Mehmet Şimşek: Turkey is Attracting Global Technology Giants.

Significant Statements from Şimşek in Riyadh

The Minister of Treasury and Finance Mehmet Şimşek made important remarks during the 9th Future Investment Initiative (FII) held in the capital of Saudi Arabia, Riyadh, at the panel titled "What is the Balance Between Sovereignty and Globalization."

Benefits and Risks of Globalization

During his speech, Şimşek stated, "Globalization has become one of the strongest engines of global growth. Since 1990, the global trade volume has increased nearly sixfold, and one billion people have escaped poverty. As Turkey, we continue to remain open to the outside world."

He also pointed out that the COVID-19 pandemic has highlighted the risks in the fields of health and biotechnology as well as cybersecurity. Şimşek added, "Strengthening critical issues such as data privacy and cybersecurity is our priority."

Managing Societal Reactions

Şimşek emphasized the importance of managing the imbalances brought about by globalization, stating, "We need to develop the right policies to reduce societal reactions. Instead of completely disconnecting from globalization, we are in a period of reducing risks."

Protectionism and Customs Tariffs

Regarding protectionism, Minister Şimşek commented, "Customs tariffs do not provide benefits to economies in the long term. However, imbalances in developing countries have led to social and economic discontent."

Artificial Intelligence and Technology Investments

Şimşek noted the need for strategic autonomy in the field of artificial intelligence and pointed out the efforts to establish their own networks similar to Starlink. "We are providing nearly 940,000 university graduates each year and training more specialists in this area," he added.

DIGITAL REGULATIONS AND INVESTMENT ATTRACTION STRATEGIES

Minister Şimşek expressed caution regarding digital market regulations, stating, "We are trying to attract international tech giants to our country. However, data security measures sometimes pose obstacles for investors."

Free Trade Agreements

Finally, Şimşek stated that free trade agreements serve as a shield against protectionism, saying, "We are almost done with the agreement with the United Kingdom. We are continuing our efforts to update the Customs Union with the European Union," and concluded his remarks.