Business group praises medium-term program
The Turkish Industrialists' and Businessmen's Association (TUSIAD) yesterday welcomed the announcement of the government's medium-term program. TUSIAD Chair Umit Boyner told at a conference in Istanbul that the move helps to dispel uncertainties concerning the next three years. "The downward revision of the budget deficit projections from 50 billion TL to 44 billion TL and the downward revisions of future projections after 2011 have eased concerns over budget stability," she said. Boyner called for further improvements in the climate for foreign direct investments. Turkey's industrial model should be reinforced with structural reforms and its effectiveness and competitiveness should be sharpened to deal with the high current account deficit, she said, adding that short-term macroeconomic policies won't suffice. Boyner also urged Parliament to adopt the Turkish Code of Commerce (TTK) as soon as possible, calling on the government to cut red tape. These structural measures should put the economy on a growth track, and will get business support, she said.