'Türkiye can become important energy corridor'

ISTANBUL

Furthering Russian President Vladimir Putin's remarks that Türkiye could become an energy hub, the head of a major national business group also said Türkiye can be an important energy corridor.

Putin said on Thursday that Russia could increase the natural gas export capacity of Türkiye and make it a gas supply hub for Europe.

Mahmut Asmali, head of the Independent Industrialists’ and Businessmen’s Association (MUSIAD), underlined that these statements also open up opportunities for Türkiye to become an important energy corridor, as it became a grain corridor this summer under a historic deal to unblock exports from Ukraine.

Citing Türkiye's natural gas reserve discoveries in the Black Sea, Asmali said Türkiye can also be a hub for pricing natural gas in the future.

On the Turkish economy, he said economic activity in Türkiye continues with great vitality.

The unemployment rate has dropped to single digits for the first time since 2014, he said.

There is an inflation problem in Türkiye, but all countries currently face this problem, he pointed out, adding: "Advanced countries can’t stop inflation despite their interest rate hikes, it reached double-digit levels."

Türkiye also has another problem on its current account, especially due to energy imports which reached $105 billion this year from $50 billion last year, Asmali stressed.

He added that Türkiye has been taking some measures to fight energy dependence, such as building a nuclear power plant, a major dam, and integrating work for the natural gas discovered in the Black Sea.

"I hope this work will soon put an end to the energy deficit," he added.