ANKARA - State Minister Ali Babacan arrived in British capital London on Wednesday to hold meetings with foreign investors and finance organizations within the scope of program which was prepared by international finance organization namely Merrill Lynch.
Babacan will come together with representatives of leading companies including Merrill Lynch, Schroders, Citigroup and Goldman Sacks.
Ali Babacan will attend a dinner which will be hosted by Turkish Ambassador in London Akin Alptuna in his honor.
He is also expected to meet with British Chief Secretary to Treasury Paul Boateng.
Babacan will to return to Turkey on Thursday evening.
BABACAN EXPLAINS TURKEY TO BRITISH INVESTORS
Babacan said that the fifth letter of intent which would be given to IMF would be ready as soon as possible and added that studies regarding problems which had been amassed for years took time. Noting that what was important was the beginning and implementation of reform process, Babacan said that they did everything necessary.
Upon another question, Babacan said that the program would end in 2004 and added that they did not want to become indebted to IMF again and they aimed to make Turkish economy stand on its feet.
Noting that he had visited London and gave information about Justice and Development Party (AK Party) program prior to elections, Babacan said that he was together with foreign investors again after seven months and added that all the promised policies were now being implemented.
Babacan said that AK Party was a new party which was formed two years ago and added that it was a ''conservative democrat'' party and it completely supported secular system. Babacan said that his party was supporting EU and it regarded accession to EU as an element that brought standard and norm to country administration, adding that EU process would also bring success to Turkey in economic aspect.
Babacan said that flow of foreign capital to Turkey carried out importance, adding that ''when we continue walking on the road to EU, more investors will come to our country.''
Noting that the majority of the Turkish people supported accession to EU and this was the highest support of the people within candidate countries, Babacan said that ''political willingness is higher than other candidate countries, it has never been so high before.'' Recalling that Prime Minister Recep Tayyip Erdogan visited 14 of the 16 EU countries to show that serious and sincere wish to become EU member, Babacan said that the reforms to be undertaken on that way would be completed until the end of 2003 and the applications would be left to the year 2004.
Babacan said that Turkey, which was a member of EU would play an important role in the future of its region. Babacan stressed that Turkey would be a model in the region, adding that good policy would constitute the key of success and there were still things to do to ensure the stability. Babacan noted that debts were still an important problem, noting that the solution of debts was implementation of a strict budget policy.
Babacan pointed out that foreign investors could easily enter Turkey like domestic investors, stressing that red tape was decreased. Inviting foreign investors to Turkey, Babacan said that reforms would continue until economic indicators were in line with Maastrich criteria. Babacan said that they were devoted to reaching the targets in political stability and macro economic stability.
(GC-Öª) 18.06.2003