Vice President Cevdet Yılmaz Addresses Inflation Concerns

Vice President Cevdet Yılmaz recently addressed an industrial insurance and solution proposals program in Turkey, offering his optimistic views about the state of the economy and plans for the future. Yılmaz was joined by Deputy Minister of Treasury and Finance Osman Çelik and Istanbul Chamber of Industry (ISO) Chairman Erdal Bahçıvan in addressing the audience at the hotel in Şişli.

Yılmaz discussed the government’s efforts to balance growth at the macro level, reduce inflation, minimize reliance on imports and ensure a long-term decrease in current accounts. He expressed confidence in the gradual decrease of inflation in the months ahead, projecting an annual decline from the middle of the year.

The Vice President went on to praise the Istanbul Chamber of Industry, calling it one of the strongest representatives of the Turkish industry since its establishment. He discussed the development of policy documents to reduce uncertainty in the economy, attributing it to strong leadership from President Recep Tayyip Erdoğan.

Furthermore, Yılmaz emphasized the industrial sector’s significant role in the growth of Turkey’s economy, with the industry growing by 6.1 percent during a time when the national economy increased by an average of 5.4 percent annually between 2003 and 2022.

Looking ahead, Yılmaz expressed plans to transition towards a high value-added production structure in key sectors as part of a long-term vision to elevate Turkey’s status as a major global industrial player.

With respect to the future of the insurance industry in Turkey, Yılmaz highlighted the importance of insurance in the economy and emphasized the need for more efforts to propel the industry further. Stressing the importance of insurance for businesses, he called for increased awareness of risk assessment and more proactive measures to encourage the adoption of insurance tools in the real sector.

In closing, Yılmaz outlined plans to complete the disaster risk analyses of critical infrastructures in the Marmara region, underscoring the priority of protecting and insuring industrial facilities.

The event concluded with a sense of optimism in the air, with government officials, industry representatives, and financial experts committed to achieving a more stable, prosperous, and resilient industrial sector in Turkey.

 

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