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Turkey announces landmark new economic reform package

- Reforms aim to boost investment, production, jobs, and exports, says President Recep Tayyip Erdogan

home > Projects, Invesments, Renewable, Energy Projects, Turkey, General 13.03.2021 08:48

Turkey announces landmark new economic reform package

Turkey on Friday unveiled the details of a major new economic reform package as pledged by the president last November.

"The package aims to grow the Turkish economy on the basis of investment, production, jobs, and exports," President Recep Tayyip Erdogan told the Economic Reforms Introductory Meeting at the Halic Congress Center in Istanbul.

Turkey will raise its potential growth through boosting production efficiency thanks to this reform package, Erdogan noted.

"We aim for a domestic and national economy which break export records with fewer imported input and more value-added production," the president said.

Turkey weathered the 2009 global economic crisis and post-2013 crises in both politics and the economy to keep its 2023 targets within reach, Erdogan stressed.

"We will achieve our goals by working day and night to make Turkey one of the world's top 10 economies,” he said.

The government is determined to defeat the pandemic in 2021, while seeing the year as preparation for entering a period of quality growth in the medium term, Erdogan explained.

"Turkey will definitely create sustainable, strong, and quality growth that will conform to its post-pandemic economic structure," he underlined.

All policies will be implemented with a transparent and foreseeable government approach that will strengthen macroeconomic stability and support efficiency-based competitive investments and production, the president stated.

Saying that macroeconomic and structural policies form the backbone of Turkey's new economic reforms, Erdogan added that Turkey is focusing on public finance, inflation, the financial sector, current account deficit, and employment as part of macroeconomic stability.

Measures to encourage investment, strengthen the institutional structure, facilitate domestic trade, competition policies, and market surveillance and checks are in the reform package as part of structural policies, he noted.


- Stronger public finance

Turkey's first target is setting stronger public finance structure to guard against risks, with fiscal discipline the top priority, the president stressed.

"For this purpose, we will be implementing policies covering issues such as spending discipline, public debt management, tax regulations, public procurement tenders, public-private partnerships, and state-owned enterprises," he noted.

The share of foreign exchange in the country's total debt stock will be cut to reduce its sensitivity to external shocks, Erdogan said.

He highlighted that savings in public administration will be expanded such as limiting vehicle rentals and hospitality costs, adding:

"In addition to the central government, we aim to create a thrifty perspective in local administrations as well."

The government will mainly borrow in local currency and use Turkish lira-denominated bills, he said, adding: "We are reinforcing policies that will lower our borrowing costs by lowering our country’s risk premium."

Noting that the government knows of the difficulties small business owners have been struggling with during the pandemic, Erdogan said the reform package also includes a tax exemption for low-income tradesmen.

"We will be exempting approximately 850,000 tradespeople who are subject to small business taxation rules, such as hairdressers, plumbers, haberdasheries, carpenters, lathe makers, tea shop operators, tailors, and repairmen, from income tax, and we will remove their tax filing obligations," he said.


- Easing taxes, public-private partnerships

A digital tax office will be established which will operate 24 hours a day, seven days a week to enable the public to carry out their transactions in the digital environment without personally visiting a tax office.

"We have also included the tax problems faced by international investors within the reforms," he noted, adding that the country is revising double taxation avoidance agreements to prevent possible problems that may arise.

As the country has praised public-private partnership projects, exemplified by city hospitals, Erdogan said a public-private sectors cooperation law will be enacted.

"This will enable us to ensure that investors deal with a single law, to strengthen the legal infrastructure of projects, to introduce priorities among sectors and projects, and to make processes more foreseeable," he said.

Stressing that one of the priority agenda items will be the fight against inflation, Erdogan said Turkey aims to bring inflation down to single digits.

An early warning system will be established that will ensure the flow of data in order for the Food Committee to form policy recommendations and ensure that the market operates effectively.

