Muharrem Yilmaz, the chairman of the Turkish Industry and Business Association (TUSIAD), which has the largest share of revenue, employment and taxes paid to the state out of Turkey’s private sector, gave a speech that incensed Prime Minister Recep Tayyip Erdogan in the organization's 44th General Assembly in Istanbul on Jan. 23. Among the things he said:

“A country where the supremacy of law is not heeded, where judicial mechanisms don’t operate with EU norms, where the independence of regulatory institutions is tainted, where there is pressure on companies through tax penalties and other kinds punishments, where regulations on tenders are changed regularly … it is not possible for foreign capital to come to such a country. We owed our affluence that has been growing over the past years to making up for our savings deficit by transferring resources from abroad and to our attracting of investments. Once we lose this drawing power, we will face the risk of regression of our prosperity level.”

Erdogan responded the next day by accusing Yilmaz of “treason against the country.” He said: “The TUSIAD chair cannot say, ‘Global capital won’t come to such a country.’ If he said that, then that is treason against this country. After you said that, with what nerve are you going to invite the ministers of this government to TUSIAD? With what nerve you will come to this prime minister and his government to solve your problems regarding your investments?"

Yilmaz complained that the "pressure applied to companies with tax penalties and other kinds of punishments” will deter foreign investment. Though Erdogan responded to TUSIAD with harsh label of "treason," he nevertheless validated Yilmaz’s criticism in his retort. Erdogan implicitly told TUSIAD, “From now on we won’t assist you, but will impede you.”