June 28 - 30, 2009
NEW YORK CITY - More than 30 leading Turkish food companies attended the Summer Fancy Food Show in New York from June 28-30 in pursuit of building connections with international buyers. The Summer Fancy Food Show is the largest specialty food and beverage event in the U.S.
More than 24,000 attendees from around the world explored over 250,000 innovative products and participated in educational seminars, tastings and networking opportunities. The Turkish exhibitors ran a national pavilion to showcase their organic, specialty food and confectionary products.
The Turkish food industry has made significant strides in introducing new product lines and has been a center of attraction for the global food market. Turkey is well known for its organic agricultural products and healthy choice offerings for global clients. With approximately 12 million tons of fruits and 24 million tons of vegetables are harvested each year, the industry is among the largest in Turkey. Furthermore, its astonishing production output and offerings ranging from processed crops to edible oils make Turkey one of the largest producers and exporters of agricultural products in Eastern Europe and the North African region.
In order to export its high quality products to all countries in the world, companies in the sector strictly conform to all rules of hygiene. In this regard, many firms have started to apply internationally recognized quality systems such as ISO 9000, ISO 22000, HACCP, BRC, IFS, SQF and GLOBALGAP.
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June 22 - 26, 2009
 CHICAGO - Three major Turkish companies, Elastron Kimya, Erhas, and Kimflor Chemistry Company along with the Istanbul Mining and Mineral Exporters’ Association took part in the NPE 2009, International Plastics Showcase from June 22 to 26, 2009. The Turkish plastic processing industry is renowned for its state-of–the–art technology and novel designs at cost effective prices. There are over 5,000 dynamic companies in the industry in Turkey able to provide short lead times and manufacture customized premium products responsive to client needs.
Elastron Kimya, Erhas, and Kimflor Chemistry Company, along with the Istanbul Mining and Mineral Exporters’ Association representatives traveled to Chicago to display their new product lines. Elastron Kimya is a high quality, innovative Thermoplastic Elastomer producer that manufactures products used in the automotive, consumer, medical and electrical appliances sectors. The company exports to over 25 countries and has one of the most innovative R&D divisions in the region. Elastron introduced three new product lines at NPE 2009.
Kimflor Chemistry Company, a top producer in Turkey of PVC stabilizers and polymer additives, was also among the Turkish exhibitors at the show. Kimflor is a leading corporation in the sector with its wide product lines including PVC additives, pipe and profile stabilizers and liquid stabilizers. The company offers products with a competitive price/performance ratio along with innovative technology and a specialized staff.
Erhas is one of the leading manufacturers of thermoforming machines, ABS sheet extrusion, stacking unit PD yarn extrusion, circular loom lamination lines, flexo-printing machines and blow molding machines. The company exports to many countries in Europe, North and South America, Asia and Africa.
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June 17, 2009
CHICAGO - International Press Club of Chicago (IPCC) hosted Suleyman Sozeri, Commercial Attache at the Consulate General of Turkey on June 17, 2009. Mr. Sozeri talked about US-Turkey relations and new products emerging in trade between the two countries.
In his presentation, he stated that Turkey’s emerging exports to the US include iron and steel products, agricultural machinery equipment, plastic materials, and chemicals. Mr. Sozeri also mentioned that the current trade volume between Turkey and the U.S. does not reflect the real potential of the long-standing partnership ties between the two countries. In his final remarks, he added that his office was opened in Chicago in 2007, in order to facilitate opportunities between Turkish and U.S. companies. The Office of Commercial Attache is a resource for Midwest companies interested in exporting to or importing from Turkey, outsourcing products, building strategic alliances, and establishing regional headquarters in Turkey.
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June 16, 2009
CHICAGO - Turkish food companies Göknur, Isik Organik Gida and Tiryaki Agro Foods Industry displayed their innovative organic products at the All Things Organic Conference and Trade Show from June 16 to 18, 2009. The Turkish organic food sector presents tremendous opportunity with its environmentally sound practices.
Göknur is well-known brand in the sector focused on the fruit juice and concentrate industry. Production is located in Nidge, Turkey, a prime location for growing fruit, especially apples, apricots, grapes and sour cherrys. All of Göknur’s products are ISO 9001:2000, HACCP, Kosher, and SGF/IRMA certified. More than 80% of production is marked for the U.S., Europe, Japan and Korea with the remaining 20% going to the domestic market.
