Turkey: New presidential system to ease econ management

By Goksel Yildirim

ANKARA

Under Turkey’s new presidential system ratified last April and reconfirmed in Sunday’s election, the nation’s economic administration will be streamlined to ease rapid, effective decision-making.

The number of relevant ministries will be cut in half, from six to three, now including the new Treasury and Finance Ministry, Industry and Technology Ministry, and Trade Ministry.

Under this model, the ministries' structures and portfolios will be changed to provide effective coordination.

This new management model will have three pillars; production, finance and trade, while focusing on growth and clarity in the economy.

The Treasury Undersecretariat together with the Finance Ministry will be combined under the new presidential system of government to form the Treasury and Finance Ministry.

The Science, Industry and Technology Ministry and the Development Ministry will also be combined to form the Industry and Technology Ministry.

The aim of the newly combined ministry is to spearhead artificial intelligence and produce prestigious global brands using high-tech, leading intelligent technologies, and make Turkey a hub for producing knowledge.

The Customs and Trade Ministry and the Economy Ministry will also be combined to form the Trade Ministry, which aims to boost exports to $500 billion and make Istanbul the world's financial capital.

Moreover, the Transportation and Infrastructure Ministry will coordinate transportation and infrastructure investments related to the economy.

The Food, Agriculture and Livestock Ministry together with the Forest and Water Management Ministry will also form the new Agriculture and Forestry Ministry.