Catalog

Best of Both Worlds
ADB Review [ August 2005 ]

ADB can draw on Turkey’s experience in working with economies in transition in Asia and the Pacific

By Graham Dwyer, (gdwyer@adb.org)
External Relations Specialist

Turkey can play an important role as a conduit for sharing Europe’s experiences and knowledge with Asia and the Pacific on regional integration, Asian Development Bank (ADB) President Haruhiko Kuroda told a seminar in Istanbul.

“While the drivers of economic integration in Asia are different than those in Europe, the European Union nevertheless has many lessons that Asia can draw on in fostering regional integration,” Mr. Kuroda said.

“ADB is keenly interested in strengthening economic relations between Asia and Europe. With its unique geographic location and its understanding of cultures across both continents, Turkey is clearly well positioned to play a lead role in this process.”

MOVING UP Turkey has become one of the world’s fastest-developing economies, registering 9.9% growth in its 2004 gross national product

He was speaking at the start of the Republic of Turkey Day Seminar, held on the eve of ADB’s 38th Annual Meeting of the Board of Governors.

The full-day seminar included speeches by Chair of ADB’s Board of Governors and Turkish Undersecretary of Treasury Ibrahim H. Çanakci and Minister of State for Economy Ali Babacan, and six presentations by Turkish officials, on topics ranging from cultural heritage and experience of reforms, to foreign direct investment and trade policy.

Mr. Kuroda said that as Turkey was reducing debt, lowering inflation, enhancing financial sector stability, and promoting continued economic growth, ADB would be following its progress.

“The reforms being undertaken in Turkey are also areas where ADB provides assistance to its developing member countries,” he said. “Thus, Turkey’s experience will be most valuable to us as we work with economies in transition, and with countries that are tackling similar reforms.”

Turkey has become one of the world’s fastest-developing economies, he said, registering gross national product growth of 9.9% in 2004—a remarkable recovery from an economic crisis that struck in 2001.

“The return of confidence since the 2001 crisis, both within and outside the country, is a tribute to the Government’s sound and ambitious agenda of macroeconomic and institutional reforms,” he said.

Turning to Turkey’s pursuit of membership with the European Union, he said Turkey’s accession depends a great deal on fundamental political, economic, and social reforms.

“Although pursuing a formal relationship with Europe as a member of the European Union, Turkey’s geographic and historical ties to Asia are strong and enduring,” he added. “As a bridge, Turkey plays a unique role in translating and interpreting the interests and issues of both continents, one to the other.

Go back to current issue

Email this to a friend