In order to increase foreseeability in agricultural production and prevent price fluctuations, contractual agricultural mechanisms are being developed, he stressed.

Turkey is preparing uniform legislation that will accelerate the development of the participation financing sector, he said, adding: "A Central Advisory Board for the sector will be set up while the participation financing sector will be gathered under a single roof."

A participation financing arbitration mechanism at international standards will be established, he underlined.


- Banks, green bonds

Turkey is working on creating economic, technological, and legal infrastructure for digital currency, Erdogan said.

"We will be making the relations between banks and their customers more transparent by establishing a surveillance mechanism that will protect consumers," he explained.

The government will diversify financing opportunities for investments that are environmentally sensitive, the president stated.

The issuance of green bonds will be encouraged to finance investments such as renewable energy, clean drinking water, and electric or hybrid vehicles that lower carbon emissions.

The government will form a Bonds Guarantee Fund to encourage companies in the real sector to issue bonds at a lower cost, thus spurring investment demand.

Noting that the Individual Private Pension System is being expanded to a much broader segment of society, Erdogan said: "We are removing the barriers for children under age 18, who constitute 25% of our population, from entering the system."

In order to develop an innovative and powerful healthcare industry, a Healthcare Industries Presidency will be established, he said.

"This department will be in charge of the competitive development and production of many strategic materials, from pharmaceuticals to vaccines, from medical devices to biotechnological products, using domestic means," Erdogan said.


- Lowering current account deficit

Underlining the need for software technologies to become competitive in the economy, to access the right data, to analyze data and to develop the most suitable solutions, Erdogan said Turkey will found a Software and Hardware Industries Presidency to gain global competitiveness and encourage youth employment.

"These two new structures will nourish the domestic ecosystem and bring a new edge to our country by helping boost rates of domestic goods and services in the fields of healthcare and software, just like the defense industry," he said.

Stating that the government will also focus on the structural current account deficit and promote broad-based exports, Erdogan said effective implementation of policies that reduce foreign dependency in energy will continue as this is the main driver of Turkey’s current account gap.

"Our third and final area is to support the green transformation of the industry," he added.

As the first of the structural reforms is strengthening the institutional structure of the public sector, Erdogan said two new structures will be set up in order to closely monitor and manage all developments in the economy.

"The first of these will be Economic Coordination Council under Vice President Fuat Oktay," Erdogan said, while the second will be a Financial Stability Committee, which will work under Treasury and Finance Minister Lutfi Elvan.

The new structures aim to strengthen communication mechanisms and increase transparency, foreseeability, and coordination in our economic and financial policies, he noted.

By Tuba Sahin, Gokhan Ergocun and Yunus Girgin

Anadolu Agency

energy@aa.com.tr


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New oil price benchmarks introduced for US Gulf Coast

- Alternative to WTI, new pricing to reflect crude oil trade made via sea from US Gulf Coast
26.06.2020 Oil , Projects , Energy Projects , Americas

Syrian regime sacks prime minister amid economic crisis

- Dismissal comes after devastated economy and devaluation of Syrian lira to unprecedented levels
12.06.2020 Finance , Projects , Energy Diplomacy , Middle East-Africa

Turkey, India shine out among G20 with positive growth

- Among G20 economies, Turkey records highest annual growth with 4.4% in first quarter of 2020, says OECD
12.06.2020 Projects , Stock Market , Energy Diplomacy , Energy Projects

First fully electric aircraft certified to fly

- EU Aviation Safety Agency says certification important milestone for environmentally sustainable, emission-free aviation
12.06.2020 Electricity , Projects , Energy Projects

Turkish university to produce lithium-ion batteries

- Battery project will be supported by EU research and innovation funding program Horizon 2020
02.06.2020 Electricity , Projects , Energy Projects , Turkey

Turkey opens 2 more emergency hospitals in Istanbul

- Emergency hospitals opened in country to fight virus, 'exemplary model', says Turkish president
01.06.2020 Finance , Projects , Turkey , Asia

