Turkish Economy - News & Updates

[Attila the Hun]

Rent-a-car giant Enterprise Turkey vows to triple investments as part of three-year plan

The U.S.-based car rental giant Enterprise celebrated its second year anniversary in Turkey on Friday during an event organized by the Gürbaşlar Automotive Group with Istanbul Governor Vasip Şahin as well as a number of CEOs and NGO representatives in Istanbul in attendance.

Speaking to Daily Sabah, Enterprise Turkey's managing partner Özarslan Tangün said their aim for the next three years beginning in 2017 is to triple the amount of investments in Turkey.

The Enterprise event, which was also attended by the U.S. deputy consulate in Istanbul as well as former politician Mehmet Ağar and Çalık Holding Executive Chairman Ahmet Çalık, expressed confidence in the Turkish economy despite the current unsteady economy and politics in the region that deeply affect Turkey.

Continuing on by underlining their belief that Turkey will overcome all obstacles by any means necessary, the executive chairman of the Gürbaşlar Automotive Group Adnan Başdemir stressed that they are to continue their increased investments in Turkey in the upcoming period as well.

The other executive chairman of Gürbaşlar Mustafa Başdemir said Enterprise Turkey operates in 45 airports as well as in more than 50 cities while Adnan Başdemir added they are to continue their investments in Turkey under the philosophy of "to be better and further ahead than yesterday."

The Gürbaşlar Automotive Group not only operates Enterprise Turkey but also provides car rental services in Turkic-countries as well as in Iraq. In that perspective, Enterprise had increased its number of cars from 1,700 in the first year to 7,500 currently as it aims to further enhance its investments to TL 2 billion within a three year period.

Adding on to his remarks by noting that Enterprise Turkey's growth is currently at 45 percent for this year despite regional crises and a decrease in the number of tourists, Tangün said the major obstacle for the sector is the lack of legal infrastructure, adding, "There are some gaps in the legal infrastructure for the sector, which it does not require one to obtain a license to do the business allowing 'under the table' operations."

 

[Attila the Hun]

Turkish automotive sector set to break new record, yet asking for measures to raise competitiveness

Turkish automotive sector players have said fresh production and export records will likely be seen over this year, while calling for a series of measures to raise the sector’s competitiveness especially against developed markets.

According to estimates by the Automotive Industrialists’ Association (OSD), Turkey will likely reach around 1.45 million units of output in 2016, with a seven percent of increase from 2015, and 1.1 million units in exports with at least 11 percent of year-on-year increase, Reuters reported on Oct. 17.

The sector hit record high production and export figures in 2015 with a total of 1.36 million units of outputs and 992,000 units in exports.

While the EU automotive market, the main market for Turkish producers, grew 9.6 percent in the first half of 2016, the key North American market grew 2.6 percent.

OSD President Kudret Önen said the Turkish sector’s annual production capacity had reached 2 million thanks to ongoing investments.

“The point is here is that our country has become a production hub for commercial vehicles in addition to cars,” Önen added, as quoted by Reuters.

Among the recent investments are by Tofaş for the Aegea (Egea) model and a new generation Megane model by Renault. Toyota is also expected to produce a hybrid model by November.

The domestic market, which also broke a record with sales of 1.01 million units last year, is expected to close the year at around 950,000-980,000 units, due to slowdown after Turkey’s failed military coup attempt on July 15.

Önen said a series of measures need to be taken to strengthen the competitiveness of the sector along with authorities, classifying what to do in four main groups: Digital transformation, qualified labor force, administrative policies and global trade deals.

 

[Attila the Hun]

Turkish stocks open higher, led by rise in mining sector

Borsa Istanbul's BIST 100 index gained 335.49 points to open at 78,675.88 on Wednesday after rising 1.7 percent Tuesday.

The BIST 100 index rose 0.43 percent while the banking and holding sectors' indices advanced by 0.54 percent and 0.41 percent, respectively.

Among the sector indices, the mining sector advanced the most with a 1.06 percent rise, while the leasing and factoring sector index fell most with a 0.66 percent decline.

The U.S. dollar/Turkish lira exchange rate, which was at 3.1015 by the time markets closed Tuesday, stood at 3.0960 early Wednesday.

On Tuesday, the local fixed income markets were relatively flat. The two-year benchmark bond was traded within a tight range of 8.94 percent-9.00 percent, ending at the day at a high of 9.00 percent, unchanged from its Monday's close.

 

[Attila the Hun]

Turkish soap opera sector plans to hit $1 billion in exports by 2023

AFP photo

Turkey’s TV series sector plans to increase its annual export volume to $1 billion in 2023 from around $350 million by adding new regions such as South Asia and East Asia to its export markets.

“Turkey’s soap opera sector has reached $350 million in exports from almost zero in just a decade. It is not difficult for the sector to increase this amount to $1 billion. Turkey will easily achieve this goal if it gets legal and financial support,” said Istanbul Chamber of Commerce (İTO) Board Member İhsan Soylu.

