Nuyens: I expect a very good future outlook for Turkey’s economy

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Director General of the International Banking Federation (IBFed), Hedwige Nuyens, expected a very good future outlook for the Turkish economy in the near future.

This came in an interview on the sidelines of the International Arab Banking Summit, which was recently organized by the Union of Arab Banks in Istanbul under the patronage of Turkish President Recep Tayyip Erdogan.

Nuyens explained that the International Banking Union is closely following developments currently occurring in the economic, financial and banking sectors in Turkey.

In this regard, she said: “There is a change in the Turkish economy. We expect a very good vision for the Turkish economy soon. We, the bankers, want to be part of this.”

She continued: “All Turkish banks work very closely with the Central Bank and political authorities to ensure society’s ability to confront inflation rates and rising prices.”

She added: “We are witnessing some successes. There is a trend towards greater confidence that there will be stability in the economy.”

She stated that Turkey was able to attract very strong international banks and foreign companies, noting in this context the existence of very successful joint initiatives between foreign banks and their Turkish counterparts.

She explained: “Therefore, I believe that Turkey has achieved great success and has actually increased its cooperation at the international level, especially with the Arab world.”

Nuyens pointed out that the Istanbul Financial Center will play an effective role in increasing the city’s importance in the financial sector.

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She added: “Turkey has a unique advantage, which is its geographical location between the east and the west. There are many countries north and south of Turkey, some of which are economically advanced and others emerging or developing. This is important for Turkey and I believe it will strengthen the country’s economy.”

Nuyens stated that Turkey has great potential, due to its large number of young people and low unemployment rates.

She continued: “Turkey’s prospects remain positive. I think we should all think about continuing to invest in Turkey and cooperate with it more.”

The Director General of the International Banking Union confirmed that the Arab world is closely following Turkey.

She added: “When Turkey does a good job, the opportunities for cooperation with Arab countries increase. Of course, there is still a lot of uncertainty, but the economy is gaining confidence, so I think we should be confident in ourselves in the next few years.”

Nuyens explained that the banking sector in the world is on the verge of a major shift towards focusing on sustainability rather than growth, which forms a strong foundation for economies.

She continued: “This means that we need to look not only at growth but also at how to address climate change and the demographic decline that we will witness in the coming years.”

Nuyens pointed out the importance of finding common interests in cooperation between Turkey and the United Kingdom in the banking and financial sector.

She continued: “The important point is to know how cooperation can be beneficial to both parties. Turkey is an open economy and has always been a reliable partner of both Britain and the European Union. We should just focus on cooperation and what we can do together. “I think we have a big role to play as bankers in this regard.”