8/4/2008

Markets awaiting reform to fuel further improvement in economy

Today’s Zaman - Chief Justice of the Constitutional Court Hasim Kilic announced the court’s decision not to close the AKP. Players in Turkey's financial markets are looking to see what the government's intention is in taking further steps to realize long-awaited reforms, as the ambiguity over the closure case against the ruling Justice and Development Party (AKP) was cleared up with the Constitutional Court’s decision to keep the party open. Business circles reacted strongly to the decision to reject the Supreme Court of Appeals chief prosecutor's demand for closure. Many applauded it and hailed it as an impetus for more foreign direct investment inflow. Stating that barriers before Turkey were removed by the court's decision, Alpaslan Korkmaz, President of the Investment Support and Promotion Agency of Turkey (ISPAT) said foreign economic actors are still confident that reforms will be completed in the mid and long terms. He announced on the same day that the decision was released that ISPAT would immediately start visiting some 20 foreign companies that were planning to invest in Turkey but decided to stay away after the closure case was filed.
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