As Türkiye enters a new era under President Recep Tayyip Erdoğan, the business community says it is time to focus on a new page that would swiftly prioritize steps to lower costs, curb exchange rate pressure and boost the investment environment.

Erdoğan won a new five-year mandate to rule until 2028 after securing over 52% of the vote in Sunday’s presidential runoff, two weeks after he fell short of scoring an outright victory in the first round.

The challenges are led by high inflation that has undermined the purchasing power of its citizens, steep depreciation in the Turkish lira and rebuilding in the aftermath of devastating earthquakes that killed over 50,000 people in early February.

In his victory remarks, Erdoğan termed inflation as Türkiye’s most urgent issue and said rebuilding the quake-struck southeastern cities would also be his priority.

Erdoğan thanked the nation for entrusting him with the Presidency again. "The only winner today is Türkiye," he said outside the Presidential Complex in Ankara, promising to work hard for the country's second century, which he called the "Century of Türkiye." The country marks its centennial this year.

"With the completion of the elections, the climate of uncertainty has ended. It's time to focus all our energy on our work," said Mustafa Gültepe, the head of the Turkish Exporters’ Assembly (TIM).

"We are working with the vision of launching Türkiye among the top 10 countries in exports. However, I need to emphasize that we are going through a difficult period," Gültepe stressed.

He cited high increases in costs and the government’s efforts to curb the high volatility in the foreign exchange rate, which he suggested had damaged exporters’ competitiveness.

"We should be able to show flags in new markets with steps that will increase our competitiveness. We are even more hopeful about the new era," he added.

Gültepe's remarks were echoed by Aegean Exporters' Associations (EIB) Coordinator President Jak Eskinazi, who said they expect the economy and exports to dominate the agenda, as he stressed the urgent need to curb foreign currency pressure.

"It should be ensured that the exchange rates that negatively affect the competitiveness of our exporters gradually come to their real value in a way that ensures the exporter's competitiveness," Eskinazi noted.

He also stressed the need for channels that would pave the way for easier access to loans for the business world.

Cheaper loans have been the main component of Erdoğan's low-interest-rate economic blueprint, which he has said the government would remain committed to following the elections.

Unveiled in 2021, the government's economic program seeks to stimulate domestic demand, boost investment and consequently drive economic growth. Erdoğan insists that the program can help flip the country's chronic current account deficits to a surplus.

In line with this approach, the Turkish central bank has aggressively reduced interest rates to ease borrowing costs for businesses and individuals and encourage spending. The policy rate, known as the one-week repo rate, was cut from 19% in mid-2021 to 9% by early 2023.

The monetary authority last cut the benchmark policy rate by another 50 basis points to provide stimulus after the catastrophic Feb. 6 tremors.

Now it's time to focus on the economic agenda, said Istanbul Chemicals and Chemical Products Exporters Association (IKMIB) Chair Adil Pelister.

"We expect the investment environment to be improved, the inflation-exchange rate gap to be narrowed, the inflation-interest rate balance to be achieved, and access to financing to be facilitated by economic policies that will be redetermined in line with the expectations and needs of our exporters as soon as possible," Pelister said.

Erdal Bahçivan, the chair of the Istanbul Chamber of Industry (ISO), shared the same view, as he underscored the need to focus on the country's main issues.

"It is time to work together for a peaceful welfare society by further developing our economy," said Bahçivan.

Erdoğan suggested inflation would continue to fall, following the central bank's policy rate that he said was cut from 19% two years ago.

Orhan Turan, head of the Turkish Industrialists and Businessmen Association (TÜSIAD), stressed the importance that the new executive and legislative bodies quickly implement the steps that will raise Türkiye's economic, democratic, social and environmental development level to a leading position in international standards.

"As we enter the second century of our republic, we, as the business world, will continue to work in line with the goal of surpassing the contemporary civilization level of our republic," Turan said.

Özgür Burak Akkol, head of the Turkish Confederation of Employer Associations (TISK), said Türkiye was entering a process where "we need to work harder than ever and produce together."

"As employers, we hope that the social welfare environment will develop in the new period and that our country's competitiveness will be quickly moved to higher levels," Akkol noted.