Notably, three out of four people who spoke at the meeting addressed the need for a better legal framework in Turkey. One speaker, a professor at a prestigious Turkish university, explained that foreign investors tend to stay away from investments in the nation because of the opaqueness of the judiciary system. Foreign investors will hesitate to invest in the development of a nation if they feel that they have no recourse should they encounter difficulty with a Turkish partner. Since foreign investors cannot understand the existing Turkish judiciary system, they do not feel like their investments would be protected.
Another issue highlighted by speakers was the corruption of tax law, especially in regard to finance and investments. Speakers said that some Turkish tax supervisors abuse their power to intimidate and force investors into funneling money into Turkey. Such profit-seeking abuse, according to the speakers, is commonplace in Turkey. However, this behavior instills no confidence in foreign or domestic investments in development.
Turkey faces a number of institutional issues that other developing nations do not, according to the speakers. Many developing nations can turn to first-category structural reforms, such as the privatization of energy, to encourage investment from foreign powers. However, the corrupted institutions in Turkey pose a major obstacle to development. The speakers said that Turkey cannot hope to attract foreign investors without making its policies and procedures more transparent.