Announcement of World Bank President Visits Turkey on March 16, 2004

World Bank President Visits Turkey Ankara, March 16th , 2004 – World Bank Group President, Mr. James D. Wolfensohn visited Turkey from March 14 to 16th 2004. He was accompanied by Mr. Andrew N. Vorkink, World Bank’s Country Director for Turkey and by Mr. Khosrow Zamani, Director for Central and Southern Europe at the International Finance Corporation (IFC). The purpose of the visit was to attend Turkey’s Investment Advisory Council Meeting hosted by the Turkish Government in Istanbul. Addressing the participants at the opening session, Mr. Wolfensohn emphasized the importance of the timely meeting that had brought Turkey’s leaders together with the heads of the international and domestic business community to demonstrate their mutual commitment to strengthen the climate for investment. Praising Turkey’s tremendous improvement in stabilizing the economy after the 2001 crisis, as well as the impressive achievements in terms of economic growth, deceleration of inflation and decline in interest rates, Mr. Wolfensohn emphasized the importance of renewed momentum in implementation of structural reforms and of the privatization program that could serve as important vehicles for increased FDI flows. In his speech, Mr. Wolfensohn also drew attention to impediments to investment in Turkey. He said: “Turkey has a huge potential for FDI. The Government has pledged continuous implementation of its plans for simplification of bureaucratic practices and reduction in legal and administrative barriers. It has also pledged to respond to the need for stronger monitoring and enforcement of laws and contracts”. Mr. Wolfensohn also met separately with the Prime Minister Mr. Recep Tayyip Erdoğan. During their meeting, Mr. Wolfensohn expressed the continuous support of the World Bank to the efforts of the Turkish Government in the implementation of the successful economic program. He also mentioned that intensified business investment of all kinds, both international and domestic, varying from SMEs to large multi-national companies has to be included in the investment environment. Mr. Wolfensohn reiterated the readiness of the World Bank to give full support in realizing endeavors essential to the sustained and rapid growth of Turkey. In Istanbul, Mr. Wolfensohn also met with business community and key industrialists who shared their views about the current political, economic and social situation of Turkey. During the meeting Mr. Wolfensohn mentioned the importance and praised the vision of development that embraced private- sector led growth, as cornerstone to building vibrant and prosperous economy for the benefit of Turkey. At the last part of his trip, Mr. Wolfensohn paid a visit to Istanbul Bilgi University where he had the opportunity to see Dolapdere Campus of the University which was constructed with the financing obtained by International Finance Corporation (IFC). The financing was also used in the modernization of Taksim and Kustepe Campuses as well as in establishing on-line education programs. To learn more about the Bank’s operations in Turkey, please visit the Country Office’s web site at: http://www.worldbank.org.tr