Business forum on the occasion of the 60th anniversary of the Union of Chambers and Commodity Exchanges of Turkey (TOBB)

Mr. Hisarcıklıoğlu described the development of the Union from a small office in Ankara in 1952 to the large business organization it is today, which due to the economic power of its members occupies one of the leading positions worldwide.

During the forum information about the current status of Turkish economy was presented, which in the conditions of world economic and financial crisis registered enormous growth (economic growth of 9.2% in 2010 and 8.6% in 2011). Turkey’s GDP which in 2002 amounted to USD 230 billion grew up to USD 772 billion. For the last 9 years Turkish economy has attracted USD 110 billion foreign investments.

Compared to the other countries, Turkey is the 17^th largest economic power in the world, occupying 7^th place in comparison to EU-27.

In his address, the Governor of the Central Bank of Turney Erdem Bashi said that these excellent economic indicators (especially in the conditions of a crisis) are result of the structuring of Turkish economy on the basis of 3 economic pillars. The stability of prices was pointed as the first pillar, because inflation always has adverse effect on economy. Financial stability was emphasized as the second pillar, and productivity – the third pillar.

The existence and functioning of those three fundamental factors is a positive prerequisite for the successful development of economy, Erdem Bashi summed up.

The Secretary General of BCCI Vasil Todorov took part in the forum. During the official part, the President of TOBB was presented with a special gift by BCCI as a symbol of the extremely beneficial cooperation between the two organizations as part of the bilateral relations and within international organizations.