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Turkey’s domestic car is a symbol of a new era for the Turkish economy
The locally produced automobile will be the culmination of a set of policies that aim to take the Turkish economy to the next level.
The Turkish economy is forging a new path. The country is investing in high-tech manufacturing industries to break away from the middle-income trap. The government is determined to support the country's industrialists to expand towards sophisticated high-value-added sectors. In that regard, Turkey's initiative to build a domestic car is more than a simple business venture - it symbolises a new era in Turkey's path to becoming a developed economy.
A consortium of five major companies, known as Turkey's Automobile Joint Venture Group (TOGG), will be producing Turkey's first-ever domestic automobiles. All the models will be electric, which makes the initiative even more exacting. The prototypes were introduced at the end of December while the first model is expected to hit the market in late 2022.
Arguably, the project is the symbol of a paradigm shift in Turkey's economy. For decades, the country's economic growth depended on low-value-added manufacturing. As the economy has transitioned from traditional agriculture to labour-intensive manufacturing, large segments of the rural population moved to urban areas.
This trend has been largely positive as Turkey has experienced a successful growth record in the last two decades. Millions have been raised out of poverty, while the per capita income has multiplied. Again, this was accomplished mostly by transforming Turkey's mostly agriculture-based economy to labour-intensive manufacturing sectors, such as textiles, construction, and various types of services.
However, now it seems evident that the country needs to focus its attention on transitioning to high-value-added-production if it wants to avoid falling into the middle-income trap.
Last year's economic shock was a warning. Turkey is swiftly recovering from 2018's economic turbulence with a lesson; if it wants to maintain its high growth trajectory, it needs to cure its structural deficiencies.
In other words, Turkey needs a productive and robust manufacturing sector. High-value-added, high-tech industries should be supported, R&D intensive industries should be pushed forward, and export-led sectors, such as automotive, chemicals, and shipbuilding, should replace demand-led sectors, such as construction, retail, and services.
In that regard, Turkey is already making progress. The government has shifted its attention from regulatory reforms to industrial policies. The Turkish government now intends to accomplish more than just lowering inflation and controlling public debt; it wants to change country's sectoral composition towards more productive sectors and create and support a manufacturing industry which helps close Turkey's consistently high account deficit, increase the employment rate, and improve productivity growth permanently.
When looked at from this perspective, the significance of Turkey's automobile initiative and the importance given by the government to the project seems obvious. Turkey first attempted to build a homegrown automobile, named 'Devrim' (Revolution), in the 1960s. It was designed and produced almost entirely by Turkish engineers and ready for mass production. But, the project was later abandoned due to simple operational failures, leaving a scar on the country's self-confidence.
Sixty years later, producing a domestic car seems like the right place to start Turkey's new great leap to becoming a fully industrialised nation and "achieve Turkey's 60-year dream", to put it in Turkish President Erdogan's words. The government wants to reverse this story and prove that the Turkish economy is finally ready and capable of moving towards high-tech industries.
Accordingly, it took the lead and brought together five major companies to take over the project. Furthermore, it announced a $3.7 billion subsidy package along with a purchasing guarantee of 30 thousand cars at the initial phase.
Of course, the initiative is not merely a symbolic attempt. Turkey has been a centre of automobile production for decades, having produced more than 1.5 million cars in 2018 alone and ranks fifth in Europe. However, the country still does not have a domestic brand, which means the value-added created in Turkey's automotive industry is limited.
More importantly, technology-intensive components, related to R&D and innovation, are designed and produced elsewhere. So, Turkish industries were not involved in technologically more sophisticated parts of production, which can bring about essential productivity improvements to the economy through the so-called knowledge spillovers.
It should be noted that Turkey's attempt to transform its economy towards more sophisticated sectors is not restricted to the domestic car project. Turkey has made aggressive investments in renewable energy resources in recent years, which multiplied its energy production through solar and wind energy. The government has heavily subsidised these investments, again in line with its new approach.
Furthermore, Turkey's defence industry is already a success story. Admittedly, government efforts to enhance the national defence industries were motivated by geopolitical considerations rather than economic ones, but it has made the defence industry a stepping stone in Turkey's leap to high-value-added production.
Specifically, since the early 2000s, Turkey's domestic production of its military requirements have increased from a mere 20 percent to 65 percent. Furthermore, it has also started to create substantial export revenues in recent years. State companies such as ASELSAN, Turkish Aerospace Industries (TAI), and ROKETSAN continue to make sizeable investments in innovative technologies.
Most recently, the government announced a comprehensive $4.9 billion subsidy program, named "IVME" (advanced, productive, indigenous industries), which will provide low-cost, long-term credit to export-led, high-tech manufacturing industries.
Turkey's domestic automobile initiative should be understood within the greater context of Turkey's economic policy-making. It would be fair to argue that the Turkish government is changing its economic perspective from a hands-off, regulatory policy approach to a more pro-active industrial policy to accelerate the sectoral transformation of Turkey's economy towards high-value-added, sophisticated industries. The domestic car project is the ultimate symbol of this transformation.
https://www.trtworld.com/opinion/tu...ol-of-a-new-era-for-the-turkish-economy-33259
Turkish Deals Back in Play as Economy Rebounds, Stocks Rally
(Bloomberg) — Turkish bankers can look forward to more deals as gains in the nation’s stock market rekindles interest in mergers and acquisitions.
The country’s economy is poised to recover from almost zero growth in 2019 after a series of interest-rate cuts stoked demand for credit. A lull in political tensions between Washington and Ankara is also adding to the likelihood that more deals, including initial public offerings, may cross the finish line. Both KPMG International and Ernst & Young Global Ltd. expect M&A to increase about threefold in 2020.
The improved outlook comes after the value of takeovers and mergers in 2019 plunged to the lowest in 15 years and share sales slid to a decade low, according to data compiled by Bloomberg. The slump in deals followed a currency crisis that weighed on growth and pushed many companies to renegotiate their debt to avoid collapse.
Private-equity firms are also returning, according to Mustafa Bagriacik, JPMorgan Chase & Co.’s senior country officer for Turkey and Azerbaijan.
“It also evidences the improved outlook of Turkey internationally,” he said in an email. “Turkey continues to be resilient through the troughs, and investors are keen to realize opportunities.”
Still, regional instability could weigh on deals. President Recep Tayyip Erdogan’s administration is at loggerheads with Greece over offshore natural-gas reserves in the eastern Mediterranean, a dispute that’s now dragged in strife-torn Libya and Abu Dhabi. Turkey is also involved in the Syrian conflict.
Energy Deals
The country’s struggling energy companies may draw interest after the lira weakened quicker than producers could raise prices to repay foreign borrowings.
“Value investors with a longer-term investment horizon are continuing to look at Turkey as providing attractive distressed-asset plays, in particular energy,” said Jonathan Friedman, a partner at Wallbrook Advisory Ltd. in London. “Investors, however, are continuing to be concerned about a wobbly economy and political instability, both at home and in the region.”
Investor interest in Turkey will hold as long as geopolitical developments improve and Turkey’s economic-reform plan delivers more progress, said Ozge Gursoy Buyukavsar, head of corporate finance at EY’s Turkish unit.
The audit firm’s consultancy expects M&A deals to reach $8 billion from its estimates of $2.7 billion in 2019. KPMG predicts M&A could top $10 billion, from its estimates of $2.9 billion in deals last year, helped by stability in the lira and faster growth.
Some M&A deals may come from the sale of companies under receivership and held by a Turkish-government controlled fund, Buyukavsar said. Power plants owned by Turkey’s state-owned power utility Elektrik Uretim AS may be sold, while toll roads under the government’s build-operate-transfer plan could also be up for auction, he said.
“Infrastructure and export-driven sectors continue to be of interest to investors due to their reduced exposure to Turkish lira fluctuations and resilience to demand elasticity,” said Bagriacik of JPMorgan.
A bounce in equities may spur companies that put plans on hold to reconsider an IPO, he said. Turkey’s stocks benchmark has rallied 40% since dropping to a 2 1/2-year low in May last year, reaching an all-time high earlier this month — until fears over the outbreak of a deadly virus in China triggered a global sell-off.
Some Turkish deals are already in the works. Azerbaijan’s state-owned oil company mandated Credit Suisse Group AG and JPMorgan for an IPO of its Turkish business. Power-grid operator Bereket Enerji Uretim AS hired Goldman Sachs Group Inc., JPMorgan and Citigroup Inc. to offer shares in its renewable-energy unit, while Karadeniz Holding, an operator of electricity producing ships, is considering an IPO in London, people familiar with those plans said last year.
