Türkiye

Aizen Consulting, with its established office in Istanbul, is your gateway to the vibrant Turkish market. Our Istanbul team specializes in both business development and international trade, helping companies navigate the opportunities and challenges of this dynamic economy.

Türkiye's unique position bridging Europe, Asia, and Africa makes it an ideal hub for reaching diverse markets. It offers convenient access to major shipping routes and transportation networks. With a population of over 85 million and a rising middle class, Türkiye boasts a large and growing domestic market with increasing purchasing power.

The country's GDP per capita has been steadily rising, reaching $10,545 in 2022 (World Bank). Türkiye has a young and educated workforce with competitive labor costs compared to Western Europe. The country has a literacy rate of 96.2% (World Bank) and a growing number of graduates in engineering, science, and technology fields. The government has implemented various reforms to improve the business environment, including tax incentives, streamlined regulations, and free trade agreements with numerous countries. Türkiye ranks 33rd in the World Bank's Ease of Doing Business index, indicating a relatively favorable business climate.

Türkiye's growing consumer market offers ample opportunities for businesses to sell their products. E-commerce is booming, with online sales growing by 39% in 2022 (Statista). The retail sector is also expanding, with new shopping malls and retail chains opening across the country. Türkiye's competitive labor costs and skilled workforce make it an attractive destination for outsourcing production. The country has a well-developed manufacturing sector with experience in various industries, including textiles, automotive, electronics, and machinery. The manufacturing sector accounts for around 25% of Türkiye's GDP (World Bank). Türkiye is a major producer and exporter of a wide range of products, including textiles, food products, chemicals, and machinery. Businesses can source high-quality products at competitive prices from Turkish suppliers. Türkiye's exports reached $254.2 billion in 2022 (World Bank). Türkiye offers several advantages for businesses looking to set up manufacturing operations, including a skilled workforce, a favorable business environment, and a strategic location. The government offers various incentives to attract foreign investment in manufacturing. Several multinational companies have established manufacturing facilities in Türkiye, taking advantage of the country's competitive advantages.

Türkiye's growing energy demand and its focus on renewable energy create opportunities for businesses in the energy sector.

The country is investing in wind, solar, and hydroelectric power projects, as well as exploring nuclear power and expanding its natural gas infrastructure. Türkiye's ambitious infrastructure development plans offer significant opportunities for construction companies and suppliers of construction materials and equipment.

Major projects include new airports, highways, railways, and hospitals. Government spending on infrastructure reached 3.8% of GDP in 2022 (World Bank). Türkiye's textile industry is a global leader, known for its quality, craftsmanship, and competitive prices.

There are opportunities for businesses in the textile sector to partner with Turkish manufacturers, source products, or establish their own production facilities. Türkiye's healthcare sector is rapidly growing, driven by increasing demand for quality healthcare services and medical tourism. There are opportunities for businesses in the healthcare sector to provide medical equipment, pharmaceuticals, and healthcare services. The healthcare sector accounted for 6.4% of Türkiye's GDP in 2022 (World Bank).

Türkiye's economic performance has been mixed in recent years, with high growth rates but also significant challenges. The country has a large and growing economy with a strategic location, a young and educated workforce, and a favorable business environment. However, high inflation, currency depreciation, and political uncertainties pose significant risks.

Sources: World Bank, IMF, Eurostat, OECD

Türkiye's economic prospects are mixed. The country's strategic location, young population, and diverse economy offer potential for growth. However, high inflation, currency depreciation, and political uncertainties pose significant challenges. The government's ability to address these challenges and implement structural reforms will be crucial for Türkiye's long-term economic development.

Recent developments in Türkiye's economy include discoveries of natural gas reserves in the Black Sea, continued investment in infrastructure, efforts to attract foreign investment, and the ongoing fight against inflation.

Türkiye faces several challenges, including high inflation, currency depreciation, external debt, security concerns, and the need to improve educational outcomes as reflected in PISA scores.

Despite these challenges, Türkiye remains a dynamic and promising market for businesses. By carefully assessing the risks and opportunities, and partnering with local experts like Aizen Consulting, companies can successfully navigate the Turkish market and achieve their business goals.

Capital City: Ankara

Largest City: Istanbul

Official Language: Turkish

Government: Presidential Republic

President: Recep Tayyip Erdoğan

Population: 85.3 million (2023 est.)

Area: 783,562 km²

Currency: Turkish Lira (TRY)

Time Zone: TRT (UTC+3)

Calling Code: +90