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Trade Minister Bolat gives green light to exporters

Trade Minister Ömer Bolat convened with business leaders at an event, discussing the current state of exports, inflation, and the economy.

Trade Minister Bolat gives green light to exporters

Speaking at the 30th anniversary event of the Merter Industrialists and Businesspeople Association (MESİAD), Minister Bolat made a significant announcement for exporters. He revealed that the daily limit for export rediscount loans at Eximbank and commercial banks had been increased tenfold to 3 billion Turkish Liras. Bolat also hinted that another positive announcement would be coming next week.

Minister Bolat emphasized the importance of being present in the field and maintaining close communication with all relevant sectors since he took office 16 months ago. He acknowledged the textile and garment sector's struggles over the past year due to a global market contraction, but stressed that the Ministry has been working closely with the sector throughout this period.

The Importance of Textiles and Apparel in the Turkish Economy

In his speech, Minister Bolat emphasized that the textile and apparel sector is one of the cornerstones of Türkiye's industry. He highlighted that this sector, with its history stretching back to the Ottoman era, experienced a significant surge, particularly in the 1980s. Bolat stated that Türkiye has become a production and export hub for the textile sector, overtaking countries like Germany, France, and Italy in terms of leadership in this field. He pointed out that Türkiye generates USD 37-38 billion in textile and ready-made garment exports, emphasizing that there is still much potential to be unlocked in this area.

"Declining Domestic Demand Could Slow Sales"

Bolat acknowledged that the global market contraction and Türkiye's inflation-fighting policies could lead to a slowdown in domestic demand. However, he characterized this as a temporary situation and predicted that sales would rebound in the spring with the anticipated decrease in interest rates. Minister Bolat also expressed confidence that the economic slowdown in the US and EU markets is temporary, and that Türkiye's exports are expected to increase as these markets recover.

Green Economy and Sustainable Production Supported

Bolat emphasized the importance of aligning with the green economy in his speech, announcing that the ministry is providing support to companies in this area. He stated that companies adopting green economy practices will receive Eximbank loans and TÜBİTAK grants. Bolat further announced that up to 10 million TL in grants will be available to these companies. He emphasized that green economy and sustainable production programs are a priority, and he expects the textile and ready-made garment sector to take significant steps in this direction.

Targeting Export Growth with New Markets and Trade Show Support

Bolat acknowledged that tensions between the West and Russia have caused some challenges for Turkish exports. However, he emphasized that the search for new markets continues in the face of such fluctuations. The Ministry stands by exporters, he said, noting the increase in export rediscount loan limits and the announcement of a new support package next week. He also announced that they are working to elevate the prestige of trade shows like Texhibition and İFCO, and that support limits for these shows will increase to 70%.

MESİAD President Gürbüz Oruç: "We Will Make Merter the Center of Fashion"

Gürbüz Oruç, Chairman of the Board of Directors of the Merter Industrialists and Businesspeople Association (MESİAD), stated that they are continuing their efforts to make Merter the center of fashion. Oruç pointed out that the nature of trade is changing and that they will focus on producing high-quality products with brand value to keep pace with this transformation.

İTHİB President Ahmet Öksüz: "Textiles and Apparel are Crucial for Türkiye's Economy"

Ahmet Öksüz, President of the Istanbul Textile and Raw Materials Exporters' Association (İTHİB), emphasized the critical importance of the textile and apparel sectors for the Turkish economy. He highlighted that according to 2023 data, these sectors are ranked first in terms of added value and employment, and second in terms of production and turnover. Öksüz stressed the significance of branding and creating innovative narratives, emphasizing that they will continue working to enhance the sector's competitiveness in global markets.

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