Istanbul-based brokerage BGC Partners forecasts $3.1 billion of IPOs between now and 2023, and $2.4 billion of secondary offerings through 2021, it said in an emailed note.
The window for M&A deals will be short because the improvement in equity markets could push valuation expectations higher, said Emre Hatem, director of investment banking and finance at Garanti BBVA in Istanbul.
The shares of members on the Borsa Istanbul 100 Index trade at a 42% valuation discount, as measured by multiples of their enterprise value — which excludes market capitalization and debt — to their estimated earnings before interest, taxes, depreciation and amortization.
“Almost all companies trade significantly below their peers in comparable markets and their historic levels,” Hatem said. “These low valuations, create a lot of high-return opportunities for international investors. The early entrants will be the ones to benefit most from the current reasonably low valuation levels.”
https://business.financialpost.com/...-in-play-as-economy-rebounds-and-stocks-rally
China orders 200M masks from Turkey amid virus outbreak
Chinese orders mobilize entire Turkish mask production capacity, says stakeholder in Turkish medical firm
IZMIR, Turkey
China has put in orders for a total of 200 million protective face masks from Turkish medical firms over the past 10 days, as the country wrestles an outbreak of the novel coronavirus.
Anadolu Agency reached out to a stakeholder, Fatih Arpaci, in a medical firm based in Turkey's western province.
Arpaci said as a "surprising" turnout of events, Chinese firms ordered a total of 200 million face masks in one go.
"It is surprising to us as China is one of the biggest face mask producers in the world. Turkey produces a total of 150 million face masks in one year. But they wanted 200 million face masks," he said.
"Demands keep coming not only from China, but also from other countries such as Italy, the Netherlands, France, Poland and Germany. We work 24 hours a day to meet this demand. We also work on Sundays." Arpaci said.
As a respiratory illness, the virus can be transmitted through the air, with a protective mask covering the mouth and nose being a popular precaution against infection.
With mask stocks dwindling in China, demand in the country for the face-gear has skyrocketed since the virus erupted late last year.
One of the countries Beijing has turned to meet this demand was Turkey, where producers have since boosted activity.
Arpaci said his company alone would make an initial shipment of 250,000 masks to China, adding that the requested numbers were very high, considering the firm's capacity.
China is one of the world's biggest protective medical mask producers, but has lately been hard pressed to meet domestic demand.
The novel coronavirus, which originated in Wuhan city in central China, is said to have been transmitted to humans from animals, particularly bats.
The death toll in China from the novel coronavirus outbreak has climbed to 213, the National Health Commission said Friday.
Some 9,692 confirmed cases of pneumonia caused by the coronavirus, also known as 2019-nCoV, have been reported in China.
The virus has raised alarms globally, with cases reported across Asia, Europe, the U.S. and Canada.
Travelers from China are being screened for the virus at airports worldwide. Several airlines have suspended flights to Wuhan and other parts of China.
At an emergency meeting Thursday, the World Health Organization declared the outbreak an international emergency.
https://www.aa.com.tr/en/economy/china-orders-200m-masks-from-turkey-amid-virus-outbreak/1720619
Turkey, Lithuania ink economic protocol for greater trade, investment ties
Turkey and Lithuania on Friday signed a protocol for the Economic and Trade Committee (JETCO) that will pave the way for further expansion of bilateral ties.
The protocol was signed by Trade Minister Ruhsar Pekcan and Lithuanian Energy Minister and JETCO Co-Chairman Zygimantas Vaiciunas in the Lithuanian capital Vilnius. The mechanism for the committee was established in 2014.
In her remarks after the first Turkey-Lithuania JETCO meeting, Pekcan said sectors in which the two countries could cooperate were determined and that these would be conveyed to businessmen of the two countries.
"Among the sectors that come to the fore are energy, transportation, tourism and infrastructure investments," said the minister.
Pekcan also underlined the high cooperation potential in technology innovation, communication and IT. "We will call on our companies to jointly invest in financial and high technology fields," she said.
Turkey has also asked for Lithuania's support for the update of the Customs Union agreement between Turkey and the EU, Pekcan added. "The dear (Lithuanian) minister underlined that their support is with Turkey. We hope hereupon our collaboration will strengthen further," Pekcan added.
Vaiciunas said cooperation with Turkey in the agriculture and trade industries would be particularly beneficial in terms of economic ties, also pointing to the potential of cooperation in the technology sector.
The trade volume between Lithuania and Turkey totaled around $562.2 million last year.
Accompanied by a group of businesspeople, Pekcan also attended the Turkey-Lithuania Business Forum. There, she emphasized that the two countries aim to bring the bilateral trade volume up to $1 billion in the first stage.
Some 19 Turkish companies have applied for startup programs in Lithuania, of which 10 have so far been approved, the minister noted. She added that they attach great importance to cooperation in innovation, technology, FinTech, communication and information technologies, in which she said Lithuania has strong abilities.
On the other hand, Turkish contractors currently have seven contracting projects worth $222.7 million in the country.
Pekcan recalled that Turkey's construction sector ranks second in the world and has so far undertaken over 10,000 projects worth some $400 billion around the world. She pointed to several infrastructure and port projects in Lithuania, including the Viking Train, Rail Baltica Project and Vilnius Airport renewal project.
"Here as well, we foresee that Turkish construction companies can carry out successful business in cooperation with Lithuanian firms," Pekcan added.
Vaiciunas said Lithuania is a springboard for Turkish companies that want to expand in the Baltic states. "It could be the door for Turkish companies. And Turkey could be a door to Asian countries for Lithuania," he added.
A memorandum of understanding (MoU) between Turkey's Foreign Economic Relations Board (DEİK) and its Lithuanian equivalent institution, Enterprise Lithuania, was also be signed within the scope of the forum.
https://www.dailysabah.com/economy/...ic-protocol-for-greater-trade-investment-ties
Turkey's foreign trade gap falls 43.5% in 2019
Country's export/import coverage ratio reaches 84.6% last year, up from 75.3% in 2018, official figures show
Turkey's foreign trade gap in 2019 dropped 43.5% to stand at $31.17 billion, down from $55.12 billion in 2018, the country's statistical authority announced on Friday.
TurkStat reported that during 2019 the country's exports rose 2.1% to reach $171.5 billion while imports fell 9.1% to stand at $202.7 billion.
Turkey's export/import coverage ratio reached 84.6% last year, up from 75.3% in 2018, the institute said.
In December, Turkey made exports of $14.7 billion, up 6.4% on a yearly basis, while the country's imports rose 14.9% to reach $19.2 billion.
The foreign trade deficit in December was $4.3 billion, up 57.6% versus the same month in the previous year.
"In December 2019, the exports coverage imports was 77.3% while it was 83.4% in December 2018," it added.
https://www.aa.com.tr/en/economy/turkeys-foreign-trade-gap-falls-435-in-2019/1719849
The locally produced automobile will be the culmination of a set of policies that aim to take the Turkish economy to the next level.
The Turkish economy is forging a new path. The country is investing in high-tech manufacturing industries to break away from the middle-income trap. The government is determined to support the country's industrialists to expand towards sophisticated high-value-added sectors. In that regard, Turkey's initiative to build a domestic car is more than a simple business venture - it symbolises a new era in Turkey's path to becoming a developed economy.
A consortium of five major companies, known as Turkey's Automobile Joint Venture Group (TOGG), will be producing Turkey's first-ever domestic automobiles. All the models will be electric, which makes the initiative even more exacting. The prototypes were introduced at the end of December while the first model is expected to hit the market in late 2022.
Arguably, the project is the symbol of a paradigm shift in Turkey's economy. For decades, the country's economic growth depended on low-value-added manufacturing. As the economy has transitioned from traditional agriculture to labour-intensive manufacturing, large segments of the rural population moved to urban areas.
This trend has been largely positive as Turkey has experienced a successful growth record in the last two decades. Millions have been raised out of poverty, while the per capita income has multiplied. Again, this was accomplished mostly by transforming Turkey's mostly agriculture-based economy to labour-intensive manufacturing sectors, such as textiles, construction, and various types of services.
However, now it seems evident that the country needs to focus its attention on transitioning to high-value-added-production if it wants to avoid falling into the middle-income trap.
Last year's economic shock was a warning. Turkey is swiftly recovering from 2018's economic turbulence with a lesson; if it wants to maintain its high growth trajectory, it needs to cure its structural deficiencies.
In other words, Turkey needs a productive and robust manufacturing sector. High-value-added, high-tech industries should be supported, R&D intensive industries should be pushed forward, and export-led sectors, such as automotive, chemicals, and shipbuilding, should replace demand-led sectors, such as construction, retail, and services.
