March 2026

After peaking at nearly 75% in 2024, Turkish inflation has fallen sharply… but remains at a high level. In February 2026, it still stood at 31.5% year-on-year, with a slight rebound after several months of decline.

Rising food prices and wage adjustments continue to fuel inflationary pressures, while business expectations remain high. Geopolitical tensions around Iran have in fact led to an increase in energy prices. Yet Türkiye remains structurally dependent on energy imports, which are the country’s leading import item and account for as much as 4 to 4.5% of GDP. In this context, inflation forecasts have been revised upward to around 29% on average for 2026, and the Turkish central bank marked a turning point in March by keeping its policy rate at 37% after several months of easing.

Despite these pressures, Türkiye continues to demonstrate significant resilience. Projections point to growth of around 3 to 3.5% in 2026, following 3.6% growth in 2025. This resilience nevertheless remains conditional on stabilization in the regional environment and continued disinflation.

On the business front, Türkiye continues to send strong and encouraging signals. Foreign direct investment (FDI) rose by 12.2% last year, against the global trend, which declined by around 2%. Beyond the volume of these flows, their quality is also changing: investors are favoring high value-added sectors with long-term potential. Export-oriented manufacturing, energy, technology, logistics, and consumer goods are attracting a growing share of investment.

For companies and investors, the Turkish market therefore remains strategic, dynamic, and full of opportunity. While the economy is still exposed to exogenous factors, foremost among them energy and geopolitics, recent developments reflect a clear determination toward economic normalization and still-solid medium-term growth potential.

Economic & business news from Türkiye

Türkiye posts 3.6% growth in 2025

With 3.4% growth in Q4, Türkiye’s annual growth reached 3.6% in 2025. Türkiye was thus among the three fastest-growing economies last year among OECD countries and ranked 5th among G20 countries. National income per capita reached USD 18,040.

Looking at sectoral growth, the strongest increases were recorded in the following sectors:

• Construction: +10.8%
• Information and communication activities: +8.0%
• Net taxes on products (taxes minus subsidies): +6.9%
• Trade, transport, accommodation and food services: +4.6%
• Financial and insurance activities: +3.8%
• Industry: +2.9%
• Real estate activities: +2.7%
• Public administration, education, health and social services: +1.0%

By contrast, the agricultural sector declined by 8.8%.

Over the full year 2025, household final consumption expenditure increased by 4.1%, accounting for 54.4% of GDP. Exports of goods and services fell by 0.3%, totaling USD 273.4 billion, while imports increased by 4.9%, reaching USD 365.5 billion. In Q4 2025, GDP increased by 3.4% on an annual basis. According to seasonally and calendar-adjusted data, the economy expanded by 0.4% compared with the previous quarter.

Source: Dünya, 2 March 2026

Türkiye officially integrated into the “Made in EU” strategy

On 4 March 2026, the European Commission presented the draft Industrial Accelerator Act, aimed at strengthening Europe’s industrial base and supporting strategic “Made in EU” technologies.

IMPORTANT: Türkiye is officially recognized in this legislative proposal as a partner integrated into this framework, thanks to the EU–Türkiye Customs Union.

In concrete terms, products manufactured in Türkiye in the sectors covered by this proposal would be considered part of the “Made in EU” industrial ecosystem and could enter the European market with a “European” identity. This proposal, which is part of the EU Clean Industrial Deal, is still at an early stage and must still be examined by the European Parliament and the Council of the European Union before adoption and entry into force. If confirmed, the implications could be significant for both European and Turkish companies.

Stronger Europe–Türkiye industrial value chains

Greater industrial investment and nearshoring opportunities

Better integration into European industrial programs and public procurement

The requirements of the “Made in Europe” label, which also aim to stimulate industrial decarbonization, would apply to the following strategic sectors: steel, cement, aluminum, automotive, and net-zero technologies.

If this legislative proposal is approved, this development would have significant implications in Türkiye, with a new wave of investment in prospect.

Source: Daily Sabah, 5 March 2026

New strategic rail corridor: Istanbul’s two airports to be connected by rail

Türkiye is launching one of the largest rail projects in its history, financed by external resources. Minister Abdulkadir URALOĞLU announced an international financing agreement worth USD 6.75 billion for the Northern Peripheral Railway Project. The goal is to directly connect, for the first time, Istanbul Airport and ISG - Istanbul Sabiha Gökçen International Airport.

The route will connect Gebze – Sabiha Gökçen – Yavuz Sultan Selim Bridge – Istanbul Airport – Çatalca – Halkalı, with integration into the #Marmaray network and the future Halkalı–Çerