Chemical Raw Material Production Targeted to Reduce Current Account Deficit

"WE WILL CLOSE THE CURRENT ACCOUNT DEFICIT IN CHEMICALS THROUGH RAW MATERIAL PRODUCTION" Turkey has long sought to balance its export-import figures. Although the current account deficit, determined at USD 2.5 billion according to September 2021 figures, has gradually decreased, it remains unclosed due to the importation of raw materials for production. V. İbrahim Aracı, Chairman of GEBKİM, Turkey's first specialized chemical industrial zone, stressed that after the energy sector, the chemical sector imports the most raw materials, saying: "The chemical sector, which was the export champion in June 2021, ranks among Turkey's major production items. We have launched R&D activities to produce the chemical raw materials we use and import domestically. As GEBKİM producers, we will support domestic raw material production." Turkey's current account deficit stood at USD 2.5 billion according to September 2021 figures. The most important item in imports consists of fossil fuels used for energy production. V. İbrahim Aracı, Chairman of GEBKİM, Turkey's first specialized chemical industrial zone, made significant statements on balancing the current account deficit, noting that after the energy sector, the largest imports occur in the chemical sector, using the words: "We have started work on producing the chemical raw materials we import domestically."

Chemical sector was export champion

Recalling that according to data from the Turkish Exporters Assembly the chemical sector was the export champion in June 2021, İbrahim Aracı stated: "In the chemical sector, export figures that stood at USD 1.4 billion in June 2020 rose by 66.6% in June 2021, reaching a level of USD 2.37 billion. Our sector, which was the export champion in June, took second and third place in July, August, September and October. The chemical sector is a dynamic sector that continuously creates added value and serves as the engine in developed economies. With the resolution of problems such as raw material supply and the scarcity of production sites in our country, the chemical sector will perform its true role as a driving force," he said.

"Our research for chemical raw material production continues"

Aracı, expressing that GEBKİM as an industrial zone continues its work on chemical raw material production, said: "As GEBKİM members and companies that bring GEBKİM together, we are engaged in detailed work to reduce chemical raw material import dependency. Our research continues on how and under what conditions raw materials not produced in our country will be produced. We also aim to provide solutions to companies on raw material supply through the GEBKİM Technology Development and Solutions Center that will be established within our organization," he said.

"We aim to establish a new industrial zone"

Saying that as GEBKİM they aim to spread the success they have achieved to other regions of Turkey through specialized chemical industrial zones to be established, GEBKİM Industrial Zone Chairman Aracı stated: "The success we have achieved at GEBKİM Industrial Zone stems from the ecosystem created by the coming together of chemical producers. Here, our plants work together with raw material producers. Our logistical advantage enables our products to easily reach domestic and foreign markets. We aim to achieve the same success in the specialized chemical industrial zone we plan to establish in other regions of our country. By attracting investors from abroad to this location, we could focus on the production of raw materials not produced in Turkey," he said.