In that regard, Turkey is already making progress. The government has shifted its attention from regulatory reforms to industrial policies. The Turkish government now intends to accomplish more than just lowering inflation and controlling public debt; it wants to change country's sectoral composition towards more productive sectors and create and support a manufacturing industry which helps close Turkey's consistently high account deficit, increase the employment rate, and improve productivity growth permanently.
When looked at from this perspective, the significance of Turkey's automobile initiative and the importance given by the government to the project seems obvious. Turkey first attempted to build a homegrown automobile, named 'Devrim' (Revolution), in the 1960s. It was designed and produced almost entirely by Turkish engineers and ready for mass production. But, the project was later abandoned due to simple operational failures, leaving a scar on the country's self-confidence.
Sixty years later, producing a domestic car seems like the right place to start Turkey's new great leap to becoming a fully industrialised nation and "achieve Turkey's 60-year dream", to put it in Turkish President Erdogan's words. The government wants to reverse this story and prove that the Turkish economy is finally ready and capable of moving towards high-tech industries.
Accordingly, it took the lead and brought together five major companies to take over the project. Furthermore, it announced a $3.7 billion subsidy package along with a purchasing guarantee of 30 thousand cars at the initial phase.
Of course, the initiative is not merely a symbolic attempt. Turkey has been a centre of automobile production for decades, having produced more than 1.5 million cars in 2018 alone and ranks fifth in Europe. However, the country still does not have a domestic brand, which means the value-added created in Turkey's automotive industry is limited.
More importantly, technology-intensive components, related to R&D and innovation, are designed and produced elsewhere. So, Turkish industries were not involved in technologically more sophisticated parts of production, which can bring about essential productivity improvements to the economy through the so-called knowledge spillovers.
It should be noted that Turkey's attempt to transform its economy towards more sophisticated sectors is not restricted to the domestic car project. Turkey has made aggressive investments in renewable energy resources in recent years, which multiplied its energy production through solar and wind energy. The government has heavily subsidised these investments, again in line with its new approach.
Furthermore, Turkey's defence industry is already a success story. Admittedly, government efforts to enhance the national defence industries were motivated by geopolitical considerations rather than economic ones, but it has made the defence industry a stepping stone in Turkey's leap to high-value-added production.
Specifically, since the early 2000s, Turkey's domestic production of its military requirements have increased from a mere 20 percent to 65 percent. Furthermore, it has also started to create substantial export revenues in recent years. State companies such as ASELSAN, Turkish Aerospace Industries (TAI), and ROKETSAN continue to make sizeable investments in innovative technologies.
Most recently, the government announced a comprehensive $4.9 billion subsidy program, named "IVME" (advanced, productive, indigenous industries), which will provide low-cost, long-term credit to export-led, high-tech manufacturing industries.
Turkey's domestic automobile initiative should be understood within the greater context of Turkey's economic policy-making. It would be fair to argue that the Turkish government is changing its economic perspective from a hands-off, regulatory policy approach to a more pro-active industrial policy to accelerate the sectoral transformation of Turkey's economy towards high-value-added, sophisticated industries. The domestic car project is the ultimate symbol of this transformation.
https://www.trtworld.com/opinion/tu...ol-of-a-new-era-for-the-turkish-economy-33259
Turkish Deals Back in Play as Economy Rebounds, Stocks Rally
(Bloomberg) — Turkish bankers can look forward to more deals as gains in the nation’s stock market rekindles interest in mergers and acquisitions.
The country’s economy is poised to recover from almost zero growth in 2019 after a series of interest-rate cuts stoked demand for credit. A lull in political tensions between Washington and Ankara is also adding to the likelihood that more deals, including initial public offerings, may cross the finish line. Both KPMG International and Ernst & Young Global Ltd. expect M&A to increase about threefold in 2020.
The improved outlook comes after the value of takeovers and mergers in 2019 plunged to the lowest in 15 years and share sales slid to a decade low, according to data compiled by Bloomberg. The slump in deals followed a currency crisis that weighed on growth and pushed many companies to renegotiate their debt to avoid collapse.
Private-equity firms are also returning, according to Mustafa Bagriacik, JPMorgan Chase & Co.’s senior country officer for Turkey and Azerbaijan.
“It also evidences the improved outlook of Turkey internationally,” he said in an email. “Turkey continues to be resilient through the troughs, and investors are keen to realize opportunities.”
Still, regional instability could weigh on deals. President Recep Tayyip Erdogan’s administration is at loggerheads with Greece over offshore natural-gas reserves in the eastern Mediterranean, a dispute that’s now dragged in strife-torn Libya and Abu Dhabi. Turkey is also involved in the Syrian conflict.
Energy Deals
The country’s struggling energy companies may draw interest after the lira weakened quicker than producers could raise prices to repay foreign borrowings.
“Value investors with a longer-term investment horizon are continuing to look at Turkey as providing attractive distressed-asset plays, in particular energy,” said Jonathan Friedman, a partner at Wallbrook Advisory Ltd. in London. “Investors, however, are continuing to be concerned about a wobbly economy and political instability, both at home and in the region.”
Investor interest in Turkey will hold as long as geopolitical developments improve and Turkey’s economic-reform plan delivers more progress, said Ozge Gursoy Buyukavsar, head of corporate finance at EY’s Turkish unit.
The audit firm’s consultancy expects M&A deals to reach $8 billion from its estimates of $2.7 billion in 2019. KPMG predicts M&A could top $10 billion, from its estimates of $2.9 billion in deals last year, helped by stability in the lira and faster growth.
Some M&A deals may come from the sale of companies under receivership and held by a Turkish-government controlled fund, Buyukavsar said. Power plants owned by Turkey’s state-owned power utility Elektrik Uretim AS may be sold, while toll roads under the government’s build-operate-transfer plan could also be up for auction, he said.
“Infrastructure and export-driven sectors continue to be of interest to investors due to their reduced exposure to Turkish lira fluctuations and resilience to demand elasticity,” said Bagriacik of JPMorgan.
A bounce in equities may spur companies that put plans on hold to reconsider an IPO, he said. Turkey’s stocks benchmark has rallied 40% since dropping to a 2 1/2-year low in May last year, reaching an all-time high earlier this month — until fears over the outbreak of a deadly virus in China triggered a global sell-off.
Some Turkish deals are already in the works. Azerbaijan’s state-owned oil company mandated Credit Suisse Group AG and JPMorgan for an IPO of its Turkish business. Power-grid operator Bereket Enerji Uretim AS hired Goldman Sachs Group Inc., JPMorgan and Citigroup Inc. to offer shares in its renewable-energy unit, while Karadeniz Holding, an operator of electricity producing ships, is considering an IPO in London, people familiar with those plans said last year.
Istanbul-based brokerage BGC Partners forecasts $3.1 billion of IPOs between now and 2023, and $2.4 billion of secondary offerings through 2021, it said in an emailed note.
The window for M&A deals will be short because the improvement in equity markets could push valuation expectations higher, said Emre Hatem, director of investment banking and finance at Garanti BBVA in Istanbul.
The shares of members on the Borsa Istanbul 100 Index trade at a 42% valuation discount, as measured by multiples of their enterprise value — which excludes market capitalization and debt — to their estimated earnings before interest, taxes, depreciation and amortization.
“Almost all companies trade significantly below their peers in comparable markets and their historic levels,” Hatem said. “These low valuations, create a lot of high-return opportunities for international investors. The early entrants will be the ones to benefit most from the current reasonably low valuation levels.”
https://business.financialpost.com/...-in-play-as-economy-rebounds-and-stocks-rally
China orders 200M masks from Turkey amid virus outbreak
Chinese orders mobilize entire Turkish mask production capacity, says stakeholder in Turkish medical firm
IZMIR, Turkey
China has put in orders for a total of 200 million protective face masks from Turkish medical firms over the past 10 days, as the country wrestles an outbreak of the novel coronavirus.
Anadolu Agency reached out to a stakeholder, Fatih Arpaci, in a medical firm based in Turkey's western province.
Arpaci said as a "surprising" turnout of events, Chinese firms ordered a total of 200 million face masks in one go.
"It is surprising to us as China is one of the biggest face mask producers in the world. Turkey produces a total of 150 million face masks in one year. But they wanted 200 million face masks," he said.
"Demands keep coming not only from China, but also from other countries such as Italy, the Netherlands, France, Poland and Germany. We work 24 hours a day to meet this demand. We also work on Sundays." Arpaci said.
As a respiratory illness, the virus can be transmitted through the air, with a protective mask covering the mouth and nose being a popular precaution against infection.
With mask stocks dwindling in China, demand in the country for the face-gear has skyrocketed since the virus erupted late last year.
One of the countries Beijing has turned to meet this demand was Turkey, where producers have since boosted activity.
