Business in Turkey

Because of its geographical location, Turkey has political and economical relations with Europe for many years.

Turkey has a well-trained and skilled work force, which attracts many countries to do business with Turkey. With its growing market, Turkey has become one of the key-trading partners of the European Union. The economic rules and regulations in Turkey are as per the standards of the European Union.

The present economics policy of Turkey motivates the private sector.

The network industries in Turkey are introduced to competition by removing the entry barriers, as the state no longer plays any role in the functioning of the market economy.

At present, the level of foreign investment in Turkey is not affecting its skilled workforce, encouraging market positioning, and the extensive absorption capacity and strong entrepreneurial spirit.

There is a strong business relationship of Turkey with its neighboring countries like the Middle East, North America and the Eurasia. The abolishment of political arrest in the economy, accessible area ameliorate and the alliance of the banking area calm pave the way to bigger activity bazaar abridgement and acceptable top growth.

Based on the above, Turkey is a part of the 20 better economies in the world. Furthermore, it is an unsaturated bazaar in about every class of consumer goods, ranging from fast affective customer accessories to top technology products.

Getting a GDP increase of 5.1 % amid 2004 and 2006, it is believed that absolute exports and imports will be around € 61 billion and € 72 billion appropriately by 2006. The strong demand will lead to an increase in the import levels from the other EU countries.

Foreign investors are acceptable to participate in all kinds of businesses. Imports and exports are complete and trade ascendancy is bound to assertive formalities. Adopted investors may advance through accustomed banks, investment funds and organizations in Turkey. Real estate can be bought by adopted investment companies and, aural area limits, by individuals. In both cases, there is a need of a simple authorization.

YTL has replaced the unit Lira. There are around 50 banks operating in Turkey, which includes 15 foreign banks. The banking system has various full-service banks, which are active in wholesale and the retail market.