Turkish Economy - News & Updates

[Attila the Hun]

As a tea farmer from Rize i say; Turkish tea is the best of the world for two reasons:

1. Turkish tea plant (as far as i know) is the only one in the world that remain under snow during winter. The climate of other tea maker countries is too warm. I think it is something that makes Turkish tea leaves special/healthy.

2.The light traffic beside zero chemical fertilizer. In my village , for example , not more than 5-10 cars a day passes through its road which is actually only. This means no air pollution at all.

I should add that around 70 % of tea production is organic with no chemicals. The rest 30% still use fertilizers as other countries.

UK Lipton too has a tea factory in Rize . they buy tea leaves from farmers and sell it under their names after packi ng. But the tea Lipton buy/make is not organic.

This is "organic" tea.:

I want some tea now!! Are you from Rize by any chance?

 

[Kamil_baku]

Can we buy this tea overseas?

 

[Deliorman]

There is nothing better on this world than a Turkish style breakfast (or lunch or dinner though): lot's of warm tea, nice bread, butter, olives, white cheese, hard boiled eggs, some sausage. Let's keep it simple.

 

[Beno]

As a tea farmer from Rize i say; Turkish tea is the best of the world for two reasons:

1. Turkish tea plant (as far as i know) is the only one in the world that remain under snow during winter. The climate of other tea maker countries is too warm. I think it is something that makes Turkish tea leaves special/healthy.

2.The light traffic beside zero chemical fertilizer. In my village , for example , not more than 5-10 cars a day passes through its road which is actually only. This means no air pollution at all.

I should add that around 70 % of tea production is organic with no chemicals. The rest 30% still use fertilizers as other countries.

UK Lipton too has a tea factory in Rize . they buy tea leaves from farmers and sell it under their names after packi ng. But the tea Lipton buy/make is not organic.

This is "organic" tea.:

Is it possible to buy Turkish tea and other products online?

 

[Adıvar]

Is it possible to buy Turkish tea and other products online?

Can we buy this tea overseas?

I just checked Amazon has in stock.
https://www.amazon.com/Caykur-Organic-Black-Tea/dp/B005NJ2WBI

I do not know if the original manufacturer ÇAYKUR has an online sale .

 

[Attila the Hun]

Can we buy this tea overseas?

I was wondering this, will check all the Turkish stores in and around London.

 

[Attila the Hun]

Technology startups giving shape to Turkey's investment turn

A recent report by the market intelligence website startups.watch demonstrates that the investments in Turkish technology startups, especially on finance technologies and software services, are rising and Turkey is in a much better position than many countries in southeastern Europe in this field


Despite the effect of the July 15 failed coup attempt, technological investments in Turkey have continued with full momentum. According to a study conducted by startups.watch, a market intelligence website, the amount of investments in technology in the third quarter of 2016 has increased by almost 47 percent compared to the year's second quarter.

The study further shows that the amount is some 19 percent higher than what it was in the same quarter last year.

Four investments made during the months of July, August and September were Series A round, while the remaining 13 targeted startup projects. International venture funds such as Revo Capital and 500 Startups stand out among the investors.

Finance technologies investments on the rise

In the third quarter, a significant amount of investments were made on the online real estate company Evtiko, software service enterprises such as Apsiyon and Insider, and retail intelligence V-Count. Finance technologies, real estate, software services and marketplace applications are now among the most popular sectors for investment.

Although the number of investment rounds showed a decrease by 6 percent compared to the previous quarter, there is a 6 percent increase year on year, the study further demonstrates. When looking at the cumulative capital, there is a 50 percent increase compared to the second quarter of 2016 and a 23 percent increase compared to the same quarter last year.

Trust remained strong

Regardless of the failed coup attempt, the trust in the Turkish economy has remained strong as revealed by the seven significant investment agreements made after the attempt.

The data provided by startup.watch shows that the trust in the Turkish economy has successfully persevered as far as the technology sector is concerned. The following six months is going to be crucial for the continuity of investments, however. Early 2017 will be more important to see whether changes will come or not regarding these investment decisions.

RISING TURKISH STARTUPS

Among the 13 Turkish companies supported by 500 Startups Istanbul are "Sinemia," "Bisu," "Paraşüt," "Olev," "Kolay IK," "Insider," "Carbon" - based in San Francisco, "Massive Bio" - based in New York, "Pvgna" - based in San Francisco, "Plum" in London and"Botanalaytics," "MallIQ," "MovieLala/MojiLala," which are also based in San Francisco.

