Minister Nabati: The economy will continue to grow

Underlining that Turkey has become an exemplary country in terms of renewable energy in the world, the Minister of Treasury and Finance, Nurettin Nebati, said: “Turkey has risen to 13th place in the world and the 6th in Europe in terms of installed capacity of renewable energies”. mentioned.

Minister Nebati delivered the keynote speech at the “England – Turkey Green Finance Conference” held at Mansion House in the City of London, the historic financial hub of London.

Recalling that Turkey is the fastest growing country among the G-20 countries with an 11% growth in 2021, Minister Nebati said: “Despite the unfavorable conditions in the world, the first data for 2022 shows that the trend of growth in our economy will continue. .” made his assessment.

Minister Nebati said, “Our exports grew by 32.8% in 2021, exceeding $225 billion, reaching the highest level in history. The upward trend in exports also continues this year and annualized exports reached the level of $231.9 billion in February 2022. used the phrases.

Noting that, thanks to the measures taken under the Turkish economic model, total employment and export figures have reached the best levels in history, Nebati said: “Ensuring macroeconomic stability, increasing production at high adding value and keeping the current account balanced are among the main priorities of our model. mentioned.

Minister Nebati recalled that various practices have been implemented recently in order to increase investment and competitiveness in Turkey and to ensure financial stability.


Stating that inflation has shown an upward trend in Turkey alongside global developments, Minister Nebati said, “At this point, I would like to express that we are determined to permanently reduce inflation, which has increased under the effect of global commodity prices, problems in supply chains, changes in exchange rates and deterioration in price behavior. I want. he said.

Minister Nebati said: “In addition to the negative global developments, the depreciation of the Turkish Lira has been the driving factor behind the high course of inflation. When we look historically, we see that exchange rates are the main determinant of inflation. mentioned.


Stating that significant progress has been made to ensure financial stability through the establishment of currency-protected Turkish Lira deposit and participation accounts in Turkey, Minister Nebati said: “As of March 10, 2022, the amount total of these accounts reached the level of 557 billion TL. We aim to accelerate our decisive steps in this direction with additional structural policies that we plan to implement in the coming period. made his assessment.

Minister Nebati indicated that for this purpose, it is planned to implement various applications such as simplification of the VAT system, issuance of income-indexed bonds and loan programs to priority sectors.

Nabati continued:

“Our approach is to create a model of development and economic growth without carbon by accelerating the green transformation of the Turkish economy in this process. Green financing is one of the cornerstones of the green development revolution initiated by our president Recep Tayyip Erdoğan in Turkey Our goal of net-zero emissions by 2053 and our vision of green transformation We strive to create a green finance ecosystem in line with international standards.

Turkey’s priorities in this area are integrated into the country’s main policy documents through the Medium Term Program and the Green Deal Action Plan covering the years 2022 and 2024.

Emphasizing that Turkey has become an exemplary country in the field of renewable energies thanks to the measures it has taken, Minister Nebati said: “During the period 2002-2021, we have increased the share of renewable energies in the total installed power from 38.6% to 53.9 percent. Thus, Turkey has risen to 13th place in the world and 6th in Europe in installed capacity of renewable energies. made his assessment.


Highlighting that projects that reduce carbon footprint and protect the environment have started to see more demand in recent years, Minister Nebati said, “Our country also wants to be among the active and significant players in the green bond market. rapidly growing”. mentioned.

In this context, Nebati recalled that significant steps have been taken to establish the green bond and sukuk market infrastructure at the public and private sector levels in our country, and said, “We attach great importance to the increased support for R&D for green production. Additionally, we are aiming to have our domestic electric vehicle, Togg, on the roads this year. In addition, significant investments in fully electric utility vehicles and batteries have been announced by our private sector. used the sentences.

Recalling that with the amendment to Turkey’s Energy Efficiency Law, the building, agriculture and service sectors are included in the scope of energy efficiency aid, Minister Nebati said “In addition, recently, our country’s membership in the Financial System Greening Network, to which the central bank and key regulatory institutions are members, was established. was done. Our country continues to work intensively to contribute to the development of green finance in international platforms. made his assessment.

Minister Nabati concluded his speech as follows:

“As part of the green transformation works; Efforts are underway to harmonize the regulation on the monitoring of greenhouse gas emissions with EU legislation. Studies are underway to establish a national carbon pricing mechanism. Legislation for the Sustainable Products Initiative policy framework will be developed. Efforts will be made to implement the circularity label and the application of the digital passport. “

Minister for Environment, Planning and Climate Change Murat Kurum, UK Minister of State for International Trade Anne Marie Trevelyan, Mayor of London Finance Center City of London Vincent Keaveny and UK Under Secretary for Trade for Eastern Europe and Central Asia Kenan Poleo attended the conference. .

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