Turkey's energy import bill down 59.8% in April 2020

- Country's crude oil imports decrease by 1.1% in April 2020 compared to same month of 2019
30.05.2020 Oil , Projects , Stock Market , Energy Diplomacy , Turkey

Hydrogen on 'priority list' of oil & gas sector: DNV GL

- Hydrogen projected to be significant part of energy mix by 2030, according to a new survey
15.05.2020 Oil , Lng/Lpg , Projects , Renewable , International Organization

European bank loans Turkey’s QNB Finansbank $108M

- European Bank for Reconstruction and Development loan to help Turkish lender support trade, SMEs amid virus crisis
15.05.2020 Projects , Stock Market , Turkey , Europe

UK's Port of Tyne: base for biggest offshore wind farm

- Total investments in Dogger Bank project are estimated at around £9 billion ($11 billion) between 2020 and 2026
13.05.2020 Wind , Projects , International Relations , Energy Projects , Europe

Turkey's current account posts $1.23B deficit in Feb

- Figure up from $117 million in February 2019, says country's central bank
13.04.2020 Finance , Projects , Stock Market

EU to adopt coronavirus rescue package

- Eurozone finance ministers agreed on $590 billion financial plan to support workers, businesses and healthcare
10.04.2020 Finance , Projects , Stock Market

Fitch lowers precious metal price estimates for 2020

- Rapid spread of coronavirus weakens short-term global economic outlook, commodity demand, rating agency says
07.04.2020 Projects , Stock Market , Energy Projects

Production of wind components must continue: WindEurope

- Wind energy covers around 15% of Europe’s electricity and EU aims 50% by 2050
01.04.2020 Wind , Projects , Renewable , Energy Projects , Europe

Turkish Central Bank unveils new measures on COVID-19

- Steps back monetary transmission mechanisms, banks' flexibility in liquidity management, uninterrupted credit flow
01.04.2020 Finance , Projects , Turkey

Iraq sells oil at around $20 per barrel: Oil Min.

- Oil revenues in February 2020 declines by 18% to $5.052 billion compared to January
30.03.2020 Oil , Projects , Energy Security , Energy Projects , Middle East-Africa

Price volatility in crude oil hits highest since 2007

- Crude oil volatility index, known as OVX index, reaches 190 on March 20 -- highest since May 2007
31.03.2020 Upstream , Projects , International Organization , Americas

Coronavirus, crude oil crises to strain ratings: Fitch

-Effects of oil shock, coronavirus will outlive, hitting especially travel, tourism sectors, says agency
25.03.2020 Projects , Invesments , Stock Market

Oil prices gain with decline in US dollar index

- American dollar index down after US Senate fails to pass coronavirus support package
24.03.2020 Downstream , Projects , Americas

Price dip sends oil, gas sector to crisis mode: WoodMac

- Large new projects will be put on hold, exploration will be trimmed, energy consultancy says
24.03.2020 Upstream , Projects , Europe

Turkey has many incentives to scale up battery storage

- Renewables and electric vehicle expansion are main drivers for establishment of Turkey's storage market, DNV GL expert says
17.03.2020 Electricity , Projects , Invesments , Turkey

Low oil prices to curb Turkey's $12B energy imports

- Inflation to drop by 1% if oil stays around $35 per barrel, expert says
12.03.2020 Refining/Petro Chemistry , Projects , Turkey

Turkey shows real market potential for electric cars

- Three out of 10 people in Turkey will use electric vehicles by 2030, according to the Shura Energy Transition Center
24.02.2020 Electricity , Transportation/Fuel Oil , Projects , Turkey

Amazon's Jeff Bezos promises $10B to set up Earth Fund

- Initiative to fund efforts in fighting climate change, and protecting world's nature, says Amazon CEO
19.02.2020 Projects , Americas

Pentagon to divert $3.83B for Trump's wall construction

- Shift in funding sparks criticism from Democrat, Republican lawmakers
14.02.2020 Projects , Energy Security , Americas

