Turkish Economy - News & Updates

[bsruzm]

"Istanbul surpasses Paris in number of transit flights

Istanbul has more outgoing transit flights, backed by Turkish Airlines raising the amount of transit flights then Paris offered 60 percent despite the depressed tourism sector, according to Turkish Airlines Chairman Aycı's announcement"

See more at: www.dailysabah.com

 

[RPG]

Limak signs $4.34bn deal to build Kuwait International Airport terminal..

http://www.thenational.ae/business/...o-build-kuwait-international-airport-terminal

 

[damm1t]

Unit International agrees $4.2bn deal to build Iran power plants

Turkish energy company claims biggest investment in Iran since sanctions

Turkish energy company Unit International has reached a $4.2bn deal with Iran’s energy ministry to build seven natural gas power plants there, in what it said was the biggest investment in Iran since the lifting of sanctions.

The power stations, to be built in seven separate regions of Iran, Turkey’s eastern neighbour, would have a combined installed capacity of more than 6,000MW, the company said in a statement.

The US, EU and UN lifted most sanctions on Iran in January under a deal with world powers whereby Tehran agreed to curbs on its nuclear programme.

Turkish companies have seen the move as a major trade and investment opportunity, with the car, clothing, textiles, machinery and chemicals sectors also seen offering potential.

“Unit International has reached a deal with the Iranian Energy Ministry worth some $4.2bn to build natural gas combined cycle power plants,” Unit said, adding the agreement was signed at a ceremony in Tehran on June 1.

Unit International is owned by Unal Aysal, the former chairman of major Istanbul soccer club Galatasaray.

Aysal said that when completed the power plants would meet 10 % of Iran’s energy needs. Construction of the seven plants was planned to begin in the first quarter of 2017.

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Well, Iran made a clever choice.

 

[bsruzm]

A lot more to come, I believe.

 

[Deliorman]

Turkish companies won some pretty big contracts in the last weeks which is always a good thing. Hope much more come in the future as I think that Turkish companies and economy can win a lot from more trade with Iran which is about to boom now after the sanctions are lifted. Both countries should benefit- not just us. For the prosperity of both countries. The Middle East can be a peaceful place if people live a better life.

 

[AUz]

Good.

Muslim states should cooperate more in economics and should give more of their businesses to each other rather than burning money at Western multinationals.

Best of luck for the project!

 

[somebozo]

Isnt iran self reliant in gas turbines?

http://mapnagroup.com/en/oil-gas/rotary-equipments/

 

[aziqbal]

Turkey has access to a large and rich middle east market and the potential to make money is huge

Turkey did good business with Iraq from 2003 till 2011

Problem is consistency they need to continue doing business and keep portfolio filled

 

[Zulkarneyn]

Erdogan’s secret economic weapon
Author Ufuk SanliPosted May 4, 2016
Translator Sibel Utku Bila

During his first decade in power, President Recep Tayyip Erdogan won widespread respect as a mediator working to resolve international issues. He largely settled Turkey’s problems with neighboring countries, advocated democratic values and presided over a dynamic economy, cashing in on the reputation he had earned. From 2002 through 2012, Turkey’s exports increased fourfold, from $36 billion to $152 billion, boosting economic prosperity and employment in the country.
In recent years, however, the tide has turned. Erdogan’s new problems with neighbors sounded alarm bells for exports, which have dropped to $144 billion. In a medium-term economic program announced at the end of 2015, the government’s projection for this year’s exports was $155.5 billion. The data from the first four months of 2016, however, show that this target is nothing but a dream, with Turkish companies destined to sell even less to international markets this year compared with 2015. According to figures from the Turkish Exporters’ Union (TIM), exports for the period January-April dropped 8.4%, or $4.2 billion, compared with the same period last year.

Yet, one sector stands out in this otherwise gloomy picture: the defense and aviation industry. Exports by Turkish defense companies reached $556 million in the first four months of the year, a 23% increase, up from $460 million for the same period last year, according to TIM.

Latif Aral, head of the Defense and Aviation Industry Exporters’ Union, told Al-Monitor, “I guess we’ll go over the $2 billion mark this year, setting an all-time record.” The revenues of Turkish defense companies have risen from $800 million to $1.6 billion over the past five years.

“The Turkish defense industry provides a wide range of products and services, from advanced satellite systems to boots,” Aral said. “Investment in the sector has increased product variety, thanks to which new export items are being added to subproduct groups. With the advantage of such a broad portfolio, we are able to enter new markets more easily.”

The Stockholm International Peace Research Institute lists Turkey, which has NATO’s second-largest standing army, as the world’s seventh-largest arms importer and the world’s 16th-largest arms exporter in terms of sales. The country’s arms imports total $2 billion to 2.5 billion per year. As recently as 15 years ago, Turkey spent much more on such imports. A comprehensive drive to expand the local defense industry since the early 2000s has led to a significant reduction in money spent on foreign-made weapons and equipment.