Citing specific measures that could be taken, Soylu said the sector will grow further if bureaucratic obstacles are removed, especially in production stages, and if municipalities decrease their rents for soap opera shootings.

He was speaking as the vice president of the İTO MIPCOM Executive Committee at the MIPCOM Fair in Cannes, where Turkey was the honorary guest country last year. Japan is the honorary guest of the 32nd MIPCOM Fair this year.

İTO Board Member Mahmut Özden said the sector planned to open to South Asia and East Asia in the coming period, noting that he would attend the Asian TV Forum (ATF) in Singapore in December in line with this goal.

The popularity of Turkish television series has skyrocketed over the last decade, particularly in Middle Eastern and southern European countries, and they are now exported to over 100 countries. Turkish soap operas are currently very popular in the Balkans, Europe, the Middle East, the Turkic republics and Latin America.

One particular success story has been “The Magnificent Century,” which focuses on the life of the 16th century Ottoman Sultan Süleyman the Magnificent. The show has proved hugely popular both in Turkey and internationally, being broadcast in 43 countries and watched by over 200 million people.

 

[Zulkarneyn]

Turkish soap opera sector plans to hit $1 billion in exports by 2023

AFP photo

Turkey’s TV series sector plans to increase its annual export volume to $1 billion in 2023 from around $350 million by adding new regions such as South Asia and East Asia to its export markets.

“Turkey’s soap opera sector has reached $350 million in exports from almost zero in just a decade. It is not difficult for the sector to increase this amount to $1 billion. Turkey will easily achieve this goal if it gets legal and financial support,” said Istanbul Chamber of Commerce (İTO) Board Member İhsan Soylu.

Citing specific measures that could be taken, Soylu said the sector will grow further if bureaucratic obstacles are removed, especially in production stages, and if municipalities decrease their rents for soap opera shootings.

He was speaking as the vice president of the İTO MIPCOM Executive Committee at the MIPCOM Fair in Cannes, where Turkey was the honorary guest country last year. Japan is the honorary guest of the 32nd MIPCOM Fair this year.

İTO Board Member Mahmut Özden said the sector planned to open to South Asia and East Asia in the coming period, noting that he would attend the Asian TV Forum (ATF) in Singapore in December in line with this goal.

The popularity of Turkish television series has skyrocketed over the last decade, particularly in Middle Eastern and southern European countries, and they are now exported to over 100 countries. Turkish soap operas are currently very popular in the Balkans, Europe, the Middle East, the Turkic republics and Latin America.

One particular success story has been “The Magnificent Century,” which focuses on the life of the 16th century Ottoman Sultan Süleyman the Magnificent. The show has proved hugely popular both in Turkey and internationally, being broadcast in 43 countries and watched by over 200 million people.

Mate, remember to post links

 

[Attila the Hun]

Mate, remember to post links

Will do Sir.

 

[Attila the Hun]

European development bank to fund new Turkish hospital

European Bank for Reconstruction and Development announces financing package for development of $841 million hospital

ANKARA

The European Bank for Reconstruction and Development (EBRD) announced Thursday the signing of a comprehensive long-term financing package for the development of a €769.6 million ($841 million) high-tech hospital in the western Turkish province of Izmir.

The package, which brought together six international groups, was signed Thursday in the Turkish capital, Ankara.

"Progress in health care services will contribute to the development of the health care industry in our country. With these investments, we aim to make Turkey one of the top five destinations in the world for medical tourism," President Recep Tayyip Erdogan said at the signing ceremony.

"The EBRD has arranged a €298.6 million [approximately $327 million] syndicated loan with €85 million [$93 million] for the Bank’s own account and €213.6 million [$234 million] syndicated to UniCredit S.p.A., Industrial and Commercial Bank of China Ltd Dubai Branch and Intesa Sanpaolo S.p.A," the EBRD said in a statement.

The Overseas Private Investment Corporation (OPIC) of the United States and Export Development Canada (EDC) of Canada are providing parallel financing of $250 million and $71 million, respectively, it said.

"The new health complex will be designed, built, equipped and managed [...] by a joint venture between global industrial company General Electric and Turkish corporations GAMA Holding A.S. and Turkerler Insaat," according to the statement.

Izmir Bayrakli Hospital, which will consist of six buildings and have a total of 2,060 beds, is expected to be operational in 2019, it added.

http://aa.com.tr/en/economy/european-development-bank-to-fund-new-turkish-hospital/669207

 

[Deliorman]

Turkey legalizes controlled cannabis production in 19 provinces
New government regulations will allow highly-controlled and ministry-sanctioned cannabis production in selected provinces for medical and scientific purposes.

http://www.independent.co.uk/news/w...9-provinces-a7364026.html?cmpid=facebook-post


ps For scientific purposes only, huh...? Light it, smoke it, pass it!

