Entrepreneurs in Turkey will access financing at low cost: Varank

Entrepreneurs who want to invest in Turkey will be able to access financing at a low cost, Technology and Infrastructure Minister Mustafa Varank said Tuesday, commenting on the Turkish lira incentive package announced by President Recep Tayyip Erdoğan.

“I think that the smug ones who look down on everyone and call themselves economists can understand how we have a variety of vehicles in free market conditions. Everyone should know this very well. Our entrepreneurs will be able to access finance at a low cost,” Varank said in his speech at the Impact Analysis Studies Evaluation Workshop held in the Presidential Library in the capital Ankara.

Stating it is important that the public knows the increase in the minimum wage will be reflected in all segments with the exception of the income tax, Varank said: “We will grow with more exports.”

“The markets that could not reach their suppliers in the Far East tried to overcome the supply problems thanks to the fulfillment of the commitments of the manufacturers in Turkey,” said Varank, expressing that Turkey’s economy and production proved its capability to the whole world during the COVID-19 pandemic.

“We are in a period when the supply chains have deteriorated. Of course, the center of gravity of the global economy has changed, as well. We are now moving rapidly toward a multipolar global economy, not a unipolar one. That’s why we are preparing Turkey in the strongest way for the post-pandemic world,” he said.

“I have already expressed how unfair it is to measure the Turkish economy only in exchange rates,” said Varank, emphasizing that the Turkish economy is positively differentiated in growth and has seen significant gains in employment and production.

“We are now leaving behind the dark clouds created by those who ignore the power of the Turkish economy with their comments on exchange rates and those who reflect the inflation problem experienced all over the world as if it is a problem unique to our country,” he added.

“Turkey will no longer be a country dependent on imports,” said Erdoğan in a speech late Monday, underlining that Turkey is adamant on its new economic model that prioritizes lower interest rates, high employment numbers and more investments.

The Turkish lira saw an overnight come back on Monday as Erdoğan revealed the new financial mechanism to shore up the currency.

Turkish business representatives sided with the new financial mechanism, releasing strong messages of trust in the Turkish economic model.


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