Isik Organik Gida was another Turkish company in attendance. Isik Organik Gida has been a leader in the organic industry in Turkey and is recognized as the "First Turkish Company" with its own independent organic products. Isik produces dried fruits, pulses and cereals, spices and oils. Established in 1974, Isik holds American, Japanese and Swiss certificates, as well as being in compliance with Turkish and European Community Standards. Isik exports its products to 24 countries.
Tiryaki Agro Foods Industry is one of the largest grain and producers and largest producer of organic products in Turkey. The company has been invested in organic agriculture for over 12 years. Tiryaki produces pulses, grains, nuts, flour products and oil seeds and exports its products to 62 countries.
The Turkish organic food attendees had a chance to network with their peers during the three day event.
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June 16, 2009
The Anatolia News Agency, ANKARA - Turkish government decided to continue special consumption tax reduction on vehicles of under 1,600cc. However, rate of tax cut will be less, finance ministry officials said.
Government had earlier cut the special consumption tax on vehicles under 1,600cc to 18 percent, from 37 percent, for three months to mid June. This rate will be 20 percent for passenger cars and 3 percent for commercial vehicles until September 30, ministry officials said on Tuesday.
Tax break will also continue for computers, furniture and white goods. Government will continue to collect 8 percent value added tax on computers and furniture from June 16 to September 30. Tax on white goods, which was 6.7 percent but reduced to 0 percent until June 15, will be applied as 2 percent until September 30.
Meanwhile, ministry officials said government has decided to cancel VAT cut on sales of houses over 150 square meters.
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June 13, 2009
The overseas mortgage specialist Conti describes the country as "one of the top investment destinations in 2009"
homemove.co.uk, LONDON - The firm saw a 65 per cent increase in mortgage applications for Turkish properties during the first five months of this year, compared to the same period at the end of 2008.
April and May saw a marked surge, with applications up 143 per cent year-on-year. According to Conti, demand is being fuelled by "great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro".
As a result, Turkey is now benefiting from a decline in interest in more traditional investment locations, such as Spain. The country's tourist industry continues to show strong growth, with just under 30 million visitors expected in 2009. Quality rental properties in popular tourist areas are therefore in demand and rental yields can be highly lucrative, with some developers offering guaranteed rentals.
Conti's operations director, Clare Nessling, says: "These factors, combined with low interest rates and the fact that Turkey is out of the eurozone has made it increasingly attractive, as well as more affordable, for UK buyers." The company names Bodrum as a particular hotspot where British investors are snapping up small coastal apartments. For those considering one of the more expensive villas, Fethiye is recommended by Conti.
Looking to the longer-term, Turkish property values could rise sharply once it becomes an EEC member. However, the country's application for membership has been under consideration for decades and entry into the EEC could yet be some years off, as the struggle to maintain Turkey's secular constitution continues.
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June 12, 2009
WASHINGTON - The Turkish American Scientists & Scholars Association, Turkish Union of Chambers and Commodity Exchange and World Bank-IMF Turkish Staff Association organized a joint symposium "Science for Industry, Industry for Peace" on June 12, 2009. At the symposium, Dr. Kemal Dervis, former head of UNDP and former Minister for Economic Affairs and Treasury in Turkey, gave a speech about the global economy and development. Dr. Dervis is Vice President and Director of Global Economy and Development and Edward M. Bernstein Scholar at Brookings Institution.
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June 9, 2009
CHICAGO, ATLANTA, NEW YORK - A delegation headed by the President of the Giresun Commodity Exchange, Mustafa Demirci , along with 11 board members paid an official seven day visit to Chicago, Atlanta, and New York to have meetings with Chicago Mercantile Exchange executives, agriculture producers and importers in pursuit of potential collaboration areas.
Giresun Commodity Exchange is associated with hazelnut transactions in the Giresun province in Turkey. The visit was made with the aim of establishing a futures commodity market exclusively for hazelnuts. Turkey is the world’s largest hazelnut supplier with a 60% share of the global market and has strong potential to increase its market share in the U.S.
Turkey is internationally renowned for its high quality hazelnuts. Hazelnuts have been produced for 2,300 years in the Black Sea coast on the north of Turkey and have been exported from the country over the last six centuries. Turkey is one of the few countries in the world which has a favorable climate for hazelnut production. Average annual hazelnut production in Turkey reaches approximately 600,000 tons and is cultivated in two hazelnut producing regions; the eastern part of the Black Sea area, where the Giresun province is located, and the middle and western part of the Black Sea area. About 90% of hazelnuts are used in various powder or puree forms as an ingredient in chocolate, biscuits, pastries, and in meals and salads. They are also consumed as a confectionary.
