GDP growth of Turkey
5,8% of average annual growth between 2010 and 2019
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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.
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.
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.
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".
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".
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.
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.
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.
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.