10 July 2018•Update: 10 July 2018
By Gokhan Ergocun
ANKARA
Turkey's new economy administration was announced by President Recep Tayyip Erdogan late on Monday.
The Cabinet reshuffle saw economy-related ministries cut to nearly half.
The new management model has three pillars; production, finance and trade, with a focus on growth and clarity.
Ruhsar Pekcan, one of two women ministers in the new Cabinet, was chosen to lead the Trade Ministry, a combination of the former Customs and Economy ministries.
Electrical engineer Pekcan has worked in several institutions including the Bank for the Development of Industry of Turkey (TSKB), Foreign Economic Relations Board of Turkey (DEIK) and the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
Mustafa Varank was named the minister of industry and technology. The ministry combines the former Science, Industry and Technology, and Development ministries.
Varank has been a researcher and served international Florida State and Indiana universities.
He has also been advisor to the prime minister and president, and was given the title of ambassador by Erdogan.
Berat Albayrak, former Energy and Natural Resources Minister, was chosen to lead the country's Treasury and Finance Ministry.
He completed his post-graduate and doctorate from New York's Pace University.
The Treasury Undersecretariat was combined with the Finance Ministry under the Treasury and Finance Ministry.
While most of the new Cabinet members were chosen from out of The Grand National Assembly of Turkey, he was one of four deputies.
He was also one of the four ministers who managed to stay in the Cabinet.
Fatih Donmez took up the role of the energy and natural resources minister. He formerly served as undersecretary in the ministry.
Mehmet Cahit Turan was named the transportation and infrastructure minister.
Bekir Pakdemirli became the food, agriculture and livestock minister.
Business-circle backs new Cabinet
Turkey's business community praised the new Cabinet.
Abdurrahman Kaan, head of the Independent Industrialists’ and Businessmen’s Association (MUSIAD), said that the new economy administration will raise the country's production, exports, investments and growth.
Sekib Avdagic, head of the Istanbul Chamber of Commerce (ITO), stressed that new appointments gave confidence to the business world.
Ismail Gulle, chairman of the Turkish Exporters' Assembly (TIM), said: "We believe, the new ministers will be successful in delivering."
Turkish Industry and Business Association (TUSIAD) also said in a statement: "We expect an extensive program that includes financial measures to strengthen macroeconomic balance immediately."