Arpaci said his company alone would make an initial shipment of 250,000 masks to China, adding that the requested numbers were very high, considering the firm's capacity.
China is one of the world's biggest protective medical mask producers, but has lately been hard pressed to meet domestic demand.
The novel coronavirus, which originated in Wuhan city in central China, is said to have been transmitted to humans from animals, particularly bats.
The death toll in China from the novel coronavirus outbreak has climbed to 213, the National Health Commission said Friday.
Some 9,692 confirmed cases of pneumonia caused by the coronavirus, also known as 2019-nCoV, have been reported in China.
The virus has raised alarms globally, with cases reported across Asia, Europe, the U.S. and Canada.
Travelers from China are being screened for the virus at airports worldwide. Several airlines have suspended flights to Wuhan and other parts of China.
At an emergency meeting Thursday, the World Health Organization declared the outbreak an international emergency.
https://www.aa.com.tr/en/economy/china-orders-200m-masks-from-turkey-amid-virus-outbreak/1720619
Turkey, Lithuania ink economic protocol for greater trade, investment ties
Turkey and Lithuania on Friday signed a protocol for the Economic and Trade Committee (JETCO) that will pave the way for further expansion of bilateral ties.
The protocol was signed by Trade Minister Ruhsar Pekcan and Lithuanian Energy Minister and JETCO Co-Chairman Zygimantas Vaiciunas in the Lithuanian capital Vilnius. The mechanism for the committee was established in 2014.
In her remarks after the first Turkey-Lithuania JETCO meeting, Pekcan said sectors in which the two countries could cooperate were determined and that these would be conveyed to businessmen of the two countries.
"Among the sectors that come to the fore are energy, transportation, tourism and infrastructure investments," said the minister.
Pekcan also underlined the high cooperation potential in technology innovation, communication and IT. "We will call on our companies to jointly invest in financial and high technology fields," she said.
Turkey has also asked for Lithuania's support for the update of the Customs Union agreement between Turkey and the EU, Pekcan added. "The dear (Lithuanian) minister underlined that their support is with Turkey. We hope hereupon our collaboration will strengthen further," Pekcan added.
Vaiciunas said cooperation with Turkey in the agriculture and trade industries would be particularly beneficial in terms of economic ties, also pointing to the potential of cooperation in the technology sector.
The trade volume between Lithuania and Turkey totaled around $562.2 million last year.
Accompanied by a group of businesspeople, Pekcan also attended the Turkey-Lithuania Business Forum. There, she emphasized that the two countries aim to bring the bilateral trade volume up to $1 billion in the first stage.
Some 19 Turkish companies have applied for startup programs in Lithuania, of which 10 have so far been approved, the minister noted. She added that they attach great importance to cooperation in innovation, technology, FinTech, communication and information technologies, in which she said Lithuania has strong abilities.
On the other hand, Turkish contractors currently have seven contracting projects worth $222.7 million in the country.
Pekcan recalled that Turkey's construction sector ranks second in the world and has so far undertaken over 10,000 projects worth some $400 billion around the world. She pointed to several infrastructure and port projects in Lithuania, including the Viking Train, Rail Baltica Project and Vilnius Airport renewal project.
"Here as well, we foresee that Turkish construction companies can carry out successful business in cooperation with Lithuanian firms," Pekcan added.
Vaiciunas said Lithuania is a springboard for Turkish companies that want to expand in the Baltic states. "It could be the door for Turkish companies. And Turkey could be a door to Asian countries for Lithuania," he added.
A memorandum of understanding (MoU) between Turkey's Foreign Economic Relations Board (DEİK) and its Lithuanian equivalent institution, Enterprise Lithuania, was also be signed within the scope of the forum.
https://www.dailysabah.com/economy/...ic-protocol-for-greater-trade-investment-ties
Turkey's foreign trade gap falls 43.5% in 2019
Country's export/import coverage ratio reaches 84.6% last year, up from 75.3% in 2018, official figures show
Turkey's foreign trade gap in 2019 dropped 43.5% to stand at $31.17 billion, down from $55.12 billion in 2018, the country's statistical authority announced on Friday.
TurkStat reported that during 2019 the country's exports rose 2.1% to reach $171.5 billion while imports fell 9.1% to stand at $202.7 billion.
Turkey's export/import coverage ratio reached 84.6% last year, up from 75.3% in 2018, the institute said.
In December, Turkey made exports of $14.7 billion, up 6.4% on a yearly basis, while the country's imports rose 14.9% to reach $19.2 billion.
The foreign trade deficit in December was $4.3 billion, up 57.6% versus the same month in the previous year.
"In December 2019, the exports coverage imports was 77.3% while it was 83.4% in December 2018," it added.
https://www.aa.com.tr/en/economy/turkeys-foreign-trade-gap-falls-435-in-2019/1719849
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Yeah Turkish domestic car will open a new era to fool brainless morons and teach to others how to fool if you have Turkish type brainless cattles.
What do you need to fool those brainless cattles?
First get the electric motor from Germany.
Second get the batteries from China.
Third get the chassis from England.
Fourth let the Italians design it for you.
And for the final phase let the German company produce it in Germany.
Wolla your very own indigenous, domestic, fantastic car is ready...
It's that easy for everyone who dreams to have a domestic, indigenous car brand...
What do you need to fool those brainless cattles?
First get the electric motor from Germany.
Second get the batteries from China.
Third get the chassis from England.
Fourth let the Italians design it for you.
And for the final phase let the German company produce it in Germany.
Wolla your very own indigenous, domestic, fantastic car is ready...
It's that easy for everyone who dreams to have a domestic, indigenous car brand...
^The reason why ur business is falling in Zimbabwe is probably because u havent established a proper diversified supply chain while only importing chinese products probably. Really ur in a miserable position in life I understand that but posting bullshit isnt going to change that. Even if Turkey would go out with 20% growth year this year you would be still on here venting because of ur personal problems. As I wrote, make a plan B because corona virus will remain!
Turkey is btw a supplier of all the stuff u listed for other countries national cars lmao.
Turkey is btw a supplier of all the stuff u listed for other countries national cars lmao.
Mr.NiceGuy
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^here is the one of that cattles. My business isn't as good as before corona virus thing I said but this brain dead cattle still claims that my business is falling.
And this cattle teaches me how to run a business. I am the one who has been doing it for 15 years and have power to invest in Canada.
Classic akpean cattle...
And this cattle teaches me how to run a business. I am the one who has been doing it for 15 years and have power to invest in Canada.
Classic akpean cattle...
End of discussion then 
Dont pollute the thread any further.
Auto parts manufacturer WABCO breaks ground for facility in Turkey
American auto component producer WABCO's plant will ensure that added value stays in Turkey as the company will now manufacture its final products in the country, while a large part of its production will be exported
WABCO, one of the world's leading manufacturers of braking systems and safety applications for commercial vehicles, held a ground-breaking ceremony in the northwestern province Sakarya for its first manufacturing facility in Turkey on Wednesday.
The company's plant will cost around $20 million and will sell to customers in Turkey, Europe and the Middle East.
The facility will eventually provide jobs for up to 600 people and will carry out exports worth at least $100 million a year, Industry and Technology Minister Mustafa Varank said in his speech at the ceremony.
The investments by the manufacturer in Turkey have grown in recent years. The new manufacturing facility follows the October 2018 opening of WABCO's distribution center in Istanbul.
In 2011, WABCO opened an international sourcing and purchasing office in Istanbul, which purchases parts and sub-assemblies worth over $50 million from a wide range of Turkish suppliers annually.
In the next four years, the company aims to increase the number of local suppliers it cooperates with in Turkey to 32, bringing its annual purchases up to $120 million.
"WABCO has transferred important funds due to purchasing activities in our country over the years, strengthening domestic suppliers. By establishing the logistics center in October 2018, it launched another important phase of the supply chain. Now, it completes all the links of the chain by also carrying out its production in our country," Varank said.
The minister noted that with the investment, WABCO would ensure that the country benefits from value addition as well as it will be manufacturing its final product in the country. In the past the company was procuring parts from the domestic automotive supply industry and was manufacturing its final goods in the factories abroad.
All sub-components in the production process will be supplied from Turkey, Varank said. He added that the first phase of the factory that will be completed in August will manufacture brake cylinders, hydraulic brakes and crankshafts for compressors. Construction for the second phase in which compressors will be produced will start afterward.
WABCO will be exporting a large part of the production to the automotive and commercial vehicle producers it works with across the world, with most exports going to European countries.
Turkey is the biggest automotive supplier of the European Union, Varank noted.
