Turkey’s Economy Minister Says Spain Should See Turkey as Springboard

MADRID (A.A) – Turkey’s economy minister said on Thursday that Spain should see Turkey as a springboard, and vice-versa due to their geographies.

Zafer Caglayan said Turkey was not a country that could be invested and sold goods only.

“Turkey is the second country in world in contracting industry, and Turkey would like to share advantages it has gained in this industry in Africa, Middle East and Caucasus with Spanish businessmen,” Caglayan told Spain-Turkey Investment & Cooperation Summit in Madrid, Spain.

Caglayan said Turkey would make significant energy, health, infrastructure and other investments, and many Turkish firms were investing in Spain and more than 400 Spanish companies had investments in Turkey.

The minister said Turkey was the sixth biggest economy in Europe and Spain was the fifth biggest economy in this continent.

“Turkey’s national income was 740 billion USD in 2010, and national income of the two countries totalled 2.2 trillion USD,” he said.

Caglayan said the 8 billion USD of trade volume between the two countries was too low, and this figure could easily be raised to 18 billion USD.

The minister said Turkey would invest 120 billion USD in energy till 2023, and 50 billion USD in transportation in ten years.

Caglayan said Spanish companies would continue their investments in high-speed train system in Turkey, and Spanish companies that had submitted bids for Marmaray project were advantageous.

Moreover, Caglayan said the only way out of global crisis was global cooperation, and Turkey’s year-end exports would reach 135 billion USD and Turkey aimed to raise it to 500 billion USD.

Caglayan said direct investments in Turkey would climb over 13 billion USD by the end of 2011, and 91 percent of direct investments in Turkey in 2011 were Europe-oriented.

Minister Caglayan said Turkey made public medium-term economic program earlier on Thursday, and it forecast 7.5 percent year-end growth, but 5 percent annual growth in 2013 and 2014.

Caglayan said Turkey would exert significant efforts to cut down its current account deficit forecast to 7 percent of the Gross National Product (GDP) from 9.4 percent till 2014, and diminish inflation to 5 percent from 8 percent.

Turkey would reduce its budget deficit to 1 percent by 2014, Caglayan said.

Caglayan also said Turkey would implement a new incentive system by the end of this year.

After the meeting, Turkey’s Foreign Economic Relations Board (DEIK) and Spanish Confederation of Employers’ Organizations (CEEOE) signed a cooperation agreement.

via Turkey’s Economy Minister Says Spain Should See Turkey as Springboard, 13 October 2011 Thursday 17:17.