, the

United Kingdom ranked sixth with a

281.18% increase and $30.3 million,

Romania ranked seventh with a

65.91% increase and $17.9 million,

Czechia ranked eighth with an

increase of 123.1% and $17.8 million,

Poland ranked ninth with a 345.22%

increase and $15.9 million. Spain,

on the other hand, was recorded as

the 10th country to which buses,

minibuses and midibuses were

exported the most, with an increase

of 105.32% and $14.4 million.

The export sales worth $367,000 to

the U.S., which is the 11th country

with the most bus exports, in the

January-June period last year

increased to $14.3 million in the

same period of this year.

Bus, minibus and midibus exports

to Egypt reached $5.2 million from

$73,000.


Economic Newspaper July

7 Please mention

2022

Made in Türkiye” when writing to advertisers

Discover the world of glass with glasstec 2022

In the International Year of Glass, the glass industry will celebrate a long-awaited reunion in Düsseldorf,

Germany from 20 to 23 September 2022

Megatrends shape the supporting program

The sector had to wait four years to once

again experience the wide range of exhibitors

on the topics of glass production/manufacturing

technology, glass

processing and finishing, for numerous

glass products and applications as well as

a unique and extensive supporting programme

from industry and science.

Be there as an exhibitor at glasstec 2022!

glasstec is the largest and most important

event when it comes to presenting

the entire range of glass as a material.

Megatrends point to future challenges

On the basis of in-depth conversations

with experts from all stages of the value

chain, five global trend themes were

identified. They are considered essential

for the future development of the glass

industry as well as for our society as a

whole. These are:

• Climate (emission reduction and renewable

energies)

• Urbanisation (future-proof architecture

with glass)

• Value (sustainable value chain)

• Resources (efficient and sustainable use

of resources)

• and Wellbeing (improved quality of life

through glass)

“These mega trends will be in focus in the

conference rooms, at the special show

areas as well as at exhibitors’ stands. This

means we will provide the glass industry

with a unique spectrum of innovative

future solutions and information as

well as the opportunity to expand their

personal network in the global world of

glass,” says Birgit Horn, Project Director

of glasstec.

Exhibitor registrations indicate positive

outlook for the trade fair

“At the beginning of the year registration

figures are comparable with 2018 levels

– i.e. before the pandemic. This is a

positive signal sent by the glass industry,

considering the latest event was one of

the most successful ones we had at the

homebase in Düsseldorf,” adds Birgit

Horn. Both national and international

testimonials supporting this positive

trend are featured on the glasstec exhibitor

site with the motto “Let’s go Live”.

However, it is still possible to register

at the trade fair as an exhibitor at www.

glasstec.de/application

NEXT IN GLASS – glass technology live:

the innovations show with an outlook on

future glass applications

The special show glass technology live

(gtl) will be organised by the university

network of the four Technical Universities

of Darmstadt, Delft, Dortmund and

Dresden. Students from a wide range of

disciplines and the industry will again

amaze visitors and fuel discussions with

their mock-ups and innovative glass

structures. The first of several glass technology

live videos will shortly be released

online providing exclusive insights into

the details and plans for the upcoming

edition of glass technology live. The videos

will be available on the glass technology

live-Website and the glasstec social

media channels.

Think tank: glasstec conference and

call for papers

The glasstec conference combines harnesses

industry know-how from theory

and practice in the context of the five

trend themes. Every day, glasstec 2022

visitors can find out about the current

developments and trends in the sessions

on Glass Production, Processing Technology

and Products. Currently, companies

are invited to apply for a speaking

slot at the conference with glasstec’s call

for papers.

Also forming an integral part of the lineup

of supporting program, is the international

Architecture Congress. This

year it will be held once again in cooperation

with the Chamber of Architects

North Rhine-Westphalia on the Thursday

of the trade fair (22 September, CCD

Ost) under the heading: “Weitblick.

Zukunftsfähige Architektur mit Glas”

(Foresight. Future-Proof Architecture

with Glass).

The morning sessions of the glasstec

conference agenda at a glance:

Tuesday, 20 September: glass processing

and finishing

New processing options and technologies

Wednesday, 21 September: glass production

I

Decarbonisation – new energy systems

and transition to renewable energy

sources

Thursday, 22 September: glass products

and applications

New glass products and recyclability of

glass

Friday, 23 September: glass production

II

Alternative resources and recycling of

container and flat glass

Each afternoon will feature additional

lectures in the glasstec conference area.

These will be offered by universities and

scientific institutions on the topic of

façade and metal construction, by the

VDMA on the topic of machine communication

and by EuroWindoor on energy

efficiency and the use of natural daylight.

