Erdogan Introduces New National Brand For Export Products

Erdogan Introduces New National Brand for Export Products

All Turkish-made goods to be exported will be labeled with a new "Turkiye" brand, meaning Turkey, to boost recognition of the country abroad, the official Resmi Gazete reported on Saturday, publishing the presidential decree

ANKARA (Pakistan Point News / Sputnik - 04th December, 2021) All Turkish-made goods to be exported will be labeled with a new "Turkiye" brand, meaning Turkey, to boost recognition of the country abroad, the official Resmi Gazete reported on Saturday, publishing the presidential decree.

The decision comes as "the next complex step reflecting the rich culture and heritage of the country" and is aimed at confirming good faith of Turkish exporters, according to the decree, signed by President Recep Tayyip Erdogan.

Turkey will export products branded with "Made in Turkiye" instead of "Made in Turkey" from now on, and the word "Turkiye" will also be used in correspondence with foreign countries and organizations.

A boost in exports is seen as critical to steady Turkey's faltering economy and bring in much-needed US Dollars. The Turkish lira has been losing value for months, and on November 23, it hit its lowest of 13.2 against 1 US Dollar. Since August, Erdogan has decreased the interest rate four times, the latest of which triggered the recent record fall. On November 26, the national statistics service said that the monthly inflation totaled a three-year high of 21.3% year-on-year. The financial crisis prompted protests in large cities and calls for the government to step down.