Made In Turkey March Newspaper by İstmag Magazin Grubu

Risk of euro crisis ‘removed’ for now!

UN health agency aims to reduce deaths from tobacco use

IMF Managing Director Christine Lagarde

Page 7

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“Our basic priority price stability”

peaking at a meeting entitled “Monetary Policies”, Turkey’s Central Bank Governor Erdem Basci said that since the late February and beginning of March crude oil’s prices showed a fluctuated and horizontal track, as for other commodities, upward trend has not been experienced.According to the surveys’ results of Turkish Central Bank, while growth expectation was assessed as 4.8 percent in June, this decreased by 3.5 percent in February, Basci noted. Page 2

ISSN 1300-2260

March 2012 Year: 11 No: 114

The Government has revealed the new currency symbol of the Turkish Lira

“This is a signal of ‘power, prestige and independence” A

NKARA - This is a signal of ‘power, prestige and independence,’ says Turkish Prime Minister Tayyip Erdoğan. A new symbol was needed to solidify the lira’s prestige, the Central Bank governor adds. The newly-designed currency symbol for the Turkish Lira was revealed by the Turkish government at a ceremony in Ankara. Tülay Lale, the artist who designed the winning symbol, was given the grand prize at the event. “Money symbolizes power, prestige and independence just like the flag or (national) anthem,” said Prime Minister Recep Tayyip Erdoğan in his speech. He criticized former governments for a drop in the value of the currency, saying Central Bank Governor Erdem Başçı and his team were about to conclude an operation to raise the value of the lira again. “We are coming to the end of a crucial phase of this operation by adopting such a symbol for the lira and spreading its usage,” he said. Deputy Prime Minister Ali Babacan, who also heads the Economic Coordination Committee comprised of related cabinet members, said the new symbol was “a sign of 9.5 years of stability and success,” referring to the ruling Justice and Development Party’s governance during the period. Başçı said economy officials had

given priority to two significant features of the currency symbol and the Turkish economy when making the final

Deputy PM Ali Babacan (L), Prime Minister Recep Tayyip Erdoğan (C) and Central Bank Governor Erdem Başçı present the new symbol of the Turkish Lira at a ceremony in Ankara.

“Risky buildings to be dismantled in cities”

inister Bayraktar said that with a bill which would be discussed in the Turkish Grand National Assembly in terms of the transformation of the risky buildings in the cities, towns and other settlement locations. “In this law, we aim to dismantle the risky buildings in the cities and towns including villages across Turkey. The law basically aims this process. Page 11

meeting entitled “Tomorrow in Anatolia” was held in the southern province of Gaziantep. Speaking at the meeting that was held in the southern province of Gazianatep, Zafer Caglayan, Minister of Economy, told the economic developments which were achieved in the recent years and also described what kind of Turkey they would aim in the future.“Now our country is outlining a strategy for the year 2023. From now on we are designating a country after 12 years. In 2023, Turkey will be a country to achieve exports worth $500 billion. Turkey will have over $2 trillion gross domestic product (GDP). And so, per capita income will reach by $25 thousand,” Minister Caglayan recorded. Page 15

inance professionals have criticized and reacted negatively to a decision by international rating agency Moody’s to review the credit ratings of leading Turkish lenders whose standalone credit assessments are currently above the country’s sovereign debt rating, calling the move “unusual” and “unfair.” “Rather than focusing on such reviews, international rating agencies should consider increasing Turkey’s rating to investment grade,” said Durmuş Yılmaz, former Central Bank governor and the chief economy adviser to Turkish President Abdullah Gül. Page 7

“Turkey grows two times higher than world economy”

Turkey to enjoy over $2 trillion income

Professionals disagree with Moody’s

decision on the design, which had been simply the initials of “Turkish Lira” (TL). Page 5

Turkish Economy Minister Zafer Caglayan

Turkey to boost oil trade with Iraq

PIC Chairman Canzis said that they were working on an important project to boost oil trade with Iraq. The investment company of Turkish Petroleum Corporation (TPAO), Turkish Petroleum International Co. Ltd. (TPIC) Chairman Mithat Cansiz said that they have been working a crucial project with Iraqi officials to expand oil trade and prevent border trafficking. Stressing that still transit trade with Iraq has been forbidden Cansiz continued, “Doing oil trade with Iraq almost impossible. However we, as TPIC, are working on a very good project to remove these anxieties.We have been connection with the side of Iraq about the project. Page 9

Turkish Minister of Environment and Urbanization, Erdogan Bayraktar

urkish Finance Minister Mehmet Simsek, “If Tu r k e y achieves 4 percent growth this year, it would be able to make a “soft landing.” Speaking at a symposium, Simsek said that Turkey grew two times higher than the world economy in 2011. Noting that Turkey’s macroecoTurkish Minister of Finance nomic balances Mehmet Simsek recovered significantly, Simsek said that there was also a serious recovery in financing balances. “Many structural reforms have been carried out in Turkey, so the powerful performance of Turkey is not a chance,” Simsek said. Page 7

February exports up 10 percent from last year

STANBUL - Turkish exporters exported $1.4 billion in chemicals in February. Turkish exports in February witnessed a 10.4 percent increase from February 2011, hitting $11.2 billion, according to data released by the Turkish Exporters’ Assembly (TİM). “[This] is the highest export number we have ever achieved in the month of February, and it is a record,” said Turkish Economy Minister Zafer Çağlayan after the figures were announced. Çağlayan added that Turkish exporters were resilient and were able to adapt to conditions that may come their way referring to the debt crisis in Europe and seasonal factors. He praised them for finding alternative markets to make up for the losses in exports to Europe. “Export growth in Turkey was 18.5 percent in 2011 and we think that a 10 percent [year over year] increase in February, when theEuropean Union is in a debt crisis and when the euro has depreciated significantly against the dollar in [year over year] terms, is a major success,” Özgür Altuğ, chief economist at BGC Partners, said in a written note to investors. Page 5

Made in Turkey Economic Newspaper, March 2012

Letter From The Editor Mehmet Soztutan Editor-in-Chief

Stability and growth prevail in Turkey

he European debt crisis is the shorthand term for the region’s struggle to pay the debts it has built up in recent decades. Five of the region’s countries – Greece, Portugal, Ireland, Italy, and Spain – have, to varying degrees, failed to generate enough economic growth to make their ability to pay back bondholders the guarantee it’s intended to be. In fact, the head of the Bank of England referred to it as “the most serious financial crisis at least since the 1930s, if not ever,” in October 2011. When it comes to Turkey, things are different. Turkish Central Bank Governor Erdem Başçı pledges a stronger year in terms of sustainable growth, stability and predictability. Meanwile, the Turkish government has completed preparations for the Istanbul Finance Center to be constructed soon, said Turkish Environment and Urban Planning Minister Erdoğan Bayraktar, noting that the new finance center would be bigger than the world’s largest finance centers in New York, London and Dubai. “The project will be composed of four main areas and the center will have Grand Bazaar and Topkapı Palace style Ottoman architecture,” said Bayraktar. Previously, the Turkish government had announced the financial institutions currently situated in the capital Ankara would move to Istanbul in the framework of the IstanbulFinance Center project, which aims to turn the city of 15 million into a regional financial hub. “We were inspired by the functionality of the Grand Bazaar – constructed in 1455, still one of the world’s largest covered markets with over 4,000 shops – and the silhouette of Topkapı Palace, the primary residence of the Ottoman sultans for nearly 400 years,” said Bayraktar. The minister pointed out that major financial institutions such as Turkey’s Banking Regulation and Supervision Agency (BRSA), Capital Markets Board (SPK) and the Central Bank would move to the four main quarters to be built on the 2.5-million-square-meter lot in Ataşehir. “We will start the construction process soon,” added Bayraktar. So, business is business in Turkey.

“Our basic priority Letters to price stability” the Editor

Turkey’s Central Bank Governor Basci, “We believe that 4 percent growth corresponding with the government’s midterm program is reasonable and reachable” Continued From Page 1 or Turkey, the thing that draws attention there is a slight increase between January - February from 3.3 t0 3.5 percent. This means the expectations towards the future is better in terms of us,” Basci said. Stating that the central bank has not spoken out about growth prediction much, Basci said, “We think that 4 percent growth corresponding with the government’s midterm program is reasonable and achievable. We do not absolutely hint that the central bank has a growth target; instead the Central Bank has an inflation target. We do only a projection about growth. The basic priority of the central bank is

“F

price stability. Our inflation target is 5 percent level. We have focused on this target.” “If it is necessary to take any measurement about financial stability, we act in this direction,” Erdem Basci said.

Turkish Central Bank Governor Erdem Basci

Crucial and inclusive marketing of health sector: EXPOMED “EXPOMED 2011”, the 18th International Istanbul Medical Analysis, Diagnosis, Health Care, Hospital Supplies and Rehabilitation Aids Fair and “LABTECH 2011”, the14th International Istanbul Laboratory Technology and Equipment Fairs which were the most important trade activities with their consistent growth of 18 years, hold concurrently with “EXPO THERMAL” Thermal, Natural Health and Rehabilitation Centers, Health Products, Equipment and Accessories Fair, “HOSPITALS and HEALTH CENTERS” Fair and “ICSM EXPO 2011” Industrial Cleaning Services, Management, Systems, Equipment, Machinery and Cleaning Products Fair between March 31 and April 3, 2011 at the Tuyap Fair and Convention Center, Istanbul. Attended by 1164 companies and company representatives last year, the 2011 fairs hosted 1402 firms and firm representatives from 41 different countries. The fairs broke a new record thanks to their number of exhibitors and were organized over an area of 55 thousand sqm in 8 different exhibition

halls. These fairs are the most important and comprehensive marketing platform of health sector in Eurasia region. International purchasing delegation from Albania, Armenia, Azerbaijan, Bosnia Herzegovina, Bulgaria, Egypt, Georgia, Israel, Macedonia, Malaysia, Morocco, Russia, Serbia, Syria, Tunisia, Ukraine and national purchasing delegation from Adana, Afyon, Ankara, Aydın, Bursa, Corlu, Edirne, Eskisehir, Isparta, Izmir, Kayseri, Konya, Malatya, Manisa, Mersin, Tekirdag, Zonguldak cities were organized for these fairs in which the development of Turkish health sector and health sector tourism were presented. Expomed, Labtech, ExpoThermal, Hospitals and Health Centers, ICSM fairs were followed by the medical world with an increasing interest and appreciation like every year in consequence of active promotion efforts towards domestic and international target audiences leading from Tuyap Inc. and organization of many purchasing delegations. The fairs were visited by a total of 30.191 professionals.

“Turkey can make more than one domestic car”

he 1st Uludag Economy Summit which was held in the northwestern province of Bursa discussed the issues of the related sectors. M e a n w h i l e, the pros and cons of the country’s domestic car production were also discussed at the gathering. During the sessions, the objectives of Tu r k ey were nego t i a t e d r a n g ing from transport to communication, construction to media. Being hopeful the businessmen of Turkey struggled to draw a common roadmap in order to improve the sectors. The former central bank governor and senior advisor of Presidency of the Republic of Turkish, Durmus Yilmaz said that Turkey could not have difficulty to achieve 4 percent growth in 2012. Yilmaz noted that a 4-percent growth target could be reached, which has been foreseen in the midterm economic program of Turkey. At the summit also Turkey’s domestic car production was discussed. Turkey could develop more than one local passenger car brand within the coming years with the market players gaining the necessary experience supported by the expected government incentives, according to the leading auto entrepreneurs. As the government proposal to produce the country’s first national car brand has been in the works

for over a year, with market players exchanging ideas and developing separate projects. By the predicted domestic made car production, Turkey’s annual car production could rise to 4 million from the exist-

i n g 1.5 million units, said at the meeting. Hyundai

Assan Otomotive Turkey CEO Ali Kibar commented that it was quite achievable for Turkey to develop the first local car in the coming two or three years. Automotive manufacturer Karsan’s

Executive Director Jan Nahum said he believed in Turkey would improve two or three car brands within the coming three to four years. Orhan Sabuncu, Chairman of the Automotive Industry Exporters’ Union (OIB) marked that Turkey could see two or three car brands in the upcoming five years. There are 115 research and development (R&D) centers in Turkey, with 46 of them auto centers. One vital fact which is mostly ignored in Turkey is development of engine and electronic parts, Sabuncu stressed. “It is essential the parts are developed domestically. We are pleased to hear the government is considering incentives to this end,” Sabuncu recorded. As for Renault Mais General Manager Ibrahim Aybar, highl ig h ted that a rou nd 50 percent of Tu rk ey’s auto e x -

ports shipped to the EU market, but it is encouraging to see increased demand in other exports markets. “On the edge of local car production, Turkey must concentrate on diversified exports markets. After all, we may not predict a fall in auto exports this year,” he added.

turkey@ihlas.net.tr Deleveraging Moreover, deleveraging by European banks may ignite an adverse feedback loop to euro area economies and beyond, even if acute pressures have been mitigated by recent extraordinary ECB measures. Like cholesterol, deleveraging can be good andbad. European banks have had excessive levels of leverage and had expanded into a number of non-core areas. So, increasing bank capital levels, shedding bad loans, and withdrawing from non-core businesses should be encouraged. But there is also the danger that deleveraging could be too fast, overly concentrated in some areas, and could cut off credit at the expense of the economy. All these risks could spill over well beyond the euro area. Emerging European economies would be most affected, reflecting the substantial presence of euro area banks in these countries. Nor is the United States immune to spillover risks, given the close trans-Atlantic financial and trade connections. A large shock from the euro area could be magnified by existing weaknesses, notably in the still-fragile U.S. housing sector.

M. Brun/ Berlin

Liquidity shocks Despite the hope, the uncertainty reOver the longer term, initiatives to strengthen fiscal and financial union will be crucial to restoring market confidence. Elsewhere, the United States and Japan need to address their fiscal challenges, and the United States must solve the problems of the housing market and mortgage debt overhang. Policymakers in emerging markets should stand ready to counter funding and credit strains, and to deploy countercyclical policies where headroom is available. Emerging markets in many cases have built ample cushions of reserves that could be used to counter external liquidity shocks G. Ronny/ Paris

The danger zone The global financial system remains fragile. It is urgent to restore confidence in the euro area and beyond. Otherwise we run the risk of a deepening of the crisis, with far-reaching global economic and social consequences. Fortunately, it is not too late to put in place the right policies that take us out of the danger zone. But for this, we need good politics and the collective determination to reach now a cooperative solution both within Europe and at the global level An example of the difficulties monetary policy poses to stability is the impact of interest rate changes on the incentives financial institutions have for taking risk. Although keeping interest rates low for a prolonged period may encourage financial institutions to take on excessive risks, tightening monetary policy may also have an adverse effect on risk taking.

H. Vertung/ Frankfurt

Silver bullet There is no consensus yet on how exactly monetary policy should be coordinated with macroprudential and other policies. The limited effectiveness of monetary policy in achieving financial stability objectives suggests that authorities must rely heavily on macroprudential policy. Using monetary policy to address financial stability objectives in a currency union has further limitations. Monetary policy cannot mitigate country- and sector-specific booms and busts in a currency union because monetary policy reacts to the state of the economy at the level of the union and not at the level of its individual states. Yet macroprudential policy is not a silver bullet for achieving financial stability objectives either, and monetary policy may have to help in mitigating credit and asset price booms in some circumstances.

