Investing in a foreign country can be a daunting task. However, Turkey has become attractive to many investors due to its strategic location, favourable economic policies, and growing market. Turkey has a population of over 80 million people, and its economy is the 19th largest in the world. This article will highlight the reasons why investing and doing business in Turkey is a wise decision.
Turkey is a bridge between Europe, Asia, and the Middle East. The country has a unique location that offers easy access to over 1.5 billion consumers, including the European Union, Middle East, and Central Asia markets. This strategic location has made the country a hub for trade, transportation, and logistics.
Furthermore, Turkey has an extensive road, rail, and air transport network that connects it to the rest of the world. The country’s two major airports, Istanbul Ataturk and Sabiha Gokcen International Airport, serve as a hub for international airlines. It also has a well-developed port system that allows for the efficient import and export of goods.
Favourable Economic Policies
The Turkish government has implemented a series of economic policies to attract foreign investors. These policies include tax incentives, investment subsidies, and free trade zones. They also offer a streamlined process for setting up a business in Turkey. The World Bank’s Doing Business Report ranked Turkey 33rd out of 190 countries for ease of doing business in 2020.
Turkey is also a member of the World Trade Organization (WTO), which means it has access to a vast network of trade agreements with other countries. The country has also signed free trade agreements with over 20 countries, including the European Union, the United States, and Japan.
The country has a large and growing market with a young and educated population. Its population is expected to reach 85 million by 2023, and its middle class is projected to reach 30 million. Additionally, Turkey has a highly educated workforce with a literacy rate of over 95%.
Turkey’s economy has been growing steadily over the past decade, and the country is expected to become the world’s 12th-largest economy by 2030. The country’s GDP has grown by an average of 5% per year since 2003. Its main sectors include manufacturing, construction, and services.
Furthermore, Turkey has a strong domestic market supported by a growing tourism industry. Its tourism industry is the sixth largest in the world and attracts over 40 million visitors each year. This has created opportunities for investors in sectors such as hospitality, real estate, and retail.
Investing in Turkey presents a unique opportunity for investors looking to expand their businesses. With its strategic location, favourable economic policies, and growing market, Turkey offers a wealth of advantages for foreign investors.
Its position as a gateway to Europe, Asia, and the Middle East provides access to a vast network of consumers, while its government’s economic policies help create a business-friendly environment. Moreover, Turkey’s large and growing market, young and educated population, and strong domestic market make it a promising location for investors looking to take advantage of the country’s booming economy. Overall, doing business in Turkey is a wise decision that can lead to long-term success and growth for businesses looking to expand their horizons.
If you would like to invest in the country, check out Ikamet, the largest online resource for ex-pats living in Turkey. We cover a wide array of topics, from citizenship and residency to insurance and business. Browse through our blog posts today.