Author: OBG Admin

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Pensions boom: Newly passed legislation ushers in a new era for private pension contributions

Posted OBG AdminPosted in Uncategorized

Private pensions showed significant growth in Turkey over the course of 2013 and 2014, following implementation of a new law that introduced government matching of contributions for private pension. With the new law, designed as an incentive scheme to encourage more contributions into the system, as of January 1, 2013 the government matches 25% of individual contributions to the pension system. Over the course of 2013 alone, 1m individuals signed on to the new pensions scheme, with over 5.1m pension savers registered by the end of 2014. The new rise in the market is a trend that is expected to continue, with a product now

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Turkey’s government seeks to develop takaful insurance by launching state-owned Islamic banks

Posted OBG AdminPosted in Uncategorized

Sharia-compliant insurance, or takaful, is set to grow in Turkey, with its predominantly Muslim population showing increasing interest in Islamic finance products and the government keen to support their growth. Insurance of any kind can be a hard sell in Turkey, with the population generally averse to insurance cover and penetration levels as low as 1.4%, according to some estimates. Takaful also has a minimal profile in the Turkish market at present. The two firms that offer Islamic insurance products, Neova Sigorta and Asya Emeklilik, account for less than 0.5% of the insurance sector’s assets, which stood at an overall TL24.2bn (€8.5bn) in 2013, according

Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

Turkey’s automotive sector sees increase in investment, output and exports

Posted OBG AdminPosted in Uncategorized

While the economic downturn in neighbouring Europe affected Turkey’s automotive industry negatively in the years after 2008 – as its largest export market shrank – 2013 saw some signs of a recovery north of the border, with a concomitant boost to European sales. European car sales grew in 2014 and early 2015, with the vast majority of Turkey’s automotive exports destined for the EU. Now, the sector faces the challenge of building on that while also keeping its interests to the fore in the increasingly important trade talks now under way between the EU and the US. At the same time, the development of more

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Turkey’s defence sector to boost exports as it transitions from arms procurement to manufacture and sale

Posted OBG AdminPosted in Uncategorized

Turkey has seen a transformation in its defence industry in recent years, with a noticeable shift from arms procurement to arms manufacture and sales. Turkish-made defence equipment has been attracting buyers from around the world, building on growing confidence and skill in a string of related domestic sectors, from automotives to shipbuilding and aerospace. The overall aim of the country’s defence producers is an ambitious one: the goal is to boost exports to $25bn by 2023, from around $1.6bn in 2014. Indeed, they have been

Pham Hong Hai-CEO-HSBC Vietnam

Iron in the soul: Metals industry will benefit from an expected rise in demand

Posted OBG AdminPosted in Uncategorized

While Turkey’s metals industry may not be globally renowned, its products are a major export and source of revenue. Indeed, a “Made in Turkey” stamp can now be found on everything from the copper wires in NASA spacecraft to the steel pots and pans in many of the world’s kitchens. The sector faces some important challenges, however, in its future development. Sourcing raw materials is one of the chief ones, with moves afoot to boost domestic exploration, as well as to free up supply beyond the current warehouse system. Meanwhile, exports fell in 2014, with metals manufacturers looking to expand their reach to untapped markets

Mohammed El Etreby-Chairman-Banque Misr

More precious: Legislative changes to further boost growth of the jewellery industry

Posted OBG AdminPosted in Uncategorized

Turkey is one of the world’s top gold and jewellery exporters, sending manufactured pieces and fine precious metals and stones to many regional countries as well as further afield. The country imports a great deal of these valuable commodities and products, while its domestic market is a robust one – for both the buying and selling of gold, diamonds and jewellery. There is a large and developed domestic production industry for jewellery, with a growing international reputation. Legislative moves taken in 2014 could also see the industry expand further, with the 20% special consumption tax (SCT) on polished diamond imports abolished in 2014, further liberalising

Mark Geilenkirchen-CEO-Port of Sohar

Slower growth: Although consumer sentiment is weakening, the outlook remains positive

Posted OBG AdminPosted in Uncategorized

Consumer sentiment in Turkey is weakening as the pace of economic growth slows and consumers tighten their purse strings, potentially slowing the retail sector’s stellar performance in recent years. Turkish retail has been one of the most appealing sectors for investors and consumers thanks to a rapidly expanding economy and a surge in per capita disposable income. On the basis of household expenditure, total retail turnover for 2013 was around $285bn – up from $171bn in 2010, according to the Turkish Council of Shopping Centres and Retailers (AMPD). Of this, around $100bn, or 35%, was in modern retailing – the shopping centres and retail parks

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Liberalising power: The privatisation of assets and infrastructure in the country’s electricity sector continues

Posted OBG AdminPosted in Uncategorized

Turkey wants to raise the private sector’s share in the electricity market to 75% to raise government revenue, boost investment to keep up with demand and reduce the role of the state in the economy. Under legislation that existed until the start of 2013, this would have been difficult. However, the Electricity Market Law 6446, enacted in March 2013, sought to open up the sector to private investors who can now independently generate, distribute, export and import electricity on a wholesale and retail basis, alongside

Emmanuel Macron-President of France

Turkey’s plans to build nuclear reactors to boost power generation capacity repeated delayed

Posted OBG AdminPosted in Uncategorized

In an effort to join the club of nuclear nations, Turkey has announced plans to build 12 nuclear reactors by 2030, with the intention that 20% of power generation capacity will be provided from this source. However, while eight projects have been approved, delays have already befallen the initial build-own-operate (BOO) project, Akkuyu 1, pushing the commencement of its operations to 2022 from the previously announced 2020, and numerous other obstacles remain. Chief among these are economic conditions, the environment and the fact that some 64% of Turks oppose atomic power, according to environmental group Greenpeace. Long-Held Dream Turkey’s nuclear aspirations harken to the 1970s,

Mohammed El Etreby-Chairman-Banque Misr

Turkey working to expand domestic hydrocarbons resources through continued exploration activities

Posted OBG AdminPosted in Uncategorized

While Turkey may be at the crossroads of civilisations, it is in a hydrocarbons cul-de-sac. The country is surrounded on all sides by significant oil and gas deposits that all stop short of Turkish frontiers. The bountiful Zagros fold and thrust belt, which extends from the Arabian Peninsula up through Mesopotamia, ends at the Turkish-Iraqi border. A few hundred miles away is the super giant Kirkuk oil field. To Turkey’s east are Azerbaijan’s massive oil and gas fields. To the west, in the Aegean and Ionian Seas, are an estimated 26bn barrels of oil in Greek waters. To the south, large gas deposits have been