Turmoil turns into crisis of confidence in Turkey
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Ocak 22, 2009 00:00
ISTANBUL - The global turmoil has evolved into something bigger than just a liquidity or credit crunch. It has turned into a major case of confidence crisis, a top executive in Turkey said in Istanbul yesterday.
"There still is liquidity in the global markets. There may even be more liquidity in the markets then the pre-crisis period, when there was global liquidity abundance. However, the money is held in treasury bills or in government bonds, said Doğuş Group Bord Chairman Ferit Şahenk, during his speech at the press meeting organized by the Foreign Economic Relations Board’s, or DEİK’s, Turkish-German Business Council.
"People are waiting for prices to decline before they put their money back into the market," said Şahenk, who is also chairman of the DEİK’s Turkish-German Business Council. "The global economic turmoil has lead the world to face a very tough period, where no one knows the answers," he added.
"This has turned into something that hits people in their most habitual spot. It has evolved into a crisis of confidence. We are at a place where consumers do not trust producers, and vice versa," said Şahenk. "The United States is blamed for causing the crisis. However it is not right to blame just them. The crisis was caused by the fact that all markets gather in the U.S. There was no problem when everyone was earning. I hope the crisis does not spur protectionism and generate a negative reaction towards Middle Eastern and Far Eastern capitals," he said.
Turkey could consider the crisis as an opportunity to establish closer relationships with the European Union, said Şahenk. "Turkey and the EU need each other to overcome the economic crisis. There is no need to dwell over thing of the past. Turkey and the EU must work together for a better future."
Improving relations
"Improving relations with Germany has crucial importance for Turkey," he said. "With that in mind, we, as Turkish-German Business Council, are planning to organize a ’Turkish-German Cooperation and Investment Conference’ in Cologne next October."
"The conference will provide a platform to assess the investment and cooperation opportunities in various sectors, energy, automotive, informatics, real estate and retail sectors," he said.
The number of the Germany-based companies in Turkey was 1,050 in 2006, it reached 3,677 as of last year, Eckart Kuntz, Germany ambassador to Ankara, said "We are looking forward to seeing more Turkish investors in Germany. We should strongly support each other, especially in the crisis," he said.
"People are waiting for prices to decline before they put their money back into the market," said Şahenk, who is also chairman of the DEİK’s Turkish-German Business Council. "The global economic turmoil has lead the world to face a very tough period, where no one knows the answers," he added.
"This has turned into something that hits people in their most habitual spot. It has evolved into a crisis of confidence. We are at a place where consumers do not trust producers, and vice versa," said Şahenk. "The United States is blamed for causing the crisis. However it is not right to blame just them. The crisis was caused by the fact that all markets gather in the U.S. There was no problem when everyone was earning. I hope the crisis does not spur protectionism and generate a negative reaction towards Middle Eastern and Far Eastern capitals," he said.
Turkey could consider the crisis as an opportunity to establish closer relationships with the European Union, said Şahenk. "Turkey and the EU need each other to overcome the economic crisis. There is no need to dwell over thing of the past. Turkey and the EU must work together for a better future."
Improving relations
"Improving relations with Germany has crucial importance for Turkey," he said. "With that in mind, we, as Turkish-German Business Council, are planning to organize a ’Turkish-German Cooperation and Investment Conference’ in Cologne next October."
"The conference will provide a platform to assess the investment and cooperation opportunities in various sectors, energy, automotive, informatics, real estate and retail sectors," he said.
The number of the Germany-based companies in Turkey was 1,050 in 2006, it reached 3,677 as of last year, Eckart Kuntz, Germany ambassador to Ankara, said "We are looking forward to seeing more Turkish investors in Germany. We should strongly support each other, especially in the crisis," he said.