Turkey ahead of Eastern Europe

In terms of technology investments, Turkey fared much better than many countries in southeastern Europe. However, compared to leading European economies like the U.K., Germany and France, the amount is still low. The fact is that countries as large as Turkey in terms of population and economy must set even higher targets.

Speaking to Daily Sabah, the founder of "500 Istanbul Venture Fund," Rina Onur, said they have invested in 13 enterprises after the July 15 coup attempt.

"Turkey deserves more for its engineering quality, but support of the investment ecosystem must continue," she said.
One of the most well-known venture funds in the world, "500 Startups" opened their first office in Turkey just a week after the failed coup attempt and has had 15 investment projects.

Having worked as an entrepreneur for a long time, Onur said Turkey was first on 500 Startups' radar in 2013. She said the entrepreneur profile in Turkey first began to clone international business models, but this needs to change.

"A closer look at all business that has been done in Turkey over the last 15 years shows that most of the enterprises were cloned from enterprises initiated in other countries. We need to come up with original ideas. Turkish engineers deserve more investments. However, it is crucial to maintain the support environment for Turkish engineers who are very good at dealing with new technology."

Udemy, which may not be very well-known in Turkey, but was purchased by Facebook for $150 million, and enterprises such as Mobile Action which received investment from 500 Startups as well as Felicis Ventures have caught the eye of the investors. "The investments 500 Startups made in Turkey was long before it opened its Turkey office," Onur said.

More investments on the way

500 Startups Istanbul has made a total of 13 investments since July 22. "We plan to make five more investments by the end of this year or in early next year. Five of these previous investments were made into enterprises that were developed by entrepreneurs in Turkey. The remaining eight investments were made to enterprises developed in different regions of the world, particularly in San Francisco, the U.S."

http://www.dailysabah.com/technolog...rtups-giving-shape-to-turkeys-investment-turn

 

[Adıvar]

I just checked Amazon has in stock.
https://www.amazon.com/Caykur-Organic-Black-Tea/dp/B005NJ2WBI

I do not know if the original manufacturer ÇAYKUR has an online sale .

Compared prices of ÇAYKUR in Turkey with Amazon. and just noticed that Amazon clearly rips people off.
http://www.caykursatis.com/U73,23,organik-rize-cayi-400gr-organik-cay-caykur.htm

I will call them on monday and ask if direct oversea sale is possible or have a distributor in Europe/USA/Canada..

 

[Attila the Hun]

ITFC plans to provide $1B in funds for Turkish SMEs

Hani Salem Sonbol


The International Islamic Trade Finance Corporation has signed an agreement with Turkey's Small and Medium Industry Development Organization to support SMEs. The group plans to provide $1 billion for Turkish companies


The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a Memorandum of Understanding (MoU) with Turkey's Small and Medium Industry Development Organization (KOSGEB), to enhance cooperation and coordination in trade finance for the development of SMEs.

The signing ceremony took place during the 32nd Session of the Standing Committee for Economic and Commercial Cooperation at the Organization of the Islamic Cooperation (COMCEC) meeting in Istanbul last week. The MoU was signed by ITFC CEO Hani Salem Sonbol and KOSGEB President Recep Biçer with high-level representatives from both entities in attendance.

During the ceremony, Biçer, on behalf of KOSGEB, said he believed the MoU they have signed with the ITFC would provide and enhance opportunities for SMEs in Turkey to grow tremendously in a short period of time benefiting from the facility provided by the ITFC. He also added that the MoU would also enhance cooperation and coordination in their finance sector.

Sonbol in his statement said: "As a developmental institution, the ITFC is dedicated to providing Islamic trade finance among its member countries and the rest of the world to improve the lives and the well-being of people. The ITFC does not limit its activities to trade financing only, but also assists its clients with business advisory services, introduce them to different partners in other OIC member countries, building capacities of SMEs in collaboration with local institutions and exchanging expertise and experiences among traders through reverse linkages."

The MoU also examines the possibility of providing Islamic Trade Finance solutions to SMEs in Turkey. The suggested cooperation program includes developing joint programs for capacity building activities for SMEs in Turkey and Reverse Linkage Programs for transferring KOSGEB's know-how to other OIC member countries.

In a special interview with Daily Sabah, Sonbol shared his areas of interest for cooperation in Turkey. ITFC plans to provide $1 billion for Turkish firms in the near term.

Daily Sabah: What are the possible areas of cooperation between Turkey and the ITFC? Which sectors do you consider to be the most strategic ones?

