Turkey fails to channel money into industry: TUSKON


Date posted: March 26, 2014

 

KIRŞEHİR

Turkey has failed to convert hot money flow into industry to generate high value-added goods, the head of a Turkish organization representing businesspeople and industrialists has said.

“A large amount of hot money came to Turkey, along with other developing countries, but Turkey could not use this money to invest into industry,” said Rızanur Meral, chairman of the Turkish Confederation of Businessmen and Industrialists (TUSKON).

“We have mostly used the money in finance, construction, land opportunities and stock exchange,” he said while delivering a speech at a conference in the Central Anatolian province of Kırşehir on March 22.

“We made ourselves swim in the prosperity of money, but we weren’t able to make the transformation to the high technology products our industry needs,” stated the top representative of the business organization, known to have close ties with Islamic scholar Fethullah Gülen.

Only around 3.4 to 4 percent of Turkey’s production is high technology goods, whereas almost 32 percent of exports from Germany are high technology products and 21 percent from the U.S. and South Korea, Meral stressed.

“We are under pressure from countries producing low technology goods with low energy and labor costs as long because we cannot maintain this transformation,” he stated, asserting this hinders Turkey from raising its exports to its desired level.

Source: Hurriyet Daily , March 26, 2014


Related News

Ex-Pentagon advisor says Turkey is heading towards civil conflict, if not civil war

Rubin underlined that Turkey is already dangerously polarized prior to an April 16 referendum on a constitutional package that will grant sweeping powers to Erdoğan and switch the country to an executive presidency. “We know from Turkish political history that such polarization often leads to violence,” he said.

Turkey tries to trap Obama with extradition demand [of Mr. Gülen]

But while U.S. agency spokesmen are trying to be cautious in what they say, skepticism about Turkey’s claims that Gulen directed the plot are widespread in Washington. Last week, in comments that likely burned a few ears in Ankara, U.S. Director of National Intelligence James Clapper told The Washington Post that he did not believe Turkey had yet offered enough proof to implicate Gulen, who has lived in Pennsylvania’s Poconos region for years.

Gov’t tries to frame Hizmet with secret statements from shady sources

The alleged government-plot against members of the faith-based Hizmet movement, disclosed in June by former Interior Minister İdris Naim Şahin, was further instigated with questionable testimonies obtained from secret witnesses, informants and anonymous complainants leading to criminal prosecutions apparently orchestrated by political authorities.

Turkish schools helped start trade with Turkiye

ARİFE KABİL, KENAN MEHMETZADE – İSTANBUL John Dramani Mahama, the President of Ghana, spoke in Istanbul at the Turkiye-Ghana Business and Investment Forum, which was organized by TUSKON- The Confederation of Turkish Industrialists and Entrepreneurs. He said that Turkish schools provided with qualified employees in his country. Mr. Mahama invited Turkish entrepreneurs to do more investment and open more […]

Former AK Party minister praises Turkish Olympiads

Former interior minister and Justice and Development Party (AK Party) İstanbul deputy Abdulkadir Aksu said on Thursday that Turkish schools abroad serve as islands of peace, adding that he is looking forward to this year’s Turkish Language Olympiads.

Gov’t reshuffling justice system to punish Hizmet

The Justice and Development Party (AK Party) government, in what many consider an attempt to take revenge on the faith-based Hizmet movement, has been reworking the justice system in Turkey — shutting down certain courts, establishing new ones and quickly assigning some prosecutors and judges to deal with certain cases — which is diametrically opposed to the principles of law.

Latest News

Fethullah Gülen’s Condolence Message for South African Human Rights Defender Archbishop Desmond Tutu

Hizmet Movement Declares Core Values with Unified Voice

Ankara systematically tortures supporters of Gülen movement, Kurds, Turkey Tribunal rapporteurs say

Erdogan possessed by Pharaoh, Herod, Hitler spirits?

Devious Use of International Organizations to Persecute Dissidents Abroad: The Erdogan Case

A “Controlled Coup”: Erdogan’s Contribution to the Autocrats’ Playbook

Why is Turkey’s Erdogan persecuting the Gulen movement?

Purge-victim man sent back to prison over Gulen links despite stage 4 cancer diagnosis

University refuses admission to woman jailed over Gülen links

In Case You Missed It

Bank Asya fights back against Erdogan attack

Fethullah Gülen backs peace talks between government and PKK

Police waiting at hospital to detain İzmir woman after childbirth

U.S., Turkey at impasse over extraditing Muslim cleric living in Poconos

Tortured detainee would choose 50 years in prison over return to custody in Turkey

Dismissed policeman detained while applying to post-coup rights commission

After The Coup Attempt, A Crackdown In Turkey

Copyright 2024 Hizmet News