Ali Babacan is a Turkish politician, economist, and engineer.
19 Facts About Ali Babacan
Ali Babacan is the founder and current leader of the Democracy and Progress Party.
Ali Babacan served 13 years as the Minister of Foreign Affairs, Minister of Economy, Chief Negotiator for the EU and Deputy Prime Minister of Turkey from 2002 to 2015.
Ali Babacan was a member of the parliament as well.
Ali Babacan first served as the Minister of State in charge of economic affairs in the 58th cabinet from the Justice and Development Party.
Ali Babacan retained this position throughout the 58th and 59th Governments of the Republic of Turkey.
Ali Babacan had the duty of steering a harsh economic reform program, which was backed by multibillion-dollar IMF loans; under his leadership, the Turkish economy achieved a remarkable recovery after two severe crises.
Ali Babacan mostly stayed away from the Turkish political arena and focused on economic reforms, acting more like a technocrat.
In 2019, Babacan left the AKP, citing "deep differences" over the party's direction as a reason, and founded the Democracy and Progress Party in 2020.
Ali Babacan graduated from TED Ankara College ranking first among the class of 1985.
Ali Babacan attended the Middle East Technical University in Ankara and in 1989 was awarded a BSc in Industrial Engineering with the highest marks.
Ali Babacan went to the US on a Fulbright Scholarship to do postgraduate studies and in 1992 received an MBA from the Kellogg School of Management at Northwestern University in Evanston, Illinois, with majors in marketing, organizational behavior and international business.
Ali Babacan worked then for two years as an associate at QRM, Inc in Chicago, Illinois, a company doing financial consulting to the top executives of major banks in the United States.
Ali Babacan returned to Turkey in 1994 and, served as chief advisor to the mayor of Ankara the same year.
Ali Babacan was the chairman of his family owned textile company between 1994 and 2002.
Ali Babacan entered politics in 2001 as a co-founder and a board member of the Justice and Development Party and was elected to parliament as deputy for Ankara on 3 November 2002.
Ali Babacan was appointed Minister of Economy on 18 November 2002 and became the youngest member of the cabinet, then at the age of 35.
In 2019, Ali Babacan left the ruling AKP, citing "deep differences" over the party's direction as a reason.
Ali Babacan is quoted as saying that "the nation will give our party its name".