Turkey’s economic and social performance since 2000 has been impressive. However, more recently the country has faced a number of internal and external challenges, notably macroeconomic imbalances, geopolitical uncertainties, changing patterns of global capital and trade flows, and the effects of climate change. These challenges tested investor confidence and by the summer of 2018 there had been a significant depreciation of the lira.
After the formation of the new government, the authorities responded with appropriate coordinated policy action. Monetary policy was tightened substantially and the New Economic Programme was introduced. This resulted in macroeconomic stabilisation, but at the cost of a sharp slowdown in economic activity.
Meanwhile, the private sector has been deleveraging. Credit growth, which had been an important catalyst for economic growth in the past, is unlikely to pick up quickly. In the EBRD’s view, the outlook for the medium term is for growth to be below trend.
This year’s Investment Outlook Session will explore the challenge of being a policymaker in such an environment, and also seek the perspective of senior executives of major businesses operating in sectors that have been heavily affected by the changing economic conditions. A major focus will be on what can be learned from the turbulence of the past months, as the authorities seek to rebalance and transform the economy to ensure more sustainable growth in the future.
Chairman, IC ICTAS Yatirim Enerji Holding AS
Serhat Çeçen is CEO of Turkey’s IC Holding, an energy and infrastructure company. In previous positions at IC Holding he has contributed extensively to successful mergers and acquisitions in transport, infrastructure and energy sectors.
Mr Çeçen is also the chairman of ELDER, the Association of Electricity Distribution System Operators and is a Board Member of ENVER, the Energy Efficiency Association.
He is also actively involved in the education and cultural activities of the IC Foundation and Ağrı İbrahim Çeçen University.
Mr Çeçen holds a Bachelor of Science in Management from Hacettepe University in Ankara, Turkey and from Bentley College in Massachusetts, USA.
CEO, Hayat Varlik
Hilmi Güvenal has been the CEO and a Board Member of Hayat Varlık, Turkey’s leading non-performing loan (NPL) asset management company, since October 2009. In addition to his responsibilities at Hayat Varlık, he is also Vice-Chairman of the Board at Tam Faktoring A.Ş.
Mr Güvenal holds a degree in industrial engineering from Boğaziçi University and is a graduate of the Harvard Business School Executive Program.
Executive Vice President, Turkiye Sinai Kalkinma Bankasi
Meral Murathan was appointed as Executive Vice President of TSKB, or the Industrial Development Bank of Turkey, in April 2019. In her new position, she is in charge of Development Finance Institutions, Financial Institutions and Investor Relations departments. She previously held a variety of roles at TSKB, including heading the Financial Institutions Department.
Ms Murathan started her career at the lender’s Treasury Department in 1998.
She holds a degree in Economics from Istanbul’s Boğaziçi University.
Managing Director, Turkey, EBRD - Istanbul
Arvid Tuerkner is the EBRD Managing Director of operations in Turkey. He focuses on investments and policies that promote sustainable energy, improve infrastructure, make Turkish businesses more competitive, deepen capital and local currency markets, and provide greater opportunities for young people, women, refugees and firms in remote regions.
Mr Tuerkner joined the EBRD in January 2009 from the German development bank DEG, where he was Senior Banker in the Financial Institutions team in Moscow. In 2013 he became Director for Regional Development and Deputy Head of the Moscow Office. In 2015 he became Head of Russia, and was later Director for Corporate Debt.
He undertook postgraduate training at the German Development Institute and has an MBA from the Free University of Berlin.
Kemal Çağatay İmirgi
Director General, Undersecretariat of Turkish Treasury
K. Çağatay İmirgi is Director General for Foreign Economic Relations, at the Ministry of Treasury and Finance, Turkey.
He joined the Turkish Treasury in 2000 and since then has held a number of positions with responsibility for capital markets, external debt, project financing and public private partnerships (PPPs).
K. Çağatay İmirgi is currently in charge of external borrowing on behalf of the Turkish Republic, as well as Treasury guarantees and policy on PPPs and relations with international financial institutions. He holds a Bachelor’s degree in Economics from Ankara University and an MBA from Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.