International investors are looking positively at the latest economic reforms in Turkey, according to Turkish Deputy Prime Minister for Economic Affairs Mehmet Simsek, who indicated that the reforms along with snap presidential and parliamentary elections in June will increase capital flow to the country.
Speaking at the Spring Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, Simsek said he has met with 100 international investors.
"I have had the opportunity to brief investors on the Turkish economy and the reforms planned after the early elections scheduled for June 24," he indicated.
During his visit to Washington, Simsek also met with German Finance Minister Olaf Schulz and US Treasury Secretary Steven Mnuchin, with whom discussions focused on iron, steel and aluminum tax.
"We explained to the US Treasury Secretary, according to a Turkish Ministry of Economy plan on our trade relations with the US, that iron and steel products coming from China to the United States could not pass through Turkey," he said.
The Deputy PM also met with WBG President Jim Yong Kim and discussed recent studies on Human Development Index (HDI), lauding the Group's support to Turkey.
Simsek described the coming June 24 elections as a "positive" decision that reflected well on the economy and market response. He pointed out that early polls will provide an opportunity for major structural reforms, focusing on strengthening them rather than waiting a year and a half to achieve this goal.
Early polls would also be a powerful tool for a new five-year stage during which many of the problems facing the country would be solved.
Addressing recent economic reforms carried out by the Turkish government, Simsek said in an interview with the Anadolu news agency that global investors see the reforms as positive, especially that they are aimed at improving Turkey's investment climate.
Deficit in the first quarter of the year was about $5 billion, as the inflation rate was at 12 percent, amid a decline in confidence in the economy and the continued collapse of the Turkish Lira.
He pointed out that the deficit in terms of Turkey's gross domestic product reached about 0.5 percent, excluding oil and gold imports.
Simsek believes that factors, which negatively affect the Turkish economy, will not last long, stressing that the tourism sector is experiencing a strong recovery.
Last week, Firuz Baglikaya, the vice president of the Federation of Turkish travel agencies, said the country aims to attract 40 million tourists, with revenues exceeding $30 billion by 2018.
Last year, Turkey received 32.4 million tourists, with revenues of about $26 billion, according to official figures.
