Islamic bank stresses support for Turkish exporters

By Yunus Turk and Aysu Bicer

ANKARA (AA) - The Islamic Development Bank (IDB) Group has been supporting Turkish exporters through strong cooperation with Turk Eximbank, the bank’s regional director said in the Turkish metropolis Istanbul on Thursday.

"The IDB cumulative financing support to Turk Eximbank amounts to more than $3.3 billion," Salah Jelassi said in his opening speech at the Foreign Investment Forum 2019 held by Turkey's Foreign Economic Relations Board (DEIK).

The sum includes $370 million financing by the IDB and $2.9 billion financing by the International Islamic Trade Finance Corporation (ITFC), he added.

Collaboration with Turk Eximbank to boost export-related activities of Turkish contractors, midcaps and small- and medium-sized enterprises (SMEs) supports Turkey’s aspiration to position itself as a global market leader through enhanced export competitiveness, he said.

"The IDB Group would synergize its efforts to support broader integration of Turkish private sector companies into global value chains, which is so critical for enhancing their productivity and competitiveness," he explained.

The IDB is an international financial institution established for the purpose of fostering economic and social development of its member countries and Muslim communities in non-member countries.

"Turkey is emerging as a global player, increasing mergers and acquisitions abroad that perform to a certain standard," said Volkan Kara, the head of DEIK’s Foreign Investment Business Council.

He added that Turkey has a private sector that can invest more than $4 billion in foreign investment per year.

"Turkish companies accelerated their investments in neighboring countries," he noted, adding that over the last 15 years, Turkish foreign investments have risen tenfold.

He said if foreign investment grows in line with macroeconomic indicators, Turkey can reach annual capital issuance levels of more than $10 billion.

"This is certainly not enough. Foreign investments should definitely be included in our medium- and long-term economic targets," he added.