Erdogan: Turkey's Economic Stability Soars Post-May Presidential Elections

Turkish President Recep Tayyip Erdogan stated on Wednesday that confidence in Turkey's economic stability has significantly increased following the presidential elections held in May.

"We are pleased to observe that confidence in our country's economic stability has strengthened after the elections," the Turkish leader said during his address at an event organized by the Turkey-US Business Council in New York.

Highlighting the substantial contributions of Turkish business circles to the American economy, Erdogan noted that Turkish companies' direct investments in the US have reached approximately $8.6 billion over the past decade.

"We will mutually increase these investment figures with the efforts of business representatives," the President said.

He emphasized that Turkey is focused on establishing a "sustainable growth climate" through policies that prioritize investment, employment, production, and exports.

Turning to the nation's medium-term program, President Erdogan said that Turkey aims to "eliminate the factors that increase inflation by applying the tools of fiscal and income policies without compromising economic growth."

Highlighting the longstanding alliance between Turkey and the US under the NATO framework, he expressed Turkey's desire to enhance and sustain this partnership, which plays a crucial role in ensuring security, peace, and stability in the Euro-Atlantic region.

Turkey's Economic Stability Soars Post-May Presidential Elections

"Our economic and commercial engagements with the US constitute a vital aspect of our bilateral ties. Over the past decade, our bilateral trade volume has surged by 1.5 times," he noted.

The Turkish leader said that the US has become the second-largest destination for Turkish exports and the fifth-largest source of imports.

"By the end of 2022, our bilateral trade volume had exceeded $32 billion," he said, reiterating the target to reach $100 billion.

"As we strengthen our political ties with America, we should also broaden and diversify our cooperation in the economic sphere," he added.

The President also expressed his hope to resolve issues stemming from unilateral actions, such as the imposition of additional customs duties in the steel and aluminum sectors by the US.

"Also, we expect the impediments to the development of our cooperation in the field of the defense industry to be eliminated as soon as possible," he added.

Source: Anadolu