SUMMARY OF CONCLUSIONS AND RECOMMENDATIONS
(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
(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
(g) We hope that the
Government can help establish mutually beneficial industry links
by monitoring the development of Clean Coal Technologies in Turkey
(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
(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).