Mehmet Şimşek outlines Turkey’s economic goals and regional trade role

At the 19th Verona Eurasia Economic Forum in Istanbul, Turkish Treasury and Finance Minister Mehmet Şimşek announced that Turkey’s national income is expected to reach approximately $1.8 trillion by the end of the year. Based on current exchange rates, the figure is projected to approach $4 trillion when measured by purchasing power parity.

Şimşek emphasized Turkey’s strategic position as a regional hub for production, energy, and logistics. He highlighted the country’s role in global trade corridors, noting that railway freight transport from China to the United Kingdom can now be completed in 18 days via Turkish routes. To counter rising global protectionism, Turkey is pursuing a strategy of trade diversification, currently maintaining 54 free trade agreements and engaging in ongoing negotiations with Japan, Indonesia, Canada, and Gulf nations.

Regarding industrial capacity, the Minister stated that Turkey’s manufacturing value-added relative to GDP is becoming competitive with the ‘Asian Tigers.’ He also noted the country’s strengths in the service sector, including tourism, health tourism, and the video game ecosystem. To support high-technology investments, the government is providing investment-committed advance loans. Additionally, Şimşek highlighted Turkey’s low debt levels and budget deficit relative to emerging market averages, which he noted enhances resilience against economic shocks.