Turkey should start reforms immediately: Business body

ISTANBUL

Reforms in capital and labor markets, taxation, and education should start without delay, the head of a Turkish business body said on Wednesday.

"Even if these reforms will bear results in the medium term, they will produce confidence building effects in the short term," Simone Kaslowski, the Turkish Industry and Business Association (TUSIAD), told a high advisory meeting in Istanbul.

TUSIAD will support the program of the economy administration, and its steps for reforms, he said.

Kaslowski underlined that the next four-year period until the next elections in Turkey was a great opportunity for realizing structural reforms.

"The whole society should focus on Turkey’s agenda and structural solutions by putting our political differences aside," he said.

In the global area, a “cold fact” stands before Turkey in different areas, including technology, energy, transportation, security, and foreign policy, said Kaslowski.

“[It is] to swing Turkey’s compass towards the EU and taking firm steps accordingly.”

The main aim of TUSIAD is to see a competitive Turkey with a strong economy, he added.

Macroeconomic stability, strong institutions, the rule of law, and high democratic standards are essentials of sustainable development, Kaslowski said.

"Wherever these standards are met, sustainable development, investment, production, employment, productivity, and digital transformation are possible, and these are our responsibilities."

TUSIAD, established in 1971, represents around 4,500 companies with its nearly 700 business-people members.

*Writing by Gokhan Ergocun