Global markets volatility, a chance for Turkey: Economy Minister

ISTANBUL – Turkey aims to benefit from the current volatile global economic situation thanks to a flexible export system, said the Turkish economy minister on Monday.

As importing countries avoid bulk purchases to cut inventory costs related to high stock levels, Turkey has at its disposal the logistics and the quality of service necessary to supply them rapidly, said Nihat Zeybekci in Istanbul.

"As the European Union increases its overall imports by only 1 percent, its growth near zero in 2014, we increased our exports to the EU by 11 percent,” Zeybekci said, speaking at an “Exports and Economy” conference held by the Turkish Exporters Assembly.

Zeybekci said Turkey had the geographical and industrial potential to supply a very wide range of goods in less than two weeks.

Regarding the Russian economy, which is expected to contract by nearly 5 percent in 2015, Zeybekci said that Turkey’s aforementioned advantages also present trade opportunities with Moscow.

"Turkey has the largest advantage regarding increasing uncertainties and anxiety in Russia,” Zeybekci said. “Additionally, relations with Russia are at a very good level.”

Zeybekci stressed that Turkey’s exports had grown 4 percent year on year despite the crises in the Middle East and in Ukraine and a stalling European economy.

The stagnant European economy has limited Turkish growth since over 41 percent of exports go to EU countries.

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