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Turkey Essay

525 words - 3 pages

Turkish Economy and Business
1. Turkey has been one of the fastest growing economies in the last 10 years. What have been the main drivers of this rapid growth?
a. Fast recession recovery: The painful experience of 2000-01 meltdown that lead to an increase in public debt from38% to 74% of Turkey’s national income, made Turkey better prepared to handle the next crisis.
b. Attractive foreign direct investment destination, which grew 20 times from 1990s
c. Young and vibrant demographics: Current population of 72 mil with an average age of 29 that makes the young entrepreneurs amongst industrious people
d. Europe’s 6th and the world 16th largest economy.
e. Strong financial sector and one of the biggest exporter of construction material(cement), car, textile, and agri-business
f. Soring share of export to middle east
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n. Keen and long-term interest in becoming an EU member

2. Which sectors have been the hottest ones?
o. Financial Sector
p. Textile
q. Jewelry
r. Automotive
s. Agribusiness
t. Construction
u. Airline
v. Mid to high-technology

3. What is the role of the new entrepreneurial class emerging from Anatolia (Until the 90s, Turkish economy was dominated by large conglomerates in Istanbul)? (http://www.hurriyetdailynews.com/n.php?n=entrepreneurship-to-offer-a-new-start-2010-05-06 )
w. Create a role model impact to support efficient entrepreneurship’ to a wider platform.
x. Bring employment to 100 mil young Muslims across the world
y. Create job strategy in order to keep the world’s economy balance through expanding entrepreneurship with a model that highlights “integration and experience share”
z. Make sure that the entrepreneur and investor talk the same language, basically make sure that the opportunities that entrepreneurs presents are matching the investors expectations

4. What are the challenges in the horizon for Turkish economy? For instance, how can Turkish companies compete against Chinese and Indian ones?
{. By entering their market and making them their customers; unlike Chinese Turkish are very good innovators.
|. Wealthy Chinese and Indians prefer to buy foreign goods specially imported from Europe rather than local products.
Example:
ISTANBUL, Turkey, Nov. 28 (Xinhua) — Chinese and Turkish business people signed 19 contracts here Friday on the purchase of Turkish commodities worth about 230 million U.S. dollars
China-Turkey trade volume exceeded 10 billion U.S. dollars last year and the figure for this year is expected to reach 13 billion U.S. dollars.
He called on business people from both countries to make joint efforts to further tap cooperation potentials, increase mutual investment, expand cooperation in infrastructure construction and project engineering, and enhance multi-lateral economic and trade cooperation.

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