An Assessment Of 2011 By Sabancı Holding Chairman Güler Sabancı...

26.12.2011
  • AN ASSESSMENT OF 2011 BY SABANCI HOLDING CHAIRMAN GÜLER SABANCI...
  • UNLIKE OUR NEIGHBOURING COUNTRIES, TURKEY SERVED AS A ROLE MODEL TO THE WHOLE WORLD WITH ITS ECONOMIC AND POLITICAL STABILITY IN 2011
  • THE OUTSTANDING DEVELOPMENT PERFORMANCE OF TURKEY HAS BEEN AN HONOR FOR ALL OF US
  • THE EXTRAORDINARY ENTREPRENEURIAL SPIRIT IN TURKEY, THE DYNAMIC NATURE OF OUR ECONOMY, FLEXIBLE EXCHANGE RATE IMPLEMENTATIONS, STABLE FINANCIAL POLICY AND THE RESULTING ENVIRONMENT OF CONFIDENCE HAVE A BIG PART IN THIS SUCCESS
  • WE ARE ENTERING 2012 WITH STRONG GROWTH. I BELIEVE THAT THE PERFORMANCE WILL EXCEED THE EXPECTATIONS
  • SAVING MORE SHOULD BE OUR PRIORITY AS A NATION SO AS TO KEEP THE CURRENT ACCOUNT DEFICIT ON A REASONABLE LEVEL
  • FOR SUSTAINABLE AND LONG-TERM DEVELOPMENT; WE ARE EXPECTING A NEW CONSTITUTION, A RESTRUCTURING IN EDUCATION, TAX REFORM AND A LEGAL SYSTEM THAT IS FASTER AND MORE EFFICIENT
  • THE EU SHOULD CONTINUE TO BE AN INDISPENSABLE ANCHOR FOR US
  • DESPITE THE MOST PESSIMISTIC ESTIMATIONS, THE EU WILL STAY AS THE RICHEST BLOC IN THE FUTURE
  • THE ARAB WORLD IS IN A STATE OF UPHEAVAL. YET NO REVOLUTION IS MADE EASILY AND WITHOUT PAIN IN A SHORT PERIOD OF TIME
  • 2011 HAS BEEN A SUCCESSFUL YEAR IN WHICH WE MATERIALIZED OUR PLANS AND ACHIEVED GROWTH WITH INCREASED PROFITABILITY AS THE SABANCI GROUP
  • 2012 WILL BE A YEAR FOR US TO KEEP ON CREATING DIFFERENCE BY USING AVAILABLE OPPORTUNITIES WITHIN THE CONCEPT OF SUSTAINABILITY

guler_sabanci_100528_orjinal.jpgSabancı Holding Chairman Güler Sabancı published a new year's message for the employees of Sabancı Group.

Evaluating 2011, Sabancı also expressed her expectations for 2012 in her message. Güler Sabancı's message is as follows:

Dear Colleagues,

2011 has been a truly extraordinary year for us. Starting in 2010, the recovery of world economy paused in the developed countries while slowing down in developing countries. Turkey, on the other hand, was one of the few countries who still experienced a fast growth and a substantial increase in employment. In addition to these, though; the current account deficit of Turkey has reached a record high.

In fact, one of the most significant incidents of the year was the crisis in the Eurozone. Breaking out in Greece and Ireland, the crisis spread to Portugal, Spain and Italy and now became a threat that could even affect the core countries such as France. We anxiously watched many subsequent European Union summits that were aiming to find a solution to the crisis, yet the problem kept on becoming one that threatens the very existence of the European Union. As can be seen; some negative dynamics such as populism, micro-nationalism and protectionism could emerge if the Eurozone cannot solve the current debt crisis. The current crisis connotes to the depression in 1930s. The world should not overlook the dangers and stay aware of the lessons in the history. I strongly hope that the European Union will eventually consolidate Euro and build strong institutions that administrate the common currency policy to maintain its sustainability.

-"THE AUTHORITARIAN REGIMES MUST BE REPLACED BY DEMOCRACY AFTER THE ARAB SPRING"

Another major affair in 2011 was the Arab awakening. From Yemen to Syria and from Morocco to Gulf countries, the Arab world is in a state of unprecedented upheaval.

Though each country has its own unique and different conditions, there is a strong demand in the whole Arab world for more freedom, increased employment and better allocation of economic earnings. As in any revolutionary change, this transformation is not without hardship and pain. The authoritarian regimes must be replaced by democracy; not by chaos. We hope for the Arab peoples, who put their courage for freedom, to resolutely switch to a new and more independent system which attaches importance to entrepreneurship.

