Turkey’s economy continues to promise a bright future but still lags in becoming more sustainable and innovative, the country’s leading chief executive officers said at a first-ever meeting in Istanbul.

Prominent executives from Turkey’s leading holdings met Thursday for a discussion panel on the theme of “The Agenda of Today and Tomorrow,” organized by the CEO Club of Capital and Ekonomist magazines, to discuss both their corporate strategies and Turkey’s economic sustainability.

Addressing the participants, Agah Ugur, chief executive of Borusan Holding – active in steel, distribution, logistics, energy and telecommunications – said the holding would not invest in new fields until 2015. “Borusan will focus on its current businesses, investing more and maximizing its revenues,” he said.

Ugur said the holding cooperates with international research companies in order to examine the possible affects of “mega trends” on Borusan. “There are three main trends according to research: changing demographics in the world, the use of green energy and information technologies.”

It is crucial to implement changes in information technologies in businesses, Ugur said. “There will be a new Facebook account for our customers, over 5,000 people, where they can all interact with each other with complete transparency.”

 “With the global crisis, we all observed that the growth trend shifted from western countries to emerging economies,” said Erdal Karamercan, chief executive of Eczacibasi Holding. Karamercan emphasized that both markets and business world were ready “with swords and shields in hands,” for the possibility of a second dip of the global recession.

“Turkey grew 10.4 percent in the second quarter of this year and has already proved that the country is a new BRIC country [Brazil-Russia-India-China] with its economic dynamism.”

Spanish lender BBVA’s acquisition of 24.9 percent of Garanti Bank for $5.8 billion was cited as “proof of global trust” in the Turkish economy.

Emerging brands would be the pioneering element of the process to transform the current economic growth in Turkey into a sustainable trend, Karamercan said. “If Turkish companies struggle to build up new brands, it might be wise to start acquisitions abroad,” he said.

Calling Turkish companies to invest more in “innovation,” Karamercan said Eczacibasi Holding is to start up the first ceramics research and development center in the world in Bozoyuk, in the northwestern province of Bilecik.

Explaining the growth trend of Koc Holding, Turgay Durak, chief executive of the holding said, “We tend to make quantum leaps in every three to five years.” Koc invested 500 million Turkish Liras by the first half of this year, creating nearly 4,000 new jobs.

Almost 50 percent of the total production of the holding was for exports, he said.

Noting the holding sends nearly 80 percent of its total exports to western European countries, Durak said, “We do not expect economic growth in Europe next year and we are interested in growing in Central Asia, the Middle East and Far Eastern markets.”

Many foreign businessmen favor two markets for making investments these days: Brazil and Turkey, said Zafer Kurtul, chief executive of Sabanci Holding.

Turkey has growth potential in various sectors such as banking, insurance and energy, Kurtul said. The outstanding loan and credit amount per person stands around $3,500 in Turkey, while the per capita amount is around $44,000 in Europe, he noted.

Kurtul said he is pleased with the country’s structural reforms, fiscal discipline and budgetary discipline.

Kurtul said that the holding would invest nearly $1.4 billion next year, focusing on energy. He said that the target is to reach a minimum market share of 10 percent in the Turkish electricity market by 2015. He said that the holding aims to provide distribution service to 6 million end users in the Turkish electricity market by 2015.

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