Turkey’s rapidly expanding economy, political and economic stability, and the possibility of EU membership continues will help the Turkish economy become the second fastest growing in the world by 2018 and will out-strip those of Italy and Spain in the next decade.
Turkey has a large, young and well-educated population (latest estimate 77 million), and its financial sector is stronger than that of many other countries, due in part to a series of reforms in the wake of the 2001 financial crisis.
According to UKTI, Turkey is one of the most dynamic and attractive markets for UK companies. It is a large and rapidly developing country, presently the world’s 18th and Europe’s 7th largest economy and EU accession negotiations are leading to significant opportunities for UK companies in a broad range of sectors.
Turkish GDP grew by 8.5% in 2011, making the country the fastest growing economy of Europe and OECD. Turkey is expected to be the fastest growing economy among OECD members during 2011-2017, with an annual average rate growth of 6.7%.
The ongoing EU accession talks are also a key driver for the modernisation of Turkey’s economy and business environment. With a large domestic market of 74 million people, Turkey is also a springboard to the markets of Central Asia & the Middle East.
Current Key Sectors
Machine Tools and Engineering
Turkey’s rapidly expanding economy, political and economic stability, and the possibility of EU membership have created unprecedented levels of growth.
Consequently, significant demands for specific areas of technology and expertise have been created as they work to fulfil their requirements and obligations as both EU members.
If Turkish companies are to remain competitive and address the requirements locally, individual industry sectors need to upgrade in key areas to allow them achieve the necessary productivity and technical standards.
The implementation of the Action Programme to Enhance the Competitiveness of Turkish Industry next year is intended to provide local industry with access to the solutions it needs to meet the new demands over the next 15 years.
In the National Programme for the Preparation for Membership of the European Union, the Turkish government state that the survival and growth potential of Turkish industry lies in the modernisation of manufacturing processes and management skills, and by engaging industry more strongly in international co-operation and trade.