The industry and technology minister highlighted that 2020 will be marked by the launch of new mega-scale investment projects in chemistry, petro-chemistry, transportation technologies, integrated mining, defense and electronics. "With these new projects, we will maintain a healthy and sustainable growth trend that creates job opportunities. We aim to make Turkey a center of economic attraction with global investments," Varank said, noting that the ministry will introduce a more flexible structure for incentive schemes.
In order to attract more research and development (R&D) activities by global firms, the ministry offers great opportunities to firms operating in technoparks and R&D centers established by private sector firms. "Thanks to the R&D lab support program, leading global firms are able to find centers in Turkey," Varank said, calling on WABCO to establish an R&D center in the country.
The industry and technology ministry prioritizes policies to advance the current industrial capacity and localize production. "The technology-oriented industry program, technology and innovation fund, regional development fund and support schemes for entrepreneurs are some of the visionary programs the ministry implements," he said, adding, "We would like to see more private sector businesses to capitalize on the support programs at the maximum level."
WABCO in Turkey
The plant in Sakarya to be established on a 40,000-square-meter area – of which 8,000 square meters will be used in the first stage – will provide employment to around 300 people.
Delivering a speech at the ceremony, Jacques Esculier, WABCO chairman and CEO, called Turkey "an automotive country." He stressed the country is among the world's top 20 strongest economies, pointing to its high growth potential.
Underlining the company's trust in Turkey, Esculier emphasized that the company's customers and suppliers in Turkey have an important place in WABCO's global strategy.
"The new manufacturing facility will enable WABCO to leverage the local manufacturing talent base and benefit from the country's exceptional infrastructure and logistics capabilities," said Nick Rens, WABCO president for Europe, the Middle East and Africa (EMEA).
"This will allow us to further strengthen our customer intimacy locally as well as export products from Turkey across Europe and the Middle East to further enhance WABCO's competitiveness in those regions," Rens added.
Since 1982, WABCO has established strong roots in Turkey, forging deep relationships across the country's commercial vehicle industry and building a strong leadership position in its market locally.
"The new facility will allow WABCO to progressively localize the manufacturing of its products supporting the local market. This will further enhance our service to local customers by delivering high quality, cost-efficient products with agility, speed and flexibility," said Kazım Eryılmaz, WABCO country leader for Turkey.
WABCO is a major global supplier of braking control systems and other advanced technologies that improve the safety, efficiency and connectivity of commercial vehicles.
The leading truck, bus and trailer brands worldwide rely on WABCO's differentiating technologies. Powered by its vision for accident-free driving and greener transportation solutions, WABCO is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. In 2018, it reported sales of over $3.8 billion and has more than 16,000 employees in 40 countries.
https://www.dailysabah.com/automoti...er-wabco-breaks-ground-for-facility-in-turkey
Turkey's 2-year benchmark bond yield drops to single digits
The two-year benchmark bond yield has fallen to single digits for the first time since November 2016
Turkey's two-year benchmark bond yield saw single digits for the first time since November 2016, hitting 9.96%, Treasury and Finance Minister Berat Albayrak said Friday.
This is yet another reflection in Turkey's indicators of confidence in the country's economic policies, Albayrak said on Twitter, commenting on the fall in the benchmark bond yield.
"We will further this improvement in market expectations and make it permanent," Albayrak stressed.
The 1,275-point cut in the interest rates since July 2019, falling inflation and retreating credit default swaps (CDS) have led to a continuous decline in the Turkish bond yields.
The two-year bond yields have been hovering below 12% since the beginning of this year and have finally dropped to single digits for the first time since Nov. 14, 2016.
The expectation that the central banks in emerging economies will maintain dovish monetary policies and the Central Bank of the Republic of Turkey (CBRT) has further room for policy maneuver is nurturing the forecasts for a further drop in short-term bond yields.
The fact that the CDS have fallen from 523 basis points to 236 points over the last one-and-half years has also facilitated the decrease in the bond yields.
Anadolu Agency Finance Analyst Cüneyt Paksoy said steps taken by the government to discipline and rebalance the economy have created a positive atmosphere for Turkish assets. "The cuts in the interest rates mitigated the currency volatility, ensuring sustainable balance in the short and medium-term, the downward trend in the consumer prices and the normalization of CDS have all resulted in restoring single digits in bond yields," Paksoy explained.
Paksoy said limiting bond yields to single digits in the wake of the first inflation report of the year and the remarks by CBRT Gov. Murat Uysal requires meticulous work by the central bank to ensure sustainability in consumer prices and financial markets. The continuous implementation of structural reforms along with the anti-inflation measures will be closely monitored, he remarked. "The expansionary monetary policies by major central banks in the world will also play a significant role in the alleviation of upward risks on emerging markets," he added.
In its first quarterly report for 2020 released Thursday, Turkey's central bank said it expects 8.2% inflation this year. Prices rose 11.8% in December after a dramatic drop throughout 2019 mostly due to base effects from high volatility in the exchange rate in 2018.
https://www.dailysabah.com/finance/...r-benchmark-bond-yield-drops-to-single-digits
Dont pollute the thread any further.Auto parts manufacturer WABCO breaks ground for facility in Turkey
American auto component producer WABCO's plant will ensure that added value stays in Turkey as the company will now manufacture its final products in the country, while a large part of its production will be exported
WABCO, one of the world's leading manufacturers of braking systems and safety applications for commercial vehicles, held a ground-breaking ceremony in the northwestern province Sakarya for its first manufacturing facility in Turkey on Wednesday.
The company's plant will cost around $20 million and will sell to customers in Turkey, Europe and the Middle East.
The facility will eventually provide jobs for up to 600 people and will carry out exports worth at least $100 million a year, Industry and Technology Minister Mustafa Varank said in his speech at the ceremony.
The investments by the manufacturer in Turkey have grown in recent years. The new manufacturing facility follows the October 2018 opening of WABCO's distribution center in Istanbul.
In 2011, WABCO opened an international sourcing and purchasing office in Istanbul, which purchases parts and sub-assemblies worth over $50 million from a wide range of Turkish suppliers annually.
In the next four years, the company aims to increase the number of local suppliers it cooperates with in Turkey to 32, bringing its annual purchases up to $120 million.
"WABCO has transferred important funds due to purchasing activities in our country over the years, strengthening domestic suppliers. By establishing the logistics center in October 2018, it launched another important phase of the supply chain. Now, it completes all the links of the chain by also carrying out its production in our country," Varank said.
The minister noted that with the investment, WABCO would ensure that the country benefits from value addition as well as it will be manufacturing its final product in the country. In the past the company was procuring parts from the domestic automotive supply industry and was manufacturing its final goods in the factories abroad.
All sub-components in the production process will be supplied from Turkey, Varank said. He added that the first phase of the factory that will be completed in August will manufacture brake cylinders, hydraulic brakes and crankshafts for compressors. Construction for the second phase in which compressors will be produced will start afterward.
WABCO will be exporting a large part of the production to the automotive and commercial vehicle producers it works with across the world, with most exports going to European countries.
Turkey is the biggest automotive supplier of the European Union, Varank noted.
The industry and technology minister highlighted that 2020 will be marked by the launch of new mega-scale investment projects in chemistry, petro-chemistry, transportation technologies, integrated mining, defense and electronics. "With these new projects, we will maintain a healthy and sustainable growth trend that creates job opportunities. We aim to make Turkey a center of economic attraction with global investments," Varank said, noting that the ministry will introduce a more flexible structure for incentive schemes.
In order to attract more research and development (R&D) activities by global firms, the ministry offers great opportunities to firms operating in technoparks and R&D centers established by private sector firms. "Thanks to the R&D lab support program, leading global firms are able to find centers in Turkey," Varank said, calling on WABCO to establish an R&D center in the country.
The industry and technology ministry prioritizes policies to advance the current industrial capacity and localize production. "The technology-oriented industry program, technology and innovation fund, regional development fund and support schemes for entrepreneurs are some of the visionary programs the ministry implements," he said, adding, "We would like to see more private sector businesses to capitalize on the support programs at the maximum level."
WABCO in Turkey
The plant in Sakarya to be established on a 40,000-square-meter area – of which 8,000 square meters will be used in the first stage – will provide employment to around 300 people.
Delivering a speech at the ceremony, Jacques Esculier, WABCO chairman and CEO, called Turkey "an automotive country." He stressed the country is among the world's top 20 strongest economies, pointing to its high growth potential.
Underlining the company's trust in Turkey, Esculier emphasized that the company's customers and suppliers in Turkey have an important place in WABCO's global strategy.
"The new manufacturing facility will enable WABCO to leverage the local manufacturing talent base and benefit from the country's exceptional infrastructure and logistics capabilities," said Nick Rens, WABCO president for Europe, the Middle East and Africa (EMEA).
