Doing Business in Turkey
Welcome to the Istanbul office of the Export to Group in Turkey. Our business exists to help businesses like yours develop and prosper in this incredible market. We offer market entry and ongoing support to international companies who have selected Turkey as a target market for their products, services or technologies or as an entry point for sales to Asia. We also offer our Turkey based clients assistance regarding investment and trade opportunities in other markets where we have a local presence and will match their sourcing needs with the appropriate products and services from the best possible suppliers around the globe. Turkey's recent economic growth record, young workforce and geographical location as a prime hub for regional market access make Turkey a hugely attractive destination for exporters with the right products or services to offer.
Export to Turkey- a few facts and figures
In 2012 Turkey was the 16th biggest economy globally in terms of its total GDP, and has increasingly been grouped with the rapidly-growing BRIC economies (Brazil, Russia, India, China). It is predicted to be the second-fastest growing economy in the world by 2017, and among the top 10 world economies by 2050. It is the second-largest supplier (after China) in construction and contracting.
In 2012 the EU continued to be Turkey’s main trading partner, while Turkey was the EU’s sixth largest trading partner (two-way trade worth €122 billion). In 2012 EU countries took 29.3 per cent of Turkey’s exports and provided 33.7 per cent of imports. Other important trading partners were Russia, China, the US, Iran and Iraq.
A substantial economic reform program was undertaken within the scope of an IMF stand-by arrangement, following a major economic crisis in 2001 (when the economy contracted by 9.5 per cent). Successful implementation of the stand-by program accompanied by structural reforms especially in banking, the financial sector, social security and taxation saw the vulnerabilities in the economy decrease and have made the economy more attractive for foreign investment.EU Accession to EU
Turkey has long sought full entry into the European Union (EU) and achieved a Customs Union with it at the beginning of 1996. In October 2005, six years after declaring it a candidate for membership, the EU opened accession negotiations with Turkey and these are ongoing. Some EU members are opposed to Turkey’s membership of the EU, in some cases reflecting EU “enlargement fatigue”; more recently this has also been mirrored in falling Turkish popular support for EU accession.
Currently it is fair to say that there are certain unique challenges when doing business in or with Turkey. These include: Regulatory issues, bureaucracy, sudden changes to legislation and regulations without warning and consultation, a need to demonstrate a commitment to the market, either by having a visible presence in the country or building and maintaining strong relationships, necessity of regular market visits to fulfil Turkish requirements. The Export to Group can help you satisfy all of these challenges, cost effectively and professionally.
Major opportunities 2014-16 include, infrastructure, oil and gas, renewable energy, education, retail and agriculture.
Finally, without wishing to state the obvious, Turkey is big - with an area of 300,950 square miles. It borders Greece, Bulgaria, Armenia, Georgia, Iran, Iraq and Syria with easy land and sea access to the Gulf States, Near East and north Africa.
As a result there are opportunities for collaboration with Turkish companies to do business in third markets such as central Asia and south Caucasus. Contact us at the Export to Group to find out more.
Export to Turkey
Hakki Yeten Cad. Selenium Plaza No: 10/c Kat: 5-6, Fulya, Besiktas, 34349 Istanbul