The reforms Turkey is addressing in its program are essential not only to prepare for accession to the European Union, but also to be able to compete in today's global marketplace. Turkey's best manufacturers and exporters some, many of whom are represented in this room today, have long demonstrated that Turkey can compete on a global basis in business. And now it is time for the rest of the economy to meet the same challenge. A great deal has been accomplished in the last 14 months. However, implementation in some of these areas has been slower and has prompted concern.
Many challenges remain on the reform side and perceptions are central.
All eyes are on Turkey, and the government has clearly stated its commitment to reform. Now is the time to demonstrate that commitment through concrete action. Turkey's ability to attract substantial new U.S. investment and to increase mutually-beneficial trade depends on maintaining support for existing investments and demonstrating a firm commitment to steady progress on reform. Carrying through on structural reforms will be difficult, but certainly not impossible. The importance of putting a legal and administrative framework into place to support economic reform cannot be understated.