Hazelnuts also offer many health benefits. They have been ranked as one of the most nutritious nuts because of their significant amounts of protein and fiber, vitamin E, B vitamins, iron, zinc, calcium, magnesium, and potassium. Hazelnuts contain the best known source of vitamin E, an essential nutrient which serves as an antioxidant, reduces cholesterol, and relieves and prevents osteoarthritis. The Giresun Commodity Exchange visit was a valuable opportunity for Turkish producers to forge alliances with their American counterparts.
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June 8, 2009
 CHICAGO - The fourth Annual New Silk Road Conference, "The Energy Security Triangle: Defining Risks and Rewards", sponsored by the National Strategy Forum and Central Asian Productivity Center, was held on June 8, 2009. The event underscored the growing role of Azerbaijan and Turkey in the global energy market.
The conference focused on how American and European dependency on Central Asian oil and gas resources play into the region’s risks and potential rewards to states’ security, global infrastructure, and economic growth. Kenan Ipek, Consul General of the Republic of Turkey in Chicago, gave a presentation "Turkey: An Expanding Energy Hub". Other speakers included Elshan Baloglano, Vice-consul of Azerbaijani Consulate General in Los Angeles; Richard Friedman, President and Chair of the National Strategy Forum and Harry Lepinske, President of Central Asian Productivity Center.
Foreign interest attracted to Turkey is a key factor for the country’s long-term policy of becoming a main global energy conduit. Turkey stands as a vital country in ensuring the security of energy supply with its location between the Middle East and Caspian regions, where three fourths of the world’s proven oil and gas reserves are located, and energy consuming markets in the West. As energy users look for diversification of energy sources and routes, Turkey has various initiatives underway to transport energy to the West. With the completion of Nabucco project, Turkey is expected to transport 10% of global oil and gas supplies from its soil.
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June 8, 2009
Isabel Ordonez, Wall Street Journal - Exxon Mobil Corp. said Monday the Turkish government has approved an agreement between the oil giant and Turkish national oil company TPAO to explore two deepwater blocks in the Black Sea.
The move would help Exxon Mobil, the largest U.S. oil company by market value, to expand its presence in the Black Sea, an area considered a frontier for exploration that is becoming increasingly attractive as oil-rich nations around the world become more restrictive.
The Irving, Texas, company said in November it signed an agreement with TPAO, but the deal still needed the blessing of Turkey's government.
Turkey is a net importer of oil and it is accelerating its efforts to find oil in the Black Sea and become energy independent. The government hopes that the Black Sea turns out to be like the Caspian Sea, rich in oil reserves.
Exxon Mobil will be the operator of the project for the initial exploration phase, taking a 50% stake in the two-million-acre Samsun block and the eastern part of the five-million-acre 3921 block. Water depths for the blocks reach about 6,500 feet.
In December Exxon Mobil announced that it had further expanded its presence in the Black Sea by signing an agreement with Romanian oil company Petrom to explore deepwater portions of the Neptun Block off Romania.
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June 8, 2009
Turkey is probably the country in Europe with the most potential, Marcus Svedberg, chief economist at East Capital said last week in a statement released by the Swedish fund management firm. Stockholm-based East Capital launched its Turkish fund in March 2006.
Hurriyet Daily News - "The Turkish economy should be able to bounce back relatively quickly. It is relatively under-penetrated and Turks are quite unleveraged, which should be a boon these days," Svedberg said. Turkey’s banking sector has learned from previous crises and is surprisingly resilient with a capital adequacy ratio of 18 percent, Svedberg said.
"Moreover, the country is not very dependent on the weakening demand in Europe with a diversified and relatively low export dependency; exports make up less than 20 percent of gross domestic product and are spread on a large number of countries in Europe, Middle East and North Africa."
Emphasis on bank stocks
Approximately one third of East Capital’s Turkey portfolio consists of banking stocks listed at the Istanbul Stock Exchange. The remaining parts of the portfolio are made up of stocks in telecommunications, insurance, construction, oil and gas firms, as well as holding companies, pharmaceutical firms and real estate. The fund’s investments yielded a year-to-date return of 34.7 percent in euro terms in early June.
For Turkey’s reform process, it is of utmost importance the European Union keeps the prospect of membership "real and genuine", Svedberg said. "EU accession is not only an important goal in itself for Turkey, it could also serve as an effective external reform driver, helping Turkey to fully realize its potential sooner rather than later. A privileged partnership will not do the trick," he said.
