New reforms aim to bring in delayed investments to Turkey: Elvan

Turkey’s new landmark economic reform package aims to attract delayed investments, the country’s minister of treasury and finance said Tuesday.

“Global investments narrowed by over 40% in the pandemic period. We are facing delayed demand,” Treasury and Finance Minister Lütfi Elvan told Anadolu Agency’s (AA) Editor’s Desk in the capital Ankara.

Elvan underlined that Turkey has significant advantages in attracting investments with the reform package.

The package will increase predictability and make the country more attractive for direct and portfolio investments, he stressed.

“We will come together with EU and G-20 ambassadors, as well as foreign investors, to share the reform agenda,” he stated.

Announcing the package last Friday, President Recep Tayyip Erdoğan outlined a series of measures that he said would lift the country’s economy as he pledged to bring inflation back down to single digits.

The country will focus efforts to reform the economy to bring down inflation and tighten state finances as well as increase the country’s potential growth through productivity driven by investment, employment and exports.

Erdoğan also announced plans to set up coordination committees on prices, financial stability and the economy to navigate the changes.

The president said the price stability committee would increase the effectiveness of the fight against inflation.

“The price stability committee will develop solutions for supply shocks that pose inflation risks,” Elvan said.

“A holistic view including monetary, fiscal and structural policies is needed in the fight against inflation,” he added.