ITO: We are optimistic for the transition to a new normal in June

Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç said, “We are optimistic that the controlled transition of our business world to the new normal in the post-Covid period will begin in June.”

Avdagiç, President of ITO, the largest representative of the Istanbul business world with 420 thousand members, made statements regarding the latest situation of the real sector in the COVID-19 outbreak.

“We are facing a known unknown,” said Avdagiç, “As we are pleased to follow from the announced data, if we are in the first ring that is successful in the fight against the virus, we can be at the forefront in the new world to be established. In the new world order to be established, we can respond so quickly to the orders that Turkey will receive. Turkey can win in pandemic geopolitics. When we leave COVID behind, we will not say ‘where were we’. In the new normal that will emerge with COVID, we can succeed in increasing our economic gains.”

“A restaurant with 100 tables will open maybe 20 tables first”

Avdagiç noted that in Turkey, on the one hand, efforts are being made to mitigate the effects of COVID-19 on the real sector, while on the other hand, the focus is on what to do to increase the economic activities of companies.

Asking “what kind of recovery awaits us”, Şekib Avdagiç continued as follows: “With the gradual opening of economies, a process that will strengthen supply will begin. Postponed production in manufacturing will be activated. Supply chains will start working. It will take some time for the demand to recover. But we have no doubt that we will come out of this process alive. Slowly, everyone is getting ready to get back to life. A restaurant with 100 tables will open maybe 20 tables first. Thus, we will somehow start the return to life.”

“E-commerce will experience a ‘Renaissance'”

Avdagiç pointed out that Turkey has advantages in the gradual transition to the new normal in the world. Avdagiç said, “The world press writes about Turkey’s success in the production of medical equipment and even medical devices. This is very flattering. It is also in our hands to turn this very positive image into an opportunity. While e-commerce is experiencing a ‘Renaissance’, Turkey will find a privileged place for itself in this economic paradigm shift.”

ITO President Şekib Avdagiç emphasized that the sufficient number of intensive care units in Turkey for the time being, the success achieved in the production of respiratory equipment, the health insurance system and health centers of a quality not seen in Europe are important advantages of Turkey in the short term. “The global PR provided by our medical production capacity mirrored Turkey’s strength,” Avdagiç said.

Stating that Turkey also attracted attention with its product diversity, Şekib Avdagiç said, “According to the evaluations of economists, the possibility of preventing China from establishing a comfortable game is undoubtedly a positive factor for Turkey. Turkey should seize the opportunity to become a ‘strategic investment stop’ in some manufacturing areas that will be separated from China in this process.”

“We should not put too much faith in the new normal”

Avdagiç argued that no country in the world can overcome this process with a single quarantine and noted that it is necessary to focus on the opportunities that will arise after the pandemic.

Şekib Avdagiç said, “We should not rely too much on the new normal. Until the vaccine is found and reaches societies, the process will continue, albeit at a low level. Turkey should successfully exit this process by adapting to changing business models.”

Stating that a new form of capitalism will be adopted after COVID-19, Avdagiç said, “The new capitalism has the appearance of a social state and we see regulatory institutions more involved in this change. The world is moving from the ‘just in time’ philosophy, which is indispensable for flexible production systems and refers to stockless production, to ‘just in case’ production, that is, a model that involves keeping some stock. I think companies will be more cautious from now on. We should all prepare for such a period.”

Source: https://www.dunya.com/ekonomi/ito-haziranda-yeni-normale-gecis-icin-iyimseriz-haberi-468789

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