Alparslan Bayraktar targets energy independence to reduce Turkey's current account deficit

Turkish Energy and Natural Resources Minister Alparslan Bayraktar has identified the current account deficit as a primary challenge for the Turkish economy. Speaking at the Çorum Chamber of Commerce and Industry, Bayraktar emphasized that reducing the deficit caused by energy imports is a critical priority for the Ministry.

He noted that in 2022, Turkey paid over $100 billion for imports including natural gas, coal, oil, petroleum products, and minerals. While 2022 was an exceptional year due to the pandemic and the Russia-Ukraine war, the Minister stated that Turkey continues to pay approximately $60 billion to $70 billion annually to sustain its economy, with costs expected to rise by 2026.

Bayraktar stated that the ultimate goal is to achieve energy independence and make Turkey a self-sufficient nation. He called upon the industrial and production sectors to focus on creating high-value-added products to bolster exports, suggesting that solving the energy import issue alongside increasing export value would resolve major economic difficulties.