New York:Strategic cooperation between Ankara and Washington is broadening across multiple sectors, President Recep Tayyip Erdogan announced on Wednesday. He emphasized Trkiye's intention to transform political alignment into stronger economic ties.
According to Anadolu Agency, Erdogan addressed businesspeople at the Trkiye-US Business Council meeting held at the Turkish House in New York. He expressed gratitude to the American Chamber of Commerce, business councils, and the Foreign Economic Relations Board (DEIK) for organizing the event.
Erdogan revealed that Trkiye and the US have recently concluded significant agreements in critical sectors such as energy and aviation. He stressed the need to mirror the political harmony achieved with the US in economic and trade relations, highlighting substantial potential for further cooperation.
The US now leads as Trkiye's primary LNG supplier, positioning Trkiye among the top European countries utilizing American energy resources. Erdogan stated the aim to extend this cooperation to the entire energy sector, including nuclear energy.
He argued for a strategic economic cooperation model with Trkiye as the global economic order evolves. Responding to inquiries about Trkiye's economic program, Erdogan outlined its four main pillars: price stability, fiscal discipline, a sustainable external balance, and structural transformation. Despite regional conflicts, Trkiye has made visible progress in these areas over the past year.
Erdogan pointed out that core goods inflation and rent inflation have reached their lowest levels in years. He projected an end-of-year inflation rate of around 28%, expecting 2027 to be stronger in terms of disinflation.
Trkiye maintains a solid position in fiscal discipline, with tax reductions introduced to shield citizens and the real sector from rising fuel prices. Erdogan reported a budget deficit forecast of 3.1% of GDP by year's end, significantly lower than comparable countries. He also noted Trkiye's low public debt, under 22% of GDP, compared to an average of 78% in developing countries.
Despite elevated energy prices, Trkiye's current-account deficit and external debt indicators remain below their 20-year averages. Erdogan highlighted Trkiye's focus on productivity and structural transformation, aiming for a green transformation agenda with infrastructure investments in digital transformation and artificial intelligence.
Erdogan emphasized Trkiye's pursuit of economic resilience, productivity, and security, underscoring its role as a central player in reshaping global supply chains and energy routes. He pointed out new opportunities for Turkish companies in regional reconstruction efforts and the growing significance of defense and advanced technology sectors. With its NATO-standard defense industry, Trkiye is poised to contribute to the supply security of its allies.