Bouncing back from the devastating impacts of the COVID-19 outbreak, Turkey's manufacturing industry has been recording figures above the threshold level for five consecutive months as of October. Turkey's Purchasing Managers' Index (PMI) for the manufacturing sector, compiled jointly by IHS Markit and the Istanbul Chamber of Industry, rose from 52.8 in September to 53.9 in October. The...
President Recep Tayyip Erdoğan announced that Turkey's natural gas reserve already discovered in the Black Sea reached 405 billion cubic meters, right after inspecting the drilling vessel Fatih on board on October 17. “On August 21, the good news of the 320 billion cubic meters of natural gas reserves discovery had already been given to our nation. In the wake of the tests, analyses and detailed...
A biopharmaceutical company based in the U.S., Gilead Sciences took a decision to invest in Turkey’s Pharmactive to produce HIV and Hepatitis drugs in Turkey. According to a statement released by Gilead Sciences, the investment is expected to reach TRY 350 million, including the machinery and equipment for local manufacturing, capital increase and transfer of know-how as part of the...
Global Ports Holding Plc (GPH) has signed an agreement with QTerminals for the acquisition of Port Akdeniz in the Antalya province of Turkey. According to a statement released by GPH on October 21, the total value of the transaction is USD 140 million. Port Akdeniz is the largest port in Global Ports Holding's portfolio and the company has the operating rights of the port until...
Various economic indicators show that Turkey's economy is gaining ground in October 2020. According to the Turkish Statistical Institute (TurkStat) data, sectoral confidence indices recorded a noteworthy improvement in October. Reaching 79.7 points with a 6.4 percent increase, the services sector confidence index recorded the highest spike among other indices. TurkStat also revealed that the retail...
