New infrastructure and investment will be critical to reaching tourism targets as Turkey barrels towards its Vision 2023 goals, including welcoming 50m visitors and earning $50bn in tourism revenues annually. Hoteliers in Istanbul, the country’s largest city, are investing heavily in new offerings, with thousands of new rooms set to enter the market in 2015. More significantly, the government is…
Countries around the world have been making significant attempts to further direct foreign capital investment. In a globalised economy, the degree of foreign investment that a country attracts can have a significant multiplier effect, contributing to technological advances, employment opportunities and the ability to invest more in welfare. Keeping the state’s taxation system up to date as economies…
At present there is no definitive definition for corporations under the law and there are no defined criteria. However, it is possible to draw some conclusions making use of applicable provisions from the Turkish Commercial Code No. 6102 and various other regulations as outlined below. Commercial Code As stated in Section 40 of the Commercial Code, the location of the company headquarters can determine…
Following the global financial crisis and the slowdown in international financing, Turkey struggled to garner interest in its privatisation programme and nearly a decade of successful liberalisation slowed dramatically. In 2011 privatisation revenues were $1.4bn, down from a peak of $8.1bn in 2006. However, the programme came roaring back in 2012. While some obstacles had begun to emerge in 2015, several…
New spectrum allocations and a fourth mobile licence offering are expected to provide a fillip for Turkey's telecoms sector, which in recent years has benefitted from rising mobile and internet penetration, driven by its young, tech-savvy population. In March 2015 the transport and communications minister, Lütfi Elvan, announced a tender for 4G mobile data services, which is expected to end in August.…
As the private sector increasingly focuses on customer service as a way to retain business, Turkey’s call centre and business process outsourcing (BPO) sector has gained considerable traction in recent years. Already home to thousands of BPO centres covering operations for telecoms operators, airlines and financial institutions, the industry will continue expanding in 2015, fed by a young and educated…
Since 1999 Turkey has recorded average annual growth of 3.9%, making it one of the best-performing emerging markets. Growth fell below 3% in 2014, but there is potential for an uptick in 2015 on the back of domestic investment and the prospect of modest growth in the Eurozone. The IMF is forecasting expansion of 3.1% in 2015 and 3.6% in 2016. While construction has been a leading source of growth
Turkey’s trade record over the last few years has been relatively impressive. Exports have risen substantially, if erratically. In 2006, exports stood at $85.5bn. By 2014, the figure reached a record high of $157.6bn. However, imports have also grown rapidly, reaching $242.2bn in 2014. This trade deficit, which reached 10% of GDP in 2014, has been a perennial problem for the country. The country…
Turkey has spent the last decade trying to maximise the potential of its geographical position and ability to expand its economy with export-led growth. While this has been hampered by a heavy dependence on imports and a bulging current account deficit, the country has made great strides in growing trade and diversifying markets. With strong domestic growth and a sense of economic stability following…
Many have hailed Turkey’s notable development performance over the past decade, and for good reason. The country averaged 5.4% growth between 2003 and 2013, one of the highest rates in the world. This was accompanied by drops in joblessness and poverty, as well as gains in school enrolment, home-ownership and life expectancy. Furthermore, in November 2012, the republic received its first investment-grade…