Details on the supporting will be available

here in the future: www.glasstec-online.com/en/Program/Overview

Crafts Center and WorldSkills Germany

@ glasstec

The wide range of exhibitors and products

at glasstec provides craftspeople

with a comprehensive overview of the

latest glass products and tools as well

as mounting and lifting aids. For years,

the most relevant meeting point for networking

and exchanging information

among experts from the glass processing

crafts sector has been the joint stand of

the Federal Association of the Glazier

Trade. This is also where the state professional

schools are represented.

For the third consecutive time, the special

show Crafts LIVE will present among

others the top innovations for the glass

processing trade in practical application.

This year, the area is themed around the

World Cup of Trades. At the ‘WorldSkills

Germany @ glasstec’ young glaziers from

all over Germany will compete in this

qualifying competition to secure their

starting place for ‘EuroSkills 2023’.

The event is organised by the Federal Association

of the Glazier Trade (Bundesinnungsverband

des Glaserhandwerks

e.V.) and the Association of Young Glaziers

and Window Makers (Verband der

Jungglaser und Fensterbauer e.V.).

The machinery and work benches for

the competition will be provided by the

Bohle Group. 5 German candidates have

already been shortlisted – the remaining

three entries will come from international

contestants. Held again concurrently

will be the Reff mounting challenge by

the Hegla Group as well as demonstrations

by IFT Rosenheim. At the “glass

art” exhibition international galleries

and artists will display their objects and

interpretations of and with glass.

glasstec START-UP ZONE 2022 – the

networking platform for young, innovative

companies

At glasstec you encounter the top decision-makers

from the glass industry and

experts from business, research and politics.

This is why the START-UP ZONE

provides innovative young companies

with an ideal platform for making new

contacts and networking. National and

international start-ups now have the

opportunity to secure a place in the

START-UP ZONE. This exhibition opportunity

targets companies that have

been on the market for less than 5 years,

have less than EUR 10 million in annual

sales or total assets and have fewer than

20 employees.

K 2022, The World’s No.1 Trade Fair for Plastics

& Rubber to boost global marketplace

For the 22nd time, K in Düsseldorf will be the performance barometer for the entire industry and its global

marketplace for innovations from 19 to 26 October

marvel at historical photos and stories.

70 years of K in Düsseldorf – a world

career made in Germany!

Now online: the anniversary in historical

pictures and stories

The same year that saw Queen Elizabeth

II ascend to the throne, the first artificial

heart valve implanted in the USA and

the musical “Singinin the Raininspire

millions at the cinema, history was also

made in Germany with the inaugural

edition of K, hosted in Düsseldorf from

11 to 19 October 1952. At that time nobody

suspected this event only just taking

off would develop into the world’s

leading trade fair for the plastics and

rubber industry.

Today, K in Düsseldorf can look back on

a success story of 70 years. It is the most

relevant information and business platform

of the plastics and rubber industry

worldwide. Its position as the leading

trade show for the entire industry, where

theme leadership and innovation go

hand in hand to pave the way for visions

for the future, is undisputed. On no other

platform is the internationality as high as

in Düsseldorf. For K 2022 from 19 to 26

October around 3,000 exhibitors from 61

nations are expected and the Düsseldorf

Exhibition Centre is completely booked.

How it all started

However, K in Düsseldorf also started

small once: the debut event “Wunder

der Kunststoffe” (Miracles of Plastics) in

1952 registered 270 exhibiting companies

– exclusively from Germany. They

occupied approximately 14,000 square

metres of net exhibition space.

At the premiere 165,000 visitors marvelled

especially at the colourful consumer

goods exhibited by plastics processors.

Because from 1952 to 1959 K

Düsseldorf was purely a showcase of the

German industry. Any interested visitor,

be it a layman or specialist, was admitted

to visit the trade fair. Major attractions

on show were products designed

to make life more beautiful and convenient.

Today, we smile at the advertising

of that time, which was also aimed at the

“modern housewife” and introduced her

to such post-war achievements as trendy

PVC raincoats or sheer nylon stockings -

aesthetic epitomes of the economic miracle.

The more the plastics industry specialized

and high-tech plastics for special

solutions in electronics, medicine, automotive

or aerospace attracted attention

beyond standard polymers, the more

specialists visited the trade fair. In 1963

the break was made: K in Düsseldorf

became a special-interest only trade fair

of international standing. Since then it

has maintained its position as a leading

global trade fair for the entire industry.

2019 saw over 220,000 trade visitors

from almost 170 nations travel to K on

the Rhine River.

The international origin and composition

of exhibitors will also guarantee the

completeness of the product ranges and

a comprehensive overview of the world

market at the upcoming K in autumn.

Nowhere else will they find such a wealth

of innovations,

and no other trade show will provide

such a variety of impulses for the future

of the global plastics and rubber industry.

Event’s own microsite: immerse yourself

in 70 years of K in Düsseldorf

Before K 2022 even opens its doors,

there is already an opportunity to get in

the mood for the trade show’s anniversary.

