Select Committee on Trade and Industry Ninth Report


    (a)  Although we consider the reform programmes to stand a good chance of succeeding in the long term, the inherent instability of the Turkish monetary and political system will remain a major block to steady economic improvement (paragraph 17).

    (b)  We recommend that the European Commission raise with the Turkish authorities the possible benefits of amending the privatisation legislation with a view to increasing the attraction of Initial Public Offerings abroad (paragraph 19).

    (c)  We recommend the Government ensures that the UK banking sector can be made aware of the potential opportunities in any future public offerings involving Turkish banks (paragraph 21).

    (d)  DTI and BTI should make companies in the UK financial services sector aware of Turkish private pensions legislation. Companies should be encouraged to explore the potential for offering their expertise to take advantage of the new situation (paragraph 22).

    (e)  We encourage BTI to publicise all upcoming energy construction work to UK companies (paragraph 24).

    (f)   We encourage the Government to make a representation to the Commission on the issue of spirit exports to Turkey on behalf of UK spirit producers (paragraph 28).

    (g)  We hope that the Government can help establish mutually beneficial industry links by monitoring the development of Clean Coal Technologies in Turkey (paragraph 32).

    (h)   Turkey is a destination for UK tourists. We hope that BTI can build on the existing situation and be seen to identify opportunities which might arise from the tourist service industry (paragraph 34).

    (i)   Should the Integrated Environmental Plan go ahead, offshore goods and services would be needed to the tune of $80 million. This is something of which the UK should ensure it is in a position to take advantage (paragraph 40).

    (j)  We urge the UK government to make all efforts possible to secure more funding for the Yalova project to give it a chance of approval by the Turkish government. It would be unfortunate if this project, benefiting the UK and Turkey, were to be lost (paragraph 41).

    (k)  We are glad to see the UK involved in a scheme for a new modern waste water system in Yalova, positioning itself to take advantage of contracts arising from both immediate and long term projects. We hope to hear in the near future that the Turkish Government has approved this plan (paragraph 42).

    (l)  We were impressed by the energy for change that we found it Turkey, and by the determination shown to implement the financial reform programme. This bodes well for Turkey's eventual EU membership. We do not know how long the accession process will take; it is already having a modernising effect on Turkey's social and economic policies. We are concerned at the apparent ease with which the Turkish economy can be disturbed by relatively minor occurrences, thus causing problems with a steady economic reform (paragraph 43).

    (m)  In the medium to long term, there is every prospect of Turkey's continuing to grow in significance as a trading partner for the UK, in due course as a fellow member state of the European Union (paragraph 44).

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