Confidence Regained, Recovery Not Too Far Off

Monday June 15th, 2009

The Turkish market has regained its confidence, and a swift recovery is imminent, Mustafa Boydak, head of the Kayseri Chamber of Commerce, has said.

Speaking at a press conference in Kayseri on Saturday, Boydak said the economy had managed to overcome the difficulties posed by the ongoing global financial crisis to a great extent, pointing out that volatility in the market was slowly dissipating. “We do not expect to see excessive fluctuations from this point on,” he added, noting that the chamber had received positive signals from its member businessmen.

Underlining that recent tax incentives introduced for a number of sectors have helped rejuvenate the ailing market, Boydak said unemployment was also under control to a certain extent. He said measures taken by the government, particularly within the past three months, were right on target, adding that the latest incentive package would encourage entrepreneurs and boost investments in the country despite the crisis. “We believe that the latest package is the most comprehensive and effective plan introduced so far, addressing problems with the utmost care. The government has placed a heavy emphasis on fair treatment among regions and sectors; this is a significant breakthrough and has pleased us,” he said.

Boydak said entrepreneurs should not hesitate to launch new investment projects, knowing they will not fail. “It is high time that we concentrate on investments all throughout the country. We need to give the economy new impetus,” he said. Nazif Türkoğlu, chairman of the Association of Turkish Furniture Manufacturers (MOSDER), said the furniture sector would weather the effects of the crisis as long as the government continues its support and its tax breaks until the end of the year. “We have gone through most of our inventories, and I believe that most of the jobless will start to work again if there is an extension in the incentives,” he noted.

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