Turkish President Calls On Foreign Investors To Make Long-Term Investments

Turkish President Recep Tayyip Erdogan called on foreign investors to make long-term investments in Turkey in a televised interview on Tuesday.

"It is time for foreign investors to make long-term investments (in Turkey). Those who have made long-term investments in Turkey have always won, and they will keep winning," he told Turkish state broadcaster TRT.

Erdogan emphasized that Turkey is lowering its current account deficit every month, and hopefully it will post a current account surplus next year.

"We are no longer posting current account deficit and financing this deficit with external debt, but we are moving towards an economy that gains foreign currency and posting current account surplus," he explained.

Erdogan reiterated his forecast that he expects the Turkish economy to expand by 10% at least by the end of this year, and said economic growth can surpass that level.

He added that Turkey is lowering interest rates at the moment, and will hopefully see a decline in inflation as well.

"We will never let anyone to make economic growth unstable and we will get out of this spiral," he noted.

Noting that Turkey has been in a spiral regarding high interest rates and speculation in currency, he said the latest fluctuations seen in exchange rates do not reflect the strength of the Turkish economy.

"We will give no quarters to those who are operating to disrupt the markets and disturb pricing behaviors," Erdogan explained.

Erdogan said lower interest rates will support production and exports.

"The aim is to increase the comfort of our people and small businesses with low interest rates, and also achieve more investment," he told.

"Until the elections, we will see lower interest rates and better exchange rates, including improvement in inflation," he added.

Erdogan highlighted that Turkey's export volume has reached a record high of approximately $220 billion at the moment, and it will climb above this level by the end of this year.

He noted that the government has prepared two support packages that will provide credit access up to 100,000 Turkish liras (around $7,300) for companies with less than 50 employees.

The president reiterated that general elections in Turkey will be held in June 2023 as planned. -