Hani Salem Sonbol: Since the inception of the IDB's trade financing programs, Turkey has been one of their major customers. An amount exceeding $2.78 billion was approved between the years of 1977 and 2008 for the country, which represents about 10 percent of the IDB's total trade financing approvals.

Following the establishment of the ITFC in 2008, the ISBG's trade financing in favor of Turkey increased further and 72 financing operations for a total of $3.4 billion have been approved so far in Turkey since the inception of the ITFC.

With implementation of the strategic pillars of the first Member Country Strategy Paper of Turkey, asset backed structured finance and export financing mechanism operations have been developed and implemented to fulfill the mandate. It is worth noting that the ITFC's intervention in the country expanded further when it started its operations in Turkey the CGO at the beginning of 2014 after which the trade finance approval size reached around $1.8 billion.

Supporting SMEs especially for their export financing requirements is one of the strategic pillars of the ITFC. It has given priority to partnerships with local banks in Turkey for developing export financing facilities for SMEs. In this regards, the ITFC's partnership with Turk Eximbank is worth a mention. The ITFC has provided a total of $1.7 million in trade financing through Turk Eximbank for the benefit of Turkish SMEs mostly for their export financing requirements.

D.S.: Is there any tailor-made solution designed specifically to finance and promote Turkey's foreign trade?

H.S.S.: As of today, the ITFC has a diversified portfolio in Turkey through local banks (mainly the Participation Banks, Turk Exim Bank and Investment Banks) for a line of financing made available to the benefit of SME-size Turkish exporters and importers.

Meanwhile, large corporates are benefiting from direct lines, especially under the structured trade finance facilities, which provide tailor made solutions for the import or pre-export financing needs.

Engaging in real trade activities is one of the pillars of Islamic Finance and the ITFC provides structured trade finance solutions to Turkish companies especially for the commodity the ITFC's positions itself in the business cycle of its clients, which means much more than conventional financing mechanisms and I believe other Islamic Financial Institutions should also actively participate in structured trade finance deals.

D.S.: Tell us more about the recent MoU you signed with Turkey's Small and Medium Industry Development Organization (KOSGEB)?

ITFC does not limit its activities to trade financing only, but also assists its clients with business advisory services by introducing them to different partners in other OIC Member Countries, building the capacities of SMEs in collaboration with local institutions and exchanging expertise and experiences among traders through Reverse Linkages.

Being a governmental institution that provides development services and support programs to SMEs and entrepreneurs, KOSGEB is one of our strategic partners in Turkey.

The purpose of this MoU is to provide for ways of ensuring mutual cooperation and coordination of joint efforts between the ITFC and KOSGEB in:

I. Providing Islamic Trade Financing solutions to SMEs in Turkey

II. Developing joint programs for capacity building activities for SMEs in Turkey and vice versa

III. Linkage Programs for transferring the know-how of KOSGEB to other OIC MCs

IV. Arranging study visits and implementing technical co-operation programs

DS: What impact have the current economic challenges had on intertrade between OIC member countries and what is the ITFC's reaction that?

HSS: The world has faced tough challenges over the course of 2016 in the wake of an economic slowdown, weak economic performances, increasing geopolitical risks, climate change and social unrest which affect the major economies as well as those of the developing world. In the face of these mounting challenges, the ITFC has always perceived challenges as opportunities, preparing several initiatives to mitigate the full impact of these developments on world economies.

The ITFC is working to strengthen its partnership with regional and local banks to serve both the private sector and Small and Medium enterprises (SMEs), while also exploring new business opportunities in OIC member countries. Difficulties in the operating environment notwithstanding, ITFC has expanded the scope of its trade support intervention measures to include Integrated Trade Programs aimed at meeting the needs of OIC member countries. As I have mentioned previously, some of these Integrated Trade Programs will give the ITFC an international platform as a major provider of trade finance solutions and a leading trade development organization. The solutions we have set forth will provide resources tailored to trade finance and trade developments which will benefit the economies of developing countries.

http://www.dailysabah.com/finance/2016/11/28/itfc-plans-to-provide-1b-in-funds-for-turkish-smes

 

[Attila the Hun]

Foreign Minister urges more Turkish investors to do business in Tunisia

Turkish companies have significantly contributed to Tunisia's development, Turkey's Foreign Minister Mevlüt Çavuşoğlu said while on a trip there Monday.

Çavuşoğlu's counterpart, Khemaies Jhinaoui, said his country is ready to welcome Turkish investors.

"I especially thank the Tunisian government and the state for their support and support to the Turkish companies," Çavuşoğlu said at a joint news conference following a meeting with Jhinaoui in which he said Libya was discussed.

