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economy
Turkey’s 1st drillship The YEKA tenders for renewables will intensively continue in 2018, Turkish energy minister says. Turkey’s first drilling ship will be sent to the Mediterranean Sea for offshore oil and gas exploration and drilling in the region as soon as possible, Turkey’s Minister of Energy and Natural Resources said. Speaking at the opening ceremony of the Kazan Soda Electricity Production facility in Ankara, Albayrak hailed 2017 as a successful year for oil and natural gas exploration, and said the country’s first active drillship is destined to open a new page in exploration for Turkey. Albayrak noted that last year was also important in terms of the launch of Turkey’s YEKA tenders, which were significant in efforts aimed at reducing foreign energy source dependency.
FEBRUARY 2018 ISSUE 55
economy
A Cooperation Fund Account Turkey’s Treasury and the European Bank for Reconstruction and Development (EBRD) have established a cooperation fund account in the amount of 25 million euros.
A
s a donor, turkey,
through the Undersecretariat of Treasury, will co-finance socially important EBRD-led projects which help boost economic growth and improve people’s lives, according to a follow-up release from both sides. The protocol was signed by EBRD President Suma Chakrabarti and Turkish Deputy Prime Minister Mehmet Şimşek at a ceremony in Ankara on Jan. 19 in the presence of President Recep Tayyip Erdoğan. In his opening speech, Erdoğan said Turkey is a founding shareholder of EBRD, which has invested 10 billion euros in the Turkish economy so far, with almost all investments being in the private sector. “With a deal which will be signed today, we are moving our cooperation with EBRD on to a new stage… By creating a fund with the bank, we will also be diversifying our development aid policies,” Erdoğan said. “Some credit rating agencies have adopted ideological ap-
proaches that they claim Turkey is not stable or was not giving any confidence,” Erdoğan said, stressing that the approach must change. Şimşek praised the robust cooperation between Turkey and the bank, adding that the deal was a first in Turkey’s history. “Some 18 percent of the EBRD’s total funds are being used by Turkey on an annual basis. This is a considerable amount. Almost one-fifth of the EBRD funds are utilized by Turkey,” Şimşek said, adding that both sides would work together to make a contribution to development policies in other countries. In Turkey, the EBRD focuses on investment in sustainable energy, improving infrastructure, strengthening the competitiveness of the private sector, including of small firms, deepening local capital and local currency markets, while promoting greater job and training opportunities for women, youth and people in remote areas.
busıness
Turkey to grow 4.5 percent in 2018 Turkey’s leading business association TUSIAD releases its economic forecast report. Turkey will grow 4.5 percent and the country’s inflation rate will be 9.8 percent in 2018, Turkish Industry and Business Association’s (TUSIAD) predicted in a report. The country’s unemployment rate will be 10.5 percent in the current year, said the economic forecast report released during TUSIAD’s 48th general assembly in Istanbul. “It is expected that public spending will take place as predicted in the medium-term program. In this case, the contribution to growth from here will be limited,” the report added. The report showed that Turkey’s budget deficit to GDP ratio would be 1.9 percent negative. The country’s exports will increase to $166 billion, while its exports will rise to $252 billion in 2018, the report said. It also estimated that Turkey’s current account deficit to GDP ratio would be 5.4 percent negative. The country’s exports were $157.1 billion and its imports were $234.2 billion in 2017.