Finance minister: Türkiye's economy resilient amid global uncertainty

Turkish Finance Minister Mehmet Simsek has asserted that the national economy remains resilient in the face of global economic volatility and uncertainty. Addressing a conference for emerging market economies in Saudi Arabia on Monday, Simsek credited Türkiye's trade pacts, service exports, and ongoing reform agenda for providing a crucial buffer during a challenging period for world markets.

Trade Agreements and Services Exports as a Shield

Simsek noted that about 62% of Türkiye's exports benefit from preferential access through the EU Customs Union and free trade agreements with 27 countries, offering partial protection against global trade fragmentation. He emphasized the strength of the services sector, where Türkiye ranks among the world's top 20 and is a global leader in tourism, construction, and media exports. "Services have so far been less affected by protectionism than goods," Simsek stated, highlighting the sector's high value and job creation potential.

Strategic Investments in AI, Energy, and Connectivity

Looking forward, the minister outlined strategic priorities, including significant investment in artificial intelligence, human capital development, and education. He also underscored Türkiye's critical geographical position, describing work on new trade routes linking the Gulf to global markets via the nation's infrastructure. Energy security is a parallel focus, with plans to build two or three additional nuclear power plants in the coming decades to meet rising demand, partly driven by AI expansion.

Positioning on the Middle Corridor

Simsek framed connectivity as central to Türkiye's economic strategy, positioning the country as a key hub on the transcontinental Middle Corridor from Beijing to London. This focus on regional integration and building new trade corridors aims to solidify Türkiye's role as a logistical and energy bridge, enhancing its economic resilience amid a complex global landscape.