Reform package to boost Turkey's investment environment

By Enes Duran, Ali Kemal Akan and Gokhan Ergocun

ANKARA (AA) - A 93-article reform package to improve Turkey's investment environment, especially in terms of bankruptcy and enforcement fields has been prepared, Deputy Prime Minister Recep Akdag said on Tuesday.

Speaking at a news conference at the Cankaya Palace in capital Ankara, Akdag said the package -- arranged by the Coordination Council for the Improvement of the Investment Environment -- would be sent to the Grand National Assembly of Turkey.

"Turkey ranked 60 in the Ease of Doing Business Index in 2017 and we are now trying to move it to the top 20," he said.

The index, which is released annually by the World Bank, ranks countries' economies according to the criteria of having adequate equity to do business.

"65 of 93 articles include regulations, especially about bankruptcy and enforcement law," he said.

He said the suspension of bankruptcy, which is open to misappropriation, would be removed.

"We developed a new salvage agreement system by analyzing the best examples in the world. We based it on continuing the companies' commercial life rather than their liquidation."

He said Turkey attracted $15.1 billion foreign capital until 2001 while $191.1 billion foreign capital came to the country in the last 15 years.

"We need more foreign capital and international investment, and we want to stir interest of global capital more through the reform package," he added.

He said eight ministers, relevant bureaucrats, the Union of Chambers and Commodity Exchanges of Turkey, and other private sector organizations worked together to create the reform package.

The package also included regulations in other areas such as incorporation, construction and foreign trade, he added.