President Gul: Turkish contractors have great operations all over the world
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Turkish President Abdullah Gül
xpressing that contractors have made the most contribution and effort to Turkey’s development, President Gül stated that they are prepared to provide all forms of support for Turkish contractors to take on international projects. Page 3
Gulfood brings together the most influential food and beverage trade companies
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he ‘off-set’ system which has seen success in the defense industry will now also be impleScience, Industry & mented in transportaTechnology tion, energy and health Minister Nihat Ergun tenders. The Ministry of Industry will soon be including a ‘domestic technology’ stipulation on large tenders which are expected to soar to the 20 billion dollar level. Page 6
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February 2012 Year: 11 No: 113 ISSN 1300-2260
www.img.com.tr
High-tech investments given impetus
Turkey confident on growth contrary to IMF IMF: Restoring confidence crucial to rebuilding world recovery apidly restoring confidence in both Europe and globally is crucial to protecting the battered international financial system and rebuilding the ailing recovery, threat-
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IMF Managing Director Christine Lagarde
ened particularly by strains within the euro zone, panelists at a discussion on the global economic outlook said in Davos. “No one is immune in the current situation. It’s not just a euro zone crisis. It’s a crisis that could have collateral effects, spillover effects around the world,” IMF Managing Director Christine Lagarde told a panel discussion at the World Economic Forum. To get beyond the crisis, she said Europe must address three key issues—lack of growth, reduced competitiveness, and the need for greater integration. To restore confidence more immediately, the euro zone must develop a strong firewall to protect its members. “It is critical that the euro zone members actually develop a clear, simple, firewall that can operate both to limit the contagion and to provide this sort of act of trust in the euro zone so that the financing needs of that zone can actually be met.” Page 12
Fitch takes rating actions on six Eurozone sovereigns
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itch Ratings has concluded its review of the six eurozone sovereigns it placed on Rating Watch Negative (RWN). The rating actions on the long-term (LT) and short-term (ST) Issuer Default Ratings (IDRs) are as follows: -Belgium LT IDR downgraded to ‘AA’ from ‘AA+’; Negative Outlook; ST IDR affirmed at ‘F1+’ -Cyprus LT IDR downgraded to ‘BBB-’ from ‘BBB’; Negative Outlook; ST IDR affirmed at ‘F3’ -Ireland LT IDR affirmed at ‘BBB+’; Negative Outlook; ST IDR affirmed at ‘F2’ -Italy LT IDR downgraded to ‘A-’ from ‘A+’; Negative Outlook; ST IDR downgraded to ‘F2’ from ‘F1’ -Slovenia LT IDR downgraded to ‘A’ from ‘AA-’; Negative Outlook; ST IDR downgraded to ‘F1’ from ‘F1+’ - Spain LT IDR downgraded ‘A’ from ‘AA-’; Negative Outlook; ST IDR downgraded to ‘F1’ from ‘F1+’ Page 14
Tourism Minister calls for boutique enterprises
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NKARA - Turkish Tourism Minister Ertuğrul Günay says Turkey lags behind in small tourism facilities. To sustain success in the tourism sector, Turkey should focus on small “boutique” enterprises rather than conTourism Minister tinued investment in largeErtuğrul Günay scale facilities, Culture and Tourism Minister Ertuğrul Günay said. Speaking at a conference in Ankara, Günay said large hotels and holiday villages were cutting off the tourists from the local population and Turkey should now turn to a new kind of tourism that would capitalize on the attractions of smaller places across Anatolia. Page 9
predict a slight recession in the eurozone for AVOS- Turkey will not revise its this year, and this could be worse or better deforecast of 4 percent growth this year, pending on the scenarios, he said, according Deputy Prime Minister Ali Babacan to Anatolia news agency. This year will see said in Davos, dismissing the International the Turkish economy “walking, not Monetary Fund (IMF) projections that the running,” Babacan said. “We economy may barely expand. won’t allow the economy “Every institution has a different to fall into recession.” expectation, different asThe global environment sumption. The IMF is generis uncertain and there ally more negative while the are major decisions World Bank is a little more to be taken in developtimistic. No doubt that oped nations that detailed studies are done could change the for every country, but they outlook complete[predictions] are based on ly, Babacan said. the assumptions regarding political decisions,” About 40 percent he said in a televised of Turkish exinterview on the sideports go to EuDeputy Prime Minister Ali Babacan lines of the World Ecorope. Page 5 nomic Forum, adding that Turkey sees no need to change its growth forecasts. Both the World Bank and the IMF
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Turkey’s exports expand by 10 percent in January
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urkey’s exports achieved $10.555 billion in January 2012 with a 10 percent increase compared to the same month previous year. The leading industry in overall exports in January 2012 is autoTIM President motive industry with Mehmet Buyukeksi $1.609 billion with 8.1 percent increase. Turkey’s biggest export partners in January 2012 were Germany with $1.040 million, Iraq with $752 million, the UK with $626 million and France with $512 million. In accordance with the strategy of market diversification, export of Turkish goods to NAFTA countries increased by 52.9 percent to $535 million. Turkey’s exports to African countries also increased by 23.1 percent to $953 million. Turkish exports signed an encouraging in January 2012 with a 10 percent increase over the first month of the previous year at $10.5 billion. Page 12
Minister Simsek: Cooperation of TurkeyGulf, an excellent combination
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urkey’s Minister of Finance Mehmet Simsek said Turkey and the Gulf countries feature Minister of a complimentary nature to Finance Mehmet Simsek each other as of economy, adding that accomplishing free trade agreement in a short time to favor for the region and Turkey. Page 13