Turkey has the world’s 17th-largest nominal GDP and 13th-largest GDP by PPP. The country is among the world’s leading producers of agricultural products; textiles; motor vehicles, transportation equipment; construction materials; consumer electronics and home appliances. And also Turkey is one of the biggest market of Europe. The Turkish market counts around 83 million consumers.
Turkey has experienced credit-led economic issues because of some internal and external reasons.
Private sector had some difficulties to pay back their debts which were taken in foreign currency because of highly vulnerable currency. Some of companies bankrupted meanwhile remaining were turned more stronger and flexible companies. Turkish economy became stable but still Turkish Lira could not find real worth. According to the development bank reports and European Commission Turkish economy will grow and strong contribution of net trade, reflecting mostly a high income elasticity of import demand, dampens the shock to the domestic economy. It is a sign of economic crisis and recession were over for Turkey regarding to mentioned reports .Turkey still has its currency and monetary sovereignty. Even though depreciating its currency might not be ideal, the option still exists and might be an effective solution in solving problems like current account deficits.Turkey provide against to further currency depreciations by taking various steps to prevent a sharp recession, including discounts on high-interest loans and regulatory forbearance to help banks deal with non-performing loans. When that steps pan out Turkish Lira will get stronger. Turkey gives great opportunities for investors and Turkey still important center for attracting local and foreign investors in various sectors.
The current population of Turkey is estimated at 83.43 million and 29 milyon of them young, qualified and skilled manpower.
Turkey’s young population is very large compared to European countries. Turkey is the most populous country in Europe and more than half 30, which means that any investor who opens a project in. The spectacular growth in the number of universities has allowed Turkey to graduate a larger number of students, which in turn has enabled Turkey to transform its young population and large labor force into a skilled workforce. More than 6.7 million students are enrolled in higher education and Approximately 800,000 students graduate from universities every year.These young Turks are well educated, technically skilled, dynamic and open minded. Investors can work with them easily ang get high performance with relatively low cost of labour.
Turkey’s repeated attempts to join the European Union have helped to establish European regulations and trade standards, which have substantially liberalised the economy.
Turkey has one of the most competitive corporate tax rates among OECD member countries.
The Turkish corporate tax legislation has noticeably clear, objective, and harmonized provisions that are in line with international standards. In order to encourage investors to invest in Turkey, the institutional profit tax applicable to foreign investors has been reduced by 33% to 20%. In some cases, foreigners are exempt from this tax in whole or in part. Investors are also encouraged in some areas allocated by the State such as land allocation and other incentive policies and Turkey’s investment legislation is simple and complies with international standards, while it offers equal treatment for all investors.
Turkey is a transcontinental country that includes Anatolia in Western Asia and East Thrace in Southern Europe. Turkey is linking Asia and Europe has historically made it a natural bridge connecting the two continents with New and highly developed technological infrastructure in transportation, telecommunications and energy. Also Turkey has well-established transportation routes and direct delivery mechanism to most of the EU countries, railway transport advantage to Central and Eastern Europe and well-developed and low-cost sea transport facilities.
Turkey has, through its location, embraced many commercial routes linking the East and the West.
Today, Turkey enjoys a sensitive strategic location to reach more than 1.5 billion people in each Asia, Europe, and Africa, and it is the most reliable transit point in trade relations. Therefore Turkey has a strategic geographical location that allows it to be a regional hub between Europe, Asia and the MENA economic zone.
Turkey has a wealth of natural resources: boron, coal, iron, zinc, chromium, copper, silver. The exploitation of these resources is still under-developed and presents many opportunities. This could also lead to opportunities in heavy industry. There are also a good number of opportunities in engineering works. The agri-food and textile sectors are looking for equipment. Other key sectors are the automotive industry and health, which is in increased demand.
Tourism is one of the Turkey’s key sectors. It is already well developed in Istanbul, on the Mediterranean coast, in the region of the capital and Cappadocia. In spite of this, the tourist sector still has large potential. Also, Turkey’s geographical position offers good opportunities in logistics, transport and insurance.