COVID-19 to boost demand for Turkish products globally
BY ANADOLU AGENCY
ISTANBUL
ECONOMY
JUN 01, 2020 2:33 PM GMT+3
Turkish conglomerate Fiba Holding head and chairman of Foreign Economic Relations Board's (DEİK) Turkey-Netherlands Business Council Murat Özyeğin.
The demand for Turkish goods will continue to grow globally, day after day during the pandemic, Murat Özyeğin, the head of Turkish conglomerate Fiba Holding, said Monday.
European countries will turn to closer-distance alternatives and reliable countries such as Turkey, said Özyeğin, also the chairman of the Foreign Economic Relations Board's (DEİK) Turkey-Netherlands Business Council.
"As in many countries of the world, as a result of this (pandemic) process, the trend of diversifying supplier countries will also rise in the Netherlands," he noted.
After the COVID-19 pandemic, which first appeared in China last December, several sectors were affected by measures to stem the spread of the virus. Several manufacturing firms in the developed countries faced supply shortages due to the closed factories in China.
"The pandemic showed that the dependence on one country, China, within the global supply chain poses severe risks," Özyeğin stressed.
He reminded that Turkey and the Netherlands' bilateral trade volume has been expanding every year. In the first four months of 2020, Turkey's exports to the country amounted to $1.7 billion while imports from the Netherlands totaled $1.2 billion.
Last year, the bilateral trade was around $9 billion – $5.8 billion exports and $3.2 billion imports, official figures showed.
The Netherlands is one of the largest investor countries in Turkey, with 16% or $25.5 billion of the total $160.6 billion foreign direct investments in the last 18 years. Turkey's foreign investments in the Netherlands totaled $13.8 billion over the same period.
Among the largest 20 world economies, in terms of gross domestic product (GDP), the Netherlands is 17th and Turkey is 18th, Özyeğin recalled. Increasing cooperation with the Netherlands will be beneficial for both the countries, he noted.
https://www.dailysabah.com/business/economy/covid-19-to-boost-demand-for-turkish-products-globally
Turkey's drug agency becomes ICH regulatory member
BY DAILY SABAH
ISTANBUL
BUSINESS
JUN 02, 2020 2:44 PM GMT+3
A researcher works in the laboratory of the Amsterdam UMC, in Amsterdam, the Netherlands, May 28, 2020. (AFP Photo)
Turkey officially became a regulatory member of the International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human Use (ICH) by a unanimous vote in May, the country’s Health Ministry announced.
According to a statement released by the ministry Tuesday, Turkey’s Drug and Medical Device Agency (TITCK) has been admitted as the group’s 17th regulatory member by a unanimous vote held on May 27, three years after having an observer role.
Other members include the European Commission, the U.S. Food and Drug Administration (FDA), Japan’s Pharmaceuticals and Medical Devices Agency (PMDA), South Korean Ministry of Food and Drug Safety, and China’s Food and Drug Administration (CFDA).
The ministry also expects the membership to have a positive impact on the country’s medical exports.
The statement said the ICH admission meant Turkey would play a greater role in drug development and production processes and in the global pharmaceutical industry. Being a regulatory member of the ICH also demonstrates that licensed medical and pharmaceutical products developed in Turkey meet the global standards, the statement said.
Founded in 1990, the ICH is a platform bringing European, Japanese and American regulatory authorities and pharmaceutical industries together to set drug regulatory guidelines and global standards for drug reviews.
https://www.dailysabah.com/business/turkeys-drug-agency-becomes-ich-regulatory-member/news
Turkey's exports hit $10B in May
Turkey leaving worst behind as recovery begins, says trade minister
Tuba Şahin |02.06.2020
ANKARA
Turkey's exports hit $10 billion this May in the shadow of the coronavirus pandemic, down 40.9% from the same month last year, according to preliminary Trade Ministry data released Tuesday.
Commenting on the figures, Trade Minister Ruhsar Pekcan said Turkish exports in May rose 10.8% month-on-month while falling on an annual basis due to lower external demand, high-base effects in 2019, and bank holidays.
"Turkey left the worst behind with the May export figures, recovery begins," Pekcan said on Twitter.
The country's imports also narrowed by 27.7% to $13.4 billion in the same period, the data showed.
She stressed that intermediate and investment goods imports constituted 91.2% of the total, pointing to a rise in production and exports for the coming period.
Pekcan said that the export/import coverage ratio climbed to 74.3%, up from 66.3% in May 2019.
Turkey last month saw a nearly 34% annual decline in the foreign trade volume to $23.4 billion, according to the data.
May's foreign trade deficit was more than double the deficit in the same month last year, reaching $3.4 billion.
"Our exports on a working-day basis in May surged 28.5% compared to April, hitting $540.5 million," Pekcan added.
Exports to the EU, the country's main export market, soared 17.3% on a monthly basis in May, she noted.
Stating that the economy's main locomotive sectors saw a revival in exports compared to a month earlier, Pekcan said automotive exports jumped 95.5%, ready-wear exports rose 45.5%, and textile and defense exports climbed 35.5% and 33.9%, respectively.
https://www.aa.com.tr/en/economy/turkeys-exports-hit-10b-in-may/1861874