Chevron posts net loss of 6.6B in 4th qtr. of 2019

- Net income for full year of 2019 down 80% from previous year
01.02.2020 Upstream , Projects , Americas

ExxonMobil net income declines more than 30% in 2019

- For full year of 2019 revenue came 8.7% lower than previous year
01.02.2020 Upstream , Projects , Americas

Turkey set to break 2019 record in gold output in 2020

- Turkey has gone from zero production in 2000 to become the biggest producer in Europe: Turkish Gold Miners Assoc. President
28.01.2020 Projects , Invesments , Turkey

Spirit of Davos 2020: Reshaping capitalism for fairer world

- 50 years on, World Economic Forum aims to set moral principles, guide companies in 4th Industrial Revolution age
17.01.2020 Finance , Projects , World , Europe

S. Aramco nets extra $3.8 bln. after greenshoe option

- Aramco’s IPO is now worth $29.4 billion overtaking previous record holder; Chinese Alibaba
14.01.2020 Oil , Projects , Invesments , Energy Security , Energy Projects , Middle East-Africa

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

US Congress authorizes sanctions on Syria, Iran, Russia

- Defense bill greenlights measures against regime of Bashar al-Assad and his allies in order to protect Syrian civilians
19.12.2019 Oil , Projects , Energy Security , Energy Projects , General

Highlights of Turkish energy market in 2019

- E. Med. drilling, completion of TurkStream and of Akkuyu NPP foundation, TANAP's Europe leg opening were hot topics in 2019
23.12.2019 Natural Gas , Oil , Renewable , Projects , Invesments , Energy Diplomacy , Energy Projects , Turkey

India to consume more energy than US by mid-2040s: EIA

- India projected to become world's second largest economy behind China by late 2030s, the administration says
13.12.2019 Electricity , Projects , International Organization , Asia

Brent gains with Fed's rate pause causing weaker dollar

- US central bank does not envisage any change in interest rate until 2021
12.12.2019 Downstream , Projects , International Organization , Americas

Japan's Hamax to produce wind equipment in Turkey

- Turkey offers best location for selling products domestically and for expansion into European market: Hamax CEO says
11.12.2019 Renewable , Wind , Projects , Invesments , Turkey , Asia

Valeura reports positively on Turkey's Devepinar-1 well

- Valeura reports positive preliminary results recording best gas flow rates from its testing of BCGA play to date
01.12.2019 Upstream , Projects , Turkey

Building renewables industry through private sector

- Renewables offers solution to global warming, climate change and via Energiewende will help Germany move from nuclear power
30.11.2019 Renewable , Projects , Renewable , Europe

Germany’s natural gas imports up 25.6% in Jan-Sept

- Total natural gas imports increases year-on-year by 25,6 % in Jan-Sept, bill up 8,8%
28.11.2019 Downstream , Projects , Europe

Oil-rich Saudi Arabia plans to shift to nuclear energy

- World's top oil exporter wants increase in share of alternative energy to reduce fossil fuels for electricity generation
28.11.2019 Electricity , Oil , Nuclear , Projects , Energy Projects , Middle East-Africa

Turkish investors aim to increase trade with Iran

- Goal is to increase trade volume to $30 billion, says chairman of Turkey’s Foreign Economic Relations Board
18.11.2019 Finance , Projects , Turkey , Middle East-Africa

Saudis to extract oil until last molecule: Energy Min.

