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Analysis

Opening the door: Government-driven changes are set to make pensions more attractive
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The concept of private pensions is relatively new in Turkey, with the first private scheme having been introduced only in 2003. Since then, the system has grown rapidly, although it is still small relative to the size of the economy. Furthermore, it is expected to expand in the coming years, as the government has introduced legal changes to make pensions a more attractive form of savings for retirement.…

Analysis

It’s in the pipeline: Investments in the oil and gas infrastructure continue
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With so many proposed supply routes on the drawing board and its position as a key transit route secure, Turkey waits to see who will pull the trigger first. When it comes to hydrocarbons, geography is destiny. Despite its limited domestic supplies, the adage also rings true for Turkey. With some of the world’s largest oil and natural gas reserves to its east and hungry markets to its west, Turkey…

Analysis

A driving force: Automobile production has been increasing steadily
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With production expanding, heightened foreign interest and a new push to build a domestic car brand, the automotive sector in Turkey is currently experiencing a surge in output. This comes as the country has established itself as a natural base for supplying both European and Middle Eastern markets, with the sector’s contributions to exports being of major importance to the economy as a whole.…

Analysis

In stops and starts: The privatisation portfolio includes a number of big-ticket items
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Privatisation has been on the agenda for years, with sales of major state-owned industries in the late 1990s and early 2000s defining the country’s commitment to free markets. The trend hit a high-water mark in 2005-06, when the government accrued a total of $16.3bn in revenues from the sale of Türk Telekom, the refinery company Tüpraş and steel producer Erdemir. In recent years, the focus…

Analysis

In the zone: Industrial parks provide incentives for local and foreign investors alike
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With economic activity in Turkey traditionally centred on the north-western provinces around Istanbul, along with the Izmir and Ankara urban areas, successive governments have attempted to incentivise businesses to establish themselves in other, less-developed regions. Since the 1960s, a key part of this strategy has been the creation of a variety of different classes of industrial zone. These…

Analysis

Buyers from abroad: A proposed law will make it easier for foreigners to purchase property
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With property values rising, the rest of the world has turned its attention to Turkey’s booming real estate market. In addition to the obvious attractions of portfolio investments in this emerging market, the past several years have seen many foreigners buying Turkish property as a first or second home. Moreover, legal changes are expected to expand this roster of home-buyers, especially by opening…

Analysis

Push for renewables: Turning to wind, sun and water to enhance energy security and protect the environment
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The world’s first hybrid combined-cycle power plant, developed by General Electric and California-based eSolar, will not be built in the US or Europe. Instead, MetCap Energy Investments is launching the groundbreaking €450m project in the central Turkish province of Karaman. Revolutionary technology that combines natural gas with wind and solar power will fire the 532-MW plant, playing a part…

Analysis

Further afield: Contractors gain profits and valuable experience by doing work abroad
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Even as Turkey gears up for a major series of investments in infrastructure, residential and commercial construction, its biggest companies are cutting their teeth in developing countries around the world. A host of contractors have been making a name for themselves internationally over the past several decades, working mainly in the Middle East and North Africa (MENA) region and the Commonwealth…

Analysis

Steel resolve: Production of steel remains strong with high domestic demand and new export markets
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Even as global steel output hit a new record, Turkey clocked the world’s fastest growth in steel production in 2011. Now consumption worldwide is set to decrease due to continued economic strains in Europe and a slowdown in China. In spite of these challenges, however, Turkish steel should still see robust growth in the coming years as domestic demand remains strong. Turkey ranked as Europe’s…

Analysis

So crazy it just might work: A massive canal may one day reshape Istanbul
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After two years of secret planning, Prime Minister Recep Tayyip Erdoğan in 2011 revealed his “crazy project”: digging a 50-km-long, 150-metre-wide canal from the Black Sea to the Sea of Marmara. The canal would turn half of Istanbul, a city of some 16m-18m residents, into an island and rival the engineering feats at Suez and Panama. “We are rolling up our sleeves for what will be one…