Turkey prepares bill to draw Gulf capital amid crisis

Turkey will take new measures against economic crisis, the finance minister announced on Thursday.

Turkey's Finance Minister Kemal Unakitan said that Turkey would take new measures to reduce the impact of the global economic crisis, reported World bulletin.

"We may make these measures public within this month," Unakitan told AA correspondent.

Unakitan said that Turkey might take some steps regarding the automotive industry, among which would include "unemployment assistance" aiming to prevent dismissal of workers.

This would be a monetary assistance, not a reduction in insurance premium or a loan, Unakitan said.

The finance minister said that a betterment in Turkey seemed difficult unless a betterment was experienced in the world.

Unakitan said that the government had taken several measures so far like reducing banks required reserves and restructuring tax debts.

The finance minister underlined importance of reviving the domestic market under these circumstances (global economic crisis).

"We will hit the bottom slowly, and then climb up slowly this year. I think we may start climbing up in the second half of this year," he said.

Unakitan said the government did not think of imposing new taxes and increase the burden on Turkish people.

"We are trying to take measures to increase domestic demand and revive markets," he said.

Unakitan underscored importance of paving the way for Gulf capital, and said that he would visit Abu Dhabi (United Arab Emirates) and Qatar, and then go to Saudi Arabia together with the President.

The Turkish finance minister expressed wish to draw the Gulf capital in Turkey, and said that Turkey had to introduce and promote itself in those countries and establish joint investment funds with those countries.

Unakitan said that the government had prepared a bill to issue shares based on assets, and if it was adopted, Turkey could pave the way for Gulf capital.

The minister called on Turkish citizens who had money deposited abroad to bring their money to Turkey under a law that did not envisage any investigation regarding those investments.

Unakitan also said that Turkey focused on privatizing several state institutions, particularly the National Lottery.

The finance minister said that the biggest privatization bid would be highways in 2009, and expressed thought that a related bill would be passed from parliament this month.