"This will allow us to further strengthen our customer intimacy locally as well as export products from Turkey across Europe and the Middle East to further enhance WABCO's competitiveness in those regions," Rens added.
Since 1982, WABCO has established strong roots in Turkey, forging deep relationships across the country's commercial vehicle industry and building a strong leadership position in its market locally.
"The new facility will allow WABCO to progressively localize the manufacturing of its products supporting the local market. This will further enhance our service to local customers by delivering high quality, cost-efficient products with agility, speed and flexibility," said Kazım Eryılmaz, WABCO country leader for Turkey.
WABCO is a major global supplier of braking control systems and other advanced technologies that improve the safety, efficiency and connectivity of commercial vehicles.
The leading truck, bus and trailer brands worldwide rely on WABCO's differentiating technologies. Powered by its vision for accident-free driving and greener transportation solutions, WABCO is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. In 2018, it reported sales of over $3.8 billion and has more than 16,000 employees in 40 countries.
https://www.dailysabah.com/automoti...er-wabco-breaks-ground-for-facility-in-turkey
Turkey's 2-year benchmark bond yield drops to single digits
The two-year benchmark bond yield has fallen to single digits for the first time since November 2016
Turkey's two-year benchmark bond yield saw single digits for the first time since November 2016, hitting 9.96%, Treasury and Finance Minister Berat Albayrak said Friday.
This is yet another reflection in Turkey's indicators of confidence in the country's economic policies, Albayrak said on Twitter, commenting on the fall in the benchmark bond yield.
"We will further this improvement in market expectations and make it permanent," Albayrak stressed.
The 1,275-point cut in the interest rates since July 2019, falling inflation and retreating credit default swaps (CDS) have led to a continuous decline in the Turkish bond yields.
The two-year bond yields have been hovering below 12% since the beginning of this year and have finally dropped to single digits for the first time since Nov. 14, 2016.
The expectation that the central banks in emerging economies will maintain dovish monetary policies and the Central Bank of the Republic of Turkey (CBRT) has further room for policy maneuver is nurturing the forecasts for a further drop in short-term bond yields.
The fact that the CDS have fallen from 523 basis points to 236 points over the last one-and-half years has also facilitated the decrease in the bond yields.
Anadolu Agency Finance Analyst Cüneyt Paksoy said steps taken by the government to discipline and rebalance the economy have created a positive atmosphere for Turkish assets. "The cuts in the interest rates mitigated the currency volatility, ensuring sustainable balance in the short and medium-term, the downward trend in the consumer prices and the normalization of CDS have all resulted in restoring single digits in bond yields," Paksoy explained.
Paksoy said limiting bond yields to single digits in the wake of the first inflation report of the year and the remarks by CBRT Gov. Murat Uysal requires meticulous work by the central bank to ensure sustainability in consumer prices and financial markets. The continuous implementation of structural reforms along with the anti-inflation measures will be closely monitored, he remarked. "The expansionary monetary policies by major central banks in the world will also play a significant role in the alleviation of upward risks on emerging markets," he added.
In its first quarterly report for 2020 released Thursday, Turkey's central bank said it expects 8.2% inflation this year. Prices rose 11.8% in December after a dramatic drop throughout 2019 mostly due to base effects from high volatility in the exchange rate in 2018.
https://www.dailysabah.com/finance/...r-benchmark-bond-yield-drops-to-single-digits
Mr.NiceGuy
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Dailysabah mouthpiece of akp government. Who cares what that peace of s.ht saying.
The CEO of TOGG has revealed the road map of the project is the real proof.
Only a cattle like you can eat that s.ht.
The CEO of TOGG has revealed the road map of the project is the real proof.
Only a cattle like you can eat that s.ht.
Bruh, for how long do u want to pollute this thread ? here have a non turkish source which i already shared above but piss off already lol
Turkish Deals Back in Play as Economy Rebounds, Stocks Rally
https://www.bloomberg.com/news/arti...-in-play-as-economy-rebounds-and-stocks-rally
--
While corona virus negatively effects some countries economies
https://think.ing.com/articles/coronavirus-gauging-the-market-fall-out/
? here have a non turkish source which i already shared above but piss off already lolTurkish Deals Back in Play as Economy Rebounds, Stocks Rally
https://www.bloomberg.com/news/arti...-in-play-as-economy-rebounds-and-stocks-rally
--
While corona virus negatively effects some countries economies
https://think.ing.com/articles/coronavirus-gauging-the-market-fall-out/
Mr.NiceGuy
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Puhahahahahahahaha little cattle is offended by hearing the truth... 
Turkey's tourism revenues hit $34.5B high in 2019
Figure surges 17% year-on-year in 2019 to hit record high
ANKARA
Turkish tourism revenues hit $34.5 billion in 2019, a new record high, the country's statistical authority said Friday.
The figure jumped 17% last year, up from $29.5 billion in 2018, the Turkish Statistical Institute (TurkStat) reported.
The average expenditure per capita stood at $666 in 2019, up from $647 a year ago.
Data showed that visitors spent the most on food and beverages (nearly $1.1 billion), and accommodation ($1 billion) last year.
"In this year, while foreign visitors came to Turkey mostly for 'travel, entertainment, sportive and cultural activities' with 73.6%, Turkish citizens resident abroad visited mostly for 'visiting relatives and friends' with 61.7%," it said.
The country welcomed 51.9 million visitors last year, a rise of 13.7% from the previous year, made up of 86.2% foreigners and 13.8% Turkish citizens residing abroad, TurkStat said.
Separately, The Culture and Tourism Ministry announced that foreigner visits to Turkey surged 14.1% on an annual basis, surpassing 45 million last year.
Istanbul, Turkey's world-famous touristic city, was the top arriving destination with nearly 15 million tourists, accounting for 33% of all foreign visitors in 2019.
The Mediterranean resort city of Antalya followed it with 14.65 million foreign visitors last year.
The third top arriving destination was the northwestern province of Edirne, which borders both Bulgaria and Greece, welcoming some 4.3 million foreigners.
As for the nationalities of foreign visitors, Russia took first place with 15.6% -- some 7 million visitors -- over the same period, followed by Germany (11.2% or 5 million) and Bulgaria (6% or 2.7 million).
Figure surges 17% year-on-year in 2019 to hit record high
ANKARA
Turkish tourism revenues hit $34.5 billion in 2019, a new record high, the country's statistical authority said Friday.
The figure jumped 17% last year, up from $29.5 billion in 2018, the Turkish Statistical Institute (TurkStat) reported.
The average expenditure per capita stood at $666 in 2019, up from $647 a year ago.
Data showed that visitors spent the most on food and beverages (nearly $1.1 billion), and accommodation ($1 billion) last year.
"In this year, while foreign visitors came to Turkey mostly for 'travel, entertainment, sportive and cultural activities' with 73.6%, Turkish citizens resident abroad visited mostly for 'visiting relatives and friends' with 61.7%," it said.
The country welcomed 51.9 million visitors last year, a rise of 13.7% from the previous year, made up of 86.2% foreigners and 13.8% Turkish citizens residing abroad, TurkStat said.
Separately, The Culture and Tourism Ministry announced that foreigner visits to Turkey surged 14.1% on an annual basis, surpassing 45 million last year.
Istanbul, Turkey's world-famous touristic city, was the top arriving destination with nearly 15 million tourists, accounting for 33% of all foreign visitors in 2019.
The Mediterranean resort city of Antalya followed it with 14.65 million foreign visitors last year.
The third top arriving destination was the northwestern province of Edirne, which borders both Bulgaria and Greece, welcoming some 4.3 million foreigners.
As for the nationalities of foreign visitors, Russia took first place with 15.6% -- some 7 million visitors -- over the same period, followed by Germany (11.2% or 5 million) and Bulgaria (6% or 2.7 million).
Deliorman
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Visitors from Bulgaria are the third largest group of tourists.
Not really surprising as many people around me have visited Edirne at least twice or more last year to do some shopping and for a one day visit etc. It is Estimated that Bulgarians left around 300€ million Euros in the local shops which is a good boost to the local economy.
Many local Turks go to Turkey to visit relatives living there too. A lot of Bulgarians travel to Turkey for a holiday too as it’s quite affordable since the Lira sunk. 2,7 million visits from a population of 7 million is not bad.
Not really surprising as many people around me have visited Edirne at least twice or more last year to do some shopping and for a one day visit etc. It is Estimated that Bulgarians left around 300€ million Euros in the local shops which is a good boost to the local economy.
Many local Turks go to Turkey to visit relatives living there too. A lot of Bulgarians travel to Turkey for a holiday too as it’s quite affordable since the Lira sunk. 2,7 million visits from a population of 7 million is not bad.
