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FinancialNews


  • 23-05-23

    Turkish Efforts in Black Sea Grain Corridor Benefit Global Food Accessibility, says Industry Leader

    (MENAFN) Haluk Tezcan, the head of the Turkish Flour Industrialists' Federation (TFIF), has emphasized the significance of Turkey's role in the Black Sea grain corridor, highlighting its importance for nations facing challenges in accessing basic food products. Tezcan underscored that in a world grappling with the COVID-19 pandemic and the Russia-Ukraine war, such issues have led to price fluctuations and inflation in the food sector. However, he noted that the grain corridor has provided a substantial advantage by improving product accessibility and stabilizing prices, benefiting both underdeveloped and developed countries in their access to bread and other essential food items.

    Tezcan specifically highlighted the strategic importance of wheat for Russia, comparing it to the significance of oil. He noted that Russia aims to maintain wheat prices at a certain level, similar to how it regulates oil prices, in order to prevent a significant decrease in its value. By doing so, Russia seeks to protect its own interests and market position in the global wheat trade.

    The efforts of Turkey and its involvement in the Black Sea grain corridor have helped address these challenges. The corridor has facilitated the efficient transportation of grain and enabled countries to access essential food products at more affordable prices. This has had a positive impact on both underdeveloped nations struggling with food security and developed countries seeking stable food prices.

    Tezcan's remarks shed light on the broader implications of the Black Sea grain corridor and emphasize Turkey's important role in ensuring global food accessibility. By participating in this initiative, Turkey has contributed to reducing price volatility in the food market and providing greater stability for nations in need. The strategic significance of wheat for Russia further underscores the complexities involved in maintaining stable grain prices. Turkey's efforts in the grain corridor have not only benefited its own economy but have also had a positive impact on global food security and affordability.

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