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[Press Release] Mehmet Simsek, State Minister In Charge Of Treasury, Discussed Turkey’s Economic Prospects And U.S. – Turkish Relations

10/25/2007

New York, NY – October 25, 2007 –  His Excellency Mehmet Simsek,  State Minister in charge of the Treasury of the Republic of Turkey, addressed ninety members and friends of The American Turkish Society in New York on Wednesday.  The Society’s Vice Chairman Lawrence M. Kaye, Partner at Herrick, Feinstein LLP and Board Member Brian Henderson, Chairman of the Global Public Sector Client Group and Senior Vice President of Merrill Lynch & Co., Inc., which sponsored the event, provided the introductory remarks. Mr. Ibrahim H. Canakci, Undersecretary of Turkish Treasury, and Mr. Durmus Yilmaz, Governor of the Central Bank of Turkey, were also present.
 
State Minister H.E. Mehmet Simsek began his remarks by underlining the country’s potential for continued economic growth and stating that barriers to competition needed to be eliminated in order to boost productivity and per capita income. Simsek said that fiscal discipline, the cornerstone of the country’s macroeconomic program, would be maintained with a greater focus on investment in infrastructure, R&D, and education. He also reiterated the country’s commitment to a monetary policy focused on price stability and low single-digit inflation. Furthermore, Simsek said that they would continue to accelerate privatization, not only for revenues but also to boost competition, and pointed to the tremendous increase in foreign direct investment as a vote of confidence in the economy.  In addition, Simsek made the economic case for a new constitution, in particular with reforms in social security, judiciary, and higher education, which would further improve the business environment.  
 
State Minister H.E. Mehmet Simsek also discussed Turkey’s foreign affairs, in particular the U.S.-Turkish relations, which he characterized as “strong enough to withstand this current distressed period.”  Simsek underlined Turkey’s long-standing partnership with the U.S. and its role in global efforts to fight terrorism. Stating that Turkey is “interested in a stable, democratic Iraq and committed to supporting Iraq and the U.S. efforts there,” Simsek emphasized that Turkey needed to protect itself against the national security threat from Northern Iraq which has turned into a safe haven for terrorists.  Referring to another point of tension in U.S.-Turkish relations, Simsek said that not enough due diligence has been done on the Armenian issue, reminding the audience of Turkey’s offer to make its archives available to the international community. With regards to Turkey’s European Union bid, Simsek stressed the country’s commitment to full and equal membership, and added that Turkey was “an asset, not a liability” for Europe with contributions to security, energy, and a richer culture and democracy.
 
American Turkish Society, founded in 1949, is America’s oldest not-for-profit organization seeking to enhance economic, political, and cultural ties between Turkey and the United States. The Society achieves its mission by bringing together leaders in government, including Prime Ministers, Ministers of State and Ambassadors, as well as business leaders, journalists, and scholars covering a spectrum of fields.  It also sponsors a variety of education and arts and culture programs. 
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A voice recording of the address and images are available upon request. Members of the press wishing to learn more about The American Turkish Society may contact Selen Ucak, Executive Director, at 212-583-7614, or info@americanturkishsociety.org.
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