| Turkish Economy | | | | which has a hugely successful tourism industry |
| Turkey's dynamic economy is a complex mix of | | | | already, and all of this investment confidence and |
| modern industry and commerce, along with a | | | | contribution is allowing for the creation of jobs, |
| traditional agriculture sector that still accounts for | | | | which means that local purchasing power is |
| more than 35 per cent of employment. It has a | | | | significantly improving. |
| strong and rapidly growing private sector, yet the | | | | Tourism |
| state still plays a major role in basic industry, | | | | Steady growth - Turkish tourism can be |
| banking, transport and communication. The largest | | | | characterised by these two words. The year |
| industrial sector is textiles and clothing, which | | | | 2005 was a turning point for tourism in Turkey. In |
| accounts for one third of industrial employment. It | | | | 2004, there was a 29 per cent growth in the |
| faces stiff competition in international markets | | | | number of arrivals. In 2005, the foreign visitor |
| with the end of the global quota system. | | | | arrival growth rate was 25 per cent. This indicates |
| However, other sectors, notably the automotive | | | | that Turkish tourism has sustainable growth and |
| and electronics industries, are of rising importance | | | | stability. In 2005, incoming tourist receipts came |
| in Turkey's export mix. | | | | to $11.9 billion (6.1 billion) compared to $10.6 billion |
| | | | (5.4 billion) in 2004. In 2005, the biggest change |
| Privatisation sales are currently approaching $21 | | | | occurred in the number of tourists coming from |
| billion (10.8 billion). Oil has been flowing through the | | | | non-European countries. The USA, Iran, Denmark |
| Baku-Tblisi-Ceyhan pipeline since May 2006, | | | | and Syria were the countries which showed the |
| marking a major milestone that will bring up to 1 | | | | highest growth rate in the number of arrivals. |
| billion barrels per day from the Caspian to market. | | | | EU talks boost holidays in turkey. |
| Without a doubt, the commitment of the | | | | More and more people are taking holidays now |
| government to economic reform, supported by | | | | because of their increased purchasing power. With |
| prudent macroeconomic and structural policies, has | | | | every step towards Turkey's EU membership, |
| played a significant role in strengthening investor | | | | more people in Europe are considering the Turkish |
| confidence in the Turkish economy. | | | | coast as an exotic option that is also close to |
| Foreign Direct Investment (FDI) | | | | their homeland. EU membership talks and the |
| FDI in Turkey is rapidly increasing as a result of | | | | booming Turkish economy have made Turkey a |
| the Turkish government working consistently hard | | | | favourable nvestment haven. Reduced inflation |
| to make investment both easier and more | | | | and interest rates have stabilised the economy |
| attractive. As a result of the | | | | since 2003. |
| government'sefforts, between January and | | | | If Turkey can get the FDI it needs and attain full |
| October in 2006 alone almost $16 billion (8.2 billion) | | | | EU membership, it will become one of the most |
| was committed to Turkey in the form of FDI. | | | | important and influential countries in the world as it |
| Money is flowing into everything from banking | | | | will, strategically and politically, represent a bridge |
| tomanufacturing and one particular sector where | | | | between the Middle East and Europe. The future |
| FDI has reached record levels is the real estate | | | | prospects for Turkey and its economy are, |
| sector. A number of significant, international | | | | therefore, very positive indeed over the medium |
| property companies such as Emaar Properties and | | | | to long- term, making the country an exciting |
| ETA Star have committed millions to housing and | | | | investment opportunity for property buyers |
| commercial property projects in Turkey, and, | | | | seeking significant returns over the same term |
| going in to 2007, bidding is taking place for a | | | | period. |
| range of new projects such as the biggest real | | | | As the Turkish economy continues to expand and |
| estate project to date in Istanbul for the | | | | the standard of living improves further, the |
| construction of three skyscrapers and a | | | | forthcoming membership of the European Union |
| yachtmarina. Donald Trump is said to be in the | | | | will further lift what is already a buoyant |
| bidding war for the development that will | | | | economy. the inventory of property bought and |
| beconstructed in Zeytinburnu. | | | | sold in turkey continues to grow because of |
| But Istanbul isn't the only area to be boosted by | | | | ongoing government reforms and partnerships |
| FDI; there is a great deal of investor focus | | | | with business and overseas investors. |
| beginning to target the southern Turkish coastline, | | | | |