Success Amid Global Crises

President Recep Tayyip Erdoğan addressed Tuesday the Contractors Association Award Ceremony held in the capital Ankara congratulating the 42 companies that entered the 250 most prominent international firms list of 2022.

“It is a great success for our contracting and consultancy companies to be included in the list with such high figures at a time when global crises are ravaging the whole world, including developed countries,” Erdoğan said highlighting the potential of the sector.

Economic Agenda and Macroeconomic Strength

Pointing out the decisions undertaken in the economic agenda, Erdoğan said: “We are implementing programs that will strengthen the macroeconomy. We are working hard to alleviate the cost of living issue. I believe that we will get a result on this matter in a short time.”

Since the May elections, President Erdoğan’s government orchestrated a U-turn away from policies based on interest rate cuts that had been accompanied by a steep fall in the Turkish lira and soaring inflation. The naming of Mehmet Şimşek as economy minister and Hafize Gaye Erken as central bank governor signaled a return to more orthodox policies, centered around monetary stimulus and interest rate hikes to combat inflation, stabilize the volatility in the Turkish lira and rebuild foreign exchange reserves.

Upcoming Structural Reform Agenda

The country is also planning to unveil a structural reform agenda in September, along with its new medium-term economic program (MTP).

“As in every field, I have no doubt that our country deserves much more than its potential in the contractor sector,” he further said, adding that the infrastructure moves that Türkiye has made in recent years have brought “our contractors forward in the global competition.”

Conveying his gratitude for the contractors’ contribution to the development of Türkiye, he aimed for the sector to continue its growth by undertaking more large-scale and quality projects in the future. “I believe that as of next year, many more of our companies will be on these lists and represent our country,” he said.