Akfen Holding Chairman of the Board of Directors Hamdi Akın:
'It is time to invest in Turkey and I believe that investments will return many fold.
Turkey continues to offer significant opportunities in all areas.
Therefore, our investments as Akfen will not stop.'
The world spent 2018 seeking answers to questions about whether the US Federal Reserve (FED) will raise interest rates, what the outcome of the trade war between China and the US will be, and when the UK will implement the Brexit decision. And the British Prime Minister Teresa May's attempts to postpone the Brexit decision have raised questions about the future of the EU.
The domestic agenda was the restructuring in the economy management, speculative attacks on the exchange rate, municipal elections held on
31 March 2019 and rising inflation. The consumer price index, which has been stable for many years, deteriorated in 2018 and closed the year at 20.3%. On the other hand, the government's Total Campaign Against Inflation program received support from the production sector. In light of the decisions taken in 2018 we are more optimistic about 2019. The US Federal Reserve (FED) raised interest rates in 2018 and the expectation is that they will not increase in 2019 again. If the FED does not raise interest rates in 2019 - and it seems more probable that it will not and the interest rates are likely to fall in 2020 even - this situation will be favorable for developing countries like Turkey. These expectations will emerge stronger in the second half of 2019. The New Economic Program (NEP) announced by the government in September 2018 is another reason for positive expectations for 2019.
From an investor's perspective, losses in TL caused relatively lower prices for Turkish assets. This environment creates opportunities for foreign investors. Turkey has closed 2018 with 2.6% growth despite adversities. With the improvement trend in economy, purchases by investors will begin
in the second half of 2019. It is time to invest in Turkey and the return on investments will be many fold. 2019 will be the year when everybody needs to make their calculations well. We will see good opportunities and returns in Turkey.
In 2018, as Akfen Group, we continued our investments in our renewable energy platform and our city hospital and new copper mine projects. In 2019, we will continue to make investments in Turkish infrastructure sector assets with the same enthusiasm. Turkey continues to offer significant opportunities
in all areas. In 2019, we fully believe that our country will be a safe and secure haven for investors who want to take advantage of these opportunities.
Chairman of the Board of Directors