In an April 30 ceremony in Istanbul marking the start of construction on Turkey’s first assault ship, the TGC Anadolu, Erdogan said, “Our reliance on [defense imports] has decreased to about 40%, from 80% in 2002. Our target is to bring this down to zero at the centenary of the republic [in 2023]. We’ll not only be meeting our own needs, but we’ll also become the main supplier of friendly and brotherly countries.”

Turkey’s defense industry bureaucracy adopted quite a simple road map in its drive to reduce spending on imports and produce critical weapons and equipment domestically: Instead of buying weapons, manufacture them in Turkey when possible, and if not, ensure technology transfers through joint production.

Turkish defense companies have teamed up with Italian counterparts to produce assault helicopters and with Spanish counterparts for cargo planes and the assault ship, and talks on air defense systems are underway with US and European firms. The Turkish defense sector has already put a domestically produced warship to sea and is preparing to put a main battle tank in the field. A domestically produced infantry rifle and a drone have been tested successfully and are being showcased at international fairs.

Figures place the United States at the top of the Turkish defense companies' client list, with the Americans paying $30 out of every $100 the industry earns from exports. Turkish defense exports to the United States amount to $500 million a year, while such Turkish imports from the United States stand at about $1.5 billion. Hence, Ankara can hardly be satisfied with the current state of trade. The picture is more or less the same vis-a-vis other Western countries, including Britain, Germany, France and Spain, from which Turkey buys more than it sells. According to 2015 figures, Western allies bought more than half of Turkey’s defense exports, while supplying all its imports in the sector.

Azerbaijan, Pakistan and Central Asian republics form the second-largest group of Turkey's clients. Located in conflict-torn regions, these countries have quite high defense expenditures and naturally tend to prefer the much cheaper Turkish products over their Western-made equivalents.

Meanwhile, conflict and tensions in the wake of the Arab Spring have boosted Turkish arms sales to the Middle East and North Africa, according to data compiled from TIM figures. In this regard, Saudi Arabia, the United Arab Emirates (UAE) and Lebanon are Turkey's leading clients in the Middle East, while Tunisia is its top trade partner in North Africa. The state-owned Aselsan, Roketsan, Machinery and Chemical Industry Corporation and armored vehicles producer BMC, owned by the Sancak Group, which is known to have close ties to the Erdogan family, have all emerged as winners from the Arab Spring's fallout.

Africa is another market that Turkish defense companies have recently targeted. TIM figures reveal some remarkable Turkish sales of arms and equipment to African countries on a seasonal basis. Few are willing to talk about the nature and content of exports to Rwanda, Nigeria, Djibouti and Kenya.


The number of defense company owners and executives taking part in Erdogan’s foreign trips grows by the day. With his personal charisma and strong relationships, Erdogan is cutting paths for arms companies to new markets, providing an important boost for the Turkish economy. It remains unclear, however, whether arms sales are a better remedy for the Turkish economy than peace.



Read more: http://www.al-monitor.com/pulse/originals/2016/05/turkey-erdogan-secret-economic-weapon.html#ixzz4AjwrOZSG

@cabatli_53
Bu thread'i sticky yapabilirmisin yine?

 

[Zulkarneyn]

@cabatli_53 bosyerine birsürü yeni threadler aciyor arkadaslar ekonomik gelismeler alaninda.
Bu threadi yeniden sticky yaparsan kolaylik saglamis olursun.

 

[UKBengali]

Turkey and Iran are the future of the Middle East.

If they can work together then they can sideline the Saudis and bring peace and prosperity to the region.

 

[Bismarck]

Turkey and Iran are the future of the Middle East.

If they can work together then they can sideline the Saudis and bring peace and prosperity to the region.

No. They can't sideline Arabs.

 

[Oublious]

Turkey and Iran are the future of the Middle East.

If they can work together then they can sideline the Saudis and bring peace and prosperity to the region.

How is that if you export proxies from africa to asia?

 

[KediKesenFare3]

Turkey's Q1 growth jumps to 4.8 pct, surpassing expectations
NEVDIL ŞAHIN
ISTANBUL
Published June 10, 2016

Turkey’s economy grew by 4.8 percent in the first quarter of the year. Backed by strong domestic demand, the economy performed above expectations of 4.5 percent growth, despite geopolitical tensions and recession on a global scale
http://www.dailysabah.com/economy/2...rowth-jumps-to-48-pct-surpassing-expectations

 

[damm1t]

Turkey's Q1 growth jumps to 4.8 pct, surpassing expectations
NEVDIL ŞAHIN
ISTANBUL
Published June 10, 2016

Turkey’s economy grew by 4.8 percent in the first quarter of the year. Backed by strong domestic demand, the economy performed above expectations of 4.5 percent growth, despite geopolitical tensions and recession on a global scale
http://www.dailysabah.com/economy/2...rowth-jumps-to-48-pct-surpassing-expectations

Well, that was unexpected. Nearly %5 growth rate is a great number despite all negative athmosphere including rising terror attacks on the Western cities, military operations on the East and our martyrs, downing Russian jet incident and its reflections to the economy as tourism and export decline, civil war and unstability at neighbors, domestic politic disputations like swapping to the presidental system, HDP and immunity problem. We are doing good... But how?