Turkey will be new normal global production hub: VP

As the world emerges from the novel coronavirus pandemic in the period of "new normal" Turkey will be an alternative global power in production, the country's vice president said on June 3. 

In a virtual conference held by the Turkish Industry and Business Association (TÜSİAD), Fuat Oktay called on business circles to enter into partnerships with international companies to make Turkey a hub in various sectors.

Citing a report from the World Economic Forum, Oktay said that despite an expected prolonged global recession, Turkey distinguished itself through its fiscal discipline infrastructure, efficient crisis management and uninterrupted industrial activities during the pandemic.

He recalled that Turkey's growth performance was better than any other OECD or G20 country, as well as EU members, with a first-quarter growth rate of 4.5%.

Oktay underlined that the Economic Stability Shield package Turkey launched in March to protect its economy, production capacity and exports from the fallout caused by the coronavirus would help the country keep growing.

The value of the relief package has reached 260 billion Turkish liras ($38 billion) so far- equivalent to 5% of the country's GDP- and the total short-term employment allowance the country has provided so far has reached 5.1 billion Turkish Liras ($750 million) for more than 3 million workers.

Under the allowance to bail out firms amid the coronavirus lockdown, the government paid 60% of staff salaries for a period of three months.

Oktay said the effects of the support package was reflected in economic data such as exports, which posted a month-on-month rise in May.

"We're determined to protect domestic industry against import pressures with all our policies," he...