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Doing Business in Turkey
• Turkey offers a dynamic and challenging business environment in a rapidly changing marketplace.
The government offers significant incentives for manufacturing investment, encouraging regional development and favored industries as well.
In general, there is no restriction on the ratio of foreign shareholding.
The workforce is highly motivated, disciplined and trainable.
Manufacturing costs are low.
Ongoing EU integration process improves prospects.
Turkey has been in a Customs Union with the EU since 1996.
Reports:
Title: World Economic Outlook
Date: April 2010
Author: IMF
Length: 216 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: In 2010, world output is expected to rise by about 4¼ percent, following a ½ percent contraction in 2009. Economies that are off to a strong start are likely to remain in the lead, as growth in others is held back by lasting damage to financial sectors and household balance sheets. Activity remains dependent on highly accommodative macroeconomic policies and is subject to downside risks, as fiscal fragilities have come to the fore. In most advanced economies, fiscal and monetary policies should maintain a supportive thrust in 2010 to sustain growth and employment. But many of these economies also need to urgently adopt credible mediumterm strategies to contain public debt and later bring it down to more prudent levels. Financial sector repair and reform are additional high-priority requirements. Many emerging economies are again growing rapidly and a number have begun to moderate their accommodative macroeconomic policies in the face of high capital inflows. Given prospects for relatively weak growth in the advanced economies, the challenge for emerging economies is to absorb rising inflows and nurture domestic demand without triggering a new boom-bust cycle.
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Title: Doing Business 2010
Date: September 2009
Author: Doing Business Project - World Bank Group
Length: 82 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: Doing Business 2010: Reforming Through Difficult Times is the seventh in a series of annual reports investigating regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 183 economies, from Afghanistan to Zimbabwe, over time. A set of regulations affecting 10 stages of a business’s life are measured: starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. Data in Doing Business 2010: Reforming Through Difficult Times are current as of June 1, 2009. The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why.
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Title: How to do Business in Turkey
Date: April 2009
Author: Deloitte / DEIK
Length: 100 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: "Investors’ guide Turkey: How to do business" provides potential and existing investors with an overview of what is possible when structuring an investment in Turkey and which factors must be considered when deciding whether to acquire an existing Turkish company. The information covered is not exhaustive and unless otherwise indicated, is based on the relevant legislation and conditions existing at February 2009.
This guide, prepared by Deloitte Turkey in cooperation with the Foreign Economic Relations Board of Turkey (“DEIK”), aims to contribute to the development of Turkey’s economic, commercial, industrial and financial relations with foreign countries as well as international business organizations and communities by providing foreign investors with a concise tax and business guide to help them with their investment decisions.
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Title: Turkey: Your Partner in Healthcare
Date: April 2009
Author: DEIK/ Turkish-American Business Council (TAIK)
Length: 18 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: The high cost of healthcare in the developed world, is accounted as a major problem for individuals, employers, employee funds, insurance system and governments. This fact has shaped the medical tourism industry within the last decades.
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Title: Doing Business 2009
Date: 2009
Author: Doing Business Project - World Bank Group
Length: 82 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: The following report present the summary Doing Business indicators for Turkey along with the comparator economies selected. The data used for this country profile come from the Doing Business database and are summarized in graphs and tables. This report allows a comparison of the economies not only with one another but also with the “best practice” economy for each indicator.
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Title: World Economic Outlook
Date: April 2009
Author: IMF
Length: 251 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries. It focuses on major economic policy issues as well as on the analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF's global surveillance activities.
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Title: Private Equity Confidence Survey (PECS)
Date: February 2009
Author: Deloitte Corporate Finance
Length: 12 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: This fifth survey covering the outlook for the first half of 2009 has been mapping expectations of private equity professionals in Turkey since 2007. In line with the daily coverage in the financial press, this survey shows that confidence of private equity investors has further declined compared to summer 2008. Investors are now more pessimistic than in any of our previous surveys. No investors at all responded that they expect an improving economic environment, and only 21% believe it will be unchanged.
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Title: Doing Business in Turkey
Date: 2009
Author: U.S. & Foreign Commercial Service and U.S. Department of State
Length: 91 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: A Country Commercial Guide for U.S. Companies
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Title: Economic Survey: Turkey
Date: July 2008
Author: OECD
Length: 167 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: Far-reaching institutional and structural reforms following the 2001 crisis underpinned an unprecedented period of high growth until 2007. More recently, however, tensions arose and growth slowed down as a result of loss of competitiveness in large areas of the economy, the deterioration of international conditions, and a weakening of confidence domestically. New government initiatives to strengthen the macroeconomic policy framework, and upgrade the competitiveness of industry and its capacity to create jobs, would help the economy resume a stronger growth course. The main challenges in this respect are:
● Preserving the gains of fiscal consolidation and making fiscal policy more compatible with higher growth.
