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1. SUCCESSFUL ECONOMY

  • Booming economy; more than tripling its GDP, reaching USD 851 billion in 2017, up from USD 231 billion in 2002 (TurkStat)

  • Stable economic growth with an average annual real GDP growth rate of 5.8 percent between 2002 and 2017 (TurkStat)

  • Promising economy with a bright future as it is expected to become one of the fastest growing economies among the OECD members during 2018-2019 with an average annual real GDP growth rate of 5.0 percent (OECD)

  • 13th largest economy in the world and 5th largest economy compared with the EU in 2017 (GDP at PPP, IMF WEO)

  • Institutionalized economy fueled by USD 193 billion of FDI in the last 15 years (CBRT)

  • A dynamic and mature private sector with USD 157 billion worth of exports and an increase of 335 percent between 2002 and 2017 (TurkStat)

2. POPULATION

  • A population of 81 million (2017, TurkStat)

  • Largest youth population compared with the EU (Eurostat)

  • Half the population under the age of 31.7 (2017, TurkStat)

  • Young, dynamic, well-educated and multi-cultural population

3. QUALIFIED AND COMPETITIVE LABOR FORCE

  • Over 30.5 million young, well-educated and motivated professionals (2016, TurkStat)

  • Increasing labor productivity

  • Approximately 800,000 students graduate annually from over 183 universities (2016, CoHE)

  • More than 950,000 high school graduates with around half from vocational and technical high schools (2016, Ministry of National Education)

4. LIBERAL AND REFORMIST INVESTMENT CLIMATE

  • The 2nd biggest reformer among OECD countries in terms of its restrictions on FDI since 1997 (OECD FDI Regulatory Restrictiveness Index 1997-2017)

  • Business-friendly environment with an average of 6.5 days to set up a company (World Bank Doing Business Report 2018)

  • Highly competitive investment conditions

  • Strong industrial and service culture

  • Equal treatment for all investors

  • Around 58,400 companies with international capital in 2017 (Ministry of Economy)

  • International arbitration

  • Guarantee of transfers

5. INFRASTRUCTURE

  • New and highly-developed technological infrastructure in transportation, telecommunications and energy

  • Well-developed and low-cost sea transport facilities

  • Railway transport advantage to Central and Eastern Europe

  • Well-established transportation routes and direct delivery mechanism to most of the EU countries

6. CENTRALLY LOCATED

  • A natural bridge between both East-West and North-South axes, thus creating an efficient and cost-effective outlet to major markets

  • Easy access to 1.7 billion customers in Europe, Eurasia, the Middle East and North Africa

  • Access to multiple markets worth USD 25 trillion of GDP

7. ENERGY CORRIDOR AND TERMINAL OF EUROPE

  • An important energy terminal and corridor in Europe connecting the East and the West
  • Located at a close proximity of more than 70 percent of the world’s proven primary energy reserves, while the largest energy consumer, which is Europe, is located right to the west of Turkey, thus making the country a linchpin in energy transit and an energy terminal in the region

8. LOW TAXES & INCENTIVES

  • Corporate Income Tax reduced from 33 percent to 20 percent (22 percent for 2018, 2019 and 2020)

  • Tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones, including total or partial exemption from Corporate Income Tax, a grant on employer’s social security share, as well as land allocation

  • R&D and Innovation Support Law

  • Incentives for strategic investments, large-scale investments and regional investments

9. CUSTOMS UNION WITH THE EU SINCE 1996

  • Customs Union with the EU since 1996 and Free Trade Agreements (FTA) with 21 countries (Ministry of Trade)

  • More FTAs underway

  • Accession negotiations with the EU

10. LARGE DOMESTIC MARKET

  • 69 million broadband internet subscribers in 2017, up from 0.1 million in 2002 (ICTA, TurkStat)

  • 78 million mobile phone subscribers in 2017, up from 23 million in 2002 (TurkStat)

  • 62.5 million credit card users in 2017, up from 16 million in 2002 (The Interbank Card Center of Turkey)

  • 193 million airline passengers in 2017, up from 33 million in 2002 (TurkStat)

  • 38 million international tourist arrivals in 2017, up from 13 million in 2002 (TurkStat) 

 

Monday, 18 July 2016 08:31

Now Turkey! Right Time, Right Place

“As a booming country with a GDP growing at an average annual rate of 6 percent over the period of 2002 to 2017, Turkey represents tremendous potential with numerous investment opportunities for foreign investors. Experts agree that this trend will continue into the future as the country vigorously pursues its goal of becoming one of the top 10 economies in the world over the next 5 years.”

