Turkey - The Magnitude of the Opportunity
Turkey is nation rich in resources, an established democracy and with the possibility of joining the EU make it one to watch for the near future. Doing business in Turkey however requires understanding the people, culture, etiquette and approach to business. By understanding the culture business people can maximise their prospects of success.
Turkey is one of the fastest growing economies in OECD . Many prospects are emerging in Turkey for both businesses and individuals, especially as the country moves towards EU accession. There is a wide spectrum of opportunities that has always been there but which is now coming to the fore - from investments in new and traditional areas, in sports, to EU specific developments; from new and exciting incentive travel to educational and work related links at all levels.
The Turkish government has many incentive schemes to encourage inward investment at this time. It's in the second phase of the national plan for tourism is under consideration as one of the fastest developing tourism venues in the world.
Turkey's population is around 70 million, with a growth rate of about 1.5%. The local civilian work force is more than 24 million. The population is much younger compared to European countries, approximately 70% of it is below the age of 35. It has a large urban population of 50 million, the 13th largest in the world. Istanbul alone has 17 million inhabitants and was the European Capital of Culture in 2010
There are significant trade and investment opportunities both now and in the long term in virtually every sector. There are long term developments in improving the infrastructure and Turkey has signed up to the Kyoto Protocol. Turkey is politically stable, the government having been in office for a number of years.
Being the commercial centre of south eastern Europe, Middle East and Eurasia, Turkey is becoming an increasingly important economic and diplomatic country in the region. Between 2001 and 2007, Turkey’s GDP have increased by 242% totaling to USD 656.6 billion and she became the 15th largest economy in the world.
Turkey is also a springboard to the markets of Central Asia & the Middle East. It's situated at the crossroads where two continents meet, this is an ideal centre for investors looking for a location at the heart of Euro -Asia. With its dynamic and growing economy, huge market, competitive and skilled labour force, Turkey offers numerous opportunities to international investors. The liberal foreign investment legislation and the experience of more than 18,000 foreign capital firms promote a stable and reliable investment environment.