Turkish exports enjoy their best January ever with 13% increase
Turkey's trade volume surged by 13% year-on-year in January to $34 billion, while the exports-to-imports coverage ratio reached 76.8%. Half of the exports were made to the EU, the country's top market
Picking up from where it left off in 2019, Turkish exports witnessed their highest-ever January volume, according to data revealed Monday.
Exports were up 6.1% on an annual basis last month to $14.8 billion, Turkish Exporters Assembly (TİM) Chairman İsmail Gülle announced at a news conference in the southern Hatay province.
“This is the highest January export figure in the history of the Republic,” Trade Minister Ruhsar Pekcan said on her Twitter account. Pekcan underlined that the figure hinted at economic recovery despite the weak trend in the global economy.
Despite global challenges and tensions, Turkish exporters managed to increase their exports and reach an all-time high in 2019.
Exports surged to $180.46 billion last year, up 2.04% year-on-year, according to TİM data. Imports dropped by 8.99%, reaching $210.4 billion, while the foreign trade deficit decreased by 44.9% year-on-year from $54.3 billion to $29.9 billion.
Foreign trade made a record contribution of 4.7 points to the country’s growth, the largest contribution in the last 18 years in Turkey. The export/import coverage ratio was 85.8% in 2019, up from 76.5% in 2018.
“We will continue our successful performance of 2019 in foreign trade with the same resolve and determination in 2020,” Pekcan said.
The minister said the figures also support the positive developments in the country’s macro indicators. “In terms of January-November 2019 period figures of the World Trade Organization (WTO), we ranked seventh in terms of rate of increase in exports,” she added.
“I am sure that when the WTO discloses the annual data, the remarkable success of our country during the entire last year will be seen once again. We will continue our successful performance in foreign trade from 2019 with the same determination in 2020,” Pekcan noted.
According to Gülle, imports also surged nearly 19% to hit $19.2 billion during the same period. “Thus, the exports-to-imports coverage ratio reached 76.8% in January,” he noted. The trade volume reached $34 billion in January, rising 13% year-on-year.
Exports made sales to 214 countries and zones over the last month. Increases were observed in 132 countries, among which over a 10% rise was seen in exports to 100 countries and over a 50% rise was seen in sales to 38 countries.
Germany ($1.5 billion), Italy ($889 million) and the U.K. ($870 million) were the main recipients of Turkish exports in the month. The country's exports to the EU hit $7.4 billion in January, bringing the bloc's share in Turkey's total exports to 50%, thanks to the recovery in the EU, Gülle said.
In the same period, Turkey imported the most from Russia ($2.1 billion), China ($1.9 billion), Germany ($1.35 billion) and the U.S. ($1.27 billion).
Automotive leader again
In terms of sectors, the automotive industry maintained its leadership and went on to export $2.4 billion worth of goods last month, followed by chemicals with $1.7 billion and ready-made garments with $1.5 billion.
Nine industries managed to achieve an over 10% increase in their exports. Of them, fresh fruits and vegetables enjoyed the highest rise with 29% to total $256 million, followed by hazelnut and finished goods with 22% ($185 million) and the carpet industry with 21% ($222 million).
Elaborating on the global developments, Gülle emphasized that a positive environment was established with the signing of a phase one trade deal between U.S. and China earlier last month – after Washington agreed in December to roll back some tariffs in exchange for China’s pledge to buy $200 billion more in U.S. goods and services over the next two years. Washington and Beijing are expected to start talks on a phase two trade deal.
He also noted that the Brexit process becoming more evident created a movement in investments and demand, especially in the European market.
Gülle remarked that the Turkish economy entering into a positive growth trend in the third quarter of 2019, breaking three consecutive quarters of contraction, has been reflected in the import figures.
The economy grew 0.9% year-on-year between July and September of 2019, according to the Turkish Statistical Institute (TurkStat) data. Compared with the second quarter, the Turkish economy expanded by a seasonally and calendar-adjusted 0.4%, its third positive quarter-on-quarter in a row, TurkStat data showed.
In the first two quarters, the economy contracted 2.3% and 1.6%, respectively, on an annual basis. In 2018, the economy posted an annual growth rate of 2.8%, narrowing in the last quarter.
The common market expectation for the fourth quarter estimates ranges from 4.5% to 5%. While the government forecasts 0.5% annual growth for 2019, its New Economic Program (NEP) targets a 5% annual growth rate for this and the next two years.
On the other hand, the number of exporting companies increased to 90,617 in 2019, Gülle said, adding that the difference between companies making exports and those making imports has reduced to around 10,000.
Gülle said that “1,499 new companies have joined our export family in January," noting: "These firms have made around $80.4 million worth of exports. Overall, a total of 38,165 firms made exports in January."
The Turkish lira was used in exports to 174 countries by 6,404 countries, amounting to a total of TL 4.4 billion, according to the data.
https://www.dailysabah.com/economy/2020/02/03/turkeys-exports-rise-61-year-on-year-in-january
Turkish, African business circles to meet at ski resort in central Turkey
The Foreign Economic Relations Board's Turkey-Africa Business Council will gather at Erciyes Ski Center, located in the central Turkish province of Kayseri.
Nearly 40 chairmen and 17 ambassadors from African countries will participate in the meeting that is set to be held on Feb. 8-9, the coordinating chairwoman of the council told Anadolu Agency (AA).
Reminding that Turkey announced 2020 as the year of Africa, Berna Gözbaşı noted the trade between Turkey and African countries was set to expand.
The African continent has been exploited by several countries, but Turkey's trade plan is based on a win-win policy, she stressed.
Referring to the gathering this weekend, she said that these kinds of meetings are important for evaluating the African market.
"We know how important the African market is, and how much they need trading partners," Gözbaşı added.
Erciyes Ski Center, which meets international standards especially after an investment of 350 million euros, has become one of the must-see places of Turkey in the winter season.
Mount Erciyes, which is located near Cappadocia and has easy-to-access areas and a budget-friendly policy, is attracting more and more visitors.
The Turkey-Africa Business Council includes sub-councils for 45 African countries.
https://www.dailysabah.com/economy/...rcles-to-meet-at-ski-resort-in-central-turkey
Turkey's trade volume surged by 13% year-on-year in January to $34 billion, while the exports-to-imports coverage ratio reached 76.8%. Half of the exports were made to the EU, the country's top market
Picking up from where it left off in 2019, Turkish exports witnessed their highest-ever January volume, according to data revealed Monday.
Exports were up 6.1% on an annual basis last month to $14.8 billion, Turkish Exporters Assembly (TİM) Chairman İsmail Gülle announced at a news conference in the southern Hatay province.
“This is the highest January export figure in the history of the Republic,” Trade Minister Ruhsar Pekcan said on her Twitter account. Pekcan underlined that the figure hinted at economic recovery despite the weak trend in the global economy.
Despite global challenges and tensions, Turkish exporters managed to increase their exports and reach an all-time high in 2019.
Exports surged to $180.46 billion last year, up 2.04% year-on-year, according to TİM data. Imports dropped by 8.99%, reaching $210.4 billion, while the foreign trade deficit decreased by 44.9% year-on-year from $54.3 billion to $29.9 billion.
Foreign trade made a record contribution of 4.7 points to the country’s growth, the largest contribution in the last 18 years in Turkey. The export/import coverage ratio was 85.8% in 2019, up from 76.5% in 2018.
“We will continue our successful performance of 2019 in foreign trade with the same resolve and determination in 2020,” Pekcan said.
The minister said the figures also support the positive developments in the country’s macro indicators. “In terms of January-November 2019 period figures of the World Trade Organization (WTO), we ranked seventh in terms of rate of increase in exports,” she added.
“I am sure that when the WTO discloses the annual data, the remarkable success of our country during the entire last year will be seen once again. We will continue our successful performance in foreign trade from 2019 with the same determination in 2020,” Pekcan noted.
According to Gülle, imports also surged nearly 19% to hit $19.2 billion during the same period. “Thus, the exports-to-imports coverage ratio reached 76.8% in January,” he noted. The trade volume reached $34 billion in January, rising 13% year-on-year.
Exports made sales to 214 countries and zones over the last month. Increases were observed in 132 countries, among which over a 10% rise was seen in exports to 100 countries and over a 50% rise was seen in sales to 38 countries.
Germany ($1.5 billion), Italy ($889 million) and the U.K. ($870 million) were the main recipients of Turkish exports in the month. The country's exports to the EU hit $7.4 billion in January, bringing the bloc's share in Turkey's total exports to 50%, thanks to the recovery in the EU, Gülle said.
