Turkey is currently the world's 18th largest economy and Europe's seventh largest, with a GDP adding up to 720 billion dollars in 2015. Turkey since 2002, apart from a small drop during the financial crisis in 2009, has enjoyed steady growth and continued improvement in its economy. There are several explanations for Turkey's economy great development, for example:
- Extensive infrastructure investments in the country, such as the development of the so-called 4.5 G network, investments in new construction and modernization of large cities, extensive development of railway, highway and subway, the further development of health care and the ambition to make the country a leader in so called "health tourism", the construction of the world's future largest airport in Istanbul, investments in intelligent energy solutions, tourism, etc.
- Large population (around 78.7 million) with a young average age (31 years) and improved income which has led to an increased demand for goods and services. In addition, the workforce is well-educated.
- Customs union with the EU.
- Competitive tax rates.
- The country's favorable geographical location has proved to be an advantageous base for business in Europe, Middle East, North Africa and Central Asia.
Trade relations between Sweden and Turkey began in the 1700s and as of today about 140 Swedish companies have their own operations in Turkey. In addition, 270 Swedish companies are working with distributors or agents in Turkey. The bilateral trade between Sweden and Turkey reached 23.6 BSEK in 2015 and the goods exported to Turkey from Sweden are mainly in the machinery industry and paper industry, but also chemical and pharmaceutical products, iron and metal products, products from the automotive sector, telecommunication equipment and electrical appliances.
Lately, Turkey has been affected by a series of events that occurred both in the country and within the region and the culmination of the past year's events is probably the failed military coup attempt in July 2016. However, Turkey has managed well economically despite these events and the Turkish government is focusing on keeping the employment running and that both local / national and foreign companies can continue to operate successfully in the country. Infrastructure investments will continue and the Turkish government also provides incentives for companies that want to invest in the country.
Given the developments in the country over the past year Business Sweden initiated during the summer of 2016 a Business Climate Survey aiming to gain a clear, nuanced and updated picture of how Swedish companies established in the country, experiencing how it is to run their business in Turkey. Approximately 80 Swedish companies (both small, mid-size and very large companies are represented) participated and the results show clearly that Swedish companies already established in the country see a very good potential in Turkey, both from short as well as long term perspectives. The Swedish companies expect their own industry sectors to grow and they expect to invest and expand with increased sales and profitability as a result. Thus, Swedish companies with experience and knowledge of Turkey see a very bright business-oriented future in the country.
Business Sweden offers a range of services for Swedish companies wanting to establish themselves or expand in the Turkish market. We help companies of all sizes, ranging from incorporation to the market analysis, to find distributors, agents or resellers, and to develop the business.
Business Sweden has been active in Turkey since 1991. Today, Business Sweden in Istanbul consist of a team of seven management consultants with broad knowledge of the Turkish market and a strong network in areas such as energy, health, transport, telecommunications and retail sectors. Business Sweden in Istanbul assists average 100 Swedish companies per year with services and advice in the Turkish market.
You are welcome to contact us to get information about the current business opportunities in Turkey and how we can help you for a successful establishment and growth in the Turkish market.