 

Right time, right place!

 

Turkey is a country that has experienced strong structural changes over the last decade. This factor has guided the country into a phase that numerous experts have characterized as a transformation process. And, as with all deep revolutionary reforms, new opportunities arise.

 

With a strong regional position, Turkey is playing an increasingly important role in its surrounding area and beyond. Turkey is an active member of G-20, and is also a member of the North Atlantic Treaty Organization (NATO), the Council of Europe (COE), and the Organization of Islamic Cooperation (OIC).

 

Turkey’s status also changed once it became an official EU candidate country in October 2005. This has given a new strategic goal to the country, unifying a number of vectors towards a single direction: the Copenhagen political and Maastricht economic criteria. The structural reform process launched in 2003 has generated a new, dynamic and much more internationally-integrated Turkey.

 

As a booming country with a GDP growing at an average annual rate of 6 percent for more than a decade, Turkey is the land of opportunities. Over the past decade, the GDP has more than tripled in current US dollar terms, reaching USD 851 billion in 2017. Such an impressive economic growth made Turkey an industrial powerhouse in its region. Turkey is the largest light commercial vehicle producer in Europe and the 14thlargest automotive manufacturer in the world. Similarly, Turkey is the 2nd largest steel manufacturer as compared with the 28 EU and 8th largest in the world. Today Turkey offers highly lucrative investment opportunities in a variety of sectors, such as automotive, machinery, mining, energy, renewable energy, defense and aerospace, real estate, finance, ICT, agriculture, chemicals, petrochemicals, iron and steel, and so on.

 

The economic power of Turkey has drastically increased in the past decade. Turkey became the 13th largest economy in the world, and the 5th largest compared to the 28 EU countries in terms of GDP at purchasing power parity in 2016. The country’s strong economic performance over the past decade has encouraged investors to make confident projections about the future of the Turkish economy.

 

Throughout the last decade, Turkey has been implementing an active policy to improve its investment environment. To start with, the FDI frame law, which was passed by the Parliament in 2003, is the first installment of these significant economic reforms to change the investment environment in Turkey and make it attractive to global investors. This law guaranteed equal treatment to all investors without differentiating between local and international investors and enabled all international investors to enter Turkey without a preliminary authorization request, to transfer dividends freely, to access real estate, to be protected against expropriation, and to hire expatriates, etc. Turkey also decreased corporate tax from 33 percent to 20 percent for all companies. Important parameters, such as the acceptance of the international arbitration courts and the ongoing harmonization of laws with EU legislation have made Turkey one of the most liberal countries in the world, both in terms of the legal framework for FDI and the investment environment.

 

The sum of all the joint efforts has led Turkey to a very impressive economic output. Put differently, in a very short period of time, the FDI received by Turkey has benefited from these deep structural reforms. While Turkey attracted approximately USD 1 billion of FDI per year on average between 1992 and 2002, it has been attracting an average annual FDI of more than USD 12.8 billion since 2003.

 

In the light of developments, it is certain that the Turkey of today is very different from the Turkey of 10 years ago. Similarly, the Turkey of 2023, a Turkey celebrating the centennial foundation of the republic, will also be strikingly different from today. With ambitious targets set by the current government, the Turkey of 2023 is expected to be a more prosperous and added-value generating member of the international community with a vital contributing role to global peace and welfare. Active on a global scale, Turkey is also offering investors a platform to benefit from emerging opportunities in other countries, particularly in the surrounding region. Turkey’s strategic location allows investors to access a potential market of 1.6 billion people, a combined GDP of USD 25 trillion and foreign trade of USD 8 trillion.

 

Turkey, with an improved and investor-friendly business environment, achieved considerable success in both domestic and foreign investments over the decade, not only raised the bar a notch, but is now also on track to realize its real and deserved potential; to be home to investments that will contribute to new jobs, new technologies and new visions.

 

Certainly, the right place to be at the right time…

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Sarvas Company provide a consultancy service for Real Estate, Building, Energy, Agriculture sectors with our experienced staff that are made up of Engineers, Academicians, Architects, lawyers, Financiers in Turkey market. If you would like to apply Turkish citizenship, we follow your getting citizenship process on behalf of you.

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