[Congressional Record (Bound Edition), Volume 154 (2008), Part 1] [House] [Pages 306-307] [From the U.S. 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 Guel, 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 [[Page 307]] 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. 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. ____________________