Approval from the Capital Markets Board for TEKNOSAB Logistics Park Venture Capital Investment Fund

The Chairman of the Board of Directors of Bursa Chamber of Commerce and Industry (BTSO), Ibrahim Burkay, announced that the Logistics Park project they plan to implement at TEKNOSAB with the Venture Capital Investment Fund model has received approval from the Capital Markets Board. Chairman Burkay stated that they would soon start the share issuance processes within the framework of the project.

The BTSO August General Assembly Meeting was held at the Chamber Service Building. In his speech at the meeting, BTSO Chairman Ibrahim Burkay emphasized the importance of improving the investment environment, increasing financing options, and developing entrepreneurship support mechanisms. He pointed out that the financing needed for working capital and new investments in Turkey is predominantly provided by banks, saying, “The high share of the banking sector in total financing affects many factors, from access to finance to the health of the financial system. However, it is important to diversify funding by stepping outside conventional methods as in developed economies. Among this diversity, Venture Capital Investment Funds are one of the most important tools.”

Business model according to global changes

Ibrahim Burkay stated that as Bursa Chamber of Commerce and Industry, they strive to read and implement the changes in the world and business models in the best way. He also provided information about the efforts they initiated to establish a Logistics Park at TEKNOSAB with the Venture Capital Investment Fund. He noted that the necessary approvals for the establishment of the fund were obtained from the Capital Markets Board last week, and said that they would hold information meetings for members in the upcoming period and start the share issuance processes as soon as possible.

Data center project at TEKNOSAB

Pointing out that technology is causing rapid change worldwide, Chairman Burkay stated, “The biggest problem for companies is cybersecurity. Technology is changing rapidly. We need to renew our infrastructure every five years. Otherwise, you cannot keep up with time and the market. We also designed our planned DATA Center project at TEKNOSAB with this vision using the Venture Capital Investment Fund model. We need space for our companies at TEKNOSAB to store their information. Here, we will store not products but information. Hopefully, this new structure will be one of the largest data centers in Turkey. With the contributions of our Information Technology and Automation Council, we will make Bursa an international player in this field as well.”

“We want to have a say in cell production”

Recalling that they established BB Solar company about two years ago to strengthen Turkey’s and Bursa’s role in renewable energy, BTSO Chairman Ibrahim Burkay stated, “By consulting with our BTSO Energy Council and committees, we aim to realize our investment and particularly become a key player in cell production. In all three projects, our members will be able to make their investments through the venture capital fund.”

“We communicate the demands of the real sector on every platform”

Stating that the real sector is trying to navigate this period with the least damage against existing challenges, especially high input costs, access to finance, and exchange rates that are far from competitiveness, Burkay expressed that it is critical to implement the inflation adjustment without imposing a new tax burden on companies. Burkay stated that they voice the members’ demands on every platform as BTSO, saying, “We are working hard to find solutions. As the TOBB Board of Directors, we held a meeting lasting about 7.5 hours with our Vice President Cevdet Yılmaz and the President of the Presidential Strategy and Budget Ibrahim Şenel. In this important meeting, we had the opportunity to discuss the issues of our real sector, primarily inflation accounting and access to finance, and our proposed solutions.”

“Concordat should not affect commercial receivables”

Chairman Burkay pointed out that changing the regional incentive regulation to support the technology, expansion, modernization, and automation investments of existing firms in the 1st region is one of the priorities of the business world. He mentioned the significant increase in the number of firms declaring concordat recently. Ibrahim Burkay said, “In this context, all debt payments of businesses are suspended, but this situation causes different problems for the commercial creditors of the relevant company. In this case, we recommend excluding commercial receivables from this process. We anticipate that tightening policies in the fight against inflation will continue at least until the end of next year. Short-time working allowances for our businesses should also be reconsidered until the end of 2025.”

“New KGF programs should be launched for SMEs”

Emphasizing that especially small and medium-sized enterprises are struggling to access the credit they need due to high interest rates and amount restrictions, Chairman Burkay stated that they expect the removal of restrictions on commercial loans for SMEs to sustain themselves. BTSO Chairman Burkay expressed that they want new guarantee programs to be launched within the Credit Guarantee Fund for small and medium-sized enterprises and for public debts to be restructured. He emphasized that the interest rates on loans provided by Türk Eximbank should be revised to support exporters and that the removal of bank guarantee letter applications for these loans is crucial for companies. Ibrahim Burkay stated, “Encouraging private sector investments and directing capital to the right areas will also strengthen our financial system. With this perspective, we desire the preparation and implementation of a Medium-Term Program that lays the groundwork for structural reforms, where investment priorities are determined, resources are used efficiently, production is effective, value-added is high, and trade is competitive.”

“KFA Fair Organization raises the success bar”

BTSO Chairman Ibrahim Burkay stated that the KFA Fair Organization project, which they initiated nearly 10 years ago to develop Turkey’s export vision, has now evolved into an organization that undertakes major events. Ibrahim Burkay said, “As KFA Fair Organization, which has successfully carried out many organizations to date, we are now undertaking the organization of the 17th International Defense Industry Fair, which is among the largest defense industry meetings in the world. The fair, to be held on July 22-27 next year, will be conducted simultaneously in four different areas. With its new location and structure that allows for international collaborations, IDEF will hopefully be a pride of Turkish defense industry. Our KFA Fair Organization will further elevate the Bursa brand nationally and internationally.”

“Risk management of our companies is of great importance”

BTSO Council President Ali Uğur stated that the economy is going through a difficult period due to increasing global and regional risks, and expressed that the economic impact of wars developing in the near geography and affecting the whole world increases the uncertainties facing businesses due to the severe damage caused by problems in supply chains and high inflation. Ali Uğur also added that risk management is becoming vital for businesses in terms of access to finance and effective use of resources.

At the council meeting, Faculty Member and Economist Assoc. Prof. Dr. Filiz Eryılmaz from Bursa Uludağ University presented on inflation adjustment practices and their effects on the business world.