- Saudi Arabia is working on a noble program to create a new way of using oil and gas
14.11.2019 Electricity , Oil , Projects , Energy Security , Energy Projects , Middle East-Africa

Turkey, Denmark work closely for offshore wind growth

- Work includes tender design & procedures, financial framework, port infrastructure, and road map: Danish Embassy Counselor
14.11.2019 Wind , Projects , Invesments , Turkey , Europe

Turkey to roll out digital currency soon

- Annual Presidential Program announces plan to establish financial technopark in Istanbul
07.11.2019 Finance , Projects , Turkey

Turkey's renewable share in electr. at 46% in 10 months

- Local and renewable energy combined show record high share of 64% in electricity production, energy minister says
06.11.2019 Wind , Projects , Renewable , Turkey

Saudi Aramco prepares for $2T IPO in Tadawul on Dec. 11

- World's most profitable company targets $2 trillion valuation that is set to surpass Microsoft, Apple, Alphabet
05.11.2019 Upstream , Projects , Oil , Middle East-Africa

SE Europe: vulnerable after Russian gas transit expiry

-When gas transit through Ukraine ends in 2020, South East Europe could be susceptible to supply issues, Oxford official says
22.10.2019 Natural Gas , Projects , Energy Diplomacy , Europe , Eurasia , General

Gulf of Mexico crude production to continue records: EIA

- Crude output in region estimated to set new records in 2019 and 2020 by averaging 1.9 million bpd and 2 million bpd
18.10.2019 Upstream , Projects , Americas

Turkey strengthens academia-industry cooperation

- Turkish industry ministry continues industry fellowship program to enhance qualified labor force
15.10.2019 Projects , Invesments , Turkey

Qatar to store more than 5M tons of CO2 a year by 2025

- Country expanding carbon capture and storage facility while increasing liquefied natural gas capacity
09.10.2019 Lng/Lpg , Projects , Middle East-Africa

Significant uncertainty over Europe wind power capacity

- Ambitious National Energy & Climate Plans, improved permit measures and investments in new grid capacity all keys to growth
08.10.2019 Wind , Projects , Energy Projects , Europe

- ‘Turkey wants to be producer of new technologies’

- Turkey wants to be producer of new technologies, not the market, says Turkish Vice President
23.09.2019 Finance , Projects , Invesments , Turkey

Three quarters of Nord Stream 2 pipeline complete

- Once completed, Nord Stream will have capacity to transport 55 billion cubic meters of gas per year from Russia to Europe
27.08.2019 Natural Gas , Projects , Europe , General

UK backs clean energy projects in S. Africa with £14M

- Projects expected to power nearly 200,000 homes annually
20.08.2019 Renewable , Projects , Invesments , Middle East-Africa

Welsh, Irish coast gets €1.3M to aid with climate change

- EU funding to help locals observe and record data about coastal environment to strengthen businesses against climate change
10.08.2019 Projects , International Relations , Energy Projects , Europe

Turkey eyes enhanced trade, defense with Philippines

- Turkish foreign minister meets his Philippine counterpart Teodoro Locsin as part of ASEAN meeting
30.07.2019 Projects , International Relations , Asia

Top 10 wind turbine makers to spend €2.3B on R&D by 2023

- Wood Mackenzie reports shows that almost 100 new turbine models will hit the market by 2024
25.07.2019 Wind , Projects , Electricity , World , Asia , General

UK-Denmark power link gets green light with €1.1B deal

- Construction of the Viking Link is expected to be completed by the end of 2023
25.07.2019 Electricity , Projects , Europe

BP to join Bunge in new ethanol venture in Brazil

- Joint venture to have 32 million metric tonnes of combined crushing capacity per year
24.07.2019 Renewable , Projects , Americas

Saudi Aramco awards oil, gas contracts worth $18B

- Company plans to boost Marjan and Berri fields’ output capacity by 550,000 barrels per day of oil
11.07.2019 Oil , Projects , Invesments , Middle East-Africa

Kazakhstan aims to become Eurasian financial leader

- Roadmap focuses on improving institutional oversight, and expanding capital markets in both conventional and Islamic finance
06.07.2019 Projects , Invesments , International Relations , Eurasia , Asia

Scotland's green economy gets £10 million boost

- Electric bike hire schemes, electric bin lorries, zero-emission buses, community hydropower station among selected projects
03.07.2019 Renewable , Projects , Invesments , Europe
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