TURKISH ECONOMY GROWS 21.7 PERCENT in Q2 2021 Page 3
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ISSUE 91 NEWSLETTER SEPTEMBER’21 invest.gov.tr TURKISH ECONOMY GROWS 21.7 PERCENT IN Q2 2021 Page 3 TURKEY MARKS 99TH PRESIDENT ERDOĞAN ANNIVERSARY OF ATTENDS OPENING CEREMONY OF 26 NEW VICTORY DAY FACTORIES IN ANKARA Page 2 Page 3 PRESIDENT PRESIDENT TURKEY LAUNCHES ERDOĞAN ERDOĞAN SPEAKS NATIONAL AI ADDRESSES AT STRATEGY IDEF’ 21 AT AKINCI UCAV CEREMONY Page 4 Page 5 Page 9 BOEING AND TURKISH HIGLIGHTS OF THE TURKISH AEROSPACE SIGN CONTRACT ENERGY SECTOR TO MANUFACTURE BOEING 737 ENGINE COVER Page 10 Page 11 TRENDYOL BECOMES TURKEY'S WEBINARS FIRST “DECACORN” & EVENTS Page 12 Page 14 NEWSLETTER September’21 NEWSLETTER September’21 Message from TURKEY TURKISH ECONOMY GROWS the Investment MARKS 99TH 21.7 PERCENT IN Q2 2021 Office The Turkish economy’s robust recovery basis, showing that it maintained its On the August 30 Victory Day, Turkey ANNIVERSARY continued apace, with GDP growing by strong growth momentum despite marked the 99th anniversary of its 21.7 percent year-on-year in Q2 2021, Covid-19 lockdowns in May. victory at the Battle of Dumlupınar OF VICTORY DAY marking the country’s highest-ever in 1922. On this historic day, we expansion since 1999 and ranking A close analysis of GDP's activities respectfully commemorated Mustafa President Recep Tayyip Erdoğan second in the world after the UK. indicated that, with the exception Kemal Atatürk, the founder of the attended a ceremony held of stock changes, all components th Republic of Turkey, and gallant soldiers at Anıtkabir to mark the 99 The Turkish Statistical Institute positively contributed to Turkey’s of our military. anniversary of the August 30 (TurkStat) also revised upwards recent economic growth. Private and Crowning our glorious army, President Victory Day. Turkey’s Q1 2021 growth to 7.2 percent government consumption contributed Recep Tayyip Erdoğan attended Laying a wreath to the mausoleum of from 7.0 percent. According to data 13.7 and 0.7 percentage points to the course completion and delivery the Republic's founder Mustafa Kemal released on September 1, GDP at Turkey’s growth respectively, while ceremony of the Bayraktar Akıncı Atatürk, President Erdoğan said, “We current prices reached USD 188,566 investment expenses and net exports’ Unmanned Combat Aerial Vehicle million in Q2 and the Turkish economy contribution stood at 5.4 and 7.0 (Akıncı TİHA), which will help Turkey once again stand here before you on the th expanded by 0.9 percent on a quarterly percentage points respectively. boost its efforts to achieve global 99 anniversary of the Great Victory, one peace, justice, and trust. of the glorious turning points on the path towards our independence. On this historic With the global disruption of the day, we remember you and our gallant coronavirus pandemic now past us, martyrs with grace.” Turkey's economy has been rebounding rapidly and is stronger today than it was After the ceremony, President Erdoğan before. The Turkish economy recorded a 21.7 percent growth in the second received top state officials and chiefs quarter of the year, ranking second in of foreign missions at the Presidential the world. Complex in Ankara. Concordantly, Turkey posted the fastest President Erdoğan also issued a message rise in industrial production in the on the occasion of the August 30 Victory past 10 months during June, rising by Day, saying, “We are happy to celebrate 2.3 percent monthly and 23.9 percent the 99th anniversary of the great victory, annually, while the number of people employed rose a record high to 28.6 which is the cornerstone of our centuries- million, the highest in the last 33 old glorious history. I congratulate our months. nation, the Turkish Cypriots and each one of our citizens living in different countries Furthermore, Turkey's Manufacturing of the world on the August 30 Victory Day. Purchasing Managers' index (PMI) reached a six-month high in July, climbing to 54 from 51.3 in June. President Recep Tayyip Erdoğan bar in economy, manufacturing, PRESIDENT attended the opening ceremony of agriculture and trade, despite the Meanwhile, as a result of the Turkish 26 new factories and infrastructure pandemic conditions.” Emphasizing government's ongoing support, the projects in the Ankara Chamber of that investments, employment, Turkish startup ecosystem continues to ERDOĞAN Industry’s Second Organized Industrial manufacturing and exports are draw significant investments. Trendyol Zone. prioritized in Turkey’s agenda, President became the first Turkish technology ATTENDS Erdoğan added, “The entire world is company to be defined as a "decacorn" During his address at the inauguration currently faced with uncertainties. with a valuation of USD 16.5 billion in ceremony, President Erdoğan said, There are disruptions in global supply addition to Turkey's "billion-dollar club" OPENING “A total of TRY 1.6 billion has been chains. The commercial life in many invested in these