International business in Turkey
Turkey has a unique location, situated partly in West Asia and South East Europe, bordering with the Middle East and nearby Africa. It is a Republican Parliamentary Democracy, Turkey’s free market economy consists of an active industry and service sector.
Seen from a political point of view Turkey is often in the news since it is neighbouring a war zone and has to deal with internal tensions.
Despite this, Turkey’s economy is consistently growing. The open market urged by economic reforms via privatisation of public owned companies and increased self dependency has proven Turkey’s ability to survive its political past and emerge strong.
Turkey’s vital data points (as of 2019)
|GDP (billion USD)||761|
|GDP per capita (USD)||9,126|
|GDP per capita PPP (USD)||28,134|
|Purchasing power per dollar, compared to the USA||183%|
|Surface area (sq km)||783,560|
|% of population living in urban areas||75%|
|% of GDP added by agriculture – industry – services||6% – 28% – 56%|
|Ease of doing business index (1 = best, 189 = lowest)||33|
What is Turkey’s business index?
For ‘Doing Business’ within Turkey’s borders, it ranks 33 out of 189 countries, in terms of ease. For ‘Trading across Borders’, Turkey is at the 44th position.
What are the business opportunities in Turkey?
- Food processing
- Mining (coal, copper, chromate, boron)
What are people selling to the Turks?
- Semi-furnished goods
- Transport equipment
Who were Turkey’s top import partners in 2019?
- Russia (12%)
- China (9.9%)
- Germany (9.9%)
- US (6.1%)
- Italy (4.8%)
- Iran (1.9%)
Turkey’s political make up
Turkey is a Republican Parliamentary Democracy that follows a civil law system.
Turkish national holidays 2017
The following table shows national holidays celebrated in Turkey for the year 2021 on which most schools, colleges, institutes and organisations remain shut
|New Year’s Day||January 1|
|National Sovereignty and Children’s Day||April 23|
|Labour and Solidarity Day||May 1|
|Commemoration of Ataturk, Youth and Sports Day||May 19|
|Ramadan Feast Eve (half day)||June 24|
|Ramadan Feast||June 25|
|Ramadan Feast Day 2||June 26|
|Ramadan Feast Day 3||June 27|
|Memorial Day for Martyrs and Veterans||July 15|
|Victory Day||August 30|
|Sacrifice Feast Eve (half day)||August 31|
|Sacrifice Feast||September 1|
|Sacrifice Feast Day 2, 3 and 4||September 2, 3 and 4|
|Republic Day Eve (half day)||October 28|
|Republic Day||October 29|
Turkey – An international business environment
Turkey is home to many popular trade fairs like Infra Oman, Paint Istanbul, International Trade and Industry Fair.
Over the last decade, Turkey has experienced steady economic growth. Combined with a young and sizable population, business opportunities are plentiful and positive. With many incentives for strategic, large scale and regional investments, Turkey welcomes foreign investment and international business prospects.