1. A SUCCESSFUL ECONOMY
With an economy that’s more than tripled its GDP to reach $784 billion in 2018, Turkey is a runaway success. Currently it’s the 13thlargest economy in the world. It has got stable economic growth and averaged an annual real GDP growth rate of 5.5% between 2002 and 2018. The Turkish economy is also expected to become one of the fastest growing economies among the OECD members between 2019-2024, showing $168 billion of exports and an increase of 366% between 2002 and 2018.
2. A DYNAMIC POPULATION
Turkey’s population is statistically the youngest in Europe, with half of the people under the age of 32. With a total population of 82 million, that’s a lot of youthful energy to be harnessed. These young people are also well-educated and multicultural – a boon for international business.
3. A QUALIFIED AND COMPETITIVE LABOR FORCE
Among the 32.3 million young Turkish people, more than 800,000 students graduate every year from more than 183 universities around the country. There are more than 985,000 high school graduates too half of whom have studied technical or vocational specialisms. This means there’s an increasingly skilled and productive labour market which is ready to take on the needs and challenges of modern business.
4. AN ENERGY CORRIDOR AND TERMINAL OF EUROPE
The country is an important energy termal, and a European corridor connecting the East and West. Its located close to more than 70% of the world’s proven primary energy reserves, as well as being close to the largest energy consumer – Europe. This makes Turkey a linchpin in the transit of energy, an energy terminal for the region.
5. A LARGE DOMESTIC MARKET
At home in Turkey the market is promising too, with 72 million broadband internet users. 80.6 million mobile phone users, and 66.3 million credit card users. The country has a booming tourist market too, welcoming 45.6 million international visitors per year, and accommodating 211 million airline passengers (both based on the most recent figures from 2018).
6. LOW TAXES AND INCENTIVES
Turkey is incentivising new businesses, with a reduced Corporate and Income Tax which has dropped from 33% to just 20% (or 22% for years 2018 – 2020). The tax benefits are most notable in the Technology Development, Industrial and Free Zones, with a partial or total exemption from Corporate Income Tax as well as land allocation and a grant on an employer’s social security share. There is support for R&D and innovation, and incentives for strategic investments, large – scale investments, and regional investments.
7. A LIBERAL AND REFORMIST INVESTMENT CLIMATE
Reforming at a fast pace Turkey is now the second biggest reformer among OECD countries, when taking into account its restrictions on FDI since 1997. It’s also a business – friendly environment where the average time needed to set up a company is just 6.5 days. With international arbitration, a guarantee of transfers, and highly competitive investment conditions, its and outward and forward-looking climate for business. There are around 65,500 companies with international capital, proving that this attitude and ethos is working.
8. INFRASTRUCTURE
Turkey has a new and highly – developed transportation infrastructure, as well as telecommunications and energy networks. Sea transport is highly reliable and low cost and railway transport links Turkey to Central and Eastern Europe. Well established transportation routes ensure direct delivery to most EU countries.
9. A CENTRAL LOCATION
Being a natural bridge between both the East-West and North-South axes. Turkey is an efficient and cost-effective base from which to reach most major markets. It has easy access to 1.7 billion customers across Europe, Eurasia, the Middle East and North Africa, and is within reach of multiple markets worth $27 trillion of GDP.
10. CUSTOMS UNION WITH THE EU
A Customs Union with the EU has been in place since 1996, and there are Free Trade Agreements with 22 countries (with more on the way).