Top Reasons to Invest in Turkey
Robust Economy
- The Turkish economy, from 2003 to 2018, has posted record growth and climbed from 18thplace to 13th globally.
- Turkey has outpaced its peer economies, and the growth momentum is set to continue in the coming years.
- Adhering to prudent fiscal discipline, Turkey has drastically diminished the public debt stock from above 70 percent in 2002 down to around 30 percent in 2018.
- The positive effect of the fiscal discipline has been reflected as a noticeably diminished deficit in Turkey’s budget balance during the past 16 years.
- The soaring inflation rates and accompanying high volatility of previous decades have been reined in and kept under control since 2003.
- Over the past 16 years, Turkey has put in a noteworthy performance by increasing the size of its overall economy from USD 236 billion in 2002 to USD 784 billion in 2018.
- Turkey’s economic growth over the past 16 years has been driven by a robust domestic market and an entrepreneurial private sector that combined have spurred investments and exports.
- Turkey successfully generated approximately 7.5 million new jobs during the 2008-2018 period.
- With an eye-catching 10 percent average annual growth in exports, Turkey has outpaced the world performance and increased its export volume from USD 36 billion to USD 168 billion over the past 16 years.
- Turkey has grown its overall export volume from USD 36 billion in 2002 to USD 168 billion in 2018 and has achieved significant export diversification both in terms of export destinations and products.
Large Domestic and Regional Markets
- Turkey is the 11th largest economy in terms of GDP per capita among countries with population over 50 million.
- Turkey’s economic growth has paved the way for emergence of a sizeable middle-class with an increasing purchasing power.
- More than 23 urban centers, each with populations of over 1 million, support Turkey’s thriving domestic market through their production of goods and services. In terms of population, Istanbul is the largest city in Europe.
- Customs Union with the EU allows direct access to the EU market
- 510 million in EU + 355 million in FTA area in 27 countries with Free Trade Agreements + 81 million in Turkey
- Free Access to a total of 945 million customers
Strategic Location
- Turkey is a natural bridge between both the East-West and the North-South axes, thus creating an efficient and cost-effective hub to major markets.
- Turkey offers easy access to 1.5 billion people and a combined market worth of USD 24 trillion GDP in Europe, MENA, and Central Asia within a 4-hour flight radius.
- Turkey’s strategic location enables easy reach to markets across 16 different time zones, from Tokyo to New York.
- Turkish Airlines connects 255 destinations in 122 countries.
- Multinationals are increasingly choosing Turkey as a preferred hub for manufacturing, exports, as well as management.
- Turkey also serves as a management hub for several multinational companies.
Sectoral Opportunities
- Turkey offers abundant opportunities in a wide variety of sectors where it has a competitive edge.
For further information, you can visit: https://www.invest.gov.tr/en/whyturkey/top-reasons-to-invest-in-turkey/pages/default.aspx
Source: Republic of Turkey Investment Office / link: https://www.invest.gov.tr/en/whyturkey/top-reasons-to-invest-in-turkey/pages/default.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