 

[xenon54 out]

Turkey legalizes controlled cannabis production in 19 provinces
New government regulations will allow highly-controlled and ministry-sanctioned cannabis production in selected provinces for medical and scientific purposes.

http://www.independent.co.uk/news/w...9-provinces-a7364026.html?cmpid=facebook-post


ps For scientific purposes only, huh...? Light it, smoke it, pass it!

Wtf? This would be the last thing i would expect from AKP goverment.

 

[Constantinople]

Turkey legalizes controlled cannabis production in 19 provinces
New government regulations will allow highly-controlled and ministry-sanctioned cannabis production in selected provinces for medical and scientific purposes.

http://www.independent.co.uk/news/w...9-provinces-a7364026.html?cmpid=facebook-post


ps For scientific purposes only, huh...? Light it, smoke it, pass it!

We can't smoke it ?that bad

 

[Attila the Hun]

Over 3,700 startups launched in Turkey in one month

More than 3,700 new businesses were established in September, according to a report released by the Turkish Union of Chambers and Commodity Exchanges (TOBB) on Oct. 21.

But the number of start-ups has declined by 29.03 percent since September 2015, falling from 5,219 to 3,704, the union said.

During the same period, 832 companies went out of business, a 21.99 percent rise compared to the decline in September 2015.

According to the report, the number of newly established businesses in the first nine months of 2016 fell by 3.89 percent to 48,051 over the same period last year.

The report also said 259 foreign-partnered companies were established in September, of which 119 were founded directly by Syrians or with their partnership.

http://www.hurriyetdailynews.com/ov...onth.aspx?pageID=238&nID=105235&NewsCatID=344

 

[what]

Legalizing weed (including smoking) would be a pretty smart move economically as well as politically against the PKK.

 

[KediKesenFare3]

Wtf? This would be the last thing i would expect from AKP goverment.

http://www.hurriyetdailynews.com/turkey-top-opium-producer.aspx?pageID=238&nID=35024&NewsCatID=345
http://www.alternet.org/drugs/turke...d-regulated-its-opium-production-could-mexico

 

[xenon54 out]

http://www.hurriyetdailynews.com/turkey-top-opium-producer.aspx?pageID=238&nID=35024&NewsCatID=345
http://www.alternet.org/drugs/turke...d-regulated-its-opium-production-could-mexico

Then what makes me wonder is the incredible hypocracy of AKP which critisized CHP goverment of 20's because of Heroine factory which produced Heroine for medical use, for those who dont know, yes heroine was used as pain killer and was sold in pharmacies back then.

 

[Attila the Hun]

Bill for Istanbul Finance Center to be issued soon: Minister

AA photo

A law on the Istanbul Finance Center (IFC) will soon be issued, Finance Minister Naci Ağbal has said, adding that the center will offer many opportunities to attract investors.

“We need to offer various advantages to investors. We have now been examining what other centers offer and exchange views with our stakeholders. We will soon issue a legal framework, namely the Law on Istanbul Finance Center, we hope,” he said in an interview with Anadolu Agency.

The framework will include which incentives, tax and other advantages and guarantees will be offered to investors, he said Oct. 22.

“It is not enough to build the buildings or to invite investors to the center. If we want the Istanbul Finance Center to become an ambitious project, we need to offer what other centers offer, even more,” said the minister.

Earlier Oct. 15, a break ground ceremony was held for new buildings for the Istanbul International Finance Center, Banking Regulation and Supervision Agency and Capital Markets Board in Istanbul.

Queried as to whether there was a slowdown in the regulatory framework for the project, Prime Minister Binali Yıldırım said on Oct. 15: “By the time the buildings become ready, we will create the regulation framework. This framework will aim to create goodies to attract investors to Istanbul.”

As global financial investors have seen several negative steps taken against them in some destinations, as exemplified by the U.S. Congress’ recent bill that will allow the families of 9/11 victims to sue the government of Saudi Arabia despite U.S. President Barack Obama’s concerns, they will seek new safe places to invest, according to Yıldırım.

“In this vein, we are speeding up the Istanbul Finance Center project,” he said.

Ağbal also noted that the government had adopted a number of new instruments in a bid to diversify the financial markets in years, from Islamic finance to Turkey’s Sovereign Wealth Fund.

“There are of great importance in terms of spreading the capital to grassroots and fostering savings in the long term,” he said, adding that the legal framework for the sovereign wealth fund will be completed by early 2017.

A law to establish the fund intended to boost annual growth over the next decade was published in the country’s Official Gazette late August, as Anadolu Agency then reported.

After the defeated July 15 coup attempt, the Turkish government in August introduced a bill to parliament to setting up a wealth fund to keep growth on track and reassure investors unnerved by the upheaval.

Financing for the fund, which aims to lead annual growth of 1.5 percent over next decade, will be provided by government asset sales, cash surpluses from the state privatization fund and other state institutions, the draft law reads.

http://www.hurriyetdailynews.com/bi...ster.aspx?pageID=238&nID=105273&NewsCatID=346