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1 1. Turkey: More than you know June 201 1. 1111 UKTI 11 Turk 1 ey 1. “Turkey has high potential to become one of the world's largest economies in the 21st century”. Jim O’Neill, Chief Economist, Goldman Sachs. GDP: £5 8 0 bn World’s 1 7 th largest economy

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  1. 11

  2. Turkey: More than you knowJune 2011 1111UKTI 11Turk1ey1

  3. “Turkey has high potential to become one of the world's largest economies in the 21st century”. Jim O’Neill, Chief Economist, Goldman Sachs. • GDP: £580 bn • World’s 17th largest economy • Population: 76 Million - the youngest population in Europe

  4. Goldman Sachs used the following criteria: • Economic stability • Political maturity • Openness to trade and investment • Quality of education

  5. Modern Turkey • OECD estimates that Turkey will be the third highest growing country after China and India by 2017. • Turkey ranks 15th among 153 developing countries in terms of FDI inflows. • Turkey grew by average of 10% during 2010 and 9% so far in 2011.

  6. Modern Turkey • Urban: Turkey has the world’s 13th largest urban population (about 50 m). • Style: Recent poll states the Turks are the most image conscious people in Europe. Brand aware with a preference for foreign brands. • Education: Each year, 1.8 million students graduate from high school.

  7. Current Trends in the Market • Rapid movement from corner shop to retail mall. • Brand aware, will pay a premium. • Embrace the latest technology. • Turkey has 67 million GSM users.

  8. Open to Trade and Investment • Joined the EU Customs Union in 1996. • UK-Turkey trade volume £6.6 billion 2009, • Turkey is EU's 5th largest export and 7th largest import partner • More than 2,400 British companies operating: Vodafone, Tesco, HSBC, BAE Systems

  9. Turkey: Doing Business

  10. Know how it operates • European business ethics and modern management practices. • Highly (often foreign) educated managers, growing skills base. • Increasing use of English for business, but fluency varies. • People are very internationally-minded.

  11. Know how it’s structured • Hierarchical business structure - identify key decision-maker. • Relationships and building trust are critical and take time. • Honour, respect and family are very important.

  12. Know the opportunities • One in four of the largest companies in Middle East and North Africa are Turkish. • 65% of industrial exports from the MENA region originate from Turkey. • 47% of Turkey's trade is with the EU. • Turkish contractors are the second biggest globally after China.

  13. Turkey: Sectors of Opportunity UKTI Turkey

  14. Oil and Gas Market Size: £640m total investment for Exploration & Production operations Market Growth:By 2020,£85bn investment in Energy of which £9.6bn in Oil and Gas Opportunities: Black Sea Exploration, Nabucco, Projects in Iraq, BTC

  15. Construction • Market Size: £14.6bn • Market Growth: Average 21% growth • Opportunities: Third country projects; EU funding; high-end, innovative project design, planning and specialist services; and PPP projects.

  16. Environment and Water • Market Size: £81bn investment required, covering waste-water treatment facilities and solid waste. • Market Growth: Both sectors have grown over 6% annually last 5 years • Opportunities: Waste water and solid waste treatment, air pollution, carbon management.

  17. Financial and Insurance Services • Market Size: The banking and Insurance sectors are worth £272bn • Market Growth: Public-Private Partnership, individual insurance, private banking • Opportunities: Financing infrastructure projects

  18. Defence • Market Size: 9th top importer of defence equipment with £2.6 bn budget • Market Growth: Expanding and improving indigenous defence industry. • Opportunities: High level of production technology & improvement and potential in research initiatives.

  19. Aerospace and Airports • Market Size: 45 operational airports. Total annual traffic figure is 45 million PAX. • Market Growth: Air traffic growth at 10% pa, higher than EU average, Technical Services. • Opportunities: Airport Infrastructure. 3rd Istanbul Airport announced.

  20. Railways • Market Size: Massive network expansion plan announced early 2011. • Market Growth: 2.297km track, 3 railway terminals, signalization by 2012. • Opportunities: Consultancy, high-speed system specialists, rail equipment suppliers, security and signalling specialists

  21. Automotive Market Size: Total vehicle production in 2009 - 884,466 units (commercial vehicles:373,535 units). Market Growth: 15 firms manufacturing motor vehicles, 4000 auto-parts manufacturers. Opportunities: Growth in R&D, Design & Technology Management

  22. Marine • Market Size: £1bn from new builds, £700m from repair and maintenance • Market Growth: 78% growth in number of shipyards since 2002 • Opportunities: New marinas, mega-yacht design consultancy, defence

  23. Ports Market Size: 176 ports with a 350m ton handling capacity Market Growth:300% capacity increase in the next 20 years Opportunities: Privatisation, BOT Container Port Projects, Re-design of existing Ports & Terminals

  24. Education and Skills Market Size: £330m. EU IPA, IBRD Funds for National Education Structural Development Market Growth:30m primary, secondary, tertiary education population. Population increase rate 2% Opportunities: Corporate Training, Business English, Continuous Personal Development, Vocational Training

  25. paul.hardy@fco.gov.uk Second Secretary Trade and Investment UKTI,Ankara

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