In the same period, Turkey imported the most from Russia ($2.1 billion), China ($1.9 billion), Germany ($1.35 billion) and the U.S. ($1.27 billion).
Automotive leader again
In terms of sectors, the automotive industry maintained its leadership and went on to export $2.4 billion worth of goods last month, followed by chemicals with $1.7 billion and ready-made garments with $1.5 billion.
Nine industries managed to achieve an over 10% increase in their exports. Of them, fresh fruits and vegetables enjoyed the highest rise with 29% to total $256 million, followed by hazelnut and finished goods with 22% ($185 million) and the carpet industry with 21% ($222 million).
Elaborating on the global developments, Gülle emphasized that a positive environment was established with the signing of a phase one trade deal between U.S. and China earlier last month – after Washington agreed in December to roll back some tariffs in exchange for China’s pledge to buy $200 billion more in U.S. goods and services over the next two years. Washington and Beijing are expected to start talks on a phase two trade deal.
He also noted that the Brexit process becoming more evident created a movement in investments and demand, especially in the European market.
Gülle remarked that the Turkish economy entering into a positive growth trend in the third quarter of 2019, breaking three consecutive quarters of contraction, has been reflected in the import figures.
The economy grew 0.9% year-on-year between July and September of 2019, according to the Turkish Statistical Institute (TurkStat) data. Compared with the second quarter, the Turkish economy expanded by a seasonally and calendar-adjusted 0.4%, its third positive quarter-on-quarter in a row, TurkStat data showed.
In the first two quarters, the economy contracted 2.3% and 1.6%, respectively, on an annual basis. In 2018, the economy posted an annual growth rate of 2.8%, narrowing in the last quarter.
The common market expectation for the fourth quarter estimates ranges from 4.5% to 5%. While the government forecasts 0.5% annual growth for 2019, its New Economic Program (NEP) targets a 5% annual growth rate for this and the next two years.
On the other hand, the number of exporting companies increased to 90,617 in 2019, Gülle said, adding that the difference between companies making exports and those making imports has reduced to around 10,000.
Gülle said that “1,499 new companies have joined our export family in January," noting: "These firms have made around $80.4 million worth of exports. Overall, a total of 38,165 firms made exports in January."
The Turkish lira was used in exports to 174 countries by 6,404 countries, amounting to a total of TL 4.4 billion, according to the data.
https://www.dailysabah.com/economy/2020/02/03/turkeys-exports-rise-61-year-on-year-in-january
Turkish, African business circles to meet at ski resort in central Turkey
The Foreign Economic Relations Board's Turkey-Africa Business Council will gather at Erciyes Ski Center, located in the central Turkish province of Kayseri.
Nearly 40 chairmen and 17 ambassadors from African countries will participate in the meeting that is set to be held on Feb. 8-9, the coordinating chairwoman of the council told Anadolu Agency (AA).
Reminding that Turkey announced 2020 as the year of Africa, Berna Gözbaşı noted the trade between Turkey and African countries was set to expand.
The African continent has been exploited by several countries, but Turkey's trade plan is based on a win-win policy, she stressed.
Referring to the gathering this weekend, she said that these kinds of meetings are important for evaluating the African market.
"We know how important the African market is, and how much they need trading partners," Gözbaşı added.
Erciyes Ski Center, which meets international standards especially after an investment of 350 million euros, has become one of the must-see places of Turkey in the winter season.
Mount Erciyes, which is located near Cappadocia and has easy-to-access areas and a budget-friendly policy, is attracting more and more visitors.
The Turkey-Africa Business Council includes sub-councils for 45 African countries.
https://www.dailysabah.com/economy/...rcles-to-meet-at-ski-resort-in-central-turkey
Top investor hails 2020 as promising year for Turkey
Last year was difficult for investors due to unforeseen circumstances, says head of investors association
Gokhan Ergocun |07.02.2020
Aysem Sargin, chairman of the International Investors Association (YASED).
ISTANBUL
A top investors association head in Turkey has said the year 2020 will bring positive trends for the Turkish economy.
"Last year was a difficult period for all of us due to unforeseen developments, such as trade wars, but the year 2020 will be more predictable and positive for investments both globally and in the Turkish economy," said Aysem Sargin, chairman of the International Investors Association (YASED).
In 2019, uncertainties worried investors and they were hesitant to make long-term investments in Turkey and world over, said Sargin, who is also the managing director and country executive in Boeing Turkey.
She forecast that foreign direct investments (FDI) will decline in 2019 from $13 billion in 2018. The official figure of 2019 are yet to be announced.
"But there is some good news for 2020. We will expect a recovery in this year," she said, adding that Turkey will see mergers and acquisitions.
Stressing Turkey's current global FDI flows at 1% is far below the country's potential, she said: "Our target is to raise this share to 3%, then the country will enter the top 10 FDI attractive countries globally."
However, she said, it was more important to sustain existing investments rather than attracting new ones.
Sargin said that despite turbulence in the Turkish economy long-term investments are yielding returns in the country.
"YASED and the Turkish government are working on a framework law for investments -- for the optimization of the investment environment in Turkey," she added.
Attracting new investors is difficult and in Turkey new investments usually come from extensions of existing investors, she said.
"Turkey does not need any type of investment, it requires high value-added and high-technology investments, which will generate new jobs in the country.
"For attracting them, Turkey should create an investment strategy."
Touching on Brexit, she said, it will affect Turkey's trade relations with the EU, but the country will continue making profits.
She also said Turkey has tight trade and investment ties with the U.K. and so the country should make plans and provide alternatives for the U.K.
"Turkey cannot give up the U.K., which is a very important trade partner," she added.
https://www.aa.com.tr/en/economy/top-investor-hails-2020-as-promising-year-for-turkey/1727115
Last year was difficult for investors due to unforeseen circumstances, says head of investors association
Gokhan Ergocun |07.02.2020
ISTANBUL
A top investors association head in Turkey has said the year 2020 will bring positive trends for the Turkish economy.
"Last year was a difficult period for all of us due to unforeseen developments, such as trade wars, but the year 2020 will be more predictable and positive for investments both globally and in the Turkish economy," said Aysem Sargin, chairman of the International Investors Association (YASED).
In 2019, uncertainties worried investors and they were hesitant to make long-term investments in Turkey and world over, said Sargin, who is also the managing director and country executive in Boeing Turkey.
She forecast that foreign direct investments (FDI) will decline in 2019 from $13 billion in 2018. The official figure of 2019 are yet to be announced.
"But there is some good news for 2020. We will expect a recovery in this year," she said, adding that Turkey will see mergers and acquisitions.
Stressing Turkey's current global FDI flows at 1% is far below the country's potential, she said: "Our target is to raise this share to 3%, then the country will enter the top 10 FDI attractive countries globally."
However, she said, it was more important to sustain existing investments rather than attracting new ones.
Sargin said that despite turbulence in the Turkish economy long-term investments are yielding returns in the country.
"YASED and the Turkish government are working on a framework law for investments -- for the optimization of the investment environment in Turkey," she added.
Attracting new investors is difficult and in Turkey new investments usually come from extensions of existing investors, she said.
"Turkey does not need any type of investment, it requires high value-added and high-technology investments, which will generate new jobs in the country.
"For attracting them, Turkey should create an investment strategy."
Touching on Brexit, she said, it will affect Turkey's trade relations with the EU, but the country will continue making profits.
She also said Turkey has tight trade and investment ties with the U.K. and so the country should make plans and provide alternatives for the U.K.
"Turkey cannot give up the U.K., which is a very important trade partner," she added.
https://www.aa.com.tr/en/economy/top-investor-hails-2020-as-promising-year-for-turkey/1727115
Deliorman
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Look how Daily Sabah lies to its readers. In the headline they talk that exports are up by 13% but when you read the article you see that the TRADE VOLUME is up 13%.
In reality exports are up by 6% while IMPORTS are UP by 19% and Turkey is at minus 4,5$ billion just from January.
Such an amazing result indeed.
ps Stop believing in articles where some head chiefs of Turkish Trade and Investment Organizations or Tourism Unions paint you some beautiful pictures of the amazing future that awaits their sectors and Turkish economy in general. They are like the sellers in the market that will never say a bad thing about their product and how they work.
Its not about that but u also have lots of shit nowadays from arab sources like ahval or their other outlets who are outright writing fake news about turkish economy, thats the response to that but that still doesnt change that they are working on the trade deficit while the imports are going down and the exports are going up
Exports surged to $180.46 billion last year, up 2.04% year-on-year, according to TİM data. Imports dropped by 8.99%, reaching $210.4 billion, while the foreign trade deficit decreased by 44.9% year-on-year from $54.3 billion to $29.9 billion.
