USIA - Text: DOC's Ginsberg Cites 'Key Moment' in U.S., Turkey Bonds, 97-02-20

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TEXT: DOC'S GINSBERG CITES 'KEY MOMENT' IN U.S., TURKEY BONDS

(Speaks at annual American-Turkish Council conference) (1420)

Speaking at the 1997 Annual Conference and Trade Exhibition of the American- Turkish Council Ginsberg said, "The potential for increasing our commercial relations also is great and can only strengthen our already close bilateral relationship." He reflected on the vision of the late Secretary of Commerce Ron Brown stating that "Former Commerce Secretary Ron Brown also appreciated Turkey's great importance and that is why he designated Turkey as a big emerging market and why he worked up until his tragic accident to do all he could to expand commercial relations between our two countries." He added that the new Secretary of Commerce, Bill Daley, "shares Brown's vision for Turkey and wants to promote our bilateral partnership. He intends to continue the Commerce Department's emphasis on the most dynamic markets and projects."

Ginsberg emphasized that U.S. companies are "prepared to work with Turkey to fulfill its ambitious plans. Turkey's need for power and energy to fuel continued economic expansion is especially great. Simply put, without more energy Turkey cannot grow." He highlighted the United States' interest in the opportunities resulting from Turkey's commitment to privatizing almost every area of its economy including its telecommunications network.

"Working together -- governments and the private sector -- we can address the sticking points and delays that have been holding up these projects. We have a brilliant future together in forming a partnership for the benefit of both countries," he said.

Following is the February 20 text of William Ginsberg speech at the 1997 Annual Conference and Trade Exhibition of the American-Turkish Council.

(Begin text)

We are meeting at a time of historic change in Turkey. Turkey has always been a key U.S. partner, but our relationship is increasing in significance with almost every day as developments in the region continue to demonstrate the strategic importance of this great U.S. ally. The potential for increasing our commercial relations also is great and can only strengthen our already close bilateral relationship. Turkey's commercial potential is huge and U.S. companies are interested in helping to develop this potential to the fullest.

No one recognizes the importance of Turkey, both strategically and commercially, more than Ambassador Grossman who has done so much during his tenure in Turkey to bring our two countries closer together. Former Commerce Secretary Ron Brown also appreciated Turkey's great importance and that is why he designated Turkey as a big emerging market and why he worked up until his tragic accident to do all he could to expand commercial relations between our two countries. The Commerce Department's new Secretary Bill Daley shares Brown's vision for Turkey and wants to promote our bilateral partnership. He intends to continue the Commerce Department's emphasis on the most dynamic markets and projects.

And why shouldn't the United States and Turkey work to strengthen our bilateral partnership? It seems natural that two countries such as ours with fundamentally common interests should work together for the good of both. Turkey is interested in attracting outside investment, and U.S. companies are interested in investing in Turkey's many opportunities. Turkey's continued economic growth -- it continues to lead the OECD (Organization for Economic Cooperation and Development) with an annual rate of growth of 7.5 percent in 1996 -- will bring the United States and Turkey closer together.

With such common interests, it is to our mutual advantage to work together to get Turkey's projects done. This includes our private sector partners -- such as the American-Turkish Council whose meeting this week is always the high point for those who watch the Turkish market, and our Turkish friends at Deik.

Last November I went to Ankara and Istanbul for detailed discussions with Turkish officials and business executives. I saw for myself the potential for the future. I saw that Turkey's prospects, looking over the longer term, are among the most promising in the world. There are problems that must be overcome, but we have already begun the critical public/private dialogue to address the issues that stand in the way of faster progress.

The United States and U.S. companies are prepared to work with Turkey to fulfill its ambitious plans. Turkey's need for power and energy to fuel continued economic expansion is especially great. Simply put, without more energy Turkey cannot grow. We also know that Turkey continues to be committed to privatizing almost every area of its economy, including its telecommunications network, and the United States is quite interested in the opportunities that this represents. This was demonstrated by the Commerce-led telecom mission to Turkey last November that was a great success.

Working together -- governments and the private sector -- we can address the sticking points and delays that have been holding up these projects. We have a brilliant future together in forming a partnership for the benefit of both countries. Relatively minor issues are preventing major projects from being undertaken. But Ankara and Washington have the talent and skills to ensure a solid investment climate for the business community. We just need to apply these talents and these skills -- and couple them with the determination to get the job done.

A new valuable tool for this is the recently established business development council. We have been talking for over a year about establishing a joint business-government U.S.-Turkey business development council (BDC) patterned after those councils that have worked so well in other key big emerging markets. These councils have been successful because of the recognition that in emerging markets, government policies play a particularly key role. The BDC allows a direct channel for the private sector to better inform governments about the effects of their policies on business decisions.

I am pleased to announce that yesterday Under Secretary for Foreign Trade Osman Dogangun and I held a chairmen's meeting of the new U.S.-Turkey Business Development Council, the "BDC" -- together with the vice-chairmen, ATC President Fred Haynes and the Chairman of the Turkey-United States Business Council of Deik Mustafa Koc. The BDC is now a reality -- not merely a concept.

The BDC will be composed principally of private sector representatives that will meet and provide goal-oriented business-driven advice to both governments. This will provide a new and important conduit for suggestions and advice on how to expand commercial opportunities and reduce obstacles to trade. I can tell you that on the U.S. side, an impressive number of business executives have stepped forward to be part of the council. We are continuing to accept applications from interested business executives and would welcome a show of interest from those companies assembled here.

We agreed at yesterday's chairmen's meeting that the inaugural full BDC meeting should be held later this year and should focus on practical steps to advance business.

Let me stress that the BDC will not intrude on or duplicate what the American-Turkish council already does so well. Instead, with Fred Haynes and Mustafa Koc as vice chairs, and active participation of the private sector members, the BDC will add another channel for the ATC to make its views heard by top government leaders.

Let me conclude by again stressing that this is a key moment for the U.S.- Turkish relationship. The business and government representatives here today all want 1997 to be a year of progress -- a year in which Turkey addresses its investment needs, a year of commercial opportunity in Turkey for U.S. companies. To build a stronger overall relationship, we must all work together to move our commercial relationship forward. Meetings such as this one are an important part of this process. We at the Commerce Department envision that the Business Development Council also will add to the fabric that brings us closer together. Through our joint efforts this vision will become a reality.

Thank you.

(end text)

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