Economy Turkey SMEs bolstered by $2.3bn global funding The Turkish government has secured $2.3 billion from international institutions to bolster small and medium-sized enterprises and exporters this year, treasury and finance minister Mehmet Şimşek has said. The funding has been secured from various international institutions through Türk Eximbank and development banks to improve financing access for the sector in the midst of ongoing […] October 8, 2024
Oil & Gas Search for oil off Somalia has double motive for Turkey Turkey’s search for oil and gas off the coast of Somalia is not just a bid to free it from a dependence on imports, observers say – the move has a geopolitical aspect, too. On October 5 the 4,800-tonne energy research vessel Oruç Reis sailed through Istanbul’s Bosphorus Strait on the first leg of its […] October 7, 2024
Finance Turkey targets $10bn FDI in 2024 on Saudi support Turkey is targeting more than $10 billion in foreign direct investment (FDI) in 2024, supported by a planned $5 billion investment from an unnamed Saudi company. Vice president Cevdet Yılmaz claimed the Saudi-owned company plans to invest in the country’s energy and other sectors, Daily Sabah newspaper reported. Ankara received credit upgrades from three global […] October 2, 2024
Cybersecurity Turkey aims for higher level of cybersecurity Turkey has outlined plans for a new cybersecurity directorate to encourage private sector research and new startups. Vice President Cevdet Yılmaz said last week that the directorate would be established in the autumn as part of a campaign to strengthen the state’s defences against all forms of cyber attack. “We have more or less completed […] October 1, 2024
Economy Turkey U-turns on taxing crypto and stock market earnings Turkey’s government has scrapped plans to tax profits from trading in cryptocurrency and on the stock market. Vice President Cevdet Yılmaz said on September 24 that the proposal to impose a levy on stock market and crypto trading profits had been shelved. “The stock market tax is not on our agenda. It was discussed for […] September 25, 2024
Industry Turkey imposes restrictions on hybrid car imports Turkey has introduced stringent regulations on the import of plug-in hybrid vehicles from some countries, including China. The notice includes rules such as importers need to have at least 20 authorised service centres across seven regions in Turkey for chargeable hybrid vehicles not manufactured in the European Union or in countries with which Turkey has […] September 23, 2024
Oil & Gas Turkey’s Botas signs 10-year LNG deal with TotalEnergies Turkish energy company Boru Hatları ile Petrol Taşıma AŞ (Botas) has signed a deal to purchase 16 billion cubic metres (bcm) of liquefied natural gas (LNG) from France’s TotalEnergies. The 10-year deal will start from 2027, Anadolu Agency reported, citing Turkish energy and natural resources minister Alparslan Bayraktar. The deal offers flexible and competitive terms, […] September 19, 2024
Analysis Tech Ankara’s twin tech challenge to woo foreign experts and keep its own Turkey wants to persuade foreign tech entrepreneurs and innovators to move to the country with a scheme providing a fast-tracked business permit and residency visa, as it seeks to position itself as a leading international technology hub. Ankara has already made a call to tech-savvy travellers through a programme launched in April offering an easy […] September 19, 2024
Manufacturing Turkey’s automotive sector is decelerating sharply Output in Turkey’s powerful automotive sector decelerated sharply in August, in a year-long trend that has seen domestic production fall and exports slow. Local manufacturers say they are facing competition from imports and grappling with sky-high interest rates. Total vehicle production in August was 53,000, down 27 percent compared to the same month last year, […] September 17, 2024
Tech Shortage of IT specialists slows Turkish business growth A shortage of trained IT specialists is slowing Turkish companies’ growth and their development of artificial intelligence applications, according to a new report. The report, issued by Turkey’s state statistics agency Turkstat, found some sectors had a strong uptake of ecommerce sales and services. Almost half of all accommodation and food service providers took advantage […] September 17, 2024
Analysis Economy Hard-pressed Turks must wait longer for inflation to drop Turkey’s main inflation rate may have fallen from the 75 percent-plus high seen earlier this year, but the latest forecasts suggest Turks will have to live with a rising cost of living for some time to come, maintaining pressure on consumers and producers alike. On September 5, the Turkish government released revised medium-term economic projections, […] September 16, 2024