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WASHINGTON - Dr. Murat Yalcintas, Istanbul Chamber of Commerce Chairman, gave a presentation on "U.S.-Turkey Trade Opportunities" organized by the Rumi Forum on June 5, 2009. Dr. Yalcintas spoke on potential business opportunities between Turkey and the U.S. and the role the Istanbul Chamber of Commerce can play to boost bi-lateral Turkish and American economic relations.
The Istanbul Chamber of Commerce is the largest business organization in Turkey with members stationed in Istanbul. As Chairman of the Chamber, Dr. Yalcintas emphasized how the Chamber can help companies in the U.S. find business counterparts in Turkey. He also underlined how the current political climate is still conducive for business transactions despite the global downturn. He encouraged companies to pursue their trade and investment endeavors overseas in order to take advantage of niche markets in both countries. This event provided an avenue for businesspeople from both countries to network and get information about the current state of the Turkish economy.
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June 2, 2009
Ahmet Barut, chairman of the Turkish Hoteliers Federation (TÜROFED), said Turkey was the most popular country for vacation in the Mediterranean region, in an interview with an Anatolia news agency correspondent.
Today’s Zaman - Taking into consideration that there is a significant slowdown in the tourism sector, he was opposed to calling the situation "very bad," but believed it to be "normal" because of the severe global financial crisis.
Barut noted that in May the tourism numbers were poor, but the months of June, July and August are expected to be better for Turkish tourism. He added that the number of tourists visiting varies according to region. While Antalya, İstanbul and Cappadocia are less preferred compared to the last few years, there is a rise in the popularity of İzmir and Marmaris, which is especially seen in the increasing numbers of British tourists.
He noted that Israeli tourism to Turkey has dropped by about 65 percent due to political tensions resulting from the Turkish prime minister's criticism of Israel's Gaza operation at the Davos forum in January. He said that even though they were working closely with Israeli tourism officials to increase the number of Israeli tourists, political action was needed to repair the two countries' relations.
Barut said they were also searching for new tourism markets in order to attract more tourists to Turkey. For that reason, they were trying to strengthen tourism relations with countries in the Middle East, Africa and the Far East.
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May 31 - June 3, 2009
WASHINGTON - Senior Turkish and U.S. officials met in Washington, DC on May 31-June 3, 2009 to discuss their countries’ political, defense, and business relationships during the 28th Annual Conference on US-Turkish Relations. Designed to boost cooperation between the two allies, the theme of this year’s conference was "U.S.-Turkey: Overcoming Challenges in an Era of Change".
Hosted by the American-Turkish Council (ATC), the conference on U.S.-Turkish relations is a forum for government and military officials, business leaders and academics to discuss issues and opportunities to boosting the two nations’ political and trade ties. Having taken place approximately two months after President Barack Obama’s visit to Turkey, this year’s conference was an assessment of the post-republican Turkish-US relations.
Top Turkish officials attending the conference were Chief of General Staff General Ilker Basbug and Foreign Minister Ahmet Davutoglu. Egemen Bagis, the Turkish state minister responsible for European Union relations, and Transport Minister Binali Yildirim were also among the high-levels attendants of the conference.
U.S. President Obama’s visit aimed to restore the U.S.-Turkish ties that were damaged during former Republican President George W. Bush’s term, mainly due to disputes related to the Iraq war. The ATC, whose members include major U.S. and Turkish companies doing business in each other’s countries, seeks to boost the two nations’ political and trade ties.
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June 2, 2009
TURKEY - State Minister in charge of Foreign Trade of Turkey Zafer Caglayan and Deputy Prime Minister, Economy and Regional Development Minister of Serbia Mladjan Dinkic signed a free trade agreement on June 1, 2009 in Istanbul on the occasion of Turkey World Trade Bridge Conference. The agreement will take effect between the two countries January 1, 2010. This agreement allows Turkish and Serbian business people to access both markets in manufacturing goods without custom duties. According to the agreement, custom taxes, limitations and restrictions will be withheld from each other. In addition, the agreement will allow Turkish businessmen to initiate businesses in Serbia easier along with equalizing the status of these companies with European Union companies.
Turkey has been pursuing new free trade agreements with many countries in order to bolster its economic and trade relations. Recently, Turkey concluded a free trade agreement with Chile on March 20, 2009. Via these free trade agreements along with the Customs Union agreement with the European Union, business people in Turkey can access 1.4 million consumers without tariffs. In this regard, Turkey presents vast investment opportunities for potential investors in pursuit of tapping into growing regional trade.
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