President Recep Tayyip Erdogan will hold a video conference with the U.S.-based companies today. Executives from nearly 20 companies are expected to join the meeting, at which Turkey’s investment environment and economic outlook will be discussed. Erdogan will deliver a speech and answer the companies’ questions. Big companies such as Microsoft and Netflix are expected to be among attendees.
The meeting is organized by the U.S. Chamber of Commerce, the Union of Chambers and Commodity Exchanges of Turkey (TOBB), and the Investment Office of the Presidency of Turkey, while the U.S. government didn’t participate in planning.
The video conference perceived as preliminary preparation prior to Biden-Erdogan meeting, who will gather for the first time at the NATO Summit to be held on June 14. Thus, the country will test the waters with the U.S. companies.
It’s worth remembering that foreign direct investment (FDI) flows to the country have an ongoing downward trend especially in the recent period. Moreover, the majority of FDI inflows consist of real estate investments and FDI outflows continue to increase. In this sense, it’s critical for the country to attract foreign investment in order to provide economic growth. The conference is also critical in this sense.
Today, foreign exchange rates dropped by 0.05-0.1% compared to yesterday’s closure levels. USD/TRY stands at 8.46, while EUR/TRY is traded at 10.36.
Spot gold saw USD 1,906 per ounce this morning at the international markets with the ongoing upward trend for two months. Gold prices rise as the interest rate increase is on the agenda with the increasing global inflation rates while USD and the interests of the U.S. Treasury bonds decline. Meanwhile, gold is traded at TRY 517 per gram in the country following the mobility supported by USD/TRY and draws near all-time highs. Brent crude stands at USD 69.13.
DAILY AGENDA
President Recep Tayyip Erdogan will hold a video conference with the U.S.-based companies (6.30 pm).
Lignite production increased by 2.4%, while hard coal production rose by 39.6% in March, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).
The Ministry of Treasury and Finance will issue EUR denominated fixed coupon rate government bonds and fixed rent rate lease certificates through direct sale method.
