Made in Türkiye July 2022

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.
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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:
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(ismail.ozcelik@img.com.tr)
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Try not to become a man
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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 “Singin’ in the Rain” inspire
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.