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10 Reasons to invest in Turkey

Posted by CCT Investments on 16 December 2014
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1-SUCCESSFUL ECONOMY

Booming economy; more than tripling its GDP, reaching USD 820 billion in 2013, up from USD 231 billion in 2002 (TurkStat)

Stable economic growth with an average annual real GDP growth rate of 5.1 percent over the past decade (TurkStat)

Promising economy with a bright future as it is expected to become the fastest growing economy among the OECD members during 2012-2017 with an average annual real GDP growth rate of 5.2 percent (OECD Economic Outlook No. 91)

16th largest economy in the world and 6th largest economy compared with the EU in 2013 (GDP at PPP, IMF WEO)

Institutionalized economy fueled by USD 135 billion of FDI in the last decade. (CBRT)

A dynamic and mature private sector with USD 152 billion worth of exports and an increase of 245 percent between 2004 and 2013 (TurkStat)

2-POPULATION

A population of 76.7 million (2013, TurkStat)

Largest youth population compared with the EU (Eurostat)

Half the population under the age 30.4 (2013, TurkStat)

Young, dynamic, well-educated and multi-cultural population

3-QUALIFIED AND COMPETITIVE LABOR FORCE

Over 28.3 million young, well-educated and motivated professionals (2013, TurkStat)

Increasing labor productivity

Approximately 610,000 students graduate annually from over 183 universities (2012, Student Selection and Placement Center-OSYM)

More than 700,000 high school graduates with around half from vocational and technical high schools (2012, TurkStat)

4-LIBERAL AND REFORMIST INVESTMENT CLIMATE

The second biggest reformer among OECD countries in terms of its restrictions on FDI since 1997 (OECD FDI Regulatory Restrictiveness Index 1997-2012)

Business-friendly environment with average of 6 days to set up a company, while the average in OECD members is more than 11 days (World Bank Doing Business Report 2014)

Highly competitive investment conditions

Strong industrial and service culture

Equal treatment for all investors

Around 36,950 companies with international capital in 2013 (Ministry of Economy)

International arbitration

Guarantee of transfers

5-INFRASTRUCTURE

New and highly developed technological infrastructure in transportation, telecommunications and energy

Well-developed and low-cost sea transport facilities

Railway transport advantage to Central and Eastern Europe

Well-established transportation routes and direct delivery mechanism to most of the EU countries

6-CENTRALLY LOCATED

A natural bridge between both East-West and North-South axes, thus creating an efficient and cost effective outlet to major markets

Easy access to 1.5 billion customers in Europe, Eurasia, the Middle East and North Africa

Access to multiple markets worth USD 25 trillion of GDP

7-ENERGY CORRIDOR AND TERMINAL OF EUROPE

An important energy terminal and corridor in Europe connecting the East and the West

Located at a close proximity of more than 70 percent of the world’s proven primary energy reserves, while the largest energy consumer, which is Europe, is located right to the west of Turkey, thus making the country a linchpin in energy transit and an energy terminal in the region

8-LOW TAXES & INCENTIVES

Corporate Income Tax reduced from 33 percent to 20 percent

Tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones could include total or partial exemption from Corporate Income Tax, a grant on employer’s social security share, as well as land allocation

R&D and Innovation Support Law

Incentives for strategic investment to decrease imports, for large-scale investments, as well as for regional investments

9-CUSTOMS UNION WITH THE EU SINCE 1996

Customs Union with the EU since 1996 and Free Trade Agreements (FTA) with 20 countries (Ministry of Economy)

More FTAs underway

Accession negotiations with the EU

10-LARGE DOMESTIC MARKET

32.6 million broadband internet subscribers in 2013, up from 0.1 million in 2002 (ICTA, TurkStat)

69.6 million mobile phone subscribers in 2013, up from 23 million in 2002 (TurkStat)

57 million credit card users in 2013, up from 16 million in 2002 (The Interbank Card Center of Turkey)

131 million airline passengers in 2012, up from 33 million in 2002 (TurkStat)

39.2 million international tourist arrivals in 2012, up from 13 million in 2002 (TurkStat)

 

note: The information provided in this post is taken from the Republic of Turkey Prime Ministry Investment Support and Promotion Agency’s website: www.invest.gov.tr

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