"Tunisia and Turkey have no secret agenda in Libya. We are stepping in and supporting Libya's stability and unity," he said.

"Despite all the difficulties, we really thank the Tunisian government for keeping the Libyan border open. We will act together in regional issues, especially in Libya," Çavuşoğlu added.

Jhinaoui stressed the importance of calling the parties in Libya to peaceful meetings, adding that Turkey and Tunisia have been in the area for some time and "decided to exchange opinions".

Çavuşoğlu and Deputy Prime Minister Nurettin Canikli are in Tunisia to attend the Nov. 29-30 International Conference on Economic Support and Investment where they will seek new investment opportunities in Turkey.


http://www.dailysabah.com/money/201...e-turkish-investors-to-do-business-in-tunisia

 

[Tuco71]

Why this big font size???

 

[Attila the Hun]

Why

Many reasons.

 

[Attila the Hun]

Turkey’s economic, trade ties to improve when Trump takes office: Association

Turkey’s bilateral economic and trade relations with the United States will fare better than they did over the past four or five years when U.S. President-elect Donald Trump takes office in early 2017, according to the head of the Turkish-American Business Association-U.S. Chamber of Commerce (TABA-AmCham).

“I am optimistic about the bilateral ties between Turkey and the U.S. during the Trump administration, as many people are. There has been an obvious slowdown in U.S. actions abroad for a while. This will end soon ... Trump knows the Turkish economy as a foreign investor in Turkey,” TABA-AmCham President Bora Gürçay told the Hürriyet Daily News.

“Besides, Trump’s views about how the U.S.’ policy on Iraq and Syria are not very different than Turkey’s view, as Trump wants to share the burden of foreign issues with U.S. allies, rather than treating the U.S. as the biggest watchman … His views about the future of the planned trans-continental trade agreements also parallel Turkey’s views,” Gürçay said.

“In the light of these factors, I believe that ties between the two countries will likely be better in the next period than they were in the last couple of years,” he noted.

Gürçay noted that the bilateral trade volume was at around $19 billion, which is very low when the real potential is considered.

“Trump is not very keen on multinational trade deals. In this vein, the planned Transatlantic Trade and Investment Pact (TTIP) and similar deals will be kept on the shelf during his term. Turkey should use this term to turn into an advantage. There are now 10,000 tariffed goods which are the subject of Turkish and American trade, and some 3,000 of them are customs-free, but only 700 or 750 of them are traded efficiently. We need to increase this figure in a bid to boost our bilateral trade ties,” he said, adding that the association had already worked in cooperation with both Turkish and U.S. authorities in this area.

The association is also working on a plan to increase investment relations between both sides’ small- and medium-sized enterprises (SMEs).
“We have been working on a comprehensive program to match Turkish and U.S. SMEs, mainly in the sectors of IT, energy, automotive parts and textiles to build cooperation with each other. For instance, we are relating which investment subsidies are offered by, for instance, Texas to any Turkish SME in an Anatolian province. We are set to make a detailed presentation regarding the issue to the new U.S. administration as well,” he said, adding that a number of conferences would also be held in the U.S. to tell investors there more about Turkey’s economic incentives.

Girçay said members of TABA in the U.S. had planned around $350 million in investments in Turkey for early 2017.

“They actually made their plans for the end of this year, but they had to postpone them due to the surprising results of the U.S. presidential elections. They now plan to realize their investment plans in February or March 2017. One of these companies plans to make a greenfield investment in Turkey and another will position Turkey as a regional hub for its operations,” he said.

http://www.hurriyetdailynews.com/tu...ion-.aspx?pageID=238&nID=106721&NewsCatID=345

 

[Arabic_Ottoman]

There is nothing better on this world than a Turkish style breakfast (or lunch or dinner though): lot's of warm tea, nice bread, butter, olives, white cheese, hard boiled eggs, some sausage. Let's keep it simple.

You just reminded me my grandmother, plus she always has the TV on some random Turkish channel, not understanding a single word when she used to live in Jordan
-----
Turkish coffee > all kind of tea.

I purchased my set of Turkish coffee online (Kurukahveci Mehmet Efendi) from the U.S through a Turkish store based in NY, so most likely you'll be able to find it abroad.

 

[Kamil_baku]

You just reminded me my grandmother, plus she always has the TV on some random Turkish channel, not understanding a single word when she used to live in Jordan
-----
Turkish coffee > all kind of tea.

I purchased my set of Turkish coffee online (Kurukahveci Mehmet Efendi) from the U.S through a Turkish store based in NY, so most likely you'll be able to find it abroad.

Which website did you use?