Is Turkey an ideal country to start a business?
Why you should invest in Turkey? Is Turkey the best place for investment? Below, we present very shortly some of the main reasons why one prefer Turkey as the destination for investment and business:
Strong and Successful Economy in Turkey
Turkish economy is booming. Turkey has a GDP of 800 billion USD. With an average annual real GDP growth rate of 4.7 percent between 2002 and 2014 Turkey has a stable economic growth.
Turkish economy is institutionalized, transparent and reliable. Relatively, it has attracted more than USD 150 billion of Foreign Direct Investment (FDI).
Turkey is considered as one of the fastest growing economies in the world that offers a promising economy with a bright future for any business and investment.
Turkey is the 16th largest economy largest economy in EU and 6th largest economy in the world.
Turkish Private sector is highly dynamic and mature. Exportation of Turkey has risen 250 % in the last decade. Turkish export is worth USD 158 billion.
Population and Human Resource in Turkey
With half of its population under the age of 30.7 (2014 figures), Turkey has the largest youth population compared with the entire EU countries. Turkey’s mostly young, dynamic, well-educated and multi-cultural population is nearly 80 million.
Competitive and Qualified Labour Force of Turkey
Turkey has an increasing labour productivity with over 30 million well-educated, motivated and young population.
Every year, around 600,000 students graduate from only 200 universities. This clearly shows the human power in Turkey.
Flexible Investment Climate in Turkey
The investment atmosphere in Turkey is liberal and reformist. Turkey is one of the biggest reformer countries with a shortest time needed for establishment of a company.
With its strong industrial and service culture, Turkey is increasingly becoming one of the main supplier countries in Europe.
Turkey has highly competitive investment conditions where all investors are treated equally and international arbitration and guarantee of transfers are possible.
Business Infrastructure in Turkey
In Turkey the technological infrastructure in transportation, telecommunications and energy is highly new and developed.
Logistics and transportation of Turkey is consolidated with highly low-cost, easy to use and well-developed sea transport facilities and railway transport connecting Turkey with Central and Eastern Europe. In addition, well-established transportation routes and direct delivery mechanisms are established and connect Turkey with European countries as well as countries in other regions.
Strategic Location of Turkey
Hosting Bosphoros and Dardanel, Turkey is a natural bridge between continents, cultures, regions, countries, and trade routes. This situation offers an efficient and cost-effective access to major markets with customers of approximately 1.5 billion customers and USD 25 trillion of GDP in Europe, Eurasia, the Middle East and North Africa. Turkey is also a energy corridor and terminal of Europe which makes security of the country crucial not only for Turkey itself but for other Europe as well.
High Government Incentives and Low Taxes in Turkey
Corporate Income Tax in Turkey is only 20 percent. There are tax advantages and incentives in Technology Development Zones, Industrial Zones and Free Zones. In these regions, there are land allocations, total or partial exemption from Corporate Income Tax, as well as a grant on employer’s social security share.
R&D and Innovation Supported by Law in Turkey
Turkey provides incentives for strategic investments, large-scale investments and regional investments. (For more detail, please contact an expert of Turkey for Business.)
Free Trade between Turkey and the World
Turkey has signed Free Trade Agreements (FTA) with 20 countries and the country has a Customs Union with the EU since 1996. Turkey has also consolidated its international business with bilateral agreements with nearly 100 countries.
Large Domestic Market in Turkey
According to figures in 2014; Turkey has a 39.9 million broadband internet subscribers, 71.9 million mobile phone subscribers, 57 million credit card users, 166,5 million airline passengers and 35.9 million international tourist arrivals.