Thirty companies have united forces to boost the image of ‘Made in Turkey’ branded exports under the coordination of the Turkish Exporters Assembly (TIM). The TIM Brand Council, established with their participation, will work on increasing branded exports and value-added in exports.
The Brand Council’s goal will primarily be the improvement of Turkish branded products in the international arena and to boost Turkey’s place in global indices by creating a roadmap that encourages branded exports that contribute to the country’s image.
The Council will help companies directly access global markets by acquiring foreign companies and recognized brands as well as those that have development potential. It will also set up an information infrastructure to monitor exports and ensure branded Turkish products are more actively promoted on digital platforms.
Major companies in the economy operating in various fields including textiles, food, jewelry and home appliances joined the Brand Council under the presidency of TIM Chairman Ismail Gulle. Council members include Orka, Vestel, Hassan Tekstil, Aydin Tekstil, Chakra, Desa Deri, Koleksiyon Mobilya, VSY Biyoteknoloji, Istanbul Aydin University, Med-Art, Sanko, Nurus, Gedik, Abdi Ibrahim, TAV, Roberta Bravo, Silverline, Zorluteks Tekstil, Ipekyol, Altinbas University, Dogtas, Kutahya Porselen, BG Store, Helvacizade, Oztiryakiler, Arzum, Sisecam, Akinon, Avva and Kaleseramik.
TIM’s goal is to increase exports this year to over USD 200bn.
Looking at the money market today, USD/TRY exceeded 8.55 after the increase in interest rates of U.S. Treasury bonds as well as an ambiguous outcome from the Biden-Erdogan meeting. It then declined to 8.51. The EUR/TRY, meanwhile, is hovering around 10.32-10.35. Spot gold is trading at USD 1,859 an ounce and brent crude exceeded USD 74 this morning.
The Central Bank will release the Residential Property Price Index for April (2:30pm). The index rose by 32% in March on an annual basis and surged by 2.4%, compared to the previous month.