Increased foreign mergers and acquisitions (M&A) activity and regulatory changes that encourage consolidation are expected to dramatically alter the commercial playing field in Turkey over the next several years.A new commercial code coming into effect in July should increase and improve disclosure requirements, which should attract investor interest while pushing small and medium-sized enterprises…
The Turkish aviation sector is experiencing accelerating growth with foreign firms taking note of fresh opportunities. The new alliance in early March between Aéroports de Paris (AdP) and TAV, the Turkish airports operator, is a sign that the rapid growth in passenger numbers and air traffic at the country’s main airports has not only drawn interest from international investors but is also spurring…
The recent announcement of plans for the establishment of new free trade agreements (FTAs) with Malaysia and South Korea in the first half of 2012 will likely lead to a significant increase in trade between Turkey and East Asia.During South Korean President Lee Myung-bak’s state visit to Turkey in the beginning of February, the two nations discussed the possibility of signing a free trade deal. The…
Istanbul’s public transport system is set to be radically overhauled by the addition of an underwater transit tunnel, new train stations and a possible third bridge over the Bosphorus.The most recent development in Turkey’s transport section has been the completion of the undersea section of the Bosphorus tunnel – or “Marmaray” – project. Widely expected to be operational by 2015, the tunnel…
Major changes are under way in the Turkish health care system in both the private and public sectors. While higher rates of hospital accreditation and a focus on attracting foreign customers is increasing the quality of care in the private sector, more Turkish citizens and permanent residents will be enrolled in the state system, following the institution of a universal health insurance policy.Economic…
These are exciting times for Turkish car manufacturers, who are riding a wave of growth thanks to a weak lira, increasing investment in research and development (R&D) and foreign firms’ boosting of local production. In a sign of the local industry’s growing maturity, one domestic investment firm is now the frontrunner in the takeover of an ailing European car manufacturers.Indeed, as Swedish…
In late December Turkish parliamentarians approved a budget that would expand public spending, even as their European neighbours begin fiscal austerity programmes. Major increases in public employment and education spending are meant to help soften an expected economic downturn while investing in future growth.The budget, proposed in October, includes expenditures of TL350.9bn ($187bn) in 2012, an…
Oxford Business Group launches 2012 publication on Kingdom’s economyThe massive investment Saudi Arabia is making in major developments across the sectors of its economy, including housing, transport and oil refinery projects, is given wide-ranging coverage in a new report just published by Oxford Business Group (OBG). The Report: Saudi Arabia 2012provides in-depth analysis of the…
In a sign that the country has performed well in the face of debt crisis affecting its neighbours in the EU, the Turkish government announced in January that the economy expanded 8% in 2011, with the construction, manufacturing, and retail sectors leading the way. Fears of a hard landing still remain, given Turkey’s chronic current account deficit and its recent struggles with inflation, but a burgeoning…
The Van earthquake in late October, which stunned Turkey and dominated press headlines for weeks, has also brought renewed efforts to deal with the country’s decrepit and dangerous urban housing stock.Turkey is not unaccustomed to devastating tremors. In the past 12 years, the country has experienced seven earthquakes over 6 on the Richter scale, which have led to more than 18,500 deaths, according…
