As All Balances Shift Around the World…

As we conclude the first month of the year, significant developments are unfolding at a pace that no one in the world or our region could have anticipated or predicted, leaving all of us deeply astonished. The struggle for power and competition in global balances is intensifying before our eyes through economic sanctions, energy routes, and supply chains. It is of great curiosity where this process will lead and what kind of new balances will emerge in the world.

Undoubtedly, the most important aspect of these developments is the shaken political pacts... The balances established after World War II and many international organizations, including the United Nations and NATO in particular, are being shaken. We saw the most important signs of this at the Davos summit held last month. The speeches made there by US President Donald Trump, Canadian Prime Minister Mark Carney, Belgian Prime Minister Bart De Wever, and the CEOs of the world's largest companies, which were listened to carefully by the global public, revealed that the global system is facing a powerful rupture. Of course, the abnormal price increases in precious metals, especially gold and silver, caused by this process are also being watched with great astonishment.

These dizzying developments are also of great concern to our country. The pace is very fast and disruptive. We have a picture that cannot be grasped with rote knowledge and typical perspectives. One of the most important issues for our country in the coming days will undoubtedly be the Customs Union agreement we have with the European Union, our largest trading partner. Unfortunately, we have spent the 30-year period of the agreement on the path to full membership with the European Union under the Customs Union model. With all the balances in the world changing so rapidly, it is time for our country to stop worrying among ourselves and instead review the Customs Union from scratch, and from all aspects, and update it with due diligences to be carried out on a sector-by-sector basis.

On the EU side, Made in Europe, which has been brought to the agenda as a new industrial strategy, on the one hand, and the FTAs, which have been adding new countries, India most recently, and each contain serious disadvantages for our country, on the other hand, clearly show that the need to completely renew the Customs Union agreement cannot be postponed any longer. We discussed these developments, which must be closely monitored from our country's perspective to formulate effective strategies for the future, in detail at our January Assembly. At the meeting titled “Global Outlook and Risks & Opportunities Awaiting Our Industry in 2026,” we evaluated this topic, the details of which you can read in the following pages, together with our esteemed guests and our industrialist Assembly members.

Last month, we held a very productive event with Cappadocia University with the participation of our former Minister of National Education, Mr. Mahmut Özer on artificial intelligence, which has found its place in every aspect of our lives, from daily life to production, and is constantly expanding its field. The panels held with the participation of academics, businesspeople, industrialists, and technology experts in their fields were followed with great interest by the participants. You can find its details in the following pages.

This month we are celebrating the peaceful month of Ramadan, which we have been eagerly awaiting for 11 months. Wishing that the Ramadan brings peace, prosperity, and well-being to our country and the entire Islamic world, I hope you have a healthy and peaceful month.

Erdal Bahçıvan
Istanbul Chamber of Industry
Chairman of the Board of Directors