K. Krenberg/ Basel

Made in Turkey Economic Newspaper, March 2012

On Business Intelligence, Analytics, and Knowledge Management

manager is someone who is in charge of a team of people that come together to preform a single task or come together to get a job done. He/ she handles, controls, directs a business or other enterprises, controls resources and expenditures. Managers are the persons chosen or appointed to manage, direct, or administer the affairs of another person or of a business and they may also be called as administrator, director, or impresario. What do managers do? There may be variety of answers to this simple question. One good answer to this, comes from the late Peter Drucker, whose name that stands out above all others in the century-long history of management studies. A native of Vienna, Austria, Prof. Drucker was an intellectual who worked as a journalist and studied economics. At some point in his studies he had realized that “economists were interested in the behavior of commodities, while I was interested in the behavior of people.” That led him to establish the modern study of management. Drucker divided the job of the manager into five basic tasks. The manager, he wrote: i)Sets objectives and goals for the group, and decides what work needs to be done to meet those goals, ii) Organizes and divides the work into manageable activities, and selects people to accomplish the tasks that need to be done, iii) Motivates, integrates and communicates with his team through decisions on pay, placement, promotion, and through his communications with the team. iv) Measures and establishes appropriate targets and yardsticks, and analyzes, appraises and interprets performance, v) Develops people. With the rise of the knowledge worker, this task has taken on added importance. In a knowledge economy, people are the company’s most important asset, and it is up to the manager to develop that asset. While other management experts may use different words and focus on different aspects of these responsibilities, Mr. Drucker’s basic description of the manager’s job still holds. Managers act as figurehead and leader of an organizational unit, as a liason for the formation and maintenance of contacts, monitor, filter and disseminate information, handle disturbances and maintain work flows, negotiate, innovate, plan,

control and direct subordinates and do all of these by allocation of certain kind of resources, The titles and position in the managerial hierarchy is closely related with the type and amount of resources they were responsible. Managers mainly deal with allocations of resources with an aim of increasing profitability and productivity. Basically it is a give and take business. It is an exchange process per se. Sowing the seed for more bountiful harvests. Every living creature, company, department or individual can maintain its activities as far as their ability to respond all changes in his habitat. This requires intelligent individuals and organizations who based their decisions on data, knowledge and wisdom. Business and marketing intelligence mean the ability of living organisms respond to and adopt themselves to the developments enliven in both themselves and the environment they were in. For the new genre of managers who may be called knowledge workers as well, data and information are the basic inputs for knowledge and wisdom based management. Recently, managers are becoming more interested in the conferences and studies on knowledge management. A typical list of topics related with the marketing intelligence and business wisdom covers a new line of activities including data mining, data warehousing, decision support systems, decision engineering, data visualization, marketing analytics, customer data integration, business process management, risk, reliability and security of networks and databases, an evolving role of the IT, and the effects of social media on business, etc. To be successful in global markets, we need a new school of managers who were equipped with these kind of new set of abilities in management, a new paradigm for management that is wholly built on as data, information, Prof. Dr. İsmail Kaya intelligent, knowledge and wisdom. It is a great challenge but is not impossible.

The Green Park deserves the best award at Emitt The Green Park deserved the best ‘Stand Decoration’ award in the scope of hotels at Emitt 2012 fair

he Green Park Hotels & Resorts took place on an area of 110 sq meters at 6th Hall/650 stand at 16th Emitt Eastern Mediterranean International Tourism and Travel Fair. The stand has been a focus of interest of the participants and visitors due to its Kartepe décor which reflected winter tourism. Green Park has a number of hotels in Turkey. One of them, The Green Park Hotel Taksim takes place in the district of Taksim, features the hotels region. The

Green Park Hotel Taksim provides business connection and walking easiness to its guests due to its suitable position. The hotel is in 18 km distance to Ataturk Airport. Waits for its guests across Turkey As for The Green Park Hotel, which is located in the district of Merter, the textile center of Istanbul, attracts attention regarding its closeness to Ataturk Airport and fair center. The first 5-star hotel of the Anatolian side, The Green Park Hotel Bostancı, which takes place in the district of Bostancı is known with the renowned Bagdad street, draws attention with the colorful nightlife, as well as the Islands’ scenery. The Green Park Hotel Resort Kartepe, which locates on the peak of Excellent Samanlı Mounts with the sceneries of both Sapanca Lake and Izmit Gulf surrounding the two sides of the hotel, only takes 1 hour to Istanbul. “Our hotel, which is the most attractive address in winter months with skiing, snowboard; as for the summer months, offers football and adrenaline sports for their fans, as well as

professional organizations for company meetings and seminars. The Green Park Pendik Hotel & Convention Center locates in Pendik which is called gateway of Istanbul when coming from Anatolian side, one of the rare districts of Istanbul with its possibilities of highway, railway, airway and seaways.”

Consumer confidence increases in February 2012 The Consumer Confidence Index, raised from 92.2 (in January 2012) to 93.2 (in February 2012), according to the data of Turkish Statistic Institute (TurkStat) he Consumer Confidence Index, which was 92.2 in January 2012 increased by 1.1% compared to previous month and became 93.2 in February 2012, according to the data of Turkish Statistic Institute (TurkStat). In monthly Consumer Tendency Survey, which was carried out with cooperation of Turkish Statistical Institute and Central Bank of the Republic of Turkey, consumers’ assessments on current situation and their expectations for personal financial standing and general economic situation have been evaluated and their expenditure tendencies for near

future have been measured. The consumer confi-

dence index calculated from the survey results can take value between 0-200. It indicates an optimistic outlook when the index is above 100, but it gives a pessimistic outlook when it is below 100. The increase in the Consumer Confidence Index stemmed from the improvements in consumers’ assessments concerning purchasing power in the present and next period, general economic situation in the next period, job opportunities in the next period and buying time condition of durable goods in the present period.

Mount Erciyes to be world’s second leading tourism center

he central Anatolian province of Kayseri has focused on an ambitious project to convert Turkey’s Mount Erciyes into the world’s second leading winter tourism center after the European Alps. With a 280 million Euro investment, the “Kayseri Tourism Master Plan” aims to draw tourists for a full 12 months of the year. The money will go toward the building of ski lifts, snow machines, ski slopes, and hotels. The project is expected to be finished by 2014. “When the project is com-

pleted, we will provide employment opportunities to 3,000-4,000 people. Our ski slopes will be 160 kilometers in length, the second longest in the world after the Alps,” the Mayor Mehment Ozhaseki said. The Kayseri municipality has completed the preliminary infrastructure by spending $100 million. Currently, 45 kilometers of ski slopes are running. The Erciyes mount will provide five months of winter tourism. As For the remaining seven months,

the Mayor Ozhaseki said there were plans to get tourists, such as a camp for football teams and congress facilities.

Made in Turkey Economic Newspaper, March 2012

İletişim Magazin Gazetecilik Sanayi ve Ticaret A.Ş. Adına Sahibi ve Sorumlu Genel Yayın Müdürü (Publisher and Editor in Chief): Mehmet Söztutan (msoztutan@img.com.tr) Editor Advertising Sales Staff: Advertising Consultants Correspondents: Technical Manager: Chief Accountant: Subscription:

Ibrahim Kupeli (ikupeli@img.com.tr) Mustafa Bekir Karaca (mbk@img.com.tr) Adem Sacin, Yılmaz Özkan Recep Arslantaş, Eda Şişik Emir OCAL ( eocal@img.com.tr ) Hakan Alkan (hakan.alkan@img.com.tr) Tayfun Aydın (tayfun.aydin@img.com.tr)

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Cautiously optimism on global economy

urozone sovereign debt crisis was re- barrel and US$82 a barrel in 2009… garded as a trigger for a new global When we looked at the predictions in crisis. Nevertheless, European Union growth for the foremost emerging econohas been struggling to cushion a possible mies of the world, China’s economy is esticrisis, by taking a great deal of precautions. mated to grow between 7.5 - 8.2%, in India The latest comments for the Euro-zone an economic growth would be around 7% countries are in favor of optimism. While for 2012. the Euro-zone was fighting a substantial cri- In Russia, Economic growth is expected sis at the end of the last year, due to weak to continue to remain close to the 3.5-4% public finances of those members, the situa- range in 2012 compared to 4.3% in 2011. tion is now perceived as having improved by As for the global growth is projected to many observers. grow at 3.5 percent in 2012, then accelerate An important step towards improving the somewhat to 3.6 percent from 2013-2016, Euro-zone’s situation is shown that shor- and then would show a further slowdown ing up the banking system in the Euro-zone to 2.7 percent from 2017-2025, according to through expanded monetary supply from the analysts. the European Central Bank in the form of One of the most volatile situations predicted a second three-year long-term refinancing that can occur in the MENA region where operation. By the joining of stability has not been some 800 banks, the fund provided. If the Middle has been raised from €530 East and North Africa billion to more than €1 tril(MENA) region’s inlion, according to OPEC. terim leaders are unable Since January, some confito restore social stability dence in the Eurozone has and achieve public accepre-emerged and yields for tance of the new politiailing Euro-zone countries cal order, the fear is that have fallen to more sustainwidespread unrest may able levels. begin again. This would When looked at the latest undermine economic reIbrahim Kupeli developments and announcecovery in these countries. ikupeli@img.com.tr ments, seemingly the expected But if the quick recovery crisis in the global economy will happen, this would would not happen in the same impact with pump positive energy to the economic the previous crisis in 2008. As it is seemed, growth in the region. recovery is continuing in the developed and In 2012, advanced economy growth is exemerging economies… pected to slow down from 1.6 percent in Oil prices are perceived one of the indica- 2011 to 1.3 percent. tors is the global economic crisis. In 2012, emerging economies would slow According to the International Energy in growth by 0.7 percentage points on averAgency, crude oil prices generally have a age, from 6.3 percent growth in 2011 to 5.6 large negative impact on the global eco- percent in 2012. nomic growth. As for 2013-2016, the outlook hints some When a comparison made between the recovery in advanced economies, bringing crisis in 2008 and the possible one that ex- these countries back to the pre-recession pected to happen this year, currently there growth trend of a little more than 2 percent. is no open sign in terms of crude oil prices. From 2017-2025 emerging and developing The source marks that the price of oil un- countries are projected to grow at 3.3 perderwent a significant decrease after the cent. record peak of US$145 it reached in July In conclusion, according to the latest de2008. On December 23, 2008, while the velopments and statements of the officials, crude oil spot price had fallen to US$30.28 there is an optimist mood in the global a barrel, the lowest since the financial crisis economy, on the way of recovery without began, and had traded at between US$35 a deviating from the tough policies.

THOUGHT OF THE MONTH

Humor

A psychotic thinks that two and two are five. A neurotic knows two and two are four -- but he hates it.

hen the man in the street says: “If it ain’t broke, don’t fix it,” the lawyer writes: “Insofar as manifestations of functional deficiencies are agreed by any and all concerned parties to be imperceivable, and are so stipulated, it is incumbent upon said heretofore mentioned parties to exercise the deferment of otherwise pertinent maintenance procedures.” **************** In the USA, everything that is not prohibited by law is permitted. In Germany, everything that is not permitted by law is prohibited. In Russia, everything is prohibited, even if permitted by law. In France, everything is permitted, even if prohibited by law. In Switzerland, everything that is not prohibited by law is obligatory. ********************* A junior partner in a firm was sent to a far-away state to represent a long-term client accused of robbery. After days of trial, the case was won, the client acquitted and released. Excited about his success, the attorney telegraphed the firm: “Justice prevailed.” The senior partner replied in haste: “Appeal immediately.” *********************** How many lawyers does it take to change a light bulb? “How many can you afford?” It only takes one to change your bulb...to his.

Two. One to change it and one to keep interrupting by standing up and shouting “Objection!” Three. One to do it and two to sue him for malpractice. Three. One to turn the bulb, one to shake him off the ladder, and the third to sue the ladder company. Three. One to sue the power company for insufficiently supplying power, or negligent failure to prevent the surge that made the bulb burn out in the first place, one to sue the electrician who wired the house, and one to sue the bulb manufacturers. Fifty four. Eight to argue, one to get a continuance, one to object, one to demur, two to research precedents, one to dictate a letter, one to stipulate, five to turn in their time cards, one to depose, one to write interrogatories, two to settle, one to order a secretary to change the bulb, and twenty-eight to bill for professional services. How many lawyers does it take to screw in a light bulb? None, lawyers only screw us. You Might Be a Lawyer if... • you are charging someone for reading these jokes. • you believe that a forty words’ sentence is a short one. • you have a daughter named Sue and a son named Bill. • you can look at a contract and instantly tell whether it’s verbal or written. • your other car is a BMW. • when you look in a mirror, you see a lawyer.

THE ECONOMIST What is the real problem?

Well!

If you do not conquer self, you will be conquered by self.

EASY

SUDOKU

3 5 6 MEDIUM

1 Relating to the sun 2-Con carne 4 Uttared 5 Laugh 5 Extremely high freguency (abbr.) 6 Sedate 7 Compasition 8 Compass point 9 Throw 10 Japanese money 13 Only 18 Compose 20 Gnarly 23 Billion years 24 Able 25 Constellation 26 Hotel 27 Sports official 29 Sun’s name 30 Gray sea eagle 31 “To the right!” 32 Snack 33 Old-fashioned Fathers 35 Hoofed mammals of tropical America 38 Cook 39 African country 40 Hide out 41 Hardy flower 42 Cry 44 Pixies 45 American College of

1 Former wound 5 Vane direction 8 Artful 11 Buckeye state 12 Not cold 13 Band instrument 14 İtallian money 15 Respiratory disease 16 Nortwest by north 17 Notify 19 Adjoin 21 Free of 22 Assan contry 24 Boxer Muhammad 27 On 28 Quuaking tree 30 Turkey’s EU Chief Negotiator Bagis 33 Subatomic particle 34 Gleans 36 Yield 37 Wipe off 39 Nuke 42 Pawl 43 Cynthia 45 Air (prefix) 48 Atmosphere 50 Minnesota (abbr.) 51 Baby bed 52 - Lanka 53 President (abbr.) 54 Brand of non-stick spray 55 Teaspoon (abbr.) 56 Pretty

DOWN

ACROSS

HARD

FIENDISH

Physicians (abbr.)

46 Time period 47 Edge 49 Rive

Made in Turkey Economic Newspaper, March 2012

“This is a signal of ‘power, prestige and independence” Continued From Page 1

quired prestige and raise the recognition level of the lira, he said, adding that the idea of organizing a currency symbol competition was part of the 2011-2015 strategic plan of the Central Bank. There was strong interest in the competition, which was first announced on Sept. 8, 2011. It received a total of 8,362 applications, he said, noting that only seven of them were shortlisted and three of them were honored with encouragement awards. Başçı said some changes had made to Lale’s initial design, which matches the golden ratio. “We will have the symbol included in the standard character codes used worldwide,“ Başçı said. Personal com-

he new icon resembles an anchor, which emphasizes that the lira has become a safe investment haven,” said Başçı, adding that the parallel lines of the new design faced upward, which symbolized the steadily increasing value of the lira and the Turkish economy. The lira has been increasingly used in international markets in recent years, said Başçı, citing data from the Bank for International Settlements. Başçı said the use of the lira had increased three-fold in 2010 when compared to 2007, according to the bank. A new currency symbol was needed to clinch the ac-

puter operating systems can be updated with software that puts a shortcut on the keyboard, “Alt Gr and T.” It can be downloaded from the Central Bank’s website. Firms producing commercial devices will also be able to update the software installed on their products to feature the new currency symbol. Meanwhile, the use of Turkish Lira in foreign trade transactions jumped 21.1 times in last 10 years. Economy Minister Çağlayan says this performance will be the biggest vehicle for promotion of the lira’s recently introduced currency symbol. The use of the Turkish Lira in foreign trade

transactions has increased 21.3 times in the past 10 years, said Turk-

new currency symbol. “The total value of Turkish liras used in foreign

ish Economy Minister Zafer Çağlayan, noting that foreign trade would be the biggest vehicle for promotion of the lira’s

trade transactions was only $516.6 million in 2002, but this figure had risen 21.3 times to $11.1 billion by the end of 2011.

Risk of euro crisis ‘removed’ for now! Continued From Page 1 n Athens it appeared stricken Greece had clinched a high-stakes debt swap as a deadline for bondholders to accept huge losses on their Greek holdings passed, opening the way for an urgent bailout. “It looks as if the numbers will be promising,” Lagarde, adding that the “real risk of a crisis, of an acute crisis, has been, for the moment, removed.” Lagarde said she was “not pessimistic” about the plan’s chance for success, adding: “Spring is in the air.” With a threshold apparently met, Greece was expected to press on towards unlocking a 130-billion-euro bailout from the European Union and IMF, a process that might include resorting to so-called collective action clauses Athens introduced to

force holdouts to accept the deal. Lagarde emphasized increasing calls for a firewall fund to keep the eurozone protected from future crises: “They need high volumes. And the bigger the better, because it will not be used,” she added. “I think it’s in the interests of the Europeans to have that firewall in order to stop the contagion and be able to throw a lot of money at the markets if the markets and the investors decided to suddenly not really be interested in Italian debt, for instance,” she said. The Greek bond swap is initiated to avert default by Greece when debt falls due on March 20 and is a key part of a eurozoneIMF rescue, worth up to 237 billion euros and aimed at enabling the country to rebuild its economy.

