|
|
|
ABOUT TURKEY
The Republic of Turkey is at the junction of Europe and Asia. The territory of the country covers the whole of the Anatolia Peninsula (Asian Part), East Thrace (European Part) and also includes some islands on the Marmara and the Aegean Seas. More information ->> |
BRIEF HISTORICAL BACKGROUND for the TURKISH ECONOMY
Following the collapse of the Ottoman Empire in the First World War, the Republic of Turkey was founded on 29 October 1923, under the leadership Mustafa Kemal Atatürk who is the first President of Turkey. During the era of Atatürk, a series of far-reaching reforms were initiated and accomplished to make Turkey a developed modern state. More information ->> |
CURRENT SITUATION OF TURKISH ECONOMY
Main economic indicators in Turkey have been recovering and stability has been achieved in many areas especially in the last two years. Structural reforms within the framework of the IMF program, EU Harmonization Laws and sector regulations along with improvements in the investment environment have provided a more favorable business environment. More information ->> |
FINANCIAL SECTOR IN TURKEY
In compatible with the “Program for the Transition to a Strong Economy” launched by the government, the major reforms were carried out in the finance sector between the years of 1999 and 2002. In this context, banking legislation was adjusted to international regulations, BIS recommendations and European Union banking directives.
More information ->> |
FOREIGN TRADE IN TURKEY
Turkey’s foreign trade volume has gained momentum after the liberalization policies in 1980s. Foreign trade volume has increased from 10 billion USD level at the beginning of 1980s to 35 billion USD level in 1990 and reached 160 billion USD level in 2004. The target level of exports is 75 billion USD for 2005.
More information ->> |
INTERNATIONAL RELATIONS
Turkey has been a party to several international bilateral and multilateral agreements (either economic and/or political/strategic) organizations such as: - United Nations system - NATO (North Atlantic Treaty Organization) .... More information ->> |
FOREIGN DIRECT INVESTMENT
The liberalization and structural reform efforts and the rapid growth of the economy made Turkey an attractive market for foreign investors. To invest in Turkey means also, to rely on laws protecting foreign capital, working in a totally liberalized environment, being able to recruit qualified labor force and enjoying convertible Turkish currency and free profit and capital repatriation. More information ->> |
TAX SYSTEM IN TURKEY
The Turkish tax regime can be classified under three main headings:
Income Taxes: Corporate Income Taxes, Individual Income Taxes
Taxes on Expenditure: Value Added Tax, Banking and Insurance Transaction Taxes, Stamp Duty
Taxes on Wealth: Inheritance and Gift Taxes, Property Tax More information ->> |
INVESTMENT INCENTIVES
The investment incentives scheme has been amended in 2003 within the framework of the efforts for the betterment of the investment environment in Turkey and a new draft law is still being worked on. Investment incentive system in Turkey can be classified under three main headings:
General Incentive Regime
Incentives Granted to Small and Medium Sized Enterprises (SMEs)
Energy Support
More information ->> |
TRANSPORTATION IN TURKEY
Transportation and communications are the key target sectors in the globalization policies of governments. Turkey’s natural bridge position in the framework of the integration of Eastern Europe and new emerging markets of Caucasus and Central Asia makes infrastructure investments economically attractive. This is one of the main reasons why Turkey’s strategic location calls for developing a transport network from Europe to the Middle East and Central Asia. In the context of the connection between Pan-European transport corridors and Central Asia, the role of Turkey as one of the most important members of the Black Sea Economic Cooperation and the Mediterranean basin gained more importance in the East-West and North-South connections. More information ->> |
ENERGY SECTOR IN TURKEY
Total primary energy supply in Turkey as of 2003 is 84 mtoe. 28.3% of this was provided domestically and the rest was imported.Total installed electricity production capacity as of 2003 is 35,587 MW and it is expected to estimated to have reached to 37,480 MW by 2004 and an additional 54,080 MW ,is projected to be installed by 2020. As of 2003, total electricity consumption is 142.8 billion kWh and total energy consumption is 82.3 mtoe. During the last 40 years, energy consumption in Turkey increased by an average of just above 5% annualy while the electricity consumption rose more than 10% annually. Despite these high rates, primary energy and electricity consumption levels are still quite below the developed countries. More information ->> |
SOUTHEASTERN ANATOLIA PROJECT (GAP)
Southeastern Anatolia Project (GAP) is a regional development project aiming at the overall socio-economic development of a 75,358 km2 area with a population of over 6.1 million. The project area covers the provinces of Adiyaman, Batman, Diyarbakir, Gaziantep, Kilis, Mardin, Siirt, Sanliurfa and Sirnak. GAP is the largest investment ever made for regional development in Turkey. More information ->> |
PRIVATIZATION IN TURKEY
Privatization has been on Turkey's agenda since 1984. In addition to reducing the state's involvement in economic activities and providing a competitive business environment, Turkey’s privatization policy aims to relieve the financial burden of loss-making state enterprises on the national budget and to develop capital markets through wider share ownership. Between 1986-2004, 183 companies were privatized either via sales of share or through assets sale. There are no longer government stakes in 171 of these companies. More information ->> |
TURKISH TELECOMMUNICATIONS SECTOR
Since investments in the telecommunication infrastructure have been mainly made in the late 1980s and 1990s, Turkey has a relatively young and modern technological infrastructure. Turk Telekom's monopoly on fixed-line voice transmission and infrastructure expired at the end of 2003. The market will gradually face increased competition, notably in long-distance telephony. Deregulation in voice communications as of January 2004 paved the way for new investments and also privatization in the sector. So far, 29 licenses have been distributed. Established in 2000, Telecommunications Authority has introduced a number of new regulations such as licensing, interconnection, and a dispute resolution mechanism. The institutional and legal frameworks necessary for a liberalized telecommunications market have been put in place by recent legislations. Telekom privatization process is still ongoing. 55% of Turk Telekom shares will be sold as a single block and the amount and timing of the remaining shares to be offered to public will be decided following this block sale. 13 companies/consortiums have been prequalified to give offers until 31 May, 2005. More information ->> |
TOURISM IN TURKEY
In the last 20 years between 1985-2004, annual average growth rate in the Turkish tourism sector has been 12% in terms of tourist arrivals and 15% in terms of tourism revenues. More information ->> |
|
Homepage 
Turkey in Brief
ABOUT TURKEY