Economy Erdoğan to meet US business leaders to draw investment to Turkey The president of Turkey, Tayyip Erdoğan is due to meet top US business leaders in New York this month, in an attempt to attract new investment. A high-level delegation led by the president will engage with investors and corporate executives at four events scheduled alongside the UN General Assembly in the final week of September, […] September 16, 2024
Trade Turkish exports to the UK hit all-time high Turkey’s exports to the United Kingdom reached a record high in the first eight months of 2024, according to official data. Exports rose 11 percent year on year to $8.3 billion between January and August, Anadolu Agency reported, citing data from the Turkish Exporters Assembly. The automotive sector led the way, with exports reaching $2.7 […] September 13, 2024
Renewable Energy Turkish wind-energy projects receive $60m from EBRD A Turkish wind-energy project developer has secured $60 million (€55 million) from the European Bank for Reconstruction and Development (EBRD) to fund its renewable projects. The projects, located in Sivas and Tekirdağ, will add 116 megawatts (MW) of wind energy capacity. They are being developed by Borusan EnBW Enerji, a joint venture between Turkey’s Borusan Holding […] September 11, 2024
Retail Turkish ecommerce growing faster than wider economy Turks are embracing online life in ever growing numbers, both as users and as service providers, with ecommerce gaining a strong foothold in the domestic economy and scaling up in overseas markets. Turkish ecommerce is expanding at a rate far faster than the general economy, Ömer Bolat, the trade minister, told delegates at a summit […] September 10, 2024
Energy Turkey to commission first nuclear plant by 2028 Turkey is set to commission its first nuclear power plant by 2028, which is expected to meet 10 percent of its power needs. All four reactors will be fully commissioned simultaneously at the Akkuyu nuclear power plant, Daily Sabah newspaper reported, citing energy and natural resources minister Alparslan Bayraktar. “We are at the largest nuclear […] September 9, 2024
Trade Turkey and Egypt mend relationship with state visit Turkey and Egypt have moved closer to rapprochement after a decade of strained ties. Turkey’s president Recep Tayyip Erdoğan and Egypt’s president Abdel Fattah Al-Sisi signed 17 memorandums of understanding during the latter’s one-day visit to Ankara on Wednesday. Among the agreements signed were commitments to boost cooperation in finance, energy, defence and tourism. Ties […] September 5, 2024
Trade Doubts grow over Turkey’s Brics application A report that Turkey has formally applied to join the non-Western aligned Brics bloc is looking premature, with a Turkish government spokesman refusing to confirm the claim. Bloomberg reported that Turkey had submitted its application to join the bloc that consists of Brazil, Russia, India, China and South Africa, plus more recent members, the United […] September 4, 2024
Manufacturing Cooling inflation little help for Turkey’s struggling manufacturers Although Turkey’s consumer inflation slowed in August to the lowest rate for nearly a year, analysts say it was not enough to help the country’s struggling manufacturing sector. Consumer inflation in Turkey dropped almost 10 percentage points to an annualised 52 percent in August, the smallest figure since mid-2023, state statistics agency Turkstat said on […] September 4, 2024
Trade Services upturn eases Turkey’s trade deficit woe Exports by Turkey’s services sector are helping trim the country’s trade deficit, with growth in overseas sales the best in the G20 and far outstripping other segments of the economy. Though narrowing, Turkey still has a wide trade deficit, with imports totalling almost $199 billion for the first seven months of 2024, against exports of […] September 3, 2024
Oil & Gas Turkey’s Botas strikes deal to buy LNG from Shell Turkish energy company Boru Hatları ile Petrol Taşıma AŞ (Botas) has agreed to buy up to four billion cubic metres of liquefied natural gas (LNG) from British energy major Shell. The companies signed a 10-year supply pact, with Shell starting deliveries from 2027 from its US and global portfolio. The deal will enable Botas to […] September 3, 2024
Analysis Economy IMF says Turkey is making progress on inflation Turkey is on the right track to curb inflation and realign the economy for growth, the International Monetary Fund says in a report issued late last week. However, the IMF says even more stringent measures are needed. The IMF acknowledges the Turkish government’s tightening of fiscal policy, but says it should do more to meet disinflation […] September 2, 2024
