Hakan Fidan: Regional crises seriously affect Türkiye's trade, economy

Regional crises seriously affect Türkiye's trade and economy, Turkish Foreign Minister Hakan Fidan said in an interview with Bloomberg, Report informs.

"Türkiye is a G20 member, but we do not have large oil and gas reserves. Our economy and industry largely depend on exports and tourism. Therefore, any crisis in our region inevitably has a serious impact on Türkiye. The war in Ukraine already created a serious burden for us four years ago. Before that, there was the COVID-19 pandemic. Now we are facing problems caused by the conflict around Iran," Fidan said.

According to him, the escalation in the Middle East affects global energy prices, as well as energy security and access to energy resources. At the same time, the foreign minister noted that the situation in Türkiye's energy sector remains stable. Rising oil and gas prices affect inflation and create an additional burden on the economy.

"We are not among the countries that receive energy resources from the Persian Gulf by sea. We have pipelines from Russia, Azerbaijan and Iran. In this regard, our situation is stable. However, this does not protect us from rising global oil and gas prices. Price increases affect inflation and put additional pressure on the economy. That is why we, as diplomats, are working so actively to stop wars and create conditions for peace, prosperity, development and trade," the minister stressed.