Business in Turkey

Aired October 2004

Turkey offers exceptional cultural and geographic appeal. It has splendid beaches along the Mediterranean, pristine ski slopes in Turkey’s rugged mountains, culinary treasures handcrafts, and, best of all, the warm Turkish hospitality that has enchanted travelers for centuries.

Strategically located at the crossroads of Europe and Asia, Turkey has been a hub for international trade for thousands of years. In addition to its location, Turkey’s well developed transportation infrastructure, consisting of more than 240,000 miles of highways, 120 airports, and 9 maritime ports make it the ideal base for distribution. Furthermore, with a population of nearly 70 million Turkey offers a very strong domestic market for US producers operating there.

The United States has long recognized the importance of having Turkey, with its strategic location, as a defense ally, and today, thanks to globalization, Turkey is increasingly being seen as an excellent economic and trading partner for the US as well. Turkey’s customs agreements with the European Union and its bid for EU membership make the country even more attractive for US investors.

TEXTILES

Turkey’s textiles industry accounted for 40 percent of the country’s exports to the United States last year and 40 percent of Turkey’s total exports worldwide. In fact, Turkey is now ranked one of the world’s top five textiles exporters. This success is the result of a winning combination of abundant natural resources, a highly competitive and skilled labor force, enormous production capacity, and sizable investment in innovation and modernization.

Dynamic Turkish textiles companies like Vakko, Colins and Loft, Mavi, and Damat Tween, which have worked for some of the world’s best-known brand names, have now established successful brand names of their own. They have helped make the “Made in Turkey” label synonymous with quality and cutting-edge fashion.

AUTOMOTIVE

Turkey’s automotive sector is growing strong, fueled by strong support from the government, steady collaboration and investment from major foreign auto manufacturers, and a skilled production workforce. Foreign carmakers that have set up production facilities in Turkey include Mercedes, Renault, Toyota, Fiat, and American giants Ford and General Motors, among many others.

Supply industries producing steel, component parts and other items are flourishing as well in light of the rapid growth of the automotive sector overall. Strong local companies ensure a solid investment base and ample partnership opportunities for foreign investors.

Bursa, known as the “Detroit of Turkey”, is the center of Turkey’s automotive and industrial production and is home to a number of strong local companies that supply these sectors.

TOURISM

For visitors, Turkey offers exoticism to spare with its covered bazaars and whirling dervishes, Sultans’ treasures and Byzantine mosaics. Turkey also has natural beauty in abundance, along with unparalleled shopping options. Most travellers will find the Turkish people to be exceptionally gracious hosts, which is understandable given Turkey’s role as the crossroads of Europe and Asia for thousands of years. Over the past two decades, the country has dramatically improved its tourist infrastructure and now boasts some of the world’s finest hotels, resorts and business facilities.
Istanbul is one of the world’s most colorful, exciting cities, a fascinating mix of new and old. It boasts rich cultural offerings, sophisticated nightlife and an international atmosphere. Istanbul is the gateway to mainland Anatolia, cherished for centuries because of its natural and architectural wonders, its strategic location surrounded by the sea and with access to three continents.
Much of Turkey is still off the standard tourist track, a jewel waiting to be discovered by those in search of authenticity and beauty. Visitors to this large and friendly country are often surprised by the great number of unspoiled attractions, both natural and historic.
Thank you for watching, “Turkey: Business in Focus”. We hope you have enjoyed viewing the different perspectives on this enchanting country.