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

Reactions pour in over Turks’ controversial arrest in Malaysia as UN joins calls against extradition

The UN Human Rights Office for South-East Asia has expressed serious concern about the recent arrests of three Turkish nationals in Malaysia, joining calls on the government to refrain from extradition.

Exclusive: Turkey, Kosovo violated fundamental rights of expelled teachers, UN body says

The UN group called on Ankara to release the six individuals immediately, and the Turkish and Kosovar governments to accord the victims an enforceable right to compensation and other reparations, in accordance with international law.

Gülen’s lawyer: Doctored tapes part of plans to finish off Hizmet movement

Nurullah Albayrak, the lawyer of Turkish Islamic scholar Fethullah Gülen, released several recorded phone conversations of his client on Wednesday, saying they were illegally wiretapped in violation of individuals’ privacy and that some politicians are using them as an instrument in their shady plan to finish off the Hizmet movement.

Turkey’s anti-Gulen crackdown continues with Yemeni students after Nigerians

Turkish authorities have deported 5 Yemeni students at official universities which the authorities have recently shut down for links with US-based Muslim cleric, Fethullah Gulen. Tens of Yemeni students in Turkey are facing the risk of deportation for being students at universities administered by Fethullah Gulen’s movement.

Gülen criticizes remarks insulting members of Hizmet movement

Fethullah Gülen has strongly criticized remarks that insulted members of the Hizmet movement, saying that these kind of behavior won’t solve problems. Gülen didn’t directly mention Prime Minister Recep Tayyip Erdoğan’s name, but it was obvious that he was responding to the prime minister’s remarks on Friday, when he said the government will “come down to your caverns and tear you to shreds.”

Turkey is gateway to Europe: exporters urged to collaborate with Turkish companies

Confederation of Businessmen and Industrialists of Turkey (TUSKON) is organising a new track of its world famous series of international business summits, more than 2000 visitors from more than 124 countries are expected to participate in the event, expecting business agreements to the tune of $3 billion.

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

Turkish authorities purge regulators, state TV employees in backlash against graft probe

Islamic scholar Gülen calls on praying for Palestinians, Syrians

3,623 Aggravated Life Sentences Sought In Turkey For Scholar Fethullah Gülen

Campaign seeks donations for purge-victim Turkish refugees in Greece

Erdoğan’s AKP runs out of steam, then what?

Samanyolu permission to shoot Ramadan program in mosque

Kimse Yok Mu to donate $1 million to typhoon victims in Philippines

Copyright 2024 Hizmet News