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Istanbul Chamber of Industry (ISO) Chairman Erdal Bahcivan warned on Friday that alarm bells are ringing "very strongly" for Turkish industry following the release of July manufacturing PMI data showing continued contraction.
Bahcivan said the situation is "very serious" for manufacturers and announced that the chamber is working on a sustainable solution model to address the industry's challenges, which will be presented to the public soon.
Following the release of ISO Türkiye Manufacturing PMI and Sectoral PMI data for July, Bahcivan emphasized that the latest figures confirm the severity of conditions facing the industrial sector.
"ISO Türkiye Manufacturing PMI data, with its trend below the threshold value of 50 for a long time, was pointing to unbearable conditions in our industrial and production life," Bahcivan said.
"The July PMI data has once again revealed the seriousness and gravity of the operating conditions our industrial sector finds itself in by extending this difficult period to the 16th month," he added.
Bahcivan noted that sectoral PMI data showed all 10 monitored sectors contracted in July following June, with conditions particularly severe in traditional labor-intensive sectors.
"As industrialists, while giving the strongest and most self-sacrificing support to our country's fight against inflation, I had previously stated that we are paying a heavy price for this responsibility," Bahcivan said.
"As the latest PMI data reveals, looking at the point we have reached today, we must now see that our industry has exceeded the limits of paying the price," he noted.
Emphasizing the serious nature of the industrial situation, Bahcivan stated that "no one can remain indifferent to this situation" and called for industrialists' voices to be heard and urgent action to be taken for solutions.
Bahcivan stressed that the chamber is working on a new solution model, saying: "Everyone must now accept that the problems in our production life cannot be solved with memorized, habitual requests and demands. As ISO, we are engaged in intensive work to create a model with a new generation understanding and perspective to find permanent, sustainable solutions to the problems of our industry and production life."
"We will create and announce this model to the public as soon as possible, which we are working on in consultation and dialogue with all our solution partners, especially the political authority," he concluded.
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