New head of Turkey's top business group stresses importance of rule of law in the face of economic problems

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Businessperson Orhan Turan has been elected the new head of the Turkish Industry and Business Association (TÜSİAD) at the group's 52nd general meeting today (March 29).

Giving the opening speech of the meeting, TÜSİAD High Advisory Board Chair Tuncay Özilhan said, "I'm looking at the last 15 years. The 2008 crisis, the Covid-19 pandemic, the climate crisis and now, the Ukraine crisis... We face a brand new crisis just as we think the worst is behind us ... Constant crises, uncertainty and unpredictability have become our new normal."

Amid the Ukraine crisis, Özilhan said, "The problem we are now facing is stagflation. Because both the slowdown in production and the increase in prices are inevitable. Price increases and supply problems in energy, food and other basic goods will affect Europe and us negatively the most.

"Increases in energy, wheat and fertilizer prices will make it difficult to reverse the inflationary trend. Increasing oil and natural gas prices will increase our import bill.

"All these channels will create an additional burden on the current account deficit and put pressure on the value of the lira. The depreciation of the lira will also strengthen the inflationary pressure on imported input prices."

The most important step to be taken in the face of all these problems is improving fundamental rights and freedoms, rule of law, the justice system and separation of powers, according to Özilhan.

The new TÜSİAD chair agreed with Özilhan, emphasizing the importance of a participatory democracy, a secular state of law and social welfare in his speech following his election.

"A strong rule of law and strong democracy are the basis for a fair, prosperous and happy life for societies.

"As TÜSİAD, we will continue to emphasize the vital importance of the rule of law, independence of the judiciary and freedoms for Turkey.

"We will continue to represent the Turkish business world on global platforms with the strong international networks of TÜSİAD in this process where the balances in international relations have changed again." (HA/VK)