Why Turkey?

Turkey is one of the world’s 20 largest economies. As of 2017, Turkey is 17th in the world, is the 6th largest economy in Europe.

Favorable demographic structure for investments, young population and quite a large market with new economic activities,Turkey will continue it’s positive growth performance in 2019 although the process of stabilization as it passes. Turkey’s economy grew 7.2 percent in the first quarter of 2018, continued strong growth performance in the second quarter of the year grew by 5.2 percent.

Turkey’s economy showed growth performance of 7,4% in 2017.

  • Gross domestic product per capita in 2017 increased three times from 2002 to $10,602 from $3.581.
  • According to Purchasing Power Parity (SGP), per capita gross domestic product increased to $27.092 in 2017.
  • Turkey’s EU defined debt ratio in 2017, well below the Maastricht criterion of 60% was realized as 28.3% and Turkey showed better performance than the 25 EU members.
  • Turkey’s EU defined debt ratio in 2017, well below the Maastricht criterion of 60% was realized as 28.3% and Turkey showed better performance than the 25 EU members.
  • GDP contracted by 3 percent in the fourth quarter of 2018 and the annual GDP growth rate was realized as 2.6 percent.
  • Turkey’s economy on an annual basis with the year 2018 has continued to grow continuously for 9 years.
  • In 2018, national income per capita amounted USD 9,632, USD 247 above the YEP (New Economy Plan) target.
  • In 2018, a real increase was recorded in all of the value added of agriculture, industry and services main sectors.
  • While domestic demand-driven growth was observed in the first half of 2018, as a result of the projected balancing in the second half net exports of goods and services constituted the driving force of economic growth.

The ratio of foreign trade to GDP of Turkey in March 2019 found 50 per cent.

10 Reasons to Invest in Turkey

1.   Successful Economy

  • Booming economy; more than tripling its GDP, reaching USD 851 billion in 2017, up from USD 231 billion in 2002 (TurkStat)
  • A dynamic and mature private sector with USD 157 billion worth of exports and an increase of 335 percent between 2002 and 2017 (TurkStat)

2. Population

  • 82 million 3 thousand 882 (December 2018)
  • Largest youth population compared with the EU (Eurostat)

3. Qualified and Competitive Labor Force

  • Over 31.6 million young, well-educated and motivated professionals (2017, TurkStat)
  • Approximately 800,000 students graduate annually from over 183 universities (2017, CoHE)

4. Reformist Investment Climate

  • Business-friendly environment with an average of 6.5 days to set up a company (World Bank Doing Business Report 2018)
  • Around 58,400 companies with international capital in 2017 (Ministry of Economy)

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
  • Direct delivery mechanism to most of the EU countries

6. Centrally Located

  • Easy access to 1.7 billion customers in Europe, Eurasia, the Middle East and North Africa

7. Energy Corridor 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.

8. Low Taxes and Incentives

  • Corporate Income Tax reduced from 33 percent to 22 percent
  • Tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones, including total or partial exemption from Corporate Income Tax, a grant on employer’s social security share, as well as land allocation
  • Incentives for strategic investments, large-scale investments and regional investments

9. Customs Union with the EU

  • Customs Union with the EU since 1996 and Free Trade Agreements (FTA) with 21 countries (Ministry of Trade)

10. Large Domestic Market

  • 69 million broadband internet subscribers in 2017, up from 0.1 million in 2002 (ICTA, TurkStat)
  • 78 million mobile phone subscribers in 2017, up from 23 million in 2002 (TurkStat)
  • 62.5 million credit card users in 2017, up from 16 million in 2002 (The Interbank Card Center of Turkey)
  • 193 million airline passengers in 2017, up from 33 million in 2002 (TurkStat)
  • 38 million international tourist arrivals in 2017, up from 13 million in 2002 (TurkStat)

© 2023 American Turkish Chamber of Commerce & Industry, Inc.