The political affairs in North Africa and the Middle East will have another indirect effect to the world. The afflictions and obscurities experienced in these regions also bring out a concern that the needed oil investments of up to 100 billion Dollars per year may not be made in time. Consequently, the oil prices continue to stay high despite the decelerating world economy. This can be prevented only if the natural gas can enter into its golden age and the expected revolutions in renewable energy technologies are made.

Dear Colleagues,

Turkey stands right in between the Eurozone in crisis and the Arab world in affliction. Although the Arab spring and the affairs within the EU have affected the world and Turkey in the last six months, Turkey has achieved a growth of 8% unlike its surrounding countries in 2011. Turkey has become a role model to the whole world with the underlying economic and political stability for this success. Considering both Europe and the Arab world are significant economic partners for Turkey, this success is particularly impressive.

Turkey's growth substantially depends on domestic demand. When the world achieves a more sustainable state of growth, this will greatly contribute to Turkey.

-"OUR NEIGHBOURS NEED TO LEARN SOME LESSONS FROM TURKEY"

After a hard year in 2009, Turkey's economic success in 2010 and 2011 is truly remarkable. The extraordinary entrepreneurial spirit in Turkey, the dynamic and flexible nature of our economy, flexible exchange rate implementations, stable financial policy and the resulting environment of confidence all have a big part in this success. Our neighbors have a lot to learn from Turkey. The outstanding development performance of Turkey has earned us a stronger regional authority and has become an honor for the whole Turkey. Better diligence and saving is needed for the sustainability of this success. This is notable both for companies and for countries. The Turkish economy also has weak points that may show fragility. It is very natural that Turkey is a country that exports net capital and therefore has a current account deficit. However, we should aim to keep this deficit on a reasonable level and finance it by long term-foreign investment. The current account deficit could be prevented through more savings.

We need to save more and more as individuals, companies and the government. This should become our primary national priority in the upcoming years.

Turkey is in a state of contact with the whole outside world through the government, corporations, universities, non-governmental organizations and citizens.

While following the affairs in Europe and the Arab world closely, we need to think attentively on how these affairs from either side could affect us. Despite all the obstacles impeded by some leaders and all the disappointments we experience, Europe should stay as a fundamental anchor for us. Notwithstanding the fact that no one knows what kind of Europe we will face in 5 or 10 years later, even the most pessimistic estimations show that the European Union will stay as the richest block of the world in the upcoming years regardless of its transformation. Turkey needs to become a strong, influential and esteemed member of the European family. We must not deviate from this goal in any case, since becoming influential in Europe is substantially significant for us both in the international arena and from an economic point of view. Europe, of course, can also benefit from Turkey's support.

It is really hard to forecast the state of affairs in the Arab world. Yet it would be significant for us to support our Arab neighbors and settle wider economic bonds.

Throughout this process, we need to stay side by side with democracy and freedom but we should always keep in mind that we should go on not interfering with the internal affairs of other countries.

Despite all the affairs in the EU and the Arab world, Turkey enters 2012 with a strong growth in a state of confidence, promoted by political and economic stability. Therefore, I believe we have an opportunity to deliver a performance that will exceed the expectations. If we achieve to be assertive and resolute but calm at the same time, we will not get lost in this storm and we can go on serving as a role model to the whole world.

I believe that our current development performance can be a long term and sustainable one provided that we achieve our expectations starting from 2012: a new constitution, a restructuring in education with a primary concern to higher education, a tax reform spread to the ground with decreased gray areas, and a legal system that operates faster and more efficiently.

Dear Colleagues,

We are one of the most reputable and fundamental cornerstones of Turkey and the Turkish economy as the Sabancı Group. Our vision since 2005 is achieving and maintaining permanent superiority by creating difference. 2011 has been a year in which we materialized our plans and continued to grow with increased profitability in all the industries we operate.

We will attach importance to sustainability in 2012, as well. We will utilize our opportunities and continue to grow through profitability. Efficiency in all areas will still be our primary responsibility. We will continue to create opportunities from changing conditions and to implement our innovation culture to all our business models, thus creating difference.

Esteemed colleagues;

Consequent to our strong and firm structure as well as your devoted and efficient efforts, I believe that we will keep on fulfilling our responsibilities as Turkey's Sabancı and I trust you.

I wish you all a healthy and peaceful new year with your families.