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The rate of use of the Turkish lira in foreign transactions was 0.6 percent in 2002 and had risen to 3 percent in 2011,” Çağlayan said. The value of the Turkish lira used in foreign trade in 2011 increased $794 million in exports and $1.8 billion in imports compared to 2010, he added. In a written statement the minister said foreign trade would be the biggest source of support for making the national currency’s new symbol known in international markets. Figures for the first month of this year are also encouraging. A total of $820 million in trade was conducted in Turkish liras in January, Çağlayan said.

Turkey conducted export transactions in Turkish liras with 186 countries and customs zones in 2011, he said, adding that last year the rate of Turkish lira usage in exports was 2.5 percent. Iraq was the country receiving the most exports made in Turkish liras last year, with a total of $623 million. This was followed by Iran with $565 million, Germany with $292 million and Azerbaijan with $150 million worth of exports transactions conducted in liras. The use of the Turkish lira in imports was also quite substantial, according to Çağlayan. “Imports transactions conducted in Turkish liras amounted to $7.5 billion in 2011. The

Turkish lira was used to import goods from 127 countries and customs zones. The rate of Turkish lira usage in imports transactions last year was 3.1 percent,” he said. Germany was the leading country for import transactions in Turkish liras, with a total value of $1.1 billion. Germany was followed by France, the United States and China. Turkey signed currency swap agreements with China, Turkmenistan, Russia and Iran, which helps increase the use of Turkish liras in foreign trade. Turkey’s swap agreement with China, worth 10 billion yuan ($1.58 billion), was signed when Chinese Vice President Xi Jinping visited Ankara.

February exports up 10 percent from last year Continued From Page 1 ccording to TİM figures, the automotive sector enjoyed the most exports at $1.6 billion, followed by the chemicals sector at $1.4 billion and the steel sector, which came in third at $1.36 billion. Agricultural sector imports, at $1.5 billion, accounted for 14.6 percent of total exports. The industrial sector comprised the bulk of exports at $9.3 billion, or 83.8 percent. The mining sector exports took a sliver of the pie, exporting $259 million worth of mining products, accounting for just 4.9 percent of total exports. The defense sector in February witnessed the greatest increase in exports with a 224 percent rise from a month earlier. The defense sector was followed by the tobacco sector and the ship and yacht sector. Exports to the EU, however, were down 4 percent in February, exports to African countries rose 96 percent, while exports to the Middle East increased 6 percent. “Therefore the losses in exports to the EU countries were made up by the increase in exports to alternative markets,” said TİM President Mehmet Büyükekşi. During February, Turkey exported the most to the following countries: Iraq, the United States, Saudi Arabia, Libya, Azerbaijan, Algeria and Morocco.

Made in Turkey Economic Newspaper, March 2012

Chemical exports up 21 percent IKMIB Executive Board Chairman Murat Akyuz, “The chemical sector would achieve $18 billion worth of exports, the year-end target” give importance to the international fairs and foreign buyercommittee travels. He added

n the first two months, Turkey’s chemical sector accomplished exports worth $2 billion 709 million. In February 2012, the chemical sector ranked second in the most exporting sector with 21.73 percent to $1 billion 396 million following the automotive sector. According to the Istanbul Chemical Exporters Union (IKMIB), the chemical exports raised by worth $2 billion 709 million in the first two months. The sector made its exports to Egypt, United Arab Emirates and Iraq in January-February 2012. The exports to Egypt jumped 140 percent due to a quick recovery after the Arab Spring which broke out last year. The other countries to which

the sector exported its products are Germany, People’s Republic of China, Italy, the Netherlands, Turkish Republic of Northern Cyprus and Togo. While the exports increased 155 percent to China and as for the country where a surprise increased enjoyed is Gibraltar. IKMIB Executive Board Chairman Murat Akyuz noted that the chemical sector has showed a good performance despite uncertainties in Europe and world’s economies. Drawing attention to the positive developments in the MENA region after the Arab Spring, Akyuz stated that Egypt became the country to which majority of exports made in the first 2 months of the year. Akyuz stressed that they had

that they would achieve $18 billion worth of exports, year-end target easily.

TAYSAD Chairman Celal Kaya

IKMIB Executive Board Chairman Murat Akyuz

ssociation of Automotive Parts & Components Manufacturers (TAYSAD) Executive Board Chairman Celal Kaya commented that a vehicle, of which design, engineering, intellectual property rights belong to Turkey and made by over 70 percent domestic parts would become a domestic made car. “What we understand from the domestic made car is a vehicle that its design rights, engineering, policymaker will belong to us,” Kaya said. Kaya also announced that the Turkish automotive sector had achieved extraordinarily, 1 million 260 thousand units production and $20,4 billion worth of exports in 2011. He also marked that $9 billion out of $20,4 billion worth of overall automotive

“Over 70 percent domestically made esteemed a domestic car” exports in 2011 accounted for the automotive supplier industry. In the sector, last year a few headlines existed such as capacity utilization increase, R & D studies and opening to abroad. Reminding that Turkey’s exports target worth $500 billion by 2023, of which $75 billion part belonged to the automotive industry, Kaya recorded that they, as the automotive industry, would grow 25 percent per annum. Kaya also said that they visited along with 110 Turkish automotive supplier industrialists the foremost car company, BMW, and there they told the Turkish automotive industry to the officials of BMW for three days, adding that currently 26 Turkish automotive industrialists do business with BMW.

Central Anatolian Exporters Union serves exporters best

hat is main function of your union? What benefits does membership offer? Operating in 26 exporter sectors with 60 unions, Central Anatolian Exporters Union serves the aims such as increasing exports, increasing professional solidarity, organizing professional activities and relationships of exporters to find solutions to their problems. Active in 66 points in parallel with fast-growing economy, Exporters Union serves all centers of exports with its General Secretariat on 35 online services in 31 cities. Serving in various sectors exporters become members to the related Exporter Unions according to their field of activity. Each Exporter Union has a board of management elected in every four years. General Secretariat of Central Anatolian Exporters Union named shortly OAIB was established in 1989 in Ankara to provide services to cement, glass, ceramics, and other soil product exporters. Followings are the Exporter Unions in General Secretariat and their foundation years: • Cement and Soil Products (Cement, Glass, Ceramic etc.) Exporters Union (1989 • Central Anatolian Cereals, Pulses, Oil Seeds and Products Exporters Union (1991) • Central Anatolian Wood and Forestry Products Exporters Union (1991) • Ankara Ferrous and NonFerrous Metals Exporters Union (1993) • The Central Anatolian Machinery and Accessories Exporters’ Union (2002) • Central Anatolian Ornamental Plants and Products Exporters’ Association (1999) • Air Conditioning Industry Exporters’ Association (2011) • Defense Industry Exporters’ Association (2011) What kind of activities does the Union undertake? We monitor subjects within the field of production, exports, imports, international competitors, legislations and prices generated in international markets livingly. All kinds of information about target country and products exporters need are compiled and made ready for the use of members.

Headquartered in Ankara, Central Anatolian Exporters Union performed excellent in the first two months of the current year. The total exports by the Unions affiliated with the General Secretariat of Central Anatolian Exporters Union increased by 8,8 % in January-February period, 2012 as compared to the same period of the previous year, totaling approximately $ 1.299 million. There is a dynamic and wise management administrating the Union. We made an exclusive interview with Ahmet Kahraman, Chairman of Central Anatolian Exporters Union, Full text of the interview follows: Daily, weekly and monthly export records figures are monitored. We research target countries and products and then we communicate all the results to our members in order to increase exports potential of our members. Problems encountered during the export of our members forwarded to relevant institutions and organizations and required initiatives for the solution are made. We conduct training seminars for our member firms to gain export competitiveness in world markets in order to support them directly. National and international congresses, seminars, symposiums and conferences are followed and the members are informed about them. The buyer country representatives are invited to Turkey to contact members of exporting companies. Also trade trips are arranged to target countries in order to carry out one to one meetings between exporters and businessmen in visited country. We carry out national participation organization in the fairs of the target countries to assist the efforts of developing and entering new markets for our exporters available. We announce other important fairs to the members that can participate in individually with national participation organization and publish on the internet them. We carried out works of “Machinery Promotion GroupMTG (www.makinetanitimgrubu.com.tr)”, “Ceramics Promotion Group-STG (www. turkishceramics.com)” and Ornamental Plants Promotion Group and we try to develop perception and export potential of these sectors in this context. We work on some projects in order to join forces and develop the machinery industry such as “Machinery Indus-

try Sector Platform”, “Turkish Machinery Sector Quality Brand-TURQUM) (www. turqum.com.tr)” and “Joint Purchasing Organization (OSO) (www.osoline.net)”.

oaib.gov.tr) under the name of “The Turkish Exporters Directory,” Turkish and English. Customs declarations are approved and monitored by both the General Secretariat head-

Ahmet Kahraman, Chairman of Central Anatolian Exporters Union

We inform about trends and developments in the industry by publishing monthly “Moment-Expo (www.momentexpo.com)” in the Machinery Sector and “Flower Vision Magazine”. We organize “Exporters’ Association-National Furniture Design Competition (www. designforexport.org) in the coordinator of the Ministry of Economy with TIM cooperation and Istanbul, the Aegean and Mediterranean Exporter Unions contribution in order to support the development in the furniture and emphasize the importance of design for the sector every year. General Secretariat delivers import demands and offers of cooperation, which is gained by the Commerce consultancy abroad, to the members periodically. Furthermore, such information is displayed on our website (www.oaib.gov. tr). Country and product information of the member companies for the last two years published on our website (www.

quarters and liaison offices, and via e-Unity system. We make consignment and free of charge export transactions and provide information to exporters. Initiatives have been taken with the relevant authorities in order to solve the problems faced by companies during export operations. “Performance and Reliability Certificate” are organized. Operations are carried out within the scope of the returned goods. We serve preparation of the legislation on export studies, attend to the organizations to carry out country’s participation at the international level to regulate the relationship in the sector and we deliver opinions and recommendations on this issue to the relevant institutions and organizations. Contracting accounts of Inward and Outward Processing Licenses closed. Applications within the scope of state aid and support for exports are evaluated.

Do you have overseas organizations? Of course, as mentioned above, the buyer country representatives are invited to Turkey to contact members with the exporting companies. Also trade trips are arranged to target countries in order to carry out one to one meetings between exporters and businessmen in visited country. We carry out national participation organization in the fairs of the target countries to assist the efforts of developing and entering new markets for our exporters. We hold national participation organizations to represent and promote the related sector abroad with info-stand. Are there any activities for training and developing industry within the country? General Secretariat organizes continuing education activities for our companies in order to develop the institutional structures and their employees. How was 2011 for the Turkish wood and furniture sector? Is the crisis over? What do you expect in 2012? Clearly, a small drop of 4.35% occurred in the wood and wood products sector in 2009 and exports amounted to 2.5 billion dollars. In the next two years the industry export has continually increased. And the industry has marked clearly by reaching the export figures of our industry $ 2.9 billion in 2010, valued at $ 3.4 billion in 2011 in exports. The biggest exporting countries in the sector are Iraq, Iran, Azerbaijan, Germany, Turkmenistan, United Kingdom, Georgia, Israel, Russia and Greece. As you see, we tried to several different properties market and these numbers are gained. All these developments have been carried out by the exporting firms and the sector was little influenced during the crisis by showing these efforts.

The shining star of the Wood and Wood Products Industry sector is the furniture sector. That sector meets almost all of raw materials (textile materials, wood materials, such as metal and glass materials) during the production stage. The furniture industry is a sector that produces high value-added products. We strongly believe that the Turkish furniture sector will be at the first ranks in the competition in the race of the world’s major competitor countries with its design work recently, and his attempts to reduce the high VAT rates. Considering all of them, we can suggest an idea of that Turkey become a country owner of the capability to manage to crises well, know crisis management very well, and succeeded bringing together all sectors and turn it to a chance. If such a sector manages well the crisis period, the growth of it is inevitable. What is the structure of Turkish paper industry? Could you inform us about the rate of production and imports? There are 46 producers of paper and cardboard sector in Turkey. Most of them are medium-sized firms in the sector. Paper consumption in a country is based on the social, cultural and industrial development and consumption of paper and cardboard can be accepted as a measure of a civilization. Paper consumption in our country increases in parallel with the production and imports increase. Turkey is 16th rank in paper and board consumption, and is 25th in the production ranks in the world rankings. Looking at the development of the last decade, Turkey’s exports of paper and cardboard always has shown a steady increase except for a small decline experienced in 2009 due to the economic crisis. Turkey exported paper and cardboard

by $ 174 million in 2000, has managed to rise up exports of $ 1.2 billion in 2010. And the sector exported a total of $ 1.4 billion worth of paper and cardboard in 2011. However, when looking at imports of the last decade, 939 million U.S. $ paper-cardboard imported in 2000, the value of $ 2.8 billion papercardboard imported in 2010. That is clear that Turkey is a country that imports papercardboard. Paper-cardboard import of Turkey is more than two-fold of its exports. Could you inform us about the Turkish furniture exports? Taking fast and secure steps, the furniture industry had only $ 131 million worth of exports till more than one decade ago. Turkey’s furniture exports have shown a steady increase except for a small decline experienced in 2009 due to economic crisis in recent years. Turkish furniture exports valued at $ 799 million in 2006, and have managed to rise up $ 1.4 billion by 2010 exports of these sectors. The sector advances to fast with 1.7 billion $ share of export value in 2011 to gain its rightful place in the world market. The furniture sector exports to the countries formed in different cultures such as Iraq, Germany, Azerbaijan, Iran, Turkmenistan, France, Netherlands, Saudi Arabia and Britain in 2011.The sector is a dynamic sector with a high mobility, as seen from this spectrum. It is needed to be emphasizing on the design more in order to have popular brand in the furniture industry and to gain its rightful place in the world market of the Turkish furniture industry. The most effective role in the competitiveness of countries in the world market is the importance of modern design. Furniture production in Turkey is not desirable in the context of export figures. The main reason of it is not to produce modern design furniture. We as the Union organize “National Furniture Design Competition” with the best designs in the industry successfully for 5 years in this area in order to point out to drawing and design and gain them to the sector and we will continue to lead all sorts of developments.

Made in Turkey Economic Newspaper, March 2012

“Turkey grows two times higher than world economy in 2011” Continued From Page 1 the

egarding slowing down in the world economy and sovereign debt crisis in

eurozone, also our domestic demand has been drawn to a moderate level, we foresee the growth to be 4 percent in 2012,”

Simsek said. Turkey has enjoyed a very huge growth in the last two years due to the rise in the domestic demand, Min-

Turkish Minister of Finance Mehmet Simsek

ister Simsek noted. “If Turkey can provide a transition from 8-9 percent growth to 4 percent, in one respect Turkey would get soft landing. We think this would be possible; the data in recent time is in line with that direction. In other words, when we look at with a short term perspective, presumably expectations have started to recover some,” Simsek noted. Interest in Turkey

big Minister Mehmet Simsek said that Turkey would strengthen its position more in the next 40 years. “Many international works show Turkey would be the second big economy of Europe in 2050. So when regarded in the mid and long term perspective, Turkey would be seen an attractive country. Together with being attractive brings new matters; one of them

is Transfer Pricing. It brings some problems in the aspect of tax management and ministries of finance. Because of the multinational companies, also everybody wants to pay least tax. Turkey’s economic potential is not only on the paper, also it is seen a very powerful potential that can be converted to a very strong performance. Thus, interest in Turkey is very big,” Simsek said.

there. In 2011, mine exports raised 4.57 percent as amount 19,7 million tons, as for value with 5.99 percent increase to worth $3 billion 876 million. Among the most exported mine groups, the natural stones ranked at the first stop with 7,28 million tons and worth $1 billion 675 million in 2011. The sector foresees its exports to increase 10 percent in 2012. In line with this, the mine exports would be worth $4,2 billion and natural stone to be worth $1,85

billion. In the first month of 2012, the mine exports became $277,1 million. China and the USA emerged front The biggest buyers of the natural stones, China and the USA continued to rise in 2011. Last year, China ranked first with $639 million worth of natural stone exports from Turkey with 7.3 percent rise over the last year. It was followed by the USA with $237 million worth of exports, Iraq with $83,6 million, Saudi Arabia with $62,8 million and the UK

with $46,5 million in the mine exports of Turkey respectively. The exports of the natural stone were followed by the chrome ore and concentrations with $467 million copper ore with $371 million. Mehmet Ozer, Chairman of the Istanbul Minerals and Metals Exporters Association (IMMIB), expected the mine exports would rise 10 percent in 2012.

