BUSINESS IN TURKEY
A commercial center for many centuries, Turkey is one of the most appealing regions both for its developing opportunities and stable economy.
The crossroads of three continents, Turkey attracts the attention of all enterpreneurs from small and medium seized enterprises to large-scale companies as a commercial center offering new oppurtunities every year.
Turkish economy supports investments and their development by providing incentives and offers many opportunities for business solutions.
The Republic of Turkey Prime Ministry Investment Support and Promotion Agency list 10 reasons why to invest in Turkey. Some of them are as follows:
Successful economic development, population, qualified and competitive workforce, liberal environment receptive to new investments, infrastructure, a central location, Europe’s energy corridor and terminal, low taxes and incentive opportunities, a large internal market since Customs Union with the EU in 1996.
Enacted in 2003, the Foreign Direct Investment Law in support of foreign investments cancelled the elimination system and replaced it with the monitoring system while the necessity of procuring prior consent was cancelled and replaced by the obligation to provide information.
The Investment Advisory Committee Council and coordination committees, established to support foreign investments and inform investors, are easy to reach and in service any time.
According to OECD reports, Turkey, which has the fastest growing economy in Europe, will attain a much more stable position until 2017 by maintaining its status as the fastest growing economy among member countries.
Turkish business culture
Did you know about business culture in Turkey?
Turkey is situated at the meeting point of Southeastern Europe and South Western Asia. Geographically, the west of the Bosporus lies in Europe and Turkey is surrounded by the Black Sea, Aegean Sea and the Mediterranean. Turkey is bordered by Bulgaria to the northwest; Greece to the west; Georgia to the northeast; Armenia, Iran and Nakhchivan to the east; and Iraq and Syria to the southeast.
Turkey is in the Eastern European Time Zone and adheres to EET (UTC +2) during the winter and EEST (UTC +3) during the months of March to October.
The climatic conditions in Turkey vary. In the coastal regions, the summers are hot and dry with mild and wet winters. The central areas have a prairie-like climate with hot, dry summers and cold winters with very little rainfall.
Turkey has a population of about 80 million people (July 2012 est.) with Ankara as its capital. The European part of Turkey (named Thrace) covers about 3% of the total land area and comprises more than 10% of the total population. Istanbul alone has a population of about 11 million. Thrace is separated from the Asian part of Turkey by the Bosporus. Turkey is divided into seven regions: Marmara, Aegean, Black Sea Mediterranean (Southern), Anatolian plateau, Eastern Anatolia, and South Eastern Anatolia, which are further sub-divided into 81 provinces.
Turkish is the official language of Turkey and 75% of the population is Turkish , 18% Kurdish, and about 7%-other minorities. It is estimated that 99.8% of the Turkish population are Muslim with the remaining 0.2% made up of Christians and Jews.
The modern Turkish state, officially named the Republic of Turkey, was created in the years immediately after World War I. Modern Turkey was founded with the creation of the Republic in 1923 by Turkey’s national hero Mustafa Kemal, who became Turkey’s first president and was honoured with the title Atatürk or ‘Father of the Turks‘. Archaeological evidence shows that Turkish history dates back to the ‘Hittities’ who settled in Anatolia from 2000 to 1400 BC.
Turkey has an open economy and is considered an emerging market with high-growth by the International Monetary Fund (IMF), making Turkey a newly industrialized country. Turkey’s trading partners are Germany, Iraq, UK and Russia. Its main exports are vehicle parts, machinery parts, knitted and crocheted goods and articles,