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Economic initiatives deliver recipe for more industry trade with Turkey

Thursday, February 28, 2013 - 08:16
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Turkey is inviting American manufacturers and entrepreneurs to have a seat at the table. The nation is undergoing a major push to become a leading global technological and economic presence by 2023, which marks the centennial anniversary of the modern-day republic’s founding.

A series of reciprocal policy agreements and trade missions between the U.S. and Turkey have been established to encourage increased commerce between the two nations. (See this month’s Aftermarket Business World cover story.)

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In January, Turkish governmental and economic development officials presented a lineup of “Investment Opportunities in Turkey” conferences in Los Angeles, San Francisco and Seattle.

“Half of Turkey’s population is under 30 years of age and Turkey is one of the fastest growing economies of the world,” says Gurkan Suzer, the commercial attache for Turkey in Los Angeles. “Despite the financial turmoil around the world, Turkey offers great investment opportunities,” he adds.

“Currently Turkey is ranked the 13th most attractive destination for FDI (foreign investment dollars) in the world, and ninth among emerging countries,” says M. Ilker Aycı, president of the Investment Support and Promotion Agency of Turkey (ISPAT).

“This is a great time in Turkey’s history. As a booming country with a GDP growing at an average annual rate of 5 percent for almost a decade, Turkey represents tremendous potential with numerous investment opportunities for foreign investors. Experts agree that this trend will continue into the future as the country vigorously pursues its goal of becoming one of the top 10 economies in the world over the next 10 years,” he says.

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