Turkey

Key figures

GDP growth of Turkey

5,8% of average annual growth between 2010 and 2019

turkey
ECONOMY
Growth 0,9%
GDP 753 billion $
Unemployment rate 13,7%
Inflation 11,8%
GDP/capita 9.127 $
Debt 32,3% of GDP
Current account deficit 3,5% of GDP
Fiscal balance 1,5% of GDP
Currency Turkish lira (TL)
GEOGRAPHY & LOGISTIC
Area 783.582 km2
Capital Ankara
Major cities (population) Istanbul, Ankara, Izmir, Bursa, Antalya
Neighbohring countries Greece, Bulgaria, Georgia, Azerbaijan, Armenia, Iran, Iraq, Syria
Maritime access Marmara Sea, Mediterranean Sea, Black Sea, Aegean Sea
Active airports 56
Commercial port 180
Railway 12.000 km including 888 km of TGV
DEMOGRAPHY
Medium age 32,4 years old
Population 83 million
Men / Women 50,2% / 49,8%
Life expectancy 78 years old
Urban population 75%
Demographic growth 1,23%
Literacy rate 99,4%
Number of graduates 5,5 million / year
Official language Turkish
Business & administration English and French
FOREIGN TRADE
Exports 202 billion $
Imports 171 billion $
Trade deficit - 31 billion $
FDI 13,2 billion $ (2018)
Exported products (top 5) 1. Automotive 2. Mechanical machinery 3. Iron and steel 4. Electrical equipment 5. Textile
Imported products (top 5) 1. Energy & chemistry 2. Mechanical machinery 3. Electrical equipment 4. Iron, steel 5. Precious met

ISTANBUL

Economic attractiveness and investment opportunities

As an economic and cultural showcase, Istanbul offers many investment opportunities for companies wishing to penetrate a metropolis of an international dimension.

Discover opportunities of Istanbul
Discover the opportunities of the turkish market by sector
AGRICULTURE & LIVESTOCK

Benefiting from a vast territory and varied climates, Turkey is a traditional agricultural country positioning itself as the leading European producer and ranking 7th worldwilde. To modernize the sector, the Turkish government continues to grant incentives and cooperates with many European programs.

View infographic Agriculture & Livestock

FOOD INDUSTRY

Turkey benefits from favorable geographical and climatic conditions and is one of the leading agricultural countries in the world. However, the food industry still faces major challenges : dependence on food ingredients and the need for advanced processing equipment.

View infographic Food Industry

CONSTRUCTION

With a population of more than 82 million, Turkey has to meet important needs in residential and infrastructure construction. The construction sector, which enjoys an average annual growth of 10%, has become one of the leading sector of the Turkish economy.

View infographic Construction (in French)

CHEMISTRY

The chemical industry faces two major challenges around the world: energy and raw materials. The Turkish chemical industry is essentially a market of import, and the country starts to structure this sector with petrochemical factories, the manufacture of intermediate products such as paint, varnish, synthetic fibers, fertilizers, sodium and boron but also the manufacture of end-use products such as soaps, detergents and cosmetics.

View infographic Chemistry

HEALTHCARE

With an emerging middle class able to better heal itself, and as a leading destination for medical tourism, Turkey is undertaking major reforms including the construction of big hospitals. However, the country remains dependent on advanced medical devices and requires the expertise of foreign investors for the manufacture of 100% local drugs.

View infographic Healthcare (in French)

MEDICAL DEVICES

The medical devices market is expected to grow at an average annual rate of 6.7% over the 2016-2020 period. Local manufacturers are generally small and specialized in low value-added products leading the country to import more than 85% of its needs. Moreover, the construction of 31 new hospital centers suggests a significant need for medical devices.

View infographic Medical Devices (in French)

DEFENCE & SECURITY

Turkey is now a manufacturer of defense equipment and materials. Today, 3 Turkish groups rank among the 100 largest global defense companies. Despite this autonomy, Turkey remains dependent on foreign expertise and know-how and uses the skills of international companies for technologies that it does not fully control the design.

View infographic Defence & Security

AEROSPACE

The Turkish government has a strong will to develop the aerospace industry both civilian and military. Turkey is currently one of 20 countries in the world able to design its own satellites and independence is one of the major strategic objectives of Turkish space policy. The Turkish market remains very attractive for foreign equipment manufacturers with which agreements are regularly signed, including technology transfers contracts.

View infographic Aerospace (in French)

PHARMACEUTICAL

The country is one of the top 20 "emerging pharmaceutical markets" and is ranked as the 6th most important market in Europe and 16th worldwide. Turkey is now a Regional Shared Service Center location for the export pharmaceutical industry. However, dependence on imports remains strong: 3.5 billion USD of imports against 900 million USD of exports. The country wants to rebalance its trade balance by increasing its local value-added production and the development of biotechnology, biomaterials and biomedical equipment are at the center of Turkey's priorities.

