Erdogan urges developed countries not to exploit global economic crisis

Addressing the World Economic Forum (WEF) Europe and Central Asia meeting in Istanbul yesterday, Prime Minister Recep Tayyip Erdogan said that no country or institution should take try to advantage of the global economic crisis, adding that those who do so will pay a steep price. Urging developed countries to lend a helping hand to underdeveloped ones, Erdogan said, "The crisis has many important messages for the world. A boundless lust for profits and lack of satisfaction paved the way for the crisis." Stating that the crisis can be overcome, he added, however, that without important changes, the same may not be true of future crises. All countries should assume responsibility to solve global issues such as income inequality, poverty, and food and water shortages, Erdogan said, adding that otherwise illegal immigration from poor countries to wealthier ones will never end. Stressing the need for a more cooperative approach to knowledge and technology transfers, he also stressed the importance of dialogue for solving regional and global issues. Also speaking at the meeting, WEF Executive Chairman Klaus Schwab said, "There is a great possibility that Turkey and its region can get out of the crisis by growing stronger," adding that the crisis could be seen as an opportunity. Stressing that Turkey is successful both economically and diplomatically, Schwab said, "As a secular, majority-Muslim country, Turkey can establish relations with both the West and East. From a geostrategic perspective, Turkey is a bridge. It is situated on the energy and commercial pathway between Europe and Asia." On the sidelines of the forum, State Minister for the Economy Mehmet Simsek said that technical talks on a precautionary standby agreement with the International Monetary Fund are continuing. "Although Turkey doesn't need IMF funds at the moment, we have a constructive approach on a precautionary agreement," he said, stressing that the flexibility of a possible pact is very important for Ankara.