Economic Cooperation Brings Peace, Prosperity To Everyone: Turkish Deputy Minister

Turkiye has always been strongly enthusiastic about economic integration, and realizing economic cooperation would only bring peace and prosperity to everyone, the country's deputy industry and technology minister said Tuesday.

"In the current geopolitical and economic climates, the timing could not be better to act and speak loudly for this purpose," said Mehmet Fatih Kacir, speaking at the Vienna Economic Talks in Istanbul organized by the Vienna Economic Forum and Turkiye's Investment Office.

Touching on the coronavirus pandemic's effects, he said COVID-19 has not only disrupted people's lives but also caused the largest problems in trade and production.

Saying the pandemic process also showed that reliable and resilient trade and production partners are required, he stressed that "Turkish manufacturers have shown a successful performance in fulfilling their domestic and international commitments."

The country has also witnessed some positive developments in its start-up ecosystem in recent years, he noted, adding that the start-up market in Turkiye received more than $1.5 billion in investments last year.

"The number of unicorns in Turkiye has reached six. All of the companies have achieved the unicorn status during the pandemic," he underlined.

A unicorn refers to a start-up with a valuation of $1 billion or more

Ahmet Burak Daglioglu, president of the Investment Office of Turkiye, said southeastern Europe's share in global foreign direct investment (FDI) flows is getting smaller year by year.

As a large economy, Turkiye is getting close to 1% of these flows and the rest of the amount is going to the other countries, he added.

"We have to work harder to increase the FDI volume in our region," he highlighted. -