View infographic Pharmaceutical

COSMETICS

24th in the world in terms of market size, the Turkish cosmetics sector has recorded strong annual progress for 7 years (AAGR of 14% since 2012) including 20% growth in 2018. It is estimated that the market will experience a growth of 15% in 2019. France, the leading supplier country to Turkey in 2017, benefits from a particular reputation in the sector. French brands have an excellent positioning among Turkish consumers who appreciate the quality, prestige and reputation of  the "Made in France".

View infographic Cosmetics (in French)

AUTOMOTIVE

ThE sector is today characterized by a high efficiency and competitiveness thanks to its compliance with international quality and safety standards. It is an international center of excellence for the automotive giants such as FORD, FIAT, DAIMLER, AVL SEGULA, RENAULT, TOYOTA and recently VOLKSWAGEN. Turkey currently has 12 active manufacturers and nearly 4.000 equipment manufacturers (including around 200 foreign investments). The country started now to develop its own brand of car 100% "Made in Turkey".

View infographic Automotive

RAILWAY

The Turkish railway sector presents significant opportunities in a country that aims to invest more than $ 40 billion by 2023. Targets include 31.000 km of railway lines as well as the development of intelligent transport systems and infrastructure. The opportunities are real.

View infographic Railway (in French)

CATTLE & SHEEP FARMING

The improvement in Turkish living standards has led to a significant increase in domestic demand for meat, which local producers can not meet due to the high cost of animal feed. The state has promoted a policy of importing live animals and meat. Turkey became the world's second largest importer of live animals (after the United States), and the number one importer of Europe.

View infographic Cattle & Sheep Farming

CHILD CARE

Turkey has one of the most high fertility rates in Europe. The average budget allocated to a child is around $ 800 per year until the age of three. The demand of young Turkish parents whose standard of living is improving is now shifting towards innovative products, biological or natural origin, certified with European standards, which represent opportunities for foreign investors.

View infographic Child Care (in French)

NICT

Turkey, whose consumers are very "connected", is still at the beginning of its "smart" era compared to other countries and relies on "Industry 4.0" to organize its means of production so as to become a value-added exporter . There are many opportunities for R&D and engineering companies seeking to develop their activity abroad.

View infographic NICT (in French)

FINTECH

Turkey is highly appreciated by multinationals and investors for its strategic position at the crossroads of markets and its stability compared to its geopolitical environment. According to ING International, Turkey is a future hotspot for mobile banking because it has the largest number of Internet users using mobile banking. However, the country lacks of institutional strategies and expertise to lead this transformation.

View infographic Fintech (in French)

ENERGY

The goal set by the Turkish Ministry of Energy and Natural Resources is to achieve a 30% share of renewable energy production in the country's total energy by 2023. To achieve these objectives, many institutions of financing and incentives from the State have been implemented for foreign investors.

View infographic Energy (in French)

WATER MANAGEMENT

With a population of more than 82 million people, three-quarters of whom live in urban areas, Turkey faces material, financial and environmental challenges that suggest water scarcity in 2030 along with many others countries. Therefore, Turkey needs to exploit its resources in an optimal and efficient way.

View infographic Water Management (in French)

PLASTIC

Plastic is one of the youngest and fastest growing industries in Turkey. The country has 2.7% of the world's plastics production market share, making it the 2nd largest producer in Europe (after Germany) and 6th largest worldwide.
However, Turkey remains strongly dependent on imports of plastic raw materials importing 85% of its needs.

View infographic Plastic (in French)

BIG EXPORT OPPORTUNITY PROJECT

Since september 2016, Turkey has initiated a program of "super incentive" to develop its strategic projects. The successful completion of the 23 selected projects can not be done without know-how, thus conferring real opportunities for foreign investors.

View infographic Big Export Opportunity Project (in French)

LOGISTICS

Known as a "pivot country", Turkey is a hub in the logistics sector. According to estimates, the industry should reach a volume of trade between $ 200 and $ 240 billion within 5 years and so represent a growing market for foreign investors looking for export opportunities abroad.

View infographic Logistics (in French)

HOME APPLIANCE

Turkey ranks 8th worldwide exporter, 1st European and 2nd in the world in production capacity of home appliance products. However, the sector must be ready to face the ever-increasing demand for more innovative and high-tech products such as connected and smart digital products.

ELECTROMENAGER

SOLAR ENERGY

Energy is Turkey's largest import item and the country has made huge investments in domestic and renewable resources over the years to reduce its dependence on overseas for electricity generation. Among renewable resources, Turkey mainly opts for hydro and wind power. Although less used for the moment, solar is considered the energy field of the future since Turkey offers significant solar potential.

View infographic Solar Energy (in French)