In spite of turbulent times in Turkey, the machine engineering industry of the country continues to believe in a positive economic climate. The military personnel had indeed tried a coup against the government on 15 July 2016. The Turkish Machinery Federation condemns it as informed by the export promotion agency of Turkish Machinery. Yet the numbers add up as before:
Compared to the total production in machine engineering, which has recorded an increase of almost 3 % in the first quarter of 2016, exports during the same period have gone up from 4 % to a total of 6.8 billion dollars as reported by the union. Germany, USA and UK are the major exporters of Turkish machinery manufacturers. As compared to the recent years, the exports to Germany have increased by 6.3 % and 9.9 % in USA.
Large German corporations stick to investment plans in Turkey
Foreign investments in Turkey are said to have grown positively in the first two quarters of 2016. More specifically, German companies such as Bosch, Metro and Siemens had recently reinforced the continuation of their strategic investment plans in the country.
The Turkish economy has already proved to be resistant in times of global and domestic turbulences in the past. Its policy makers have emphasised that all the measures adopted (medium-term economic strategy of Turkey) before the recent events will be continued without any change and in addition to it, further investment and stimulus packages will be developed. The sustenance of our supply chains, starting with raw materials up to delivery of finished goods, is also ensured in future and will be adhered to.
Turkish Central Bank and Treasury ensure solid economic base
After the coup attempt, the Turkish Central Bank and Treasury have initiated appropriate fiscal and monetary measures without any delay to resist potential adverse scenarios on the financial market and to also secure a solid macroeconomic basis. The Turkish banks are said to be stable and the exchange rate is fluctuating in the usual tolerance range.
This article appeared in www.maschinenmarkt.international.