Why invest in turkey ?
In addition to being one of the fastest growing economies in the world and having a high young population, Turkey continues to attract the attention of foreign investors with its strategic location and many other advantages. In this article, we will examine together the 10 reasons to invest in Turkey.
Stable Growing Economy
Turkey has more than tripled its Gross Domestic Product (GDP), from US$ 231 billion in 2002, to US$ 784 billion in 2018. Between 2002 and 2018, the annual average real GDP growth rate was around 5.5 percent, maintaining stable economic growth. It is the 13th largest economy in the world and the 5th largest economy when compared to the EU. In the last 16 years, the Turkish economy has received an inflow of US$ 209 billion through foreign direct investments (FDI). With an increase of 366 percent between 2002 and 2018, it gained a dynamic and mature appearance with 168 billion US dollars of exports.
High Young Population Rate
Nearly half of Turkey's population, which has a population of over 82 million, consists of a young, dynamic, well-educated and highly cultured population under the age of 32. This ratio shows that Turkey has the largest young population compared to EU countries.
Skilled and Competitive Workforce
More than 800,000 undergraduate students graduate from 183 universities in Turkey every year. Labor productivity is increasing day by day in Turkey, which has more than 32.3 million young, well-educated and motivated professionals.
Reformist Investment Climate
Especially in the last 20 years, Turkey stands out as the 2nd largest reformer country among OECD countries in terms of removing the restrictions on foreign direct investments and preparing a more liberal investment environment for foreign investors. It is possible to establish a company in Turkey in as little as 6.5 days. While Turkey offers investors highly competitive investment conditions, it observes the principle of equal treatment for all investors. With its strong industry and service sector, Turkey hosts approximately 65,500 companies with international capital as of 2018.
Advanced Infrastructure Facilities
While Turkey has created a new and advanced technological infrastructure in the fields of transportation, telecommunication and energy, especially with the increasing investments in recent years, besides its highly developed and low-cost maritime transportation facilities, railway transportation to Central and Eastern Europe and well-structured land transportation routes to most of the EU countries are directly connected. It has a number of advantages such as distribution mechanism.
Turkey creates a natural bridge between both the East-West and the North-South axes, while providing an efficient and cost-effective entry into major markets. It is possible to provide access to approximately 1.7 billion customers in Europe, Eurasia, the Middle East and North Africa. This means access to multiple markets with a total GDP value of $27 trillion.
Europe's Energy Corridor and Terminal
Turkey is an important energy terminal and corridor connecting East and West in Europe. Located close to more than 70 percent of the world's proven primary energy reserves, Europe, the largest energy consumer in the region, is located just west of Turkey, thus making the country a hub and an energy terminal in the energy transition.
Low Taxes and Incentives
Tax advantages and incentives, including income tax exemptions, social security share grant and land allocation, are provided for foreigners who want to invest in Technology Zones, Industrial Zones and Free Zones. In addition, additional incentive opportunities are created for strategic and large-scale investments, for which the R&D and Innovation Support Law has been enacted.
Customs Union with the EU
Since 1996, Customs Union with the EU and Free Trade Agreements (FTA) with 22 countries have been made, and new bilateral trade agreements continue to be signed.
Great Domestic Market
Turkey has a large domestic market with its young and growing population. The number of internet subscribers, which was 100 thousand in 2002, reached 72 million in 2018, 23 million mobile phone subscribers in 2018, 80.6 million in 2018, and 16 million credit card users in 2018. 66.3 million, 33 million airline passengers in 2018, 211 million, 13 million international tourists in 2018 reached 45.6 million. We can show the size of the domestic market among the 10 Reasons to Invest in Turkey.