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Turkish economy chief in London for series of investor meetings

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Türkiye’s economy chief on Wednesday arrived in London for a series of investor meetings, continuing diplomacy to pitch the country’s yearlong policy pivot that seeks to attract foreign capital.

Treasury and Finance Minister Mehmet Şimşek will engage with hundreds of investors during sessions organized by JPMorgan, Deutsche Bank and Dome Group.

The meetings that were to begin on Wednesday will extend through Friday, Anadolu Agency (AA) reported. The talks follow Şimşek’s visit to the British capital last October.

Türkiye has been seeking to court investors after it started reversing years of loose policy following the general and presidential elections last May.

It has been pursuing efforts to rein in elevated inflation, curb budget and current account deficits, and rebuild foreign exchange reserves.

The government is encouraged by a sharp decline in the cost of insurance against a sovereign default, alongside outlook upgrades and positive comments from rating agencies.

Şimşek has repeatedly said Türkiye’s monetary policy is fully functional and the policy mix going forward will be more supportive, but more time is needed to see its effects and convince society at large.

He has insisted that tackling inflation remains the top priority, as are enhancing competitiveness, boosting productivity and improving the investment climate.

The country’s central bank delivered aggressive monetary tightening to cool growth in price gains, which remains the biggest challenge for authorities.

Inflation reached an annual 75% in May, which is said to mark the peak before a series of interest rate hikes and a relatively stable Turkish lira bring relief.

Since June last year, the central bank has gradually lifted its benchmark policy rate to 50% from 8.5% and has said it would “do whatever it takes” to prevent the inflation outlook from deteriorating.

During the London diplomacy, Şimşek will meet with portfolio investors, major global investment funds and credit rating agencies.

He will also participate in the London Conference, a prestigious event hosted by Chatham House, one of the world’s leading think tanks, where he will discuss recent developments in the Turkish economy and outline the country’s economic program.

Since assuming office, Şimşek has been active in promoting Türkiye’s economic program and investment opportunities across Europe, the Middle East and the United States.

During the London visit, Şimşek is expected to try to reinforce confidence in the government’s economic policies and highlight the country’s commitment to structural reforms and stability.



Read More: Turkish economy chief in London for series of investor meetings

2024-06-19 12:51:09

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