Turkish Transportation Minister: Transportation to Recover with New Investments

Istanbul, Turkey | July 01, 2009 by D-8 Secretariat

Transportation infrastructure investments will help lower costs and boost trade

Turkish Transportation Minister Binali Yıldırım said on Thursday infrastructure investments are crucial for the future of the transportation sector. Speaking in Leipzig as the term president of the International Transport Forum (ITF), the minister said investments carry high importance for overcoming the global economic crisis. “Infrastructure investments are very important for the future of the transportation sector,” Yıldırım said.

The ITF meeting is being held at a time of serious economic crisis, Yıldırım noted. “Transportation is important to gain more competitive power in the global market. However, as demand declines and costs rise amidst the crisis, things grow worse for the transportation sector,” he said. “Many companies go bankrupt, and banks face difficulty in providing loans. The sharp decline in demand has negatively affected exports and imports, and growth in transportation has slowed down,” Yıldırım stressed.

Underlining that countries need to introduce effective incentive packages in order to surmount problems, the minister said further infrastructure investments will help lower costs and boost trade. “If the private sector, banks and public institutions work together, they can share costs in the short term and yield fruits in the long term,” he said. “We must refrain from protectionism and focus more on international cooperation, the sole way we can keep further troubles at bay,” he emphasized, adding all countries share a common responsibility and must work to provide sustainable growth in the transportation sector. “From this aspect, the ITF meeting is very timely. We will listen to different views and exchange ideas. Through joint efforts we can retain shrinking confidence in the sector,” the minister added.

D-8 activities in transportation sector is not limited only to air and sea transportation, but as well as land transport. This transportation issue is also one of the D-8 economy cooperation that is explianed in the D-8 Roadmap 2008-2018.

In collaboration with the Turkish DGCA, D-8 will hold a wide range D-8 Summit (in aviation) in Istanbul after Ramadhan (Eid-ul Fitr). Following that event, a D-8 Ministerial Meeting on Transportation will also be held in Istanbul on November 2009.

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