Current account deficit higher than expected

The Turkish economy registered a $5.99 billion current account deficit in January, according to the Central Bank’s monthly report. The figure beat market expectations

zmir port is one of Turkey’s most important trade conduits on the country’s Aegean coast. A large foreign trade deficit is the biggest burden on Turkey’s economy. Turkey ran a current account deficit of roughly $5.99 billion in January 2012, which was worse than the market consensus of $5.4 billion, Central Bank data revealed. January figures registered a 0.41 percent drop from the same period a year earlier when the deficit in January 2011 was at $6 billion. “In contrast to expectations, improvement in the current account deficit on a 12-month rolling basis, which started in November 2011, appears to have stopped just after two months. In fact, season-

ally adjusted data also confirmed this,” Özgür Altuğ, chief economist at BGC Partners Turkey, said in a note to investors. The annual current account deficit was at $78.6 billion last October; the figure dropped to $77.2 billion in December. The pace of the decrease slowed to $77.1 billion in January.

Gross revenues in tourism posted a 23 percent year-on-year increase, hitting $972 million, mainly thanks to a contraction in tourism expenditures. Deficit ratio still at 10 pct As for financing, there were gross foreign direct investment inflows of $0.8 billion. The ratio of the current account deficit to the gross domestic product ratio has continued at around 10 percent. There was a net inflow of $1.4 billion in monthly portfolio due

Deputy PM in financial networking Turkish Deputy Prime Minister Ali Babacan held talks with Singaporean Prime Minister Lee Hsien Loong and leading businessmen in Singapore March 9, in the second stop after Hong Kong on his mini Asia tour. The talks he held in Hong Kong and Singapore were very important in helping the Turkish government’s bid to turn Istanbul into global financial center, said Babacan. Some of the talks were on making the central and other banks of Turkey, Hong Kong and Singapore work more

closely and cooperatively, he said, adding that Hong Kong and Singapore were two of the global trade and finance centers of Asia. Hong Kong and Singapore were gateways to Asia financially and trade-wise, he said, adding that Turkey was in a region where economic growth was slow, particularly in Europe, whereas a large share of global growth came from Asia. Istanbul is also a gateway in its region, and bringing these three centers closer is in the interest of all parties, he said.

Professionals disagree with Moody’s

Mining sector achieves exports worth $3,9 billion n 2011, Turkey’s mining sector exported 19,7 million ton of mines. The $1,7 billion part of the overall $3,9 billion worth of mine exports was natural stone. One of the crucial sectors of the national economy, mining sector affects the welfare level of the society making up value-added as well as development of energy, industry and services by supplying raw materials. Mining also provides employment for the rural areas due to operational

to banks’ bond issues abroad, the net Eurobond issue and the equity purchases of foreigners. However, although many analysts expect this ratio to fall gradually, they said rising petroleum prices and relatively strong economic activity in Turkey may limit the drop in the current account deficit this year.The foreign trade deficit is the most important item in Turkey’s current account deficit. The foreign trade deficit was at $7 billion, exceeding the market expectation of $6.3 billion.

“One of the most important targets of ours is to work to raise mine production in the upcoming period. The increase in the raw material is very crucial to reduce current account deficit,” Ozer commented. He said that the targeted markets were India and Russia; the important markets were China, the EU countries and the USA.

Continued From Page 1 “Turkey’s credit note should have already been at investment level,” Yılmaz noted during the first Uludağ Economy Summit in the northwestern province of Bursa. “Unfortunately, some investors from European corporations still have to invest in the countries which have an investment grade.” Moody’s expects to position the standalone credit assessments of most banks globally at or below the domestic sovereign’s rating – which in the case of Turkey is Ba2 – with a positive outlook, according to an official statement from the agency. Moody’s will also reassess its assumptions about government support as applicable to each Turkish bank.

The ratings of some Turkish lenders could well be higher than the credit rating of the country itself, İşbank General Manager Adnan Bali said during the Uludağ event. “Even this decision by Moody’s demonstrates the legitimacy of Turkey’s ongoing demands of a rate increase for the country,” he said. Declaring the decision “rather unusual,” Bali said there needed to be a clearer picture of Turkey’s current account deficit slowdown trend in order to guarantee a rate increase from the international rating agencies. “I do not expect a rise in the rating note even though the country’s economy deserves an increase,” he said.

Made in Turkey Economic Newspaper, March 2012

Sanko, one of Socially Responsible Leaders in Turkey S anko Holding Executive Chairman Abdulkadir Konukoglu takes place in the ‘Socially Responsible Leaders of Turkey’. The results of the survey entitled, ‘Socially Responsible Leaders of Turkey’ was held by Capital Magazine which is one of the respectful publications of business world. In the magazine, the survey covers very crucial data. The study shows that the Socially Responsible awareness for both business world and public opinion has come from which point to where, as of years. The survey marked that ‘There are meaningful changes’ in the list this year. Including Sanko Holding some companies’ striking arising takes place in the public results. According to the results of the survey which took place in Capital Magazine, Sanko Holding entered the list of “Corporate Socially Responsible Champions in Sight of Public Opinion” on the 6th stop jumping three degree compared to the list in 2011. As for the survey which includes “The most successful leaders in sight of public opinion”, Abdulkadir Konukoglu, Chairman of the Board of Sanko Holding ranked at the 6th stop rising one notch.

Mars logistic ranks first again in international transport

ars Logistic ranks on the first stop according to transportation quotas among the total 692 companies in Turkey. In the list of UBAK documents which clear international highway transport quotas for 2012, Mars Logistic became first. In the list totally 692 firms took place, while Mars Logistic became first in the total point, it also did not leave leadership in navigation number and productivity, too. This year, deserving UBAK certificate with the number of 23.233 transports and taking 50 UBAK certificates, Mars Logistic also ranked first in terms of transport in 2010 in the number of 684 companies and in 2009 in the number of 757 companies as well. First time having carried out in 1953 with the participation of 16 countries, UBAK certificate is distributed in the scope of quotas which are determined according to various criterions every year.

Taking base these criterions, the member countries give UBAK permission certificate to the firms according to their success. So, logistic firms can be able to transport in proportion of their own UBAK Certificates. MARS Logistics Group is a wellestablished corporate logistics company providing impeccable road, air, sea, fair and event logistics, project transport, customs clearance, insurance, warehousing and all other logistics solutions,

bringing numerous innovations to the sector. The firm structures as an organized establishment which gathered the companies with over 700 professional employees, fullequipped infrastructure and flawless communication network, full service policy which gathered under its roof day by day. Mars Logistics Group provides clients with any kind of import-export operations, road, air, sea and rail freight, customs clearance, insurance and logistics services with a professional and integrated approach. Mars Logistics is formed of Mars Logistics International Freighting Warehousing Distribution, Mars Air and Marine Cargo and Mars Insurance companies. Mars Logistics has headquarters in the district of Yenibosna, besides branch offices first being in, Ambarli, Tuzla and then in Bursa, Izmir Adana, Ankara, Mersin as well as Istanbul’s Ataturk, Izmir Adnan Menders and Ankara Esenboga Airports.

Environmentally-friendly a brand new product from Sem Plastik: Mısırplast

re you ready for plates and cups which are made of corn? To protect the world and leave a clean environment to the next generations are all of us duty. Most of the time even though our mind confuses how to achieve it and even we fall into pessimism in fact there

is lots of things to make. We can launch the work to be a consciousness consumer and let packaging recycle. In the countries where recycling system was established and wastes are decomposed in their sources, either environment is protected or wastes are won to the economy. Well, what will happen in the countries where recycling systems are not installed and decomposing is not made? Here, Mısırplast, the new product of SEM Plastic, which is the producer of plastic foodstuff packaging, responds to this question and offers a new choice in order to protect environment in these conditions. The plastic plates, cups, forks and spoons which are produced by Sem Plastic, can be converted into soil completely within 6-8 weeks. Mısırplast also features to be recycled. Sem Plastik has a leading role regarding making plates, cups, forks and spoon from PLA (poly-

lactic acid), in other words from corn starch in Turkey. The products which call Mısırplast and made of PLA raw material obtained completely from natural and renewable resources are produced by sugar via photosynthesis in crops instead of oil. Highlighting naturalness with the color of ear-grain, the

bio-degrade Mısırplast series has high transparency and brightness.

In addition, it is hard and durable to breaking. The product protects the aroma and smell of the foodstuffs that are put in it. Having the same look with other plastics and having made of corn starch, Mısırplast protects the environment both as visual and biologic when is left in natural condition. These products together with the wastes of foodstuffs decompose into natural matters at solid waste stations or decompose into natural matters by dissolving in the natural condition. Uses of sources such as oil that can be finished and scare fossil sources make up a big anxiety with their environmental and economic effects. Countries exert great

efforts in order to research, improve and implement the resources apart from oil to guarantee their economies and independences. These studies, which started together with the oil crisis in the 1970s, reaped the fruits and many bio-matters were discovered, continue to be discovered. Here one of these materials is PLA. PLA consumes fossil resources 20-50 percent less and protect the environment. SEM Plastic General Manager Yavuz Eroğlu said that they were managing joint projects together with many firms along with the increasing demand to the environmental friendly products and developed their new product bio-degradable Mısırplast series for KimberlyClark which is producer of cleanness and hygiene. Eroglu said that they offer Mısırplast firstly to the export markets where demand is intensive, especially exporting to the USA and Israel, the products are preferred by the consumers who have high environment sensitivity. Eroglu stressed the recycling is basic thing. “All the products that we produce can be recycled; can be used many times without harming environment and also nature and economic value can be gained. As for bio-degradable plastic products are very important alternative in the case plastics are left into nature and cannot be recycled in a right way,” he said. What is bio-degradable plastic? The basic materials of plastics are oil. As for bio-degraded plastics are made of eatable crops such as corn instead of fossil fuels. Story of converting corn into PLA… PLA is gained by starch which is obtained from corn’s leaves. Poly(lactic acid) or polylactide (PLA) is a thermoplastic aliphatic polyester derived from renewable resources, such as corn starch , tapioca products (roots, chips or starch) or sugarcanes. It can biodegrade under certain conditions, such as the presence of oxygen, and is difficult to recycle.

Made in Turkey Economic Newspaper, March 2012

“Risky buildings to be destroyed in cities”

Erdogan Bayraktar, Minister of Environment and Urbanization; “The buildings which bear catastrophic risk to be destroyed in the scope of urban transformation plan” Continued From page 1 ur ministry will give license to a technical committee to check durability of the buildings. This committee will be authorized for this

work. We will tell the citizens ‘have your building check with this committee’. If the building is not durable, we will say to the related person, ‘destroy this building’ and we will permit a certain time. If there is a title

holder and the material position is not suitable, we will give credit. If the related person will not destroy the building, we will caution, still they will not destroy the related buildings to be evacuated, and then will be destroyed.”

UN health agency aims to reduce deaths from tobacco use

Turkey, to boost oil trade with Iraq

Mithat Cansiz, the chairman of Turkish Petroleum International Co. Ltd. (TPIC), “We are working on a project to enlarge oil trade with Iraq and to prevent border trafficking” Continued From Page 1 hen this project is accomplished, monthly 150-200 thousand tons product consignment, $2-2,5 billion worth of trade volume will happen, this will make up outstanding value-added.” He recorded that a remarkable stage has been also taken with Venezuela in oil trade in return hous-

ing construction, adding that within the upcoming weeks agreement to be signed. Cansiz also noted that 1011 oil wells to be drilled in the province of Adiyaman, after being drilled these wells, 2-3 thousand barrel/ day oil production to be obtained. TPAO TPAO, Turkey’s sole national oil company, has

undertaken a number of oil and natural gas exploration projects both onshore and offshore, especially in the Black Sea in recent years as part of its mission to develop domestic and international resources and meet the continuously increasing demand for oil and gas in Turkey. In the last 10 years, 90 % of geological survey, 84 %

of geophysical survey and 59 % of the drilled wells, 71 % of oil production and 56 % of natural gas production in Turkey were realized by TPAO. In the recent years, intensive exploration activities are being carried out at onshore fields in Thrace, Central and South East Regions in addition to the activities performed at offshore areas.

Ihsanoglu discusses Muslim World with Ban Ki-Moon in New York

egarding his visit to the USA, the Secretary General of the Organization of Islamic Cooperation Ekmeleddin Ihsanoglu met with the UN Secretary General Ban Ki-Moon in New York. Discussion of the Secretaries General concentrated mostly around the OIC-UN bilateral cooperation in different fields. In the political domain, both leaders exchanged views on current situa-

tion in some parts of the Muslim World, in particular in Syria, Afghanistan and Somalia. UN-Arab League joint envoy Mr. Kofi Annan’s briefing to the Security Council and the visit of the OCHA-OIC joint humanitarian team to Syria also featured during their discussion. Ongoing and future OIC-UN joint programs and activities including cooperation in the field of mediation and the forthcoming OIC-UN biannual consultation event

were also discussed during the meeting. OIC Secretary General Ihsanoglu addressed the Friends of Mediation Group at the Permanent Representatives level at a breakfast meeting earlier in the day in mid-March. Later he briefed the OIC. Ambassadorial Group in New York on the activities of the OIC, its role vis-à-vis the current developments in the Muslim World and his visit to the USA. The same day,

Ihsanoglu also spoke at a Press Conference in the UN Headquarters. Later in the evening, UN Secretary General Mr. Ban Ki-moon joined Secretary General Ihsanoglu at a reception hosted by the OIC General Secretariat together with the Metropolitan Museum and Coca Cola Company celebrating the Museum’s new Galleries for the Art of the Arab lands, Turkey, Iran, Central Asia and Later South Asia.

