Turkey belongs to the Central Eurasian Economic Area (Turkic area, Islamic Civilization).
(Foreign Trade and Business in Turkey):
Turkish Economy.
The economy of the Republic of Turkey has had a steady economic growth rate for the last twenty quarters;
The Turkish gross national product and GNP per capita shows the strength of the Turkish economy as well as its integration into the global economy;
The Republic of Turkey has made significant steps in restructuring Turkish
financial sector,
improving the public sector governance, and business environment;
Turkish GDP: 800 billion USD;
Average annual real GDP growth: 4.2%;
The main sectors of the Turkish economy are agriculture and food,
automotive, Business Services, chemicals, electronics, energy and renewable,
Financial Services, Healthcare and Pharmaceuticals, Information and communication technologies (ICT), Infrastructure, Machinery, manufacturing,
mining, property (real estate), tourism,
transportation, and
logistics;
Turkish manufacturing sector: 24% of the GDP;
Turkey is the Sixteenth World's largest pharmaceutical product producer;
The Turkish agriculture sector will be one of the top five world producers (2023);
Property (real estate) sector in Turkey: 4.6% of the Turkish GDP;
A Global leader in dried figs, dried apricots, and hazelnuts production;
Turkey is the Seventeenth largest car maker in the World;
Turkey is the Seventh largest plastic producer in the World;
30 million tourists every year;
Inflation in Turkey: 8%;
Deep structural reforms;
Universal Health Insurance;
Health “free zones”;
Currency of Turkey: Turkish Lira (TRY);
Turkey is a EU candidate member.
Turkish Foreign trade.
Turkey is a natural bridge between the Asian and the European Markets (Eurasian);
Total Turkish exports: 158 billion USD;
Total Turkish imports: 242 billion USD;
The main Turkish exports markets
are the European Union (56%) (4%), the U.S. (4%), Romania (3%), the United Arab Emirates (3%), and Iraq (3%);
Textiles and transport equipment are the main imports of the EU from Turkey;
The main import providers are Russia, China, Germany, the U.S., Italy, Iran, India, and Spain;
The main imports origin of the Republic of Turkey are the European Union (41%), Russia (14%), the People's Republic of China
(8%), the U.S. (5%), Iran (4%) and Switzerland (3%);
The main European Union exports to Turkey are machinery,
Transport material, and chemical products;
Turkey has a Customs Union with the EU;
Access to the CIS and the Middle East markets;
Access to the Eurasian Land Transport Initiative.
Foreign direct investment in Turkey.
Total FDI: 12.5 billion USD;
Turkey is the thirteenth most attractive nation in the World for Foreign direct investment (FDI);
41,397 foreign companies are established in the Republic of Turkey working in wholesale and retail trade, manufacturing, and property (real estate);
Textile production leads the manufacturing sector in foreign direct investment followed by chemicals and food and beverage products;
Government body: Ministry of Investment Support and Promotion Agency (ISPAT).
(c) EENI Global Business School (1995-2023)
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