'Turkish business circles hopeful for future'

By Hasan Arslan

ISTANBUL (AA) - Difficult conditions and risks are continuing for the business world but there are reasons to be hopeful for the future, according to the head of the Turkish Industry and Business Association (TUSIAD).

Turkey’s business world boasts a strong substructure and is very enterprising and dynamic, Simone Kaslowski told Anadolu Agency on Monday.

He added: "We have business circles which do not panic in the face of crisis. Turkey can attract a large amount of foreign investment."

He underlined that businesspeople's expectations for the next four years in Turkey -- which are slated to be election free -- are financial stability and structural reforms.

"The first condition of financial stability is bringing inflation down permanently. And its conditions are tight monetary and fiscal policies," he highlighted.

Touching on Turkey's budget deficit, he said the budget needs savings and changes to the expenditures column.

Saying that companies have problems due to high foreign currency debts, Kaslowski argued that non-performing loans must be removed from the system.

He also said moving closer to full membership in the EU, as a strategic target, will provide acceleration and credibility for Turkey’s economy.

*Writing by Gokhan Ergocun