Business Culture

Turkey

When was the country established?

The Turkish Republic was established in 1923, following the demise of the Ottoman Empire. The Republic was declared on 29 October 1923

Where is the country located?

Eastern Mediterranean. Located on two continents: Europe and Asia. The European part of Turkey is called Thrace, while the Asian part is called Anatolia (or Asia Minor)

What is the population?

67.8 million (as of 2002)

What is/are the official language(s)?

Turkish (uses Latin Alphabet)

What is the currency called?

New Turkish Lira (YTL)

What is the exchange rate now?

CBRT Exchange Rates

	FX Buying		FX Selling
	Current	Previous	Current	Previous
$	1.3340	1.3267	1.3404	1.3331
€	1.7416	1.7259	1.7500	1.7342

What is the GDP?

GDP COMPOSITION BY SECTORS (%) (2004 Q3)

Agriculture-%24.3

Industry- %15.3

Services24.3- %61.0

What is the average income per capita?

GNP Per capita ($)3,383 (as in 2003)

What is the political regime in the country?

Turkey is democratic, secular and social state governed by the rule of law; committed to the nationalism of Atatürk and based on the principle of the separation of powers;

Legislative power: The Turkish Grand National Assembly

Executive power: President and the Council of Ministers

Judicial power: Independent courts and supreme judiciary organs

Which are the major political parties and which is in power now?

AKP and CHP are the major parties.

What is the investment climate?

Trade & Investment - Great Reasons

Unique geographical location - Turkey enjoys a very special location at the crossroads between East and West, overlapping Europe and Asia geographically. The proxy to the new emerging markets in Middle East and Central Asia creates unique business opportunities.

A strong international investment record -The experience of more than 4000 foreign capital establishments, including 104 of the Fortune Top 5000 companies, confirms Turkey as a predominant investment location.

A fast developing economy - The average growth rate of 5,4 % for the last 5 years, which is well above many OECD countries, implies a dynamic and growing economy. WTO outputs also state that Turkey is among the most dynamic 20 countries in the world trade.

A huge domestic market - With a population of 63 million and an increasing consumer purchasing power, Turkey offers a huge and dynamic domestic market to investors.

High-skilled, competitive labor - The Turkish labor force is well-known with its skills and learning capacity, and competitive labor rates offer cutting edge for industries.

High quality standards - The new quality oriented generation in both manufacturing and services sectors ensures high quality levels; and this is also proven by Turkish companies winning the European Quality Award : Brisa (1996), Beksa (1996), Netas (1997), Beko (1998), Arcelik (2000), Eczacibasi Vitra (2000)

The gateway of energy resources - Turkey is located at the gateway of Middle East and Caspian petroleum and Central Asian natural gas to the west, which are regarded as the future energy reserves of the world.

A state of art telecommunications network - Turkey has a relatively "young" telecommunications network with the latest technology, which can easily compete with the developed countries.

Strong ties with Caucasia and Central Asia - Turkey is the leading investor in Caucasian and Central Asian Turkic Republics. Due to her strong cultural and historic ties, Turkey provides privileged access and a perfect base to develop business with these countries.

What is the state of the economy?

Look for the below link to get the detailed information.

http://www.dtm.gov.tr/ead/english/trecon/dev/turecon.htm

What are the major industries with which the country is famous for?

Energy

Manufacturing Industry

Textile & Clothing

Iron & Steel

Chemicals

Glass & Ceramics

Furniture

Electronics

Machinery

Automotive

Leather

Carpet

Gold Jeweler

Electrical Machinery

Services

Communication

Construction

Transportation

Agriculture

Agroindustry

Vegetal Products

Fishery

Livestock

Edible Nuts and Dried Fruits

Mining

Fuel Minerals

Metallic Minerals

In order to see the laws on the structures and duties of the Treasury Undersecretairat and the Foreign Trade Undersecretariat, please see the link below.

Trade Information Services is the first stop for foreign importers seeking assistance from the Export Promotion Center of Turkey. Trade Information Services Infodesk’s specialists

· provide company lists, sector reports and everything about Turkish foreign trade

· refer foreign importers to other organizations that can provide additional assistance.

“Trade Information Services” provides information upon your request by e-mail, phone or fax.

When you click the “Trade Information Inquiries” in the English version of our web site, you will find a “TIS Form”. After you fill “TIS Form” and send it to us by e-mail (tbrh@igeme.gov.tr ) or fax (90-312-4172233) the “Trade Information Services Infodesk” will provide you detailed information on the subjects given above.

http://www.dtm.gov.tr/sb/english/addres.htm (websites, addresses, phone and fax numbers of the Turkish Free-Zone directorates and of the free zone operator founder/operator firms