With a Single Measure, Turkey Can Become One of the Mega Industrial Giants of the EMEA Region. What is this Measure?

According to the Oxford University Press list of Industrialized Countries (Ref.-1), the name "Industrial Countries" is used for countries that have a large share of industrial production in their gross domestic product and exports, are members of the International Monetary Fund and the Organization for Economic Cooperation and Development, and are mostly developed economies. 

The Industrialized Countries are Canada, Japan, Turkey, Australia, New Zealand, the United States of America and eighteen European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom). 

This definition excludes newly industrialized countries, including Brazil, Korea and Singapore, and former Eastern European countries, many of which are heavily industrialized, including former Soviet Union countries Russia and the Czech Republic.

Due to our very low per capita income level, we cannot feel that we are actually a serious industrialized country and we cannot reach the level of "Developed Countries".

We know very well that in order to reach the level of developed countries, we need to industrialize at very serious levels, that is, we need to produce a lot.

So why is this not happening? Why can't we industrialize as we should, or rather as we can?

The answer is simple; we cannot sell more to others (exports) than we buy from others (imports). 

In other words, we have a "current account deficit". We are constantly borrowing to cover this deficit. We spend everything we have to pay our debts. There is not much left for individuals, i.e. those who realize production, and we cannot reach the desired and imagined level of prosperity.

So what should we do to stop this negative spiral and turn it into a positive one?

The answer is very simple; we should "spend for exports" all of the debt we borrow from abroad, down to the penny.

But is this possible? Can we channel all of our foreign debt into export-oriented production? 

Yes, we can channel all of our foreign debt into export-oriented production of goods and services. This implies export-oriented industry in general and export-oriented tourism and other sectors in particular.

Japan has done this since the 1960s, succeeded and reaped the rewards. South Korea has also done this since the 1970s, succeeded and reaped the rewards. All industrialized and developed countries did this, they did it with discipline, they succeeded, and it paid off. 

Of course, we will channel a significant portion of our domestic resources into export-oriented production, but if we can convert the debt we borrow from others into goods and services and sell them to others with added value, we will prevent this debt from rotting us from the inside, and then we will see that it gives us additional power and that this power grows like an avalanche with the "snowball effect". This growth will happen in a very short time.

Snowball Effect

In conclusion, Turkey can easily become one of the mega industrial giants of the EMEA (Europe, the Middle East and Africa) region with a single measure. This measure is "spending every last penny of the debt borrowed from abroad on export-oriented production". 

Turkey, which disciplinedly implements this measure and maintains this practice continuously, will turn its current account deficit into a surplus within 5 years and realize the "Turkish Miracle" as the "Shining Industrial Star" of the EMEA region within 10 years.

EMEA (Europe, the Middle East and Africa) Region

Reference

1. Oxford University Press; Industrial Countries,

https://www.oxfordreference.com/display/10.1093/oi/authority.20110803100002206#:~:text=This%20group%20includes%20Canada%2C%20Japan,Switzerland%2C%20and%20the%20United%20Kingdom