President Recep Tayyip Erdoğan is expected to meet with top U.S. business leaders in New York this month, according to a report and a senior official, as Türkiye seeks to pitch its revamped economic strategy to attract investors.
Erdoğan and a team of key officials will attend series of events aimed at engaging investors and corporate executives, the Financial Times reported on Friday.
The meetings will coincide with the United Nations General Assembly in the final week of September.
Foreign Economic Relations Board (DEIK) chair Nail Olpak on Thursday confirmed such plans, saying they would host an investment conference between Sept. 23 and 25.
The Türkiye-U.S. Business Council (TAIK), under DEIK, along with others familiar with the plans, confirmed at least four such events to FT.
Türkiye has been implementing a tight monetary and fiscal policy since last year after it reversed years of easing policy to tackle soaring inflation.
Annual inflation dipped below 52% in August, compared to its peak of 75% this May. The sharp drop is expected to continue in the coming months as the tightening campaign brings price relief.
The Central Bank of the Republic of Türkiye (CBRT) has hiked interest rates by 4,150 basis points since June last year, to 50%, and has maintained that it will keep its monetary policy tight until inflation aligns with its targets.
To backstop the rate hikes, authorities have also adjusted regulations to tighten credit conditions, and the government has adopted some fiscal tightening measures meant to help ease the current account deficit and rebuild reserves.
The central bank forecasts inflation to slow to 38% at the end of this year and 14% next, projecting it to decline further to 9% by the end of 2026.
In its medium-term economic program released last week, the government projected inflation to drop to 41.5% in 2024, 17.5% in 2025 and 9.7% by 2026.
On Sept. 23, Erdoğan will lead a roundtable discussion with executives from 20 Fortune 100 U.S. companies, including senior figures from Wall Street firms JPMorgan and Goldman Sachs, the FT cited a source familiar with the plans.
Goldman Sachs is set to host a Turkish investment conference the following day at its Manhattan headquarters, featuring speeches from Treasury and Finance Minister Mehmet Şimşek, and Central Bank of the Republic of Türkiye (CBRT) Governor Fatih Karahan.
Companies listed on the Borsa Istanbul Stock Exchange (BIST) are also expected to engage with investors on the event’s sidelines.
Additionally, Energy and Natural Resources Minister Alparslan Bayraktar and Industry and Technology Minister Mehmet Fatih Kacır will hold meetings organized by TAIK and Citigroup.
The effects of the policy reversal have been acknowledged by foreign investors, who have flocked back to Türkiye over the past year, as well as credit rating agencies, which have upgraded their assessments of the country.
A week ago, Fitch upgraded Türkiye’s rating for the second time this year. It revised the country’s long-term foreign-currency Issuer Default Rating to “BB-” from “B+,” citing improved fiscal policy and better external buffers.
Fitch also changed its outlook from “positive” to “stable.”
In July, ratings agency Moody’s upgraded Türkiye’s ratings to “B1” from “B3,” citing improvements in governance and the tighter stance on monetary policy.
In May, credit ratings agency S&P also upgraded Türkiye’s ratings to “B+” from “B,” saying that the coordination between monetary, fiscal and income policy is set to improve amid external rebalancing.