We are celebrating K with its own

microsite, inviting you to delve into seven

decades of K history and to smile and

Messe Düsseldorf ensures highest air

quality

By July 3,000 HEPA filters will have

been installed. Messe Düsseldorf is

coming up with a new technical highlight:

HEPA filters. These high-efficiency

particulate air filters introduce

clinically clean air into the halls while

at the same time reducing heating and

cooling energy consumption. By the end

of June 2022, the complete Düsseldorf

Exhibition and Congress Centre will be

equipped with HEPA filters.

K was first

K was first organised by Messe Düsseldorf

in 1952 and is held every three years.

The last K in 2019 recorded 3,330 exhibitors

from 63 countries on 177,000 m² net

exhibition space, and 224,116 trade visitors,

73% of whom came from abroad.

Further information at www.k-online.

com.


Economic Newspaper July

8 Please mention

2022

Made in Türkiye” when writing to advertisers

Turkey’s BOTAŞ gets $929M loan from for LNG purchases

Turkey’s state energy importer has been

provided with a 925 million-euro ($929 million)

loan from Deutsche Bank to finance its future

liquefied natural gas (LNG) purchases in a bid to

diversify its import sources, the German lender

said.

The three-year loan will allow Petroleum

Pipeline Corporation (BOTAŞ) to diversify its

spot LNG purchases from suppliers mainly in

Europe and the Middle East, Deutsche Bank said

in a statement.

Responsible for 95% of gas supplies in Turkey,

BOTAŞ will use the facility to partially meet its

LNG purchase requirements from a list of preagreed

international natural gas suppliers in 10

countries.

These include the United States, Singapore,

France, Germany, Italy, Spain, Switzerland, the

United Kingdom, Algeria and Qatar.

The loan is guaranteed by Turkey’s Treasury and

Finance Ministry and can be extended in size in

the future, the statement said.

The possibility of the financing was first

reported by Bloomberg in April.

The agreement marks BOTAŞ’s first loan deal

for LNG purchases and is said it could pave the

way for similar agreements that will allow it to

diversify supplies currently dominated by Russia

and Iran.

Turkey imports almost all its energy needs,

leaving it vulnerable to price swings. Surging

energy prices after Russia’s invasion of

Turkey big growth boom

waiting to happen

Ukraine pushed costs higher, threatening the

government’s economic plan aimed at achieving

a current account surplus.

The government has been subsidizing a

significant amount of utility bills in an effort to

soften the burden of soaring consumer prices

on households. It opted to keep prices for

households steady and hike prices for gas sold

to industrial facilities and power plants for the

most part of the first half of the year.

Yet, BOTAŞ in June said it had raised prices for

households, as well as industry and electricity

production, with the price for households raised

by 30%.

BOTAŞ has bought billions of dollars from the

central bank to cover its purchases this year. It

was the largest recipient of nearly $18 billion in

currency sales to state economic enterprises by

the central bank in the first half of this year.

“The deal constitutes an important step in the

ongoing development and focus of Deutsche

Bank’s franchise in Turkey and confirms the

bank’s continuous support and commitment to

the country,” said Orhan Özalp, CEO of Deutsche

Bank A.Ş. Turkey.

“Already a leader in financing a number of

Turkey’s most significant infrastructure projects,

Deutsche Bank has had a long-standing presence

in the country and will continue to support

selective projects in transport, infrastructure

and energy in the future,” he noted.

Turkey is a big growth boom waiting to happen,

said Robin Brooks, chief economist at the

Institute of International Finance (IIF).

“Net exports, the difference between exports

and imports, have been a positive growth driver

for over a year, a sign just how competitive

Turkey’s export sector has become. All that’s

needed is macro stability and Turkey will boom!,”

he wrote on Twitter.

Turkey is one of the few emerging markets where

exports boom, only Turkey has consistently

positive contributions, he added. “Better days

are coming.”

In another tweet, Brooks commented on

commodity prices, saying that “winners versus

losers in the global commodity price shock.

Biggest winners: Saudi Arabia, Turkey, and

Brazil. Biggest losers: Argentina, Chile and

Colombia. The list of losers is deeply worrying.

These are commodity exporters that should be

doing well.”

Turkey’s exports grew by 18.5 percent to

stand at $23.4 billion in June, according to the

preliminary data from the Trade Ministry.

Imports amounted to $31.6 billion in the month

and the energy was the largest item at $8.1

billion in overall imports, said Trade Minister

Mehmet Muş.

“Exports will remain the main driver of economic

growth,” Muş said.

Excluding energy imports, the exports-toimports

coverage ratio was 93.4 percent last

month.

In the first half of the year, the country’s export

revenues grew 20 percent on an annual basis to

hit $125.9 billion.

Turkey’s economy grew by 7.3 percent in the first

quarter of 2022 compared to January-March last

year. The rate of growth in the first months of

this year, however, eased from the 9.1 percent

expansion recorded in the final quarter of 2021.

Last year the Turkish economy grew 11 percent.

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