Tamer Saka, the Kibar Holding CEO, attended the World Economic Forum which took place in Davos, Switzerland with over 3,000 participants from all over the world. He said that in 2017, the main item on the agenda will be the management of risks resulting from a combination of political and economic developments.
Tamer Saka attended the World Economic Forum which started on January 17 with the themes technological fusion and the 4th Industrial Revolution. Saka stated that this year, the business world is completely concentrated on the management of political and economic risks in the world.
Saka listed the items on the agenda of the CEOs this year are how the UK will administrate the Brexit process, how relationships with Europe will be shaped, Donald Trump’s new path as the US President, possible effects of the elections in Europe, the war in our region, and developments regarding petrol and energy. He said: “We are working in order to wisely manage these risks and take a smart position. All these developments carry a risk, but they will also create opportunities.”
Stating that there was an increase in risk perception regarding Turkey compared to the previous year at Davos, Saka said, “This increase is normal. There’s a war going on right next to us and the impacts can be felt throughout the region.”
WE WILL CONTINUE INVESTMENTING IN 2017
Stating that global growth will not be smaller than last year, Saka commented on the year 2017 regarding the private sector:
“The private sector is facing an exchange rate issue this year. The dollar will keep on rising compared to other currencies for a while. We are in a difficult period because economic risks and political risks combined. On the other hand, the Central bank will step up its efforts in January and February in order to bring an end to this process. The economy can’t handle going as fast as this. The private sector has too much debt in dollars. In 2016, there has been serious erosion in the profitability of companies. This exchange rate issue will cause trouble for them.”
Stating that Kibar Group has important investments in packaging and aluminum that began in 2016 and are still in progress, Saka emphasized that they believe in Turkey’s potential and power and that their aim in 2017 is to complete the investments that were started in 2016. “We have an investment for İspak Ambalaj in which all elements of Industry 4.0 are implemented. We are planning to complete this investment worth 70 million euros in March. Also, we are constantly growing and making investments in aluminum. We are getting ready to carry out new investments in order to increase our casting and foil capacity with our technological know-how and the advantage of our leading position in the market. Therefore, the plan is to increase our established capacity to 300,000 tons in the first phase.”
Stating that the Kibar Group has important investments in packaging and aluminum that began in 2016 and are still in progress, Saka emphasized that they believe in Turkey’s potential and power and that their aim in 2017 is to finish the investments that were started in 2016.