TURKISH ECONOMY

As many businesses struggle from the impact of the recession, companies are finding creative ways to turn the seemingly dire situation into new business opportunities. Many firms are forging alliances with overseas companies with the aim of tapping into unexplored markets and completing production lines with new and innovative products. This strategy is proving to be worthwhile, particularly for firms doing business in emerging markets, where the majority of global economic growth occurs. Turkey is one of the emerging markets which present tremendous opportunities for U.S. companies looking to expand abroad. Turkey’s economy has grown uninterruptedly over 7% during the past six years, emerging as the sixth largest economy in Europe. Turkey also holds the largest young population in Europe and is constantly turning out college graduates providing companies with a multilingual, well-educated labor pool. Turkey sends the largest number of students of any European country to U.S. universities, about 12,000 students each year, which is a strong indicator of growing Turkish-American ties.  With its business friendly climate, Turkey has emerged as manufacturing powerhouse in the region. Between 2000 and 2008, Turkey achieved average annual 16% growth rate in its exports. Straddling from Asia to Europe, Turkey reinforced its pivotal role at the economic crossroad of the Afro-Eurasia region.

Forming a partnership with a Turkish company not only gives businesses access to Turkey’s increasing affluent market, but serves as a launch pad into neighboring markets as well. Turkey’s location with direct access to the Middle East, Europe and Central Asia gives Turkish companies regional expertise in the business framework of surrounding countries, many of which rely largely on imports. Turkey’s background in this area might provide American companies the experience they lack in the region while American companies can provide technical know-how to Turkish firms, creating a mutually beneficial partnership. Investing in Turkey opens the door for businesses to reach over 1.3 billion consumers in the region without trade barriers. Turkey holds a Customs Union agreement with the EU allowing open trade with European Union member countries and over 15 free trade agreements with other neighboring countries.

As U.S. companies are finding they cannot solely rely on domestic demand, diversifying risks through foreign expansion is vital to ensure long-term growth. In order to assist firms in achieving these types of business endeavors, Turkish Trade Mission provides assistance for finding business partners, offers business data and guidance on doing business in Turkey and supplies information on exhibitions, major events, sectors and associations. Our Offices assist any business pursuing the establishment of trade relations with Turkish companies, which ultimately leads to higher revenues, job creation and the economic growth of both countries.