factories where countries has virtually come to a halt. members of Getir, Peak Games, Dream 1,670 people will be employed. We The Turkish business community, Games, and Hepsiburada. CEREMONY OF 26 have always stood by our investors by on the other hand, is pushing ahead providing them with a wide range of with new investments. I would like NEW FACTORIES supports and incentives.” to thank each and every one of our industrialists for their investments President Erdoğan stated, which demonstrate their confidence in A. Burak DAĞLIOĞLU IN ANKARA “Turkey never ceases to raise the the Turkish economy.” President, Investment Off ice 2 3 NEWSLETTER September’21 NEWSLETTER September’21 PRESIDENT ERDOĞAN PRESIDENT ERDOĞAN SPEAKS ADDRESSES AT IDEF’ 21 AT AKINCI UCAV CEREMONY President Recep Tayyip Erdoğan alliance, develop our national defense delivered a speech at the opening industry, the more we will contribute to ceremony of the 15th International the regional and global peace.” Defence Industry Fair (IDEF'21) held at the TÜYAP Fair and Congress Center in 1,236 companies and representatives President Recep Tayyip Erdoğan President Erdoğan congratulated Istanbul. took part in the four-day event delivered a speech at course completion everyone who contributed to the organized under the auspices of the and delivery ceremony of Bayraktar design, development and production of In his address, President Erdoğan Presidency of the Republic of Turkey emphasized Turkey was delighted in coordination with the Ministry of Akıncı Unmanned Combat Aerial the Akıncı UCAV, earning Turkey a place to share with its allies all the means National Defense, the Presidency Vehicle (Akıncı UCAV) developed by among the first three countries to have and skills it has gained in the defense of Defense Industries (SSB) and the Turkish drone manufacturer Baykar this technology. industry, adding, "We believe that Turkish Armed Forces Foundation Makina. the more we, as a leading member of (TSKGV). President Erdoğan also expressed NATO, the world’s greatest defense In his address at the Tekirdağ facility of confidence that the Akıncı will help Baykar, President Erdoğan underlined Turkey boost its efforts to achieve that Akıncı UCAV is the new symbol of global peace, justice, and trust, saying, TURKEY LAUNCHES Turkey’s engineering prowess and the “In Turkey, our principle is to use every new token of our independence in the technology we develop for the benefit sky, adding, “Our defense industry has of the entire humanity. We act with MILGEM-CLASS CORVETTE played the leading part in the success the same perspective and feelings in story Turkey wrote in the past 19 years. defense industry as well.” FOR PAKISTAN NAVY The level we have reached in UCAV technologies symbolizes the success of our globally recognized defense industry capabilities.” The first MILGEM-class (National Ship between the two countries in the Project) corvette built in Turkey for defense industry to reflect on our the Pakistan Navy, PNS Babur, was trade relations as well,” said President launched in a ceremony honored by Erdoğan at the ceremony, adding that President Recep Tayyip Erdoğan on Turkey and Pakistan have expanded August 15. their cooperation in the defense industry. “We want our strong relations with Pakistan and the collaboration 4 5 NEWSLETTER September’21 NEWSLETTER September’21 INDUSTRIAL PRODUCTION IN TURKISH ECONOMY RALLIES ON TURKEY AT HIGHEST LEVEL OF THE BACK OF STRONGER GROWTH LAST 10 MONTHS PERFORMANCE AND STRUCTURAL INDUSTRIAL PRODUCTION IN TURKEY INDICATORS (monthly % change) Treasury and Finance Minister Lütfi Elvan said at the meeting where he 5 met with the business world, "We expect a growth of over 8 percent for 4 2021 unless there is an external shock 3 2.3 related to the epidemic." Minister 2 1.6 1.5 Elvan added that they are committed 1 to preserving the central government 0 budget deficit to national revenue ratio at 3.5 percent, saying, "There is not the -1 slightest hesitation in this subject. Our Jan’21 Oct’20 Feb’21 Apr’21 Sep’20 Dec’20 Mar’21 Nov’20 June’21 May’21 top priority is to reverse the inflation trend as soon as possible. Inflation “Low government deficits and debt, Source: TurkStat trend will decrease in the last quarter stronger growth performance and of the year." structural indicators, such as GDP per The Turkish economy continues to of the last 10 months climbing up by capita and human development” were experience a robust recovery in the 2.3 percent monthly and 23.9 percent In its recent review, Fitch Ratings lined up as the upsides of the Turkish aftermath of the novel coronavirus annually in June 2021 compared to increased its growth forecast for Turkey economy. pandemic. market estimates of 2.1 percent and to 7.9 percent for 2021 from 6.3 percent 21.7 percent, respectively. in its June assessment, due to the Fitch has affirmed Turkey's rating at “BB-” with a “Stable” outlook in the The Turkish Statistical Institute remarkable performance in the first latest assessment.