If you are looking at investing in Turkey, you are probably asking yourself if the latest moves by President Recep Tayyip Erdogan will create a more stable or less risk-averse investment environment. Earlier this month, President Erdogan announced several economic reforms that included a more secure climate for foreign investment backed by an effective and efficient judicial system. Justice Minister...
Owned by the British Helios Investment Partners, the UAE-based payment services provider TPAY Mobile has acquired Payguru, a Turkish payment platform. “We are proud to have carried out a successful and profitable business within 5 years through organic growth and with no external fund. We are delighted to be joining TPAY Mobile, a leading actor in the region, " CEO of Payguru, Işık Uman,...
The International Hydropower Association released a report entitled 2020 Hydro-power Status Report, in which Turkey was ranked as the second largest hydro-power producer in Europe. Turkey’s total hydro-power capacity of 28,503 MW accounted for 31 percent of the nation’s entire electrical generation capacity at the end of 2019. It was highlighted that Turkey enhanced its capacity by 219 MW...
Despite COVID-19's ravaging impact on global air traffic bringing global aviation to a near halt, airports in Turkey’s metropolis Istanbul hosted more than 20 million passengers in the first half of 2020. According to the data released by the General Directorate of State Airports Authority (DHMI), Istanbul's all three airports Atatürk Airport, Sabiha Gökçen Airport and Istanbul Airport...
President Recep Tayyip Erdoğan announced that Turkey’s dependency on foreign defense supplies, once as high as 70 percent, has now dropped to 30 percent. Attending the inauguration ceremony of Roketsan’s satellite launch on August 30, President Erdoğan delivered a speech to the audience. He underlined Turkey’s surging domestic production and falling imports in the defense...
Globally regarded as an authoritative publication on the construction industry, the Engineering News-Record (ENR) published a list ranking the top 250 international contractors, nearly one-fifth of them are Turkish. Trade Minister Ruhsar Pekcan disclosed that 44 Turkish contracting firms featured in the 2020 Top 250 International Contractors list compiled by ENR. Turkey ranked 2nd in terms of...
In Turkey the economic confidence index (ECI) has continued to climb on a monthly basis in September 2020 – bolstering the case for the rising trend seen earlier in July and August. "Reporting a reading of 85.9 in August, the economic confidence index inched up by 3.1 percent in September to record 88.5," noted a recent announcement by the Turkish Statistical Institute (TurkStat). Accordingly,...
Following China and South Korea, Turkey is set to be the 3rd least-affected country by the novel coronavirus as indicated by the “Economic Outlook, Interim Report" for September 2020 released by the Organization for Economic Co-operation and Development (OECD). OECD has revised upwardly its contraction forecast for Turkey’s economy in 2020 up to -2.9 percent from -4.8 percent. OECD has further...
The construction of a battery assembly plant for electric vehicles was commenced by Ford Otosan, a leading global automotive producer based in Kocaeli province, Turkey. Ford Otosan General Manager Haydar Yenigün attended a virtual meeting, where he briefed attendees on the construction process of their new factory. “As Ford Otosan, we are taking our mission of electric car production and...
President Recep Tayyip Erdoğan delivered messages of investment, production, export, and a robust Turkey at various events he attended this week. “Our country is continually proving to be a rising investment, production, and trade hub," stated President Erdoğan at the Turkey Economic Council held by the Union of Chambers and Commodity Exchanges of Turkey (TOBB) on November 18. Addressing the...
