GTR returned to Istanbul on 21-22 March 2013 for the 7th Annual Turkey Trade & Export Finance Conference, which took place at Swissôtel The Bosphorus.

The only event specifically tailored for the Turkish trade and export finance markets, the gathering this year saw unprecedented market participation with an international audience of over 420 delegates from across the corporate, financial services and public sectors attending to join discussions on the key issues impacting Turkey’s economy, trade and financial sector.

Debate across the two day event was characterised by cautious optimism, with keynote speaker Mehmet Habbab of the Foreign Economic Relations Board of Turkey (DEIK) insisting that, with Turkey’s economy on a positive trajectory, “the glass should be viewed as half full” with regards to the country’s international trade.

Strong representation from the corporate sector across the two day agenda provided extensive insight on the challenges faced by Turkish companies in conducting and financing their international trade.

The centralisation of financial management, an initiative being introduced by many multinational companies to combat volatile global market conditions, was proposed as a wise course of action for all Turkish businesses, while the movement of large Turkish corporates into non-traditional emerging markets such as Africa was also highlighted as paving the way for mid-market Turkish companies and SMEs to capitalise on the business opportunities offered by these new high-growth economies.

A high-level corporate panel, featuring representatives from CAK Group, Anadolu Group, Bozlu Holding and Ericsson concluded that while governmental efforts to reduce the current account deficit were causing a restriction in available credit, a range of viable alternative financing options remained available to Turkish companies, including Eurobonds in US$ or Euro, domestic currency bonds, Sukuk and syndications.

The importance of the diversification of Turkey’s trade partners and increasing commerce with emerging markets was emphasised by the regional experts in attendance, with markets in the Middle East and Africa seen as those offering the greatest potential for Turkish trade. While the emergence of a new post-Arab Spring MENA region and the resultant opportunities for lucrative external trade are viewed by the market in a highly positive light, the “genuine, home grown improvements in business conditions, most notably within the sphere of governance and intrinsic counterparty risk reduction in many African markets should be a source of similar optimism”, according to African trade financing specialist Michael Kenny of Watson, Farley & Williams.

The growth of Turkish exports and the benefits brought to the country’s macroeconomic health by this upward trend also featured strongly during proceedings, where the key role of the financial sector in providing long-term export financing to Turkish exporters was debated in depth. The role of the government in stimulating exports provided further food for thought, with representatives from various export credit agencies (including Turk Eximbank), debating the role of such organisations in providing financial guarantees, as well as direct funding alongside financial institutions, to facilitate international trade.

The conference saw a strong emphasis placed on the importance of networking opportunities with numerous breakouts provided throughout the two-day programme, as well as an informal reception on the evening of Day One. The potential for creating crucial business contacts was furthered by the opportunity provided for all delegates and speakers to join GTR’s private networking website prior to the event, invaluable in aiding attendees in setting up meetings with other guests at the conference as well as gathering information regarding specific presentations.