● Resuming disinflation and better aligning structural policies as well as fiscal policy with the inflation targeting framework.
● Reducing barriers to formal employment in order to mobilise the productivity potential and improve the resilience of the Turkish economy.
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Title: Turkey: Special Supplement to the New York Times
Date: July 2008
Author: DEIK/ Turkish-American Business Council (TAIK)
Length: 12 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: Bouncing back from the economic crisis of 2001 and revelling in its role as the commercial epicenter of southeastern Europe, Turkey is becoming an increasingly important economic and diplomatically of western nations and is duly aiming for accession to the E.U.
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Title: Draft of the New Turkish Code of Commerce - New Challenges for Turkish Commercial Law
Date: March 2008
Author: Deloitte Turkey
Length: 28 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: Draft of the new Turkish Commercial Code (hereinafter “TCCD”), consists of six main chapters: Enterprise Law, Company Law, Securities Law, Transportation Law, Maritime Commercial Law and Insurance Law. Compared with current TCC, TCCD treats Transportation Law with a separate chapter. Reviewing the characteristics of each chapter, it is very evident, that TCCD challenges to put a comprehensive law reform into practice. Considering that TCC, enforced fifty years ago, has been formulated taking into account the modern developments in German and Swiss law, has not been mainly reformed within fifty years, despite many developments in European Law. As a consequence of this, Turkish Ministry of Justice has formed a commission for the preparation of a new TCC Draft. This commission, consisting of academics, judges, attorneys, bureaucrats and experts, has carried out a in depth research on the European Economic Law doctrine and jurisprudence. In this research, solely main characteristics of the new legal regime shall be reviewed in brief.
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Title: Recent Trends in International Direct Investments and an Evaluation of 2007 IN the World and in Turkey
Date: March 2008
Author: YASED
Length: 12 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: Global international direct investment (IDI) flows are expected to exceed USD 1.4 trillion level, which was attained in 2000, and set a new record high level as USD 1.5 trillion amount in 2007. According to the preliminary data disclosed by UNCTAD, while approximately USD 1 trillion of this total IDI have flown into developed countries, the rest was shared by developing countries and transition economies (South-East Europe and the CIS).
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Title: Turkey Investment Climate Assessment
Date: November 2007
Author: World Bank & TEPAV
Length: 122 pages (In two volumes)
Format: Adobe Acrobat (*.pdf)
Content Summary: The Turkey Investment Climate report was prepared by a World Bank Team in collaboration with the Economic Policy Research Foundation of Turkey (TEPAV). Turkey's economic recovery following the 2001 crisis has been remarkable, and the sound macro policies and sectoral reforms supporting the recovery have been laudable.
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Title: Private Equity in Turkey
Date: June 2007
Author: Deloitte Corporate Finance
Length: 25 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: A practical guide for Turkish Companies and Investors
Private Equity is emerging as a popular capital raising and/or partnership concept in Turkey today. More private equity investors are considering Turkey as one of the ultimate high growth frontiers. Due to this potential they are becoming interested in investing in Turkey.
The object of this report is to elaborate on the practical aspects of what private equity is all about and its history in Turkey. We also wanted to provide an all inclusive document on the concepts and background with tips for both investors and Turkish companies in striking deals.
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Title: Invest in Turkey, Factsheets
Date: January 2007
Author: Undersecretariat of Treasury, General Directorate of Foreign Investment Length: 74 pages
Format: Adobe Acrobat (*.pdf)
Content Summary: A guide for foreign investors.
Turkey at a Glance, About Us, Legal Framework of FDI, Employment of Foreigners,
Legal Framework for Customs, Special Investment Zones, Invesment Incentives,
Establishing a Business, Taxation, Infrastructure, Labor Force, Useful Contacts
Title: Overview of the Turkish Economy
Date: March 2006/ Presentation updated: July 2007
Author: Dr. Yilmaz Arguden, Former Chairman, TAIK
Length: 8 pages, 45 slides
Format: Adobe Acrobat (*.pdf) and PowerPoint (*.ppt)
Content Summary: Turkey is at the centre of an economic and political area known as ‘Eurasia’, where three regions of the world, Europe, the former Soviet Union and the Middle East intersect. The proximity to the Balkans and the rest of Europe as well as to the growing emerging markets in Central Asia, the Middle East, and North Africa creates unique business opportunities. The experience of numerous global firms confirms Turkey as a predominant investment location and export platform.
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