Speaking at the 15th Bosphorus Summit, Foreign Economic Relations Board (DEIK) Chairman Nail Olpak addressed the ongoing economic challenges, emphasizing the impact of trade wars, disrupted supply chains and rising global inflation.
The summit, organized by the International Cooperation Platform (ICP), was held under the theme “Building Bridges to the Future: Peace, Technology, Sustainability,” attracting prominent international figures.
Economic hurdles: Isolation, inflation and trade wars
Speaking at the summit, Olpak said, “We face different challenges such as isolations that started with the pandemic, disruptions in the global supply chain, risks of single-source dependence, rising global inflation and falling growth, loss of momentum in international investment and trade, and increasing trade wars.”
While we talk about trade liberalization, we see new trade camps and blocks.
DEIK Chairman Nail Olpak
Belt and Road Initiative, Build Back Better World and Global Gateway
Emphasizing that China’s Belt and Road Initiative, the US’ Build Back Better World and the EU’s Global Gateway projects should be well analyzed by the business world, Olpak said, “While the course of global trade under the influence of all these developments remains uncertain, service exports and the trade of environmentally friendly products are increasingly on the agenda. Speaking of green products, I would like to briefly mention the new opportunities and threats that have emerged in this process.”
Olpak mentioned that the green economy presents serious threats due to the practices it introduces, but it can also create investment and growth opportunities, as well as new trade channels for some. Similarly, the digital economy has led to unconventional business models, which go beyond just increased e-commerce.
“It is a threat for those who cannot adapt to this process and a new area of opportunity for those who use it to their advantage,” he said.
Olpak pointed out that the world is facing multiple economic tests, including disruptions caused by the pandemic, risks of over-reliance on single sources, and a slowdown in global growth.
He noted, “We are witnessing increasing trade wars and the emergence of new trade blocs while discussing trade liberalization.”