New yacht ports to be built in Izmir

he ministry of Transport, Maritime & Communi-

cation will raise the number of yacht port to 24 by building new 18 ports in

the western province of Izmir. The related companies have offered primary sufficiency files for the tender of yacht ports’ projects which will be built in the districts of Karsiyaka and Bayrakli for sheltering of 6 thousand 400 unit yachts. The 10 companies submitted initial adequacy files in order to join tender for the projects of Karsiyaka and Bayrakli Yacht Ports which will cover 500 yachts’ sheltering separately for every district. In the scope of the tender, the services covers investigation, project, research, drilling,

environment assessment evaluation and construction plan. In the scope of the project, also the initial sufficiency files will be submitted for 550 yachts in the district of Inciraltı, 250 units for sheltering at Urla-Cesme Yacht port and 400 units Sakran Yacht Port. According to the statement, when the planned 18 yacht projects completed, Izmir would be the most crucial yacht center of Turkey. Together with the completion of the yacht ports, currently existing 1965 yacht sheltering capacity in Izmir to reach by 8 thousand 365 units.

obacco use is responsible for five million or 12 per cent of all deaths of adults above the age of 30 globally each year, according to a United Nations report, that for the first time provides estimated mortality rates attributable to tobacco for 2004, the year before the international treaty on tobacco came into force. The Framework Convention on Tobacco Control (FCTC) that came into force in 2005 requires parties to restrict tobacco advertising, sponsorship and promotion, set new labelling and clean indoor air controls and strengthen laws against tobacco smuggling. The new report by the UN World

Health Organization (WHO), entitled “Mortality Attributable to Tobacco,” shows that five per cent of all deaths from communicable diseases worldwide and 14 per cent of deaths resulting from non-communicable illnesses among adults aged 30 and above were attributable to tobacco use. “Although many people associate tobacco with non-communicable diseases such as cancers, heart and respiratory diseases, tobacco is also a major cause of communicable diseases – tuberculosis being a case in point where the disease is at times in latent or dormant state until activated by tobacco use,” said Ala Alwan, the WHO Assistant Director-General in charge of Non-communicable Diseases and Mental Health, in a forward to the report. The regions with the highest number of deaths related to the use of tobacco are the Americas and Europe where tobacco use has been in use longer, according to the report. Globally, deaths from tobaccorelated cardiovascular diseases were more likely to occur among

younger adults. Thirty-eight per cent of deaths of adults resulting from ischemic heart disease in the 30-44 age group were attributable to tobacco, while 71 per cent of all lung cancer deaths were linked to the use of tobacco. “The five million deaths translate to an incredible statistic – one death every six seconds,” said Dr. Alwan. “Unless strong actions are taken to halt the tobacco epidemic, one billion people are projected to die this century – we cannot let this happen,” he added, urging all countries to implement the Convention on tobacco control. The report contains country-specific estimates including death rates attributable to tobacco. It is intended to help countries assess the mortality of tobacco use and measure the success of efforts to discourage the use of the substance. It follows the 2008 WHO report on the issue, which prompted some Member States to request the agency to consider generating estimates to give them an indication of their progress in combating tobacco use

Resim: Ekmelettin İhsanoğlu OIC Genel Sekreterinin BM genel sekreteri Ban ki moon ile görüşmesi

Made in Turkey Economic Newspaper, March 2012

FAO forecasts near-record wheat production this year

AO forecasts that 2012 world wheat production will be the second highest on record at 690 million tonnes and also announced that international food prices rose one percent in February — the second increase in two months. FAO’s quarterly Crop Prospects and Food Situation report forecast a 2012 wheat crop 10 million tonnes or 1.4 percent down from the record 2011 harvest but still well above the average of the past five years. Although plantings have increased or are forecast to increase in many countries this year in response to continuing strong prices, a return to normal yields is expected in areas where record highs were achieved last year, the report said. But it was still too early for a global forecast of 2012 cereal output, it added. Impact of cold weather Crop Prospects also noted a firming of international cereal prices in recent weeks due to tightening current wheat supplies and concerns over the impact of severe cold weather in Europe and the Commonwealth of Independent States. Turning to the situation at regional level, the report said that adverse weather in West Africa caused a sharp drop in cereal and pasture production in large parts of the Sahel. This, combined with high food prices and civil strife, has led to high food insecurity and increased malnutrition in several countries, notably in Niger, Chad, Mauritania, Mali and Burkina Faso. In the Near East, food security has deteriorated in the Syrian Arab Republic and Yemen following civil conflict in the two countries. In Syria about 1.4 million people have become food insecure while thousands of families have been forced to flee their homes in Yemen. In Eastern Africa, despite some improvement, the

food situation of vulnerable groups remains precarious, especially in pastoral areas affected by earlier drought. The food security situation in the Sudan and South Sudan is of concern following poor harvests. In Southern Africa, overall crop prospects remain satisfactory despite dry spells and cyclones in some areas. Gains in India In Far East Asia, prospects for the 2012 wheat crop are generally favourable with output expected to reach last year’s record level due in particular to good gains in India. In Central America, dry weather reduced plantings of the 2012 secondary maize crop in Mexico. Elsewhere, good maize harvests are estimated despite losses due to torrential rains during the recently concluded secondary seasons. In South America, a prolonged dry spell affected the 2012 maize crop in Argentina and Brazil but above-average outputs are still forecast due to increased plantings. The cereal import bill of Low-Income Food-Deficit Countries (LIFDCs) is expected to climb to a record level of $ 32.62 billion in 2012, slightly above the 2010/11 estimate, mainly due to a decline in production and a rise in import requirements in the major importing countries. Food Price Index FAO’s Food Price Index, published separately today, rose 1 percent, or 2.4 points from January to February. The Index climbed nearly two percent in January – its first increase in six months. The increase in the February Index was mostly driven by higher prices of sugar, oils and cereals while dairy prices fell slightly after a marked rise in January. At its current level, the Index was 10 percent below its peak in February 2011.

Increased imports due to a weaker US Dollar and plunging freight rates have also characterized world markets since the beginning of 2012. This, combined with unfavourable weather conditions in major exporting countries has supported world prices in recent weeks, FAO said in a brief accompanying the Food Price Index. Cereal prices The FAO Cereal Price Index averaged 227 points in February, up 2 percent, or 4.4 points, from January. International wheat prices rose most followed by maize, while rice quotations were generally lower. The FAO Oils/Fats Price Index registered another gain in February to 239 points, 2 percent or 5 points, higher than in January. Poor monthly production growth in palm oil, together with the prospect of a tight supply and demand balance for total vegetable oils were among the reasons. The FAO Meat Price Index averaged 175 points in February, virtually unchanged from the previous month’s level. Prices of pig meat gained 3.4 percent, sustained by strong purchases in Asia and recent disease outbreaks in the Russia Federation. By contrast, prices of poultry, bovine and sheep meat lost some ground. The FAO Dairy Price Index averaged 205 points in February, down marginally from January. The decline was mainly caused by falling skim milk powder and casein quotations. However, prices of butter, cheese and whole milk powder remained relatively steady. The FAO Sugar Price Index rose to 342 points in February, up 2.4 percent, or 8 points, from January, but still 18 percent (76 points) lower than in February last year. Last month’s increase was largely driven by unfavourable weather conditions in Brazil, the world’s largest producer and exporter of sugar.

Turkey’s hazelnuts exported to 69 countries in Feb

urkey exported 131,438 tons of hazelnuts as of the end of February 2012 in the hazelnuts export season when started in September

2011, according to a statement by Black Sea Exporters’ Union. Oguz Gursoy the coordinator of Black Sea Exporters’ Union announced that $1 billion 45 million income was obtained in return exporting 131 thousand 438 tons hazelnuts. Turkey, which features owning a large part of world’s hazelnut production and export, obtained an income of $1.04 billion by hazelnut exports up to the end of February in hazelnut season in 2011-2012 that started on September 1, 2011. Turkey exported hazelnuts to nearly 69 countries in February. The 101,723 tons of hazelnuts were exported to the EU countries between September 1, 2011 and the

end of February 2012. In comparison with the same moth previous year, 17 percent decrease in amount 8 percent increase in value obtained in the exports of hazelnuts. Last year, while a quintal kernelled hazelnuts’ price averagely was $642, this year the price increased by 31 percent to $843. In 2012 February, the exports boosted 31 percent to the overseas countries to 391 tons hazelnuts over the same month last year. As for the EU countries the exports decreased 17 percent to 2,551 tons; while in February 2011 hazelnut’s exports were made to 72 countries this year in the same month exports made to 69 countries.

Pastry sector aims 500 thousand tons exports of pastry Exporting 406 tons of pastry products in 2011, Turkish pastry sector’s objective is to achieve 500 thousand tons of exports in 2012

urkey’s exports of pastry products attained all-time record in 2011, Murat Bozkurt, the head of the Turkish Pastry Producers Association said. “We exported 406 tons of pastry products in 2011 which is a record in exports. And our overall production was 851 tons which is another record for the Turkish sector,” Murat Bozkurt stated. Bozkurt said Turkish producers sold pastry to more than 140 countries all over the world, however, added that sales in domestic market was failure to make a similar rise. “As the association, we try to have Turkish pastry enter the USA market with zero customs duty in the upcoming 5 years. In this, we will apply for the World Trade Organization together with Turkish Exporter Assembly and Exporters Unions. Last year, our exports to the USA became 2 thousand tons in the total pastry exports of 406 thousand tons. In the USA, there is a big potential. We would like to be in the market by starting duty free exports,” Bozkurt said. Bozkurt also said that the biggest problem in exports to the EU countries was quota. “We have 20 thousand tons quota, our exports last year were 17 thousand tons. We are trying to increase quotas to these countries,” Bozkurt recorded. He noted that Turkish pastry producers have renovated their technologies. “Now there is a remarkable export to the EU countries. At the end of 2012, we aim to exceed 500 thousand tons exports of pastry,” Murat Bozkurt concluded.

Made in Turkey Economic Newspaper, March 2012

Italian chef offers special flavors to his guests Giovanni Terracciano is now the new Italian Chef Cook of the Mövenpick Hotel which was voted “Europe’s Leading Business Hotel” by World Travel Awards in 2011. Giovanni Terracciano is the new Executive Chef of the hotel. Born in Naples, Italy in 1973 and graduated from Luigi de Medici di Ottaviano Hotel Management Institute, Giovanni Terracciano got his start in Hotel Lido in Toscana as a bellboy in 1990. After gaining experience at some of the hotels in Italy, he started working as head of pastry for a Michelin star Pichler Restaurant in Bolzano and from there he went to another Michelin star restaurant II Convivo in Rome. Terracciano then moved to Indonesia and served as chef de cuisine of an Italian Restaurant called Primavera at Hyatt Regency Surabaya and a new era began for him where he started showcasing his mastery of Italian cuisine in the international arena. His life full of success After successfully opening the Tuscany Restaurant at Grand Hyatt Muscat in Oman in 1997, Terracciano found himself transported to Basilico Restaurant of Hyatt Regency Osaka in Japan in 1999. After two years, he was assigned as chef de cuisine at Spasso Restaurant in Grand Hyatt Istanbul where his love affair with Istanbul began. Continuing on his own personal culinary world tour, Terracciano moved next to

China, becoming the chef de cuisine of Palladio Restaurant of the Portman Ritz Carlton Shanghai where he brought “The Best Italian Restaurant” prize by Zagat Survey. After that he worked at Cepe Restaurant of The Ritz Carlton in Beijing until 2008 where he contributed receiving “Restaurant of the Year”, “Outstanding Italian Restaurant” and “Outstanding Service” awards. In 2008 the lure of Istanbul drew him to Turkey, taking up the position of Executive Chef at Hotel Les Ottomans 29, Hotel Palazzo Donizetti, Cipriani Restaurant and The Istanbul Edition Hotel. He treats unique tastes Numbering Morgan Freeman, Meg Ryan, Arnold Schwarzenegger, Sir Elton John, “Princess of Tibet”

Yabshi Pan Rinzinwangmo, Jackien Chan, Ferzan Özpetek, Kevin Costner, Al Bano and George Bush among his most celebrated diners, Terracciano brings his latest innovations to the guests of the Mövenpick Hotel Istanbul. A new menu with tantalizing new flavors Giovanni Terracciano puts the most exciting tastes from his culinary world tour on display in the new menu of the Mövenpick Hotel where you will explore not only the new specialities but also the distinctive Italian touch with natural flavors shining through. Promising an unforgettable dining experience with 22 years of experience, Terracciano brings a brand new menu showcasing his signature dishes including home-

made pastas like lobster tonnarelli with tomato and basil sauce, ricotta and beetroot ravioli, pumpkin gnocchi with gorgonzola cheese sauce and walnuts, original Italian piping hot gourmet pizzas and saffron risotto with prawns and radicchio. Other highlights of the AzzuR Restauran’s new menu are pan-fried buffalo mozzarella in thin bread, artichoke salad with lettuce, shaved parmesan and pistachio, grilled wild sea bass on spinach and asparagus with clams, assorted seafood soup with Jerusalem artichoke, lentil and Swiss chard, lamb rack with pistachio crust and bowl of dark chocolate mousse with chestnut, Mövenpick pear sorbet and mandarin sauce.

Kılıclar ready for new period Welcoming the current year with two new models Kılıclar will offer its new products to its customers by participating in domestic trade fairs. ılıclar attaches importance to its R&D department in order to manufacture more kinds of products in the household and industrial sectors separately. We made an exclusive interview with Hüseyin Kılıc, General Manager of Kılıclar, Full text of the interview follows:

we increase our customer visits in domestic and international markets. We have improved the level of quality of our products. We want to enrich our range of table-top steel accessories. We are trying to develop our machine portfolio and we want to automatize. Could you give information about the product

household and industrial sectors separately. And we attach importance to its R&D department in order to get it. We’ve offered two separate models with all varieties such as table spoon, table fork, knife, tea spoon, coffee spoon and services. Also we work to make new molds to manufacture

Could you tell us about your activities of the last period? We, as Kılıclar, carry out some works in order to increase our market share and our exports. For this,

range? What will you add to your products in 2012? There are rich varieties especially in cutlery in our product range. We operate to manufacture more kinds of product in the

much-needed table-top products. We ask our customers to follow these new products regularly. You aim to increase brand and product awareness. Could you tell us about

your activities on this subject? We check all our products carefully to make a good brand. We strive for excellence; and work hard to achieve the highest level of quality in our products, processes and customer service. We as Kılıclar attach importance to the aesthetic appearance. We work for a very good way to follow the current models. We strive for customer satisfaction at all times and pay appropriate attention to all kinds of customer need. We provide products that our customers prefer most. Which fairs will you participate in at the next period? What products will you exhibit in these fairs? We follow TUSİD fairs closely. We participate in two domestic fairs; Ideal Home and Zuchex. We participate in domestic and international exhibitions to increase our exports. We exhibit our products through many sectoral magazines. We make new catalog for our customers to follow our products well. The new products will be included in this catalog. Also we as Kılıclar provide our dealer’s needs of sample, exhibition stand and sample bags in order to display and sell our products. As Kılıclar as we always say that customer satisfaction is our first priority.

The new products displayed Rıza Akkaya: “35-Year Experience of Külsan A.S. shapes up with precise work”

ffering the newest and best products to its customers with expert marketing and sales staff, who takes a principle of 100 percent customer satisfaction and professional design team, and R&D activities, Kulsan reaches its users with its brands such as Arcomel, Arcoform, Thermoset, Gastro Boutigue, Polycarbonate, Arcoplast and Rubbermade Tray through 150 dealers network. Declaring that they are happy for the interest of the Anfas Hotel Equipment Fair,

Rıza Akkaya, Manager of Külsan A.S., said that Külsan Thermoset Tableware Line, Laminated Arcaform trays, The new Gastro Boutique Collection buffet service equipments attracted interest in Anfas Hotel Equipment Fair, and they exhibited the products of which formulas, patents belong to Külsan A.S. Stating that they participate in this fair for 5 times, Akkaya said that they displayed 25 new products notable buffet service equipments, storage boxes and salad bars in the fair to participants.

Preparations completed Pointing out that they made an assessment of the beginning of the fair, during the fair, after the fair, Akkaya informed that they have prepared for the fair for one year and reached end consumer visiting all stands of hotel, restaurant, cafes and bars in the fair by planning their new production in two processes such production phase according to demand, market phase according to introductions made during the exhibition. The new products

Aimed at increasing efficiency to the demands, Külsan participate in national and international 10 fairs per year. Recording that fairs are the activities need much effort, they participate in fairs all over the world, Akkaya said that they will display 50 kinds of new products to the visitors at the 20th Tusid Hospitality Technologies Exhibition between 28 March - 2 April 2012 at Istanbul CNR Expo and wait for all buying managers of hotel, restaurant, bar and catering companies.

Made in Turkey Economic Newspaper, March 2012

India’s decision pleases Turkish cotton producers

ZMİR - An Indian decision to halt cotton exports has pleased local cotton producers who believe prices will increase as a result. Others in the industry feel that the move will have little effect. Cotton producers in Turkey’s Aegean and southern regions are hoping that India’s decision to curb exports will increase the prices of Turkish cotton to 5 lira per kilo. India’s recent decision to stop cotton exports to meet domestic demand has put a smile on the faces of Turkey’s cotton producers who believe that India’s move will lead to a rise in cotton prices, which have lately been low. However, the Indian move is still not clear as the country’s agriculture minister says he is not aware of such a decision. India announced a review of its recent ban on cotton exports after outrage among farmers. Agriculture Minister Sharad Pawar lobbied the prime minister for the ban to be overturned after saying he was not consulted about the move, which was announced by the Directorate General of Foreign Trade (DGFT).

