Turkey is rapidly emerging as a high-growth market for many investments and businesses. Actually, the country is already Europe’s sixth and the world’s sixteenth largest economy. Its recent economic growth record, its talented, young workforce and its geographical location between Europe, Middle East and Central Asia make Turkey a hugely attractive destination for trade and investment.
These advantages, with the culture of entrepreneurship and business in Turkey, have made their firms to have a dominant position in countries such as Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan, Bosnia, Bulgaria, Georgia and Iran. The main opportunity sectors for investment and export are the following:
Construction in Turkey: Construction is one of the key sectors in Turkey, as one of the main drivers of public and private investment. There are large construction companies but in general we can appreciate gaps in the environmental and energy infrastructures, because this type of construction has been doing only since the last 10 years without any prior experience.
Automotive and metal in Turkey: Turkey is a market of 83 million people, with three in four without an own car but with a very consumerist middle class and growing steadily since early 2000, which represents a huge potential in terms of domestic consumption. Moreover, the important automotive industry still has needs in few areas of qualified suppliers for all kind of parts. The largest automotive companies have factories here, such as Ford, Fiat, Renault, Toyota, Hyundai, Mercedes, Citroen, etc.
IT in Turkey: In the market there are few telecom operators because of the huge entry barriers (state regulation, mainly), However, there are interesting opportunities in the provision of services, especially for the integrators which subcontract directly these operators. TIC is one of the fastest growing sectors in the country.
Environment in Turkey: The environment sector has gained in importance in recent years as one of the priority sectors for the Turkish government. Turkey’s rapid industrialization and high population growth (one of the highest in the OECD) along with the expansion of cities, have created complex environmental problems related to public services (solid waste management, supply potable water, water treatment and waste water, sewage and power distribution). In accordance with the government previsions, Turkey will need 60.000 millions of Euros in investment in this sector during the next 10 years.
Energy in Turkey: The clear intention of deregulation and privatization of the Turkish government in the last decade coupled with a solid legal framework and increasing domestic demand, make Turkey a key country for energy investment. Government sources said the sector needs an investment of approximately 130,000 million by 2020, and urged foreign investors and the Turkish private sector to carry out projects in this field.
Sanitary sector in Turkey: Since 2008 is being carried out the introduction of a universal health care system in Turkey. For this purpose, the Government has designed a five-year strategic plan for the construction of complex of hospitals. Almost all the medical equipment is imported, being one of the key growth sectors in Turkey.
Agriculture in Turkey: The Turkish food industry has grown steadily in the recent years. The growth of the disposable income and the changes in consumer trends, along with the increasing number of women employed full-time (in a still conservative society in general), have caused the increasing in the interest in packaged foods and processed meals and frozen foods.
Natural Stone in Turkey: Turkey is the fourth largest producer of natural stone in the world with over one hundred varieties of marble, travertine, limestone, slate, basalt, tuff, andesite, diabase, granite and onyx. It owns the 40% of the world reserves of marble. However, the country has serious shortcomings in terms of know-how and R&D.
Textile in Turkey: The textile industry is one of the most important sectors of the Turkish economy. Representing approximately 10.8% of GDP, one of the leading sectors in manufacturing, employment, investment and macroeconomic indicators. The European brands are very interesting for Turkish consumers.
Finance in Turkey: The Turkish financial sector is undertaking a major development process, with the financial services expanding solidly on the basis of the current economic growth, low inflation and a decrease interest rate. Despite the global financial crisis the Turkish banking sector has maintained a stable position.
Chemical in Turkey: The Turkish chemical sector has been developing continuously in recent years. Today the industry provides not only raw-materials but also intermediate products to other actors in the economy, especially automation, leather products, glass, textiles and paper.
Restoration in Turkey: This sector registers a low positive constant value growth, which is expected to continue during the following years. Factors such as improvements in the income, the youth of the Turkish population and the Mediterranean culture push the consumption of the restoration services. Deserves special mention the sector of fast food in Turkey, with a great growth and the entry of new firms, especially multinational chains, will serve to fuel the growth.
Industrial subcontracting in Turkey: The Turkish subcontracting sector has developed widely over the last few years. The multinational companies have valued very positively the proposal of Turkey in terms of costs, logistics and technical capacities in order to subcontract to Turkish industry rather than producing in their own countries.
Tourism in Turkey: Tourism is a key sector of the Turkish economy, with huge growth potential thanks to the country’s natural beauty and cultural assets. According to data from 2018 Turkey was 6th in the ranking of most visited countries and 9th in income from tourism.
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