World Bank Group President, James D. Wolfensohn visited Turkey from March 14 to 16, 2004. He was accompanied by World Bank’s Country Director for Turkey, Andrew N. Vorkink and Director for Central and Southern Europe at the International Finance Corporation (IFC), Khosrow Zamani.
The purpose of the visit was to attend Turkey’s Investment Advisory Council Meeting hosted by the Turkish Government in Istanbul. Addressing the participants at the opening session, Wolfensohn emphasized the importance of the timely meeting that had brought Turkey’s leaders together with the heads of the international and domestic business community to demonstrate their mutual commitment to strengthen the climate for investment.
Praising Turkey’s tremendous improvement in stabilizing the economy after the 2001 crisis, as well as the impressive achievements in terms of economic growth, deceleration of inflation and decline in interest rates, Wolfensohn emphasized the importance of renewed momentum in implementation of structural reforms and of the privatization program that could serve as important vehicles for increased foreign direct Investment (FDI) flows.
“Turkey has a huge potential for FDI. The Government has pledged continuous implementation of its plans for simplification of bureaucratic practices and reduction in legal and administrative barriers. It has also pledged to respond to the need for stronger monitoring and enforcement of laws and contracts,” Wolfensohn said in his speech.
Wolfensohn also met separately with the Prime Minister Recep Tayyip Erdoğan. During their meeting, he expressed the continuous support of the World Bank to the efforts of the Turkish Government in the implementation of the successful economic program. He also mentioned that intensified business investment of all kinds, both international and domestic, varying from SMEs to large multi-national companies has to be included in the investment environment. Wolfensohn reiterated the readiness of the World Bank to give full support in realizing endeavors essential to the sustained and rapid growth of Turkey. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
