Turkey has come a long way to become not only the world’s 20th largest economy but also a regional power, tripling its GDP to reach countries such as the Netherlands and Switzerland in nominal value.
The country is strategically located between Asia and Europe, which together with the opening of trade channels with the Central Asian republics, as well as the cultural and linguistic ties it shares with them, have made Turkey the gateway to the region and an essential bridge to European markets. These advantages, combined with Turkey’s deep-rooted entrepreneurial and business culture, have allowed its companies to hold dominant positions in countries such as Azerbaijan, Georgia, Kazakhstan and Iran.
Turkey has a population of more than 85 million, 45% of whom are under 30 years of age, making it a young and dynamic market, the main engine of the economy.
Politically, Turkey has been a secular democratic republic since 1923. Stability has been the dominant feature for almost the last century which, coupled with record OECD economic growth, has made Turkey one of the region’s leading recipients of foreign direct investment.
Given its geographical proximity to important markets (Europe, ex-Soviet republics, Middle East, Central Asia and North Africa) and its cultural ties with all of them, as well as its status as an emerging market, it is one of the most attractive destinations for export, investment and sourcing.
Turkey has always had large political and economic influence in the region, given its historical ties with all the countries that were part of the Ottoman Empire (countries of the former Yugoslavia and Eastern Europe, Europe, former Soviet republics and the Middle East, Asia and North Africa). Countries as diverse as Macedonia, Bosnia, Bulgaria, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, the United Arab Emirates, Saudi Arabia, Iran and Iraq all form part of Turkey’s sphere of influence. Turkey’s investment needs and its close relations with all these countries make it the best platform for enter into these markets.
Turkey has had a customs union agreement with the European Union since 1996, 22 other free trade agreements and is in talks about trade agreements with 36 other countries.
The Turkish Ministry of Industry and Technology has made investment aid available to companies, ranging from VAT exemption, deductions for companies’ social security contributions, exemptions from customs duties, tax deductions and financial support, among others.
Since 2011 CONEXIO has provided security and experience in Turkey at the service of companies, introducing products to the Turkish market, developing investment projects, connecting companies with 85 million customers and boosting their success.
For more information about the Turkish market please do not hesitate to contact us.