Turkish cotton sector representatives who spoke with Anatolia news agency said cotton prices could rise to 5 Turkish Liras per kilogram, thereby triggering an increase in cotton prices. “With India’s decision, Turkish cotton prices can now be at par with world prices, but for this to trigger more cotton production, cotton prices would have to reach 5 liras a kilo,” said Barış Kocagöz from the National Cotton Council. Kocagöz added that he did not believe India’s move to halt cotton exports would really be the trigger to spur local cotton production given that last year Turkish cotton production was up 45 percent from 500,000 tons to 750,000 tons, but producers could barely cover their costs. “India’s decision will give producers a little hope, but we don’t believe it will be enough to spur production,” added Kocagöz. Meanwhile, however, cotton producers in the Aegean province of Söke are hopeful they will be able to break even and cover their costs. Kemal Kocabaş, president of the Söke Chamber of Agriculture, said the cost of production for one kilo of cotton was 1.67 liras and the sale price

was 1.35 to 1.40 liras per kilo and that Söke’s cotton producers were tying their hopes to India’s decision. Sabri Ünlütürk, president of the Aegean Textile and Raw Material Exporters Union, told the Anatolia news agency the global economic crisis has led to a 4 to 5 percent lull in cotton demand and India’s decision could only have a marginal impact on the rise in cotton prices. “There could be a short-term price movement due to India’s decision to stop exports. However, there isn’t sufficient market demand to support a price increase and low demand levels will put the brakes on any price increases,” explained Ünlütürk. Mender Textile Executive Board Vice President Ahmet Göksan believes Turkish cotton should be labeled as a “strategic product.” He also believes that India’s decision will have little effect on cotton prices. China, who is India’s largest importer of cotton, has not been affected at all by India’s decision, said Göksan. MEDIUM

EASY

Crossword Puzzle Solved

apan’s Toyota is planning to increase its production in Turkey in 2013, following losses incurred after the earthquake and tsunami that hit Japan in 2011, according Orhan Özer, Toyota Turkey’s Chief Executive Officer. In the aftermath of the earthquake and tsunami Toyota was unable to ship parts to its global distributors for three months, during which time Toyota worked at half capacity, significantly impacting local production, according to Özer. Özer told the Anatolia news agency that he anticipated that 2012 would be a tougher year for Toyota Turkey, but that production would pick up once again in 2013 with the production of Toyota’s new C segment at the end of 2012. He said the company would begin to hire more employees at that time, and that Toyota would continue with its policy of zero production flaws to make the car producer more competitive.

Toyota to increase investments in Turkey

OME - Global food prices rose in February from the previous month, driven by gains in grains, vegetable oils and sugar, the United Nations’ FAO index showed , adding inflationary pressure. The index, which measures monthly price changes for a food basket of cereals, oil seeds, dairy, meat and sugar, averaged 215.3 points in February, up from a revised 212.8 points in January, data from the Food and Agriculture Organisation (FAO) showed. The FAO also said it expected world wheat output this year to fall 1.4 percent from last year’s record crop to 690 million tons. International markets have been brisk with major buying interest from Iran, paying a premium for grain in the face of toughened Western sanctions. World wheat output this year is expected to fall 1.4 percent from last year’s record crop to 690 million tons, but it would still remain above the average of the past five years, the FAO said separately in its Crop Prospects report.

FIENDISH

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World food prices climb in February

Euro states sign fiscal compact

RUSSELS - Leaders of the 25 European states signed a new treaty to prevent the 17 euro countries from spending beyond their means. The treaty, called the fiscal compact, is also expected to lead to closer economic and political integration in the eurozone. European Council President Herman Van Rompuy, who oversaw the drafting of the treaty, said that the fiscal compact will “bring us, as it were, the economic and monetary union that is finally walking on two legs. The leaders of 25 European states on Mar. 2 signed a new treaty designed to prevent the 17 euro countries from living beyond their means and preventing a repeat of the currency union’s crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way toward closer political and economic integration in the eurozone. “It will bring us, as it were, the economic and monetary union that is finally walking on two legs,” said European Council President Herman Van Rompuy, who oversaw the drafting of the treaty. Only Britain and the Czech Republic decided not to sign the agreement, triggering some concern over a rift in the 27-country European Union. The fact that not all EU states backed the new rules forced the others to set them up in a separate treaty, rather than integrating them into EU law. That prevents its signatories from taking advantage of some of the bloc’s established institutions, such as the European Commission, the EU’s executive that usually oversees the implementation of EU law. After a relatively smooth drafting process, the most difficult part of bringing the new rules into force begins. All participating governments have to ratify the treaty at home, a process that may prove difficult in some places. Many Europeans have grown weary of the EU and the euro. Two years of painful austerity in the poorer countries have taken their economic toll, while many in the richer countries are getting frustrated over funding the expensive bailouts for Greece, Ireland and Portugal. Others fear that the tighter spending rules including a prohibition of deficits of more than 0.5 percent of annual output will limit governments’ room to maneuver in tough economic times and force German-style fiscal discipline on countries with vastly different economies and cultures. However, the new deficit limits make some exceptions, such as for severe recessions and other unexpected economic circumstances.

Steel production raises 17 percent in 2011

urkey’s steel production was up 17 percent year-on-year in 2011. According to figures of World Steel Association, Turkey featured the country that raised its crude steel production the most among top 15 steel producers across the world. Turkey produced 34.1 million tons of steel in 2011 and ranked the eighth in the world following Germany. The country was the tenth in the list a year ago. As for the to the announcement from Turkey’s Iron and Steel Producers’ Association, in Dec. 2011, Turkey’s raw steel production reached the highest level ever in its history with 3 million 112 thousand tons. The total raw steel production reached by 34,1 million tons in 2011 from 29,1 million tons in 2010, with 17 percent rise. The ingot production became 24,4 million tons with 11.8 percent, the total production rate of the ingot lag behind the slap production rate lowering from 74.9 percent to 71.5 percent. As for slab production raised by 9,7 million tons, jumping 32.7 percent. Due to high production increase of the slab increase its share surged from 25.1 percent to 28.5 percent in the total production. The total production increase of the steel sector which was 4,96 million tons, as 51.8 percent (2.57 million tons) ingot, as for slab production rate was 48.2 percent (2.39 million tons) in 2011.

Chamber asks for shift in trade code

he head of Istanbul Chamber of Commerce (İTO), Murat Yalçıntaş, addressed six problematic issues with the new trade code, which is slated to take effect on July 1, in a written statement issued. “The İTO and Istanbul business community are happy about some new features of the Turkish Trade code. Yet there are some points that should be reviewed,” he said. One of those points, he says, is that imposing the obligation to obtain an independent external audit on all companies, regardless of their scale, is wrong. There should be a classification system based on company size, and a gradual transition to the new arrangement. External auditing could pose a significant expense for small- and medium-sized enterprises (SME). The auditors are also given exceptional powers, which may be challenging for companies. If an independent external auditor returns a negative report, a company’s managing board would be required to resign. The code prohibits promissory transactions between a company and its partners. This may produce problems for SME’s. Limits should be set on such transactions instead, he

said. Yalçıntaş also said companies will be bothered by a requirement to establish Web sites, adding that company information, which is supposed to be published on the Web sites, should be arranged with consideration for business and personal security. The new law also requires all of the information on a company’s Web site to exist in hard copy. In case of any change to the information on the Web, the company would also have to change the hard copy accordingly, and have it notarized. This arrangement should be changed, as it will be an extra cost for companies, Yalcıntaş said. Merchants will be required to reveal information regarding company officials and company capital clearly on every document, under the new law. He feels the information to be revealed should be limited, and the concept of a “document” should be clearly defined. The last point he addressed is administrative fine authorization, which, in his opinion, should remain under the jurisdiction of the commercial courts, rather than becoming the responsibility of registry offices within chambers of commerce, as required under the new law.

In February 2012, Stock Exchange provides maximum monthly profit

n February 2012, Stock Exchange, one of the financial investment tools, yielded the highest monthly real profit with the rates 12.69% and 11.96% according to Producer Price Index and Consumer Price Index respectively, Turkey’s Statistic Institute (TurkStat) announced. According to Producer Price Index, the monthly real profit rate of Gold (ingot) and Deposit Interest were 0.82% and 0.59%, respectively. However investors of US Dollar and Euro lost by -4.46% and -2.10% respectively. According to Consumer Price Index, the monthly real profit rate of investors of Gold (ingot) was 0.17%, while investors of US Dollar, Euro and Deposit Interest lost by -5.08%, -2.73% and -0.06%. Maximum real profit was gained by Stock Exchange investors quarterly and biannually and by Gold (ingot) investors annually according to PPI and CPI. Investors of Stock Exchange made the highest real profit with the rates of 9.89% according to PPI and 9.45% according to CPI, quarterly. The real profit rate of Stock Exchange was 4.82% according to PPI and 2.42% according to CPI biannually.

In the same period, Investors of Euro made the highest loss with the rates of -12.15% and -14.16% according to PPI and CPI respectively. In February 2012, financial investment tools were listed in descending order with respect to their yearly real profit rates as follows: Gold (ingot), US Dollar, Euro, Deposit Interest and Stock Exchange. The real profit rates of Gold (ingot) and US Dollar were 28.61% and 1.30% respectively, however in the same period Euro, Deposit Interest and Stock Exchange lost by -1.82%, -2.10% and -14.31% respectively, according to PPI. The real profit rates of Gold (ingot) and US Dollar were 27.12% and 0.13% respectively, however according to CPI in the same period Euro, Deposit Interest and Stock Exchange lost by -2.96%, -3.23% and -15.30% respectively.

Made in Turkey Economic Newspaper, March 2012

Number of 125,951 vehicles registered in January 2012 As of the end of January, the total number of motor vehicles registered in traffic across Turkey reached by 16,200,876 units

World auto production reaches by 80.1 million in 2011 World auto production up 3 percent in 2011 over the year 2010, OICA expects the same rate of auto production would be in the year 2012

atrick Blain, President of OICA (International Organization of Motor Vehicle Manufacturers) announced that the 2011 world auto production reached by 80.1 million (all types). This level is a record one and is up by more than 3% compared to 2010. After a dramatic fall in 2009 to 61.8 million units due to the 2008 crisis, the world auto production has recovered its growth rate. Asia is now the first continent reaching 40.6 million units in 2011, followed by Europe at 21.1 and the Americas at 17.8. • Europe 27: Europe is back with a growth to 17.7M but still under the

figures prior to 2008. • Other European countries, Russia and Turkey: after the terrible fall of 2009, the figure of 3.4M is higher than before the crisis. • NAFTA: a positive come back with 13.5M but still 2M under the figures prior to the crisis. • South America: a growth to 4.3M, with regular growth since 2003. • Japan: a decrease from 2010 to 8.4M mainly due to the earth quake and tsunami. Japan is still under the levels prior to the crisis (In addition, the role of the yen exchange rate cannot be underestimated). • South Korea: a growth to 4.7M the figure is well above the last record

of 2007. • China: after the high speed growth of 2009 and 2010, China is slowing a little with 18.4M but remains as the first country for auto production. • India, other Asian countries and Africa: a significant growth to 9.7M mainly thanks to in India and South East Asian countries such as Thailand or Indonesia (where heavy rains last year have slowed production). OICA forecasts for 2012 the same 3% growth of world auto production. Some countries may slow down production, but new plants will start production this year (in Russia, Morocco, Brazil,…).

MKEK exports to 29 countries in 2011

n the domestic market, number of 125,951 motor vehicles registered to the traffic in January 2012. Cars ranked at the first stop with the ratio 60 % (75,580) and it was followed by small trucks with the ratio 24.3 % (30,643), motorcycles with the ratio 6.4 % (8,100) and trucks with the ratio 4.1 % (5,147). Tractors, small buses, buses, and special purpose vehicles constituted the 5.1 % (6,481) ratio of the registered motor vehicles in January 2012. The number of registered motor vehicles increased 74.4 % In proportion to the previous month, the number of registered motor vehicles increased with a ratio 74.4 %. Cars, small buses, buses, small trucks, trucks, special purpose vehicles increased with a ratio 91.6 %, 60.1 %, 89.2 %, 115.7 %, 136.4 %, 6.5 %. Motorcycles and tractors decreased with a ratio 9 %, 50.8 % respectively. The number of registered motor vehicles decreased 20% over 2011 According to the interim data in January 2012, the number of registered to the traffic motor vehicles decreased with a ratio of 20 % in c o m p a r ison to the

The Mechanical and Chemical Industry Corporation achieved profits in the rate of 180 percent in 2011 to 165 million liras, while its total turnover reached by million liras

he Mechanical and Chemical Industry Corporation (MKEK) has broken its own record in profits. MKEK boosted its net profit 180 percent to 165 million Turkish Liras in 2011, according to data of the company. MKEK is a state-run corporation with an authorization to supply guns, ammunition, missiles, rockets and explosives to the Turkish Armed Forces. The total turnover of MKEK rose to

850 million liras last year, up from 650 million liras the previous year. The total value which was ordered by the National Defense Ministry, military departments, Interior Ministry, Security General Directorate and Turkish National Intelligence Service amounted to 350.8 million liras in 2011. The export volume of MKEK is on the rise in recent years with new models developed in cooperation with universities and private industrial firms. Saudi Arabia topped

the list of countries receiving the most guns and ammunition exports from MKEK with 44.6 million liras. Saudi Arabia is also the leading exports market for the overall Turkish defense industry, according to the data. The oil-rich Arab country bought SS30 rockets particularly and a great number of cartridges from MKEK in 2011. Bahrain followed Saudi Arabia with 17.2 million liras and Oman with 7.1 million liras. These two countries mostly imported cartridg-

es and bullets. The export markets of MKEK covered 29 countries ranging from Panama and Switzerland to the Philippines and U.S. with a total turnover of nearly 98.5 million liras. Total profits of MKEK including domestic sales became 165 million liras. MKEK also signed 630 million liras of export sales contracts in 2011.

Act now or face costly consequences, warns OECD

EW YORK — The risk of crisis in the eurozone has been “removed” for now, IMF Managing Director, Christine Lagarde pointed out, as Greece rescue efforts showed signs of progress. “As we speak, it looks like it’s going through,” Lagarde, head of the International Monetary Fund, said in an interview with broadcaster Charlie Rose on the US public broadcaster PBS. As countries struggle with the immediate challenges of stretched public finances and high unemployment, they must not neglect the longer term. Action needs to be taken now to prevent irreversible damage to the environment. “Greener sources of growth can help governments today as they tackle these pressing challenges. Greening agriculture, water and energy supply and manufacturing will be critical by 2050 to meet the needs of over 9 billion people.” said OECD Secretary-General Angel Gurría. The OECD Environmental Outlook to 2050: The Consequences of Inaction presents the latest projections of socio-economic trends over the next four decades, and their implications for four key areas of concern: climate change, biodiversity, water and the health impacts of environmental pollution. Despite the recent recession, the global economy is projected to nearly quadruple to 2050. Rising living standards will be accompanied by ever growing demands for energy, food and natural resources - and more pollution.

