Doing international business in Turkey

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)

Population (million)83.4
GDP (billion USD)761
GDP per capita (USD)9,126
GDP per capita PPP (USD)28,134
Purchasing power per dollar, compared to the USA183%
Surface area (sq km)783,560
% of population living in urban areas75%
% of GDP added by agriculture – industry – services6% – 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?

  • Textiles
  • Food processing
  • Automobiles
  • Electronics
  • Mining (coal, copper, chromate, boron)
  • Steel
  • Petroleum

What are people selling to the Turks?

  • Machines
  • Chemicals
  • Semi-furnished goods
  • Fuels
  • 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

HolidayDate
New Year’s DayJanuary 1
National Sovereignty and Children’s DayApril 23
Labour and Solidarity DayMay 1
Commemoration of Ataturk, Youth and Sports DayMay 19
Ramadan Feast Eve (half day)June  24
Ramadan FeastJune 25
Ramadan Feast Day 2June 26
Ramadan Feast Day 3June 27
Memorial Day for Martyrs and VeteransJuly 15
Victory DayAugust 30
Sacrifice Feast Eve (half day)August 31
Sacrifice FeastSeptember 1
Sacrifice Feast Day 2, 3 and 4September 2, 3 and 4
Republic Day Eve (half day)October 28
Republic DayOctober 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.

This entry in Europe was updated on February 6, 2021 by specialist.