Isbank CEO: Turkey can weather weak demand from the eurozone
Adnan Bali exclusively tells Euromoney that Turkey is able to compensate for weaker export demand from the eurozone
The chief executive of Isbank in Turkey has told Euromoney that despite the sovereign debt crisis not showing any signs abating and therefore weakening demand from its European trading partners, Turkey can take some comfort in a generally reduced dependence on Europe as a target for exports.
“The relation between the economic growth in the euro area and the change in Turkey’s exports has become weaker,” says Adnan Bali, chief executive of Isbank. “[However], Turkey has the ability to compensate for the weak demand from the euro area.”
In 2000, the share of total exports for the largest 10 export destinations, including the US and Germany, was 62.4%; by 2011 it had fallen to 49.6%. While Europe remains an important trading partner for Turkey, other countries’ stature has increased.
Iraq, the UAE and Russia are all being targeted for export growth.