The costs of inaction could be colossal, both in economic and human terms. Without new policies: World energy demand in 2050 will be 80% higher, with most of the growth to come from emerging economies (for North America about +15%, for OECD Europe +28%, for Japan +2.5, for Mexico +112%) and still 85% reliant on fossil fuel-based energy. This could lead to a 50% increase in greenhouse gas (GHG) emissions globally and worsening air pollution. Urban air pollution is set to become the top environmental cause of mortality worldwide by 2050, ahead of dirty water and lack of sanitation. The number of premature deaths from exposure to particulate air pollutants leading to respiratory failure could double from current levels to 3.6 million every year globally, with most occurring in China and India. Because of their ageing and urbanised populations, OECD countries are likely to have one of the highest rate of premature death from ground-level ozone in 2050, second only to India. On land, global biodiversity is projected to decline by a further 10%, with significant losses in Asia, Europe and Southern Africa. Areas of mature forests are projected to shrink by 13%. About one-third of biodiversity in rivers and lakes worldwide has already been lost, and further losses are projected to 2050. Global water demand will increase by some 55%, due to growing demand from manufacturing (+400%), thermal power plants

(+140%) and domestic use (+130%). These competing demands will put water use by farmers at risk. 2.3 billion more people than today – over 40% of the global population – will be living in river basins under severe water stress, especially in North and South Africa, and South and Central Asia. These projections highlight the urgent need for new thinking. Failing that, the erosion of our environmental capital will increase the risk of irreversible changes that could jeopardise two centuries of rising living standards. “We have already witnessed the collapse of some fisheries due to overfishing, with significant impacts on coastal communities, and severe water shortages are a looming threat to agriculture. These enormous environmental challenges cannot be addressed in isolation. They must be managed in the context of other global challenges, such as food and energy security, and poverty alleviation.” says Gurría. Well-designed policies to tackle environmental problems can also help to address other environmental challenges, and contribute to growth and development. Tackling local air pollution contributes not only to cutting GHG emissions but also to reducing the economic burden of chronic and costly health problems. Moreover, climate policies help protect biodiversity, for example by reducing emissions from deforestation. To avert the grim future painted by the Environmental Outlook to 2050, the report recommends a

cocktail of policy solutions: using environmental taxes and emissions trading schemes to make pollution more costly than greener alternatives; valuing and pricing natural assets and ecosystem services like clean air, water and biodiversity for their true worth; removing environmentally harmful subsidies to fossil fuels or wasteful irrigation schemes; and encouraging green innovation by making polluting production and consumption modes more expensive while providing public support for basic R&D. Green growth policies are already in place in many countries. For example, Mexico’s new pilot programme gives direct cash transfers to farmers instead of subsidising the electricity they use to pump irrigation water, thus removing the price distortion that encouraged over-use of groundwater. The UK government has earmarked GBP 3 billion for the new UK Green Investment Bank; this should leverage an additional GBP 15 billion of private investment in green energy and recycling by 2015. The US government has been working to phase out preferential tax provisions worth about USD 4 billion per annum that continue to support the production of fossil energy. Capitalising on its knowledge-base and environmental technologies, city of Kitakyushu in Japan is working with businesses to enhance its competitiveness as a “green city” for low-carbon growth. Governments, businesses, consumers all have a part to play to move towards greener growth.

same month of the previous year. Cars, small buses, buses, small trucks, trucks, motorcycles, tractors decreased 17.8 %, 3.7 %, 19.5 %, 29.9 %, 10 %, 4.2 %, 20.4 % respectively. Special purpose vehicles increased with a ratio 8.8 %. In January 2012, total number of registered vehicles increased While 14,603 motor vehicles were withdrawn, 125,951 motor vehicles were registered in January of 2012. Hence the total number of motor vehicles in traffic is increased by 111,348. As of the end of January, the total number of motor vehicles in Turkey became 16,200,876. In the total number motor vehicles the ratio of cars, small trucks, motorcycles, tractors, trucks, small buses, buses and special purpose vehicles became 50,5%, 16,3 %, 15,6 %, 9,1 %, 4,5 %, 2,4 %, 1,4 % and 0,2 % respectively. 3 6 7, 9 8 7 vehicles were hand over (1) in January 2012

Among 367,987 vehicles hand over in January 2012, cars is in the first place with 250,234 units and the ratio 68 % and it was followed by small trucks with the ratio 17 % and 62,504 units, tractors with the ratio 4.5 % and 16,526 units, trucks with the ratio 3.3 % and 12,198 units. Small buses, buses, motorcycles and special purpose vehicles constituted the 7.2 % ratio of the hand over motor vehicles with 26,525 units in January 2012. 40.1 % of registered passenger cars use LPG Among 8,185,556 registered cars, 40.1 % of them use LPG, 37.1 % of them use Petrol and 22.1 % of them use Diesel fuel. Ratio of the passenger cars that the fuel type is unknown is 0.7 %. Distribution of trademarks for the registered cars The distribution of the trademarks of the cars registered (75,580) in January 2012 is; Renault 18.3 %, TofaşFiat 9.7 %, Opel % 9.4 %, Volkswagen 8.9 %, Ford 8.3 %, Hyundai 6.9 %, Toyota 5.6 %, Chevrolet 4.6 %, Dacia 3.8 % and the other trademarks 24.5 %.

Industrial production increases 1.5 percent in January

urkey’s industrial production was up 1.5 percent in January 2012 compared to the same month preceding year, according to the announcement of the Turkey’s Statistical Institute, TurkStat. TurkStat made public industrial production index in January 2012, and said industrial production in mining sector was down 2.2 percent but it was up 0.4 percent in manufacturing industry. Industrial Production Index in January 2012 increased by 1.5% compared to same month in previous year. In the sub sectors level of industry, Mining and Quarrying Index decreased by 2.2%, Manufacturing Index increased by 0.4 %, Electricity, Gas, Steam and Air Conditioning Supply Index increased by 9.6% in January 2012 compared to the same month of the previous year. Calendar adjusted production index in January 2012 decreased by 1.3% compared to the same month of previous year and seasonal and calendar adjusted industrial production index decreased by 3.1% compared to previous month.

Turkey’s most reputed brands oc Holding, Sabancı Holding and the GSM operator Turkcell were announced as Turkey’s most reputed brands by Itibar Atölyesi, a division of Ertan Acar Consulting, as part of its “Turkey Reputation Index” research conducted in 12 sectors and 26 provinces across the country. According to the Turkey’s reputed Index 2011, Koc Holding, Turkcell and Sabanci Holding became the most reputed brands of Turkey. Having conducted by Xsights in 26 provinces of Turkey, the survey consists of 12 sectors in food, beverages, automotive, banking and insurance, ready-to wear and textile, energy, white goods, electronic, holdings, communication, construction and retailers. In the index, the appraised 12 sectors’ reputation point averagely became 78.3. According to the index, Koc Holding gained 24.3 points, Turkcell 13.1 points and Sabanci Holding 10 points ranging Turkey’s first three reputed brands. These followed by Ulker with 9.4, Arcelik with 8.3 points, Agaoglu with 6.6 points, Coca Cola with 4.5, Isbank with 4.4 points, BIM with 2,8 points, LCW with 2.3 points, Tedas with 2.2 and Renault with 1.6 points. According to the index, Turkey’s most esteemed three sectors are regarded as food, electronic and retailer.

Made in Turkey Economic Newspaper, March 2012

Doyens of packaging sector Turkey meets 25 percent of Sea bass, celebrates 20th anniversary bream of Europe T A he 20th anniversary of Packaging Industrialists Association (ASD) was celebrated at the night March 2, 2012 at Conrad Hotel, Istanbul. At the ball of ASD’s 20th anniversary, “ASD Gratitude Awards” were offered to the doyens, colleagues and establishments of the packaging sector. As of today Packaging Industrialists Association which was established 20 years ago on 24 January 1992 by 39 packaging industrialists for the development of the sector, currently 200 members are available. The association serves in many areas such as Istanbul Packaging Fair, Packaging Magazine, Contest for the CrescentStars of Packaging sector and Education Activities for Lifelong for development of the Turkey’s packaging sector. The presentation of the night which was started with welcoming cocktail, photograph exhibition and ASD Corporate Film Performing was conducted by presenter Ceylan Saner. After the film showing, Sadettin Korkut, Chairman of the board of ASD, said that they would continue to serve to the sector with same excitement and devotion, besides to compose a

Packaging Museum, install Packaging Organized Industrial Zone, and also they would strengthen the perception of packaging in the society, adding that they aim to achieve packaging sector growth worth $30 billion and $10 billion of the figure as exports by 2023, the centenary of the Republic of Turkey. Among the objectives of the association there is also $300/ year per capita packaging consumption. Following the speech, Sadettin Korkut offered the 20th Anniversary Special Award to Ali Ulker who is Chairman of Yildiz Holding and grandchild of Sabri Ulker who had been contributed much to the packaging sector despite their basic business was foodstuff, as the founder of valuable packaging firms by forese ei ng needs and development in the packaging sector 30 years ago. He also offered ‘Gratitude Awards’ to the administrators of SEKA, Eregli

Iron & Steel Plant Co., Turkish Bottle and Glass Factories and Petkim-Petrochemical Holding Corp. Then, the members of the board of the association offered ‘ASD Gratitude Awards’ to their colleagues and doyens. Totally 77 persons got awards. The list of awarded persons and establishments are as follows: ASD 20th Anniversary Special Award Sabri Ulker ASD Corporate Awards Eregli Iron & Steel Plant Co. SEKA Petkim-Petrochemical Holding Corp. Turkish Bottle and Glass Factories.

ccording to the statement from the Turkish Ministry of Food, Agriculture and Stockbreeding, Turkey raised to the first stop in trout breeding in the fishery sector in the Europe. The statement said, “Within the scope of subsidiary has been started to introduce in 2003, TL 181 million of worth payment made for the aquaculture products in 2011. As for the last 10 years, the subsidy, which was given to the fishery sector, reached by TL737 million. Ranking third in the aquaculture production across the world, in 2002, having 61 thousand 165 tons, the aquaculture production has reached by some 185 thousand tons with 202 percent rise

in 2011. Currently there are total of 1,720 units enterprises with 197 thousand tons utilization capacity via freshwater and total of 368 enterprises produce sea fishes with utilization capacity of 174 thousand 521 tons. Also there are 279 enterprises will begin to production with the capacity of 59 thousand 957 tons. According to the data of FAO, Turkey’s exports of bass and breams reached by 25 percent share in European market. While trout production ranking in the upper lines, as for the aquaculture breeding have been at the 5th line. Between 2002 – 2011, aquaculture exports increased 264 times to $448 million, 80 percent of the exports are shipped to the EU countries.

AYMOD sets footwear trends

xporting to 156 countries by rising its power with design and R&D activities, Turkish footwear industry, is coming together at AYMOD - International Footwear Fashion Fair which sets footwear and leather trends with all its components. With its 2023 export target as 1.5 billion dollars, the industry will meet at the 47th AYMOD International Footwear Fashion Fair at CNR Expo Istanbul. AYMOD, the 3rd biggest footwear fashion fair in Europe and the biggest footwear fashion fair in Turkey, provides opportunities for manufacturers to sign new contracts with major domestic and international buyers. AYMOD is held twice a year by Pozitif Trade Fairs, one of CNR Holding companies. The 47th of the organization will be held between April 19 - 22, 2012. The fair to launch the 2012-2013 autumnwinter footwear and leather products for the first time, is held with sponsorship of TASEV (Turkish Foundation for Re-

search, Development and Training of the Footwear Industry), TASD (Footwear Industrialists’ Association of Turkey), TUAF (Federation of Turkish Footwear Manufacturers), IAESO (Istanbul Chamber for Footwear Tradesmen and Manufacturers), and KOSGEB (Republic of Turkey, Ministry of Trade and Industry Small and Medium Enterprises Development Organization). AYMOD keeps pushing the top with its exhibitors and visitors from Europe, Asia and America, with its growing structuring and activities and with hosted buyers from more than 60 countries each year... The 46th AYMOD was held on a field of 60 thousand m2 with a growth of 10 %. The fair was opened by the Minister of Development, Cevdet Yilmaz. A total of 38.010 visitors, 2.905 of which are foreigners attended the fair. Chairman of TIM (Turkish Exporters’ Assembly), Mehmet Büyükekşi announced the industry’s export target for 2023 as 1.5 billion dollars.

62.1 % of individuals happy in Turkey

n Turkey, 62.1 % of individuals at 18 years old and over have declared that they are happy, according to a survey which was conducted by Turkish Statistical Institute. In 2011, 62.1 % of individuals have mentioned that they are happy and 9.9 % told that they are unhappy, while these percentages had been 61.2 % and 10.7 % respectively in 2010. In 2011, while the percentage of happiness is 64.6 % in women, it is 59.5 % in men. The level of happiness changes by age groups. While 69.5 % of the individuals at 18-24 age group are happy, this number decreases to 57.8 % at 65 years of age and over individuals. As long as the education level increases, happiness increases. While level of happiness is 61.1 % for primary school graduates, it increases to 66.7 % for college or university graduates in 2011. The married individuals are observed to be happier than the ones who are not married. In 2011, while 65.5 % of married individuals are happy, this ratio is 52.9 % for the ones who are not married. Families and being healthy are the values that make individuals happiest.

In 2011, the ratio of individuals who have mentioned that the people who make them happiest are their own families is 73.8 %, while the ratio of individuals who mentioned that health is the value which make them happiest is 72.8 %. 75.2 % of the individuals are hopeful about their future In 2011, the ratio of individuals who are hopeful about their own future is 75.2 %. 74.9 % of women and 75.5 % of men have told that they are hopeful about their own future. Individuals have started to consume cheaper products Against the impact of economic conditions while 54.2 % individuals responded that they consumed cheaper products in 2010, this ratio

decreased to 55.7 % in 2011. On the other hand, 32.3 % got into debt, and 26 % told that their savings decreased in 2011. Turkish Statistical Institute has been measuring the happiness perception, hopes, values, personal development, and the satisfaction of individuals with personal health, income and work through annual Life Satisfaction Surveys since 2003. In addition, the satisfactions of the individuals from public services are measured and the change in them in time is followed. The survey covers individuals at 18 years of age and over, and the individuals in the same household are interviewed at a distance so as not to be affected by each other’s answers.

Local electronics market boosts 25 percent in 2011

he local consumer electronics market expanded 25 percent, with a volume of 22.8 billion Turkish Liras in 2011 in Turkey, according to a report by GfK, one of the global market research firms,. The market saw 22 percent enlargement, hitting 6.2 billion liras of volume during last quarter of 2011, breaking a quarterly record. The consumer electronics report consists of the imaging, telecommunications, information technologies, office equipment, small house

appliances and white goods industries. The telecoms market diminished by 8.4 percent to 1.4 billion liras, regarding climbing in the special consumption tax, according to the report. The report marked an increase in consumer interest in flat-screen televisions, which contributed to the market growth the most. LED televisions have started to sell in the wider market, followed by 3D and internet-access televisions. The consumers preferred the smart

phones with cutting-edge technologies; cell phones with the Android operating system and larger and higher resolution monitors. While smart phones with advanced camera features obtained momentum, digital cameras and frames gained double-digit growth in the last quarter of 2011 on an annual basis. The white goods sector growth rate became 26 percent, achieving 1.7 billion liras in the fourth quarter of 2011 over the same period previous year.

Made in Turkey Economic Newspaper, March 2012

Turkey to enjoy over $2 trillion income

IMF Board approves €28 billion loan for Greece

Zafer Caglayan, Minister of Economy, “In 2023, Turkey will be a country to be able to achieve exports worth $500 billion”

he IMF has approved a new €28 billion loan for Greece as part of the overall financing package agreed by Athens and its partners in the eurozone. The IMF’s 24-member Executive Board agreed on March 15 that the new loan will be made under the Extended Fund Facility, which is designed for countries undertaking reforms to address deepseated structural weaknesses. Approval of the new program will lead to the immediate disbursement of about €1.65 billion ($2.2 billion). The previous 3-year Stand-By Arrangement that was approved in May 2010 has been cancelled by the Greek authorities, which means that any undisbursed funds have also been cancelled and will not automatically become part of the new program. “Greece has made tremendous efforts to implement wide-ranging painful measures over the past two years, in the midst of a deep economic recession and a difficult social environment. The fiscal deficit has been reduced markedly and competitiveness has gradually improved. However, the challenges confronting Greece remain significant, with a large competitiveness gap, a high level of public debt, and an undercapitalized banking system,” IMF Managing Director Christine Lagarde said. “The new Fund-supported program will enable Greece to address these challenges while remaining in the Eurozone. The program focuses on restoring competitiveness and growth, fiscal

Continued From Page 1 e added they have not had any anxiety in the achieving the said figures. Speaking at the meeting Dogan TV Chairwoman Arzuhan Yalcindag said a country is as rich as its future potential, in Gaziantep while expressing her excitement at re-initiating the series of meetings in Anatolia. Indicating that the aim of the meetings was to bring together people in various areas in Anatolia, she continued: “Turkey is progressing, growing and becoming a crucial power in the world. This is a country with a very young population, half of which is under 29 years of age. We believe

sustainability, and financial stability,” she added. A key ingredient in the government’s revamped economic strategy was the successful conclusion on March 9 of a substantial write-down of Greece’s bonded debt, which will dramatically reduce the country’s medium-term financing needs. The IMF has maintained that Greece must reduce its debtto-GDP ratio to 120 percent by 2020 if its debt is to become sustainable in the medium term. The debt exchange, which saw private sector investors agreeing to write down 75 percent of their Greek bond holdings, is the largest and steepest debt reduction agreement in history. Official sector support for the second Greek program entails €130 billion (about US$170 billion) in new financing, in addition to the remainder of the financing support for the first program of €34 billion (about US$44 billion). The IMF contribution of €28 billion will be disbursed in equal tranches over a four-year period.

