We will probably remember the year 2007, particularly the latter half, as the beginning of harsh winds that had, and still continue to have, very adverse effects in our country and the world. For some, it was the biggest crisis in the past 100 years, while others thought that the magnitude of the problems to be faced was not yet clear and would only emerge at the end of the present process still going on, and that the new situation would determine the new economic picture of the world. 2007 witnessed the beginning of discussions on such assumptions. For us, this year was tragic proof of the fact that everything can change. It has become evident once again that reliance on one model only, irrespective of its name and how powerful the rulers may be, could plunge the world into catastrophe. I regret to say that capitalism is faced with a major defeat that will overshadow the victory it won at the end of the Cold War. The models of relief from the burden of enjoying the experience of antagonism of production and consumption together caused a global noise resembling the sounds of magma activities… Careless consumption and destruction of the vital resources of the world, and abandonment of such a simple and verifiable method as “preservation of the existing” instead of the utopical efforts of searching for the alternative also brought about global climatic disasters this year.

Climatic uncertainties - such as long lasting winters, delaying summers, disappearing seasons, droughts experienced even in areas with plenty of rain, and snow experienced for the first time this year in areas which have never seen snow before - have already begun changing many aspects of international trade such as the timing and planning of production. Furthermore, this has also indicated how dangerous problems will be faced in the future. 2007 was perhaps the last warning for the bright, refined, intelligent and advanced people of the world to complement these qualities with responsibility and to begin immediately ceasing these examples of unwise acts going on before our own eyes.

On the other hand, this year our country lived through the same old debates again, which we seem to believe we'll be unhappy without them. Consequently, we could not address the matters that needed to be prioritized. Some steps have been taken, of course, but they could not be followed. I regret to say that we left behind a year when our country could not enjoy the advantages of a single party government. The energy we should have used to build a shield before the mortgage crisis approaches our borders, to address any deficiencies and adopt all the necessary decisions has been wasted in other areas. Therefore, together we wasted a whole year for which we all should take the blame on our part, and nobody has the luxury to view oneself as innocent. We merely debated in a garrulous manner, with big words that sounded very meaningful. We did not applaud any achievement this year. We did not reward the few successful ones this year. We relentlessly criticized and criticized. But we could never utter a sentence consisting of some magic words that could solve the problem.

2007 was business as usual for GİSAD. In addition to many extraordinary developments again, we had an answer to a long awaited question this year. The VAT rate was reduced from 18% to 8% in 2006, and GİSAD achieved more than 25% growth in exports, up from US$ 1.96 billion to US$ 2.5 billion. We left behind 11 years with a tradition of achieving growth each year in 2007 as well, proving once more that it is not a company of conjunctural decisions at a time when all parameters (low foreign exchange rate, VAT reduction, market recession) were against it. With the figures attained as a result of its correct and high-quality work and with the growing interest and trust of its shareholders, GİSAD has shown to everyone that it has become a global player. It left a profitable year behind that all financial organizations at home and abroad showed a great interest in its every product.

We have said many times before, and we'll say it once again. We loved success. We regarded it as very important. However, we never got drunk with victory, with days long celebrations. We have kept the people who made this success possible, who trusted us, our valuable shareholders and customers happy as far as possible. We have always taken care to be a valuable and reputable customer of the financial institutions that trusted us. We have always been respectful to the values of the society in which we operate, and we have never committed any irregularity that might disturb the public conscience. We have employed a very broad and well-trained team in this respect. We have identified and treated our employees as the most important players on our road to success.

And, dear colleagues, we have always increased our excitement that began on the first day, and have never let it diminish. For we knew that it was our greatest asset. We have preserved this value with all our power. We have always regarded it as our indispensable principle to love our GİSAD and all those who love us.

 
Yours sincerely,

İbrahim Özdoğan
Chairman