Republic does not distinguish among colors of capital, says PM

Prime Minister Recep Tayyip Erdogan delivered a key note speech at the 5th Izmir Economic Congress, drafting an outline of the global and national economic dynamics in relation to justice and equality. "If welfare, justice and conscience are not globalized in an environment where capital is being globalized, then it is impossible to say that the world's future will be better than today," Erdogan said. Stressing the necessity of new economic models, Erdogan stated that economic models of the future should be more humane. Pointing out to the stance of the Turkish economy in earlier years of the foundation of the Republic, Erdogan said, "The republic does not distinguish among the colors of capital; it takes an approach that sees all parts of the economy together. Contrary to what is widely thought, in its first years, our republic opened its doors to international capital. It opened the way for foreigners to acquire property." Erdogan also condemned the tendency towards excessive consumption around the world with following remarks: "The desire for wasteful consumption in some countries, while in places such as Somalia and Myanmar there are people deprived of even a handful of rice, saddens us." Concluding his speech, Erdogan reiterated that economic reforms and democratic reforms should be carried out in line with one another and it was not possible to assure economic stability without ensuring democracy in every way.