From Ministry of Economics To Ministry of Trade
The duty fields of the Ministry, which was named as the Ministry of Economics in the first Government of the Republic of Turkey, included “trade, industry, agriculture, forestry and mining” (see relevant legislation: 02.05.1920/3). In the Republican period, this ministry was abolished in accordance with the Law No. 432 dated 05.03.1924 and was replaced by the Ministry of Trade and Ministry of Agriculture. However, these two ministries were merged in 1928 and the Ministry of Economics was re-established with two undersecretaries. Meanwhile, Ministry of Agriculture separated about four years later and the Ministry of Agriculture was re-established in 1931 (see relevant legislation:29.12.1931/1910). After 1929 World Economic Crisis, state-oriented economic policy was implemented. In 1933, Sumerbank was established. The First and Second Five-Year Industry Plans were prepared and implemented in 1934-1938. A significant portion of the investments was carried out by Sumerbank and Isbank.