Turkish Treasury and Finance Minister Mehmet Şimşek said on Wednesday that the war in the Middle East would create opportunities for Turkey by forcing supply chains to diversify and opening new trade corridors.
Şimşek was speaking at a reception in London marking the 20th anniversary of the Presidency Investment and Finance Office.
“We are part of the Middle Corridor and are investing in regional connectivity,” Şimşek said, according to the state-run Anadolu news agency. He said the war would lead to supply chains being “rethought” and diversified, would result in new trade corridors and would also accelerate the green and digital transitions, creating “important opportunities.”
Şimşek also told guests at the Turkish Embassy residence in London that Turkey was again becoming an attractive center for global talent and capital, despite what he described as a difficult global environment. He said Ankara would keep implementing its economic program aimed at lowering inflation, improving the current account balance and boosting competitiveness.
His remarks came as Turkish officials were in London meeting with investors amid concerns over the economic fallout from the Iran war, which has pushed up oil prices and added pressure on Turkey’s economy. Şimşek and Central Bank Governor Fatih Karahan were set to reassure investors that Ankara remained committed to its disinflation program despite the conflict.
Turkey has been among the countries hit by the broader economic shock from the war. Reuters reported last week that the World Bank was preparing support for countries affected by rising energy costs and supply disruptions tied to the conflict, underscoring the scale of the risks even as Şimşek cast the upheaval as a chance for Turkey to strengthen its role in regional trade and production networks.