[Congressional Record Volume 154, Number 6 (Wednesday, January 16, 2008)]
[House]
[Pages H275-H276]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              STRATEGIC IMPORTANCE OF THE NATION OF TURKEY

  (Ms. FOXX asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. FOXX. Mr. Speaker, as the global war on terror continues, it is 
more important than ever that our Nation secures strategic partners in 
fighting the scourge of radical Islamic terrorism. The nation of Turkey 
is just such an ally. It has proven to be a committed ally in the fight 
for freedom and democracy. Turkey has worked side by side with the 
United States to make strides in our struggle against the forces of 
terror.
  Turkey is also a nation that is in the midst of a tremendous 
political and economic transformation. Its economy has seen almost 
unprecedented economic growth in recent years, and is a shining example 
of the power of the market to spur investment, raise living standards 
and promote stability.
  During Turkish President Abdullah Gul's visit to Washington this 
month, I had the privilege to meet with him and hear his speech to the 
American Turkish Council about the economic and democratic promise his 
nation holds. He told the story of Turkey's remarkable growth and 
reforms over the past few years. Turkey's successes are a story of the 
power of freedom, democracy and economic growth.
  Turkey is an important ally that will play a strategic role in the 
future peace and prosperity of a volatile region. It is more important 
than ever that we hear the voices of Turkish leaders and understand 
their visions for Turkey's future.

  Speech Delivered by H.E. Abdullah Gul, President of the Republic of 
                       Turkey, on January 9, 2008

       Distinguished guests, ladies and gentlemen, it is a 
     pleasure for me to address such a distinguished audience.
       At the outset, I would like to thank American-Turkish 
     Council for providing me with such an opportunity.
       I would also like to thank the Council and its members for 
     their invaluable contributions for advancing the economic and 
     commercial ties between Turkey and the United States. I 
     expect ATC to continue its efforts in this regard.
       Turkey and the United States have been enjoying a robust 
     partnership of a strategic nature. This solidarity is 
     important not only for our two nations. It is also important 
     for preserving peace, security and stability in a wide 
     geography.
       Yesterday, in the White House, President Bush and I have 
     confirmed our commitment to consolidate this valuable 
     relationship.
       Ladies and gentlemen, since the end of the Cold War, 
     Turkish-American relations have been undergoing a 
     transformation in line with changing global dynamics. Within 
     this context, it is crucial that our trade and economic 
     relations should be elevated to the level of our political 
     and military ties.
       Although our trade volume increased from $6.3 billion to 
     $11 billion in 2006, these figures are still far from 
     reflecting the potential of our two countries. Already 
     numerous business relations exist between our two nations. 
     But there is a vast and still growing opportunity for so many 
     more.
       As members of the business and investment community, your 
     contributions to this goal will be invaluable.
       Today, I will briefly dwell on Turkey's European Union bid, 
     recent economic transformation, the near-term outlook for the 
     Turkish economy and Turkey's main focus areas for the coming 
     years.
       I would like to start with Turkey's relations with the 
     European Union. Turkey's accession process is critically 
     important for us.
       We are fully committed to doing all that takes to become an 
     EU member because we believe the steps required are in 
     themselves beneficial to Turkey.
       Turkey's reform efforts are poised to regain momentum. The 
     Program for Alignment with the European Acquis'' envisages 
     the completion of our harmonization process by 2013. We 
     appreciate the continued strong support of the U.S. 
     Administrations for our E.U. bid.
       Thanks to economic and political reforms of the past few 
     years, the Turkish economy has experienced its fastest 
     sustained growth in more than 80 years.
       Despite the recent slowdown, the medium outlook for growth 
     remains strong. Turkey is already the 6th largest economy in 
     Europe and 17th in the world. Our GDP was about half a 
     trillion U.S. Dollars in 2007.
       The target is to make Turkey the world's 11th largest 
     economy by the year 2023. Foreign direct investments have 
     averaged to a mere one billion US dollars per year during the 
     1980-2002 period. This figure has jumped to 10 billion in 
     2005, 20 billion in 2006, and around 20 billion US dollars 
     last year.
       The United States ranks fourth among the countries that 
     invest in Turkey. In 2006, American companies invested 
     approximately five billion Dollars in Turkey. An increase in 
     this figure in the coming years will allow American companies 
     to make use of Turkey's potential.

[[Page H276]]

       The boom in FDI inflows is no accident. It reflects the 
     improvement in Turkey's business climate and its growth 
     potential. In World Bank's ``Doing Business Survey'', Turkey 
     has jumped from 91st to 57th place. Turkey's main focus areas 
     over the coming years will be:
       (1) implementing the social security reform and introducing 
     a universal health insurance scheme,
       (2) streamlining and liberalizing the energy sector, while 
     ensuring supply security,
       (3) accelerating privatization with key companies on the 
     agenda,
       (4) enhancing the labor market and mitigating the financial 
     and non-financial costs on registered employment,
       (5) fighting effectively against the informality,
       (6) improving the intermediation role of the financial 
     sector.
       I believe, undertaking these reforms will pave the way for 
     a more competitive and more efficient business environment in 
     Turkey. I would also like to remind you that the economic and 
     political reform process in Turkey have gone hand in hand. I 
     am confident that they will proceed hand in hand.
       Ladies and gentlemen, a few years ago, we only had a road 
     map. Today, we have results.
       Turkey has made significant progress in achieving economic 
     and financial stability over the past few years. We are 
     committed to preserving the gains and building on the 
     success. Turkey is a land of opportunities and we are open 
     for business.
       I firmly believe that Turkey provides ample opportunities 
     to reach out to Eurasia and the Middle East. Both Turkish and 
     American private sector entities should consider joint 
     investment and business opportunities that they can 
     successfully embark upon in different regions.
       Turkey's close historic, cultural and social ties with the 
     Balkans, South Caucasus and the Central Asia could provide 
     comparative advantages to these joint ventures.
       Cooperation on energy will bring a new strategic dimension 
     to our bilateral relations. Such cooperation will also help 
     in further deepening of Turkish-American relations.
       To the extent American companies invest in technology in 
     Turkey, their contributions for peace and stability in the 
     region will grow.
       Turkey has a flourishing economy. As Turkish economy grows, 
     the opportunities it presents grow as well. I trust that 
     businessmen such as yourselves will seize these 
     opportunities, thereby enabling our economic and trade 
     relations to develop further and for our bilateral ties to 
     become even closer.
       Thank you.

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