WB holds consultations with civil society on social accountability n a world where conversations are often merely held virtually through a quick comment on Facebook or 140 characters on Twitter, a real face-to-face discussion is precious. Acknowledging this, the World Bank increasingly gives civil society opportunities to voice their opinions directly with the Bank and representatives of organizations of other countries through consultations on World Bank initiatives or reports. Lourdes Sanz from the Mexican Center for Philanthropy (CEMEFI) knows of the importance of these opportunities: the possibility to share with the World Bank and with other countries the experience acquired by her association is one of the important points of consultations for her. “I believe it is something very valuable for us,” she says. She adds that it is also very interesting to have a space where she can listen to what has been done in other countries and what is being planned. Organizations in Mexico and Colombia like the CEMEFI, Transparency for Colombia (a national chapter of Transparency International) or the Colombian organization “Electoral Observation Mission” (MOE), can learn from these dialogues offered by the World Bank and also build up a network aimed at improving their countries’ citizens’ life. And for the World Bank, bringing civil society’s voice into World Bank discussions can be very useful so as to receive a wide array of views and opinions on an initiative and move forward in its conceptualization process, taking into account some of the comments heard. Lourdes Sanz has participated in two consultations organized by the World Bank for the “Global Partnership for Enhanced Social Accountability”(GPESA) initiative, one in November of last year and another one in March 2012. This last consultation she took part in, a video conference with participants from Mexico and Colombia with World Bank Senior Expert in social development John W. Garrison and World Bank Social Expert Carlos Molina Prieto, gave her and others, like Elisabeth Ungar from Transparency for Colombia or Liliana Rodríguez Burgos from the Colombian NGO Confederation, the opportunity to voice their opinions and ask questions on the GPESA initiative that concerns civil society directly. Indeed the very goal of the GPESA is to strengthen beneficiary feedback and participation, for example through supporting the capacity of civil society to interact with governments in order to improve development results. And this partnership aims at especially supporting civil society that is working in the area of social accountability. This is not the first time the World Bank is organizing public consultations for initiatives or reports in different regions of the world, including Latin America. In 2006, a consultation in Mexico invited representatives of federal and sub-national governments, of civil society, as well as of the judiciary or legisla-

tive system and the media, amongst others, to participate in the discussion on strengthening the World Bank group engagement on governance and anticorruption. This was part of a global consultation effort, with meetings in 37 countries in development, and more than 3,200 participants. And last year in March, the “World Development report: Gender Equality and Development” was the occasion for consultations to find out what civil society representatives, civil servants, academics or the private sector for example were thinking about gender equality and development. At about the same time, in February and March 2012, an online consultation was made on the topic of Justice Reform, on the World Bank’s experience on the topic and the direction it should take on that particular issue. Currently, the World Bank is organizing various consultations on the GPESA initiative with key stakeholders around the globe, including such countries as India, South Africa, the Philippines and many more. A previous consultation round was organized from Mid April to Mid November 2011. In the current round which goes from January to Mid March 2012, key concepts and principles to shape the global partnership are presented and discussed. Although the World Bank is still learning to improve its consultation processes, in this particular case it is very well done, according to John W. Garrison. “It’s global, I think we have meetings in more than 30 countries and we also have a quite active Web site,” he says. The GPESA Web site allows to share views through an online survey and to gather information through summaries of comments or meetings that are posted online. And during the conference on the GPESA initiative with Mexico and Colombia for example, comments were plentiful. “I would ask that the concept of equity be clearly and explicitly mentioned in the objectives of the partnership,” said Elisabeth Ungar, the Director of Transparency for Colombia, for example. Some participants pointed out that the different actors that would be involved in the global partnership – civil society, the World Bank and governments for example should have clearly defined roles. Among the questions that were put on the table of discussion, some focused on which countries would be in effect involved in the partnership and what would their role be. Such comments help GPESA project organizers to see which points are important to civil society representatives and might contribute to forming a more precise concept and strategy for the project. Under the condition of the World Bank’s Board approval, consultations on the GPESA initiative will continue from May through June 2012 in order to discuss operational details of the proposed partnership, taking into account different country contexts.

that the country would develop further with its young population and the dynamics of Anatolia.” The driving force to support the Turkish youth and reveal the true potential of the country lies in Anatolia; she recorded, adding that countries that could combine local culture, values and riches with global knowledge and resources were able to generate value. Gaziantep is the fourth biggest province in terms of its amount of exports, said Konukoglu, adding that a total of 5,012 firms employed 180,000 people in the province. Gaziantep’s targets for 2023, the centenary of the Republic, are to gain $30 billion worth of exports with employment fig-

ures of 350,000. Economy Minister Zafer Caglayan, Family and Social Policies Minister Fatma Sahin, Gaziantep

Chamber of Industry head Adil Konukoglu and Fiba Chairman Husnu Ozyegin attended to the meeting.

Hakan Plastic aims to reach countries that sector has not meet

afer Karadeniz, Chairman of the Board of Hakan Plastic, said that reaching by the countries, which have not yet met with the Turkish plastic sector, would be their targets this year. “With this purpose our works which we started last year have been completed and Hakan Plastic Mexico was established. We accomplished our first export to this country in February,” Karadeniz said. Hakan Plastic continues to be the first choice of the most prestigious construction firms in both Turkey and the world. As the only Turkish brand of which products were used in the tallest building of the world, Burj Khalifa - Dubai Mall project, Hakan Plastic produces for the crucial construction projects in Turkey and the world such as Istanbul Trump Tower, Dubai Rolex Tower, Latifa Tower. Operating at its modern premises installed on the Cerkezkoy Organized Industrial Zone (COSB), Hakan Plastic continues being one of the players which determine the route of the world pipe sector with the volume over $100 billion via its identity based on “innovation, researcher, reliability and Technology -focused”, with its foremost brands. Zafer Karadeniz recorded that they have aimed to sell their products to over 80 percent of the European countries in 2012, adding that the year 2012 would be an export year for Hakan Plastic. One of the leading plastic pipe systems’ producers of the world, Hakan Plastic began indoor pipe systems production with the extrusion and injection machines which imported from Germany in 1965. In addition, in 1992, launching PP-R Hot and Cold Water Pipe Systems, in 1997, the firm exported its first products to Iran and Libya. Since the establishment to date, Hakan Plastic maintains its production in the light of the high technology. According to the data of ISO, taking place in the top 500 big industrial establishments of Turkey, Hakan Plastic, restructuring on the Cerkezkoy Organized Industrial Zone which features as the three biggest industrial zone of Turkey in 2002, has accelerated its investments in the infrastructure and irrigation pipe systems. Hakan Plastic also takes place in the top 500 Turkish firms’ list of Fortune 500 which addresses the prestigious manufacturing, trade, service and construction sectors in the entire world. Established in 1965, Hakan Plastic has built its brand identity on the elements such as “High in quality production, Innovation, Researcher, Reliability and Technology - Focused”. Hakan Plastic acts across the world with its leader brands Hakan Plastic operates in three main business areas as superstructure, infrastructure and agriculture with its leading brands. Marking on superstructure with its Silenta Silent Wastewater Pipe Systems, Hakan Damla and Sprinkling Irrigation Systems on agriculture sector, Duramax PP Corrugated on Infrastructure Systems, Hakan Plastic keeps its leader position across the world. Hakan Duramax Corrugated Pipes, which are produced from polypropylene (PP) and high density Polyethylene (HDPE), are the first and only sewer system pipes of Turkey conforming to the TSE EN 13476-3 standards. They feature high flexibility. Without being affected from underground movements, they can be used at least minimum 50 years without maintenance. Silenta is the first choice of the most prestigious construction firms either in Turkey or the world. The special patented wastewater pipes and fittings of Hakan Plastic, Silenta is the first soundproof pipe of Turkey. Silenta has 13 db soundproof in 4 liters and features the most silent wastewater pipe of Turkey. Silenta is produced in two different series as Silenta 3a and Silenta Premium. Their breakings are less than other wastewater pipes. Thanks to their 3-layer structured, they provide super flowing performance, high warmth and durability against hits. As the first choice of the most prestigious construction firms of Turkey and the world, Hakan Plastic products are the single Turkish brand which has been used in Burj Khalifa, the tallest building of the world. Hakan Plastic products have been used in the projects confidently across the world such as Istanbul Trump Tower, Dubai Rolex Tower, Latifa Tower. Hakan Plastic has made a principle to contribute and serve in order to preserve depleting water sources by the aim to pre-

vent wrong irrigation techniques and natural devastation. Hakan Damla Sulama Pipes are produced conforming to the TSE EN 9261 standards. Thanks to the flexible structures they are long-lasting. They have durable structure against sunrays and chemicals. Thanks to the special droppers for crops in Hakan Drop Irrigation Systems, productivity increase by the high rate. Hakan Plastic is a leading establishment that determines the route of plastic pipe sector. Producing only in Turkey and in the area of plastic pipe systems, Hakan Plastic is one of the most important players determining route of the world plastic sector having located on area of 200,000 sq meters with its state-of-the-art facility, production, exports and logistic experience, powerful technological infrastructure and over $100 billion worth of size at COSB. Producing its products conforming to the European standards and quality, Hakan Plastic is a leading and dynamic organization in terms of customer satisfaction. One of the most important elements, with which it features as unique, is the product quality certificates. Some of quality certificates of Hakan Plastic: DVGW (Germany), SKZ (Germany), Hygiene Institute (Germany), Fraunhofer (Germany), Ö-Norm (Austria), Nordic Poly Mark (Sweden), AENOR (Spain), UkrSepro (Ukraine), GOST (Russia), SABS (South Africa), Hıfzısıhha Institute (Turkey), TSE (Turkey). Hakan Plastic is the first and only Turkish firm which has gotten Swedish Nordic Poly Mark and Austrian Ö-Norm certificates that are the toughest certificates to be taken and exporting to these countries as the first Turkish firm. Exporting to 64 countries Beginning in the 1990s with its competitive and innovative structure, now Hakan Plastic achieves its exports to 64 countries. First 15 countries in the exports are Sweden, Spain, Poland, Iran, Azerbaijan, Russia, United Arab Emirates, Qatar, Nigeria, and all the Balkan countries. “But we foresee serious change would happen in 2012 in the array. The most demands from the countries’ markets began to show increase tendency in the direction of sales. Objective of Hakan Plastic for 2012 focused on exports Plastic sector grows and exports break new records. Turkey has become the biggest third plastic producer of Europe. Exporting to many countries across the world, plastic producers achieved the total of $10 billion worth of exports, as $4,5 billion directly and the rest one via exporters in 2011. The year 2011 became a year that Hakan Plastic has increased its exporting market. In the countries’ markets where still any Turkish plastic pipe firms have not reached, Hakan Plastic began to sell its products. This is a proud for Hakan Plastic. A situation in which the Arab Spring and European economic crisis has deepened, we have not lost our target in our exporting rate. On the contrary, increase has been enjoyed. When we take into consideration previous year as a base, the number of country to which we export became 64 in 2011. Last year, 12 new countries were included into export markets. In 2012, reaching to the countries, which have not met with the Turkish plastic pipe sector, will be our first target. With this aim, the works which had been started in the previous year, have been completed, Hakan Plastic Mexico was established. Our first export was shipped to this country in February. There are other South American countries on the line. Also as a new technological product in the mining sector connections have been accomplished and production has been started in South Africa. Those who are interested in the mining sector know. The standards of the plastic products which are used in the mining sector are very higher than those are used in the other areas. For this reason, our R & D studies and technology are watched with appreciation. “Our other news for 2012 is that Hakan Plastic products will be sold in 80 percent of all European countries. 2012 seems to pass extraordinary good for both our country and Hakan Plastic. In fact, our sales in January proof this view and it is foreseen that the year will be completed over the targeted demand.

Made in Turkey Economic Newspaper, March 2012

“Turkey’s reputation rose last decade remarkably” T

urkey has reversed the downfall in its reputation starting from 2003, said. Economy Minister Zafer Çağlayan. Turkey’s reputation has reached a desirable level over the last decade with its rapidly growing economy, the Turkish Economy Minister Zafer Çağlayan noted. “Turkey’s reputation was eroding nearly ten years ago,” said Çağlayan, speaking at the “Turkey Reputation Index 2011” meeting in Istanbul. He said that Turkey’s economy had developed to a significant extent, going from being a borrower country of the International Monetary Fund (IMF) to an attractive market drawing foreign direct investments (FDI) from all around the world. “Turkey was seeking $1 billion

from the IMF in previous years to pay the salaries of its public employees,” said Çağlayan, suggesting that international companies’ confidence inTurkey rose as the economy started to prove its stability in 2003. The minister added that the total FDI to Turkey amounted to nearly $15 billion between 1923 and 2003, while the value of FDI attracted by Turkey was $108 billion in just the last nine years. “This shows the increasing reputation of Turkey and of Turkish firms,” he said. “We are now planning our next 12 years, making projections to ensure that we become among the top 10 economies of the world in 2023,” said Çağlayan, emphasizing that the country’s export volume would also reach $500 billion the same year, the

one hundredth anniversary of the republic. Speaking on the new incentive law, he said the Turkish government aimed to support

the private sector actors to make more investments and produce more through the incentives. “I was always proud of the fact that

I had never benefited from state incentives in the last 28 years of my business life, but now I see that this was wrong,” he said.

“Everybody should have a vision for 2023”

The Ordinary UEFA Congress held in Istanbul

he 36th Ordinary UEFA Congress will be taking at the Istanbul Congress Centre in Istanbul, Turkey on Thursday 22 March 2012 with the participation of the federation presidents and executives from 53 countries. The main agenda items for the 36th Ordinary U E F A Cong r ess include the reports of the UEFA President and the Executive Committee and Report of the UEFA Administration 2010/11 and reports on the

UEFA committees’ activities. Financial matters including; the annual UEFA consolidated statement of accounts for 2010/11 and approval of the budget for the 2012/13 financial year. European Social Dialogue: Approval of agreement on minim u m player c o n t r a ct requirements The 36th Ordinary UEFA Congress took place in Paris, France on 22 March 2011, with senior representatives from

UEFA’s 53 member national associations voting on a variety of issues on the agenda. In addition to the address to delegates by UEFA President Michel Platini highlighting the past year’s activities within European football’s governing body, the Congress featured a series of elec-

tions – UEFA President, UEFA Executive Committee (seven members) and FIFA Executive Committee (one vice-president and one member). The chairmen of UEFA’s standing committees also reported on their respective committee’s work. Michel Platini was re-elected by acclamation as UEFA President for a second fouryear term. The Congress approved the reports of the UEFA President/Executive

Committee and the UEFA administration for the 2009/10 period, as well as UEFA’s financial accounts for 2009/10, the strategic financial outlook until 2015/16 and the

budget for the 2011/12 financial year.

urkish Airlines (THY) CEO Temel Kotil told about his point of views about the vision for the 2023. THY’s CEO Kotil said, “We should replace fear culture with hope culture. We should disperse hope to society, especially we encourage youths.” “In Turkey, as everybody, youths, university students, mothers and fathers, we should have a vision for 2023. Our contribution to the vision of 2023 is to reach by the biggest network. We will also achieve 5-star in quality prior to the year 2023. In this matter there is no any problem,” Kotil said. Kotil highlighted the importance of quality in every work which is done. “Quality does not want passport. What we do about the project of 2023, we must do high in quality. As THY, we produce travel. We will do in the best way. The world should be ‘Red Apple’ of youths. We connect the entire world to Turkey and we will continue to do it, Kotil recorded. He said that in that way they would use 24 hours better, and also it has brought connected flights into a better level. Kotil noted that the year 2012 would be a year when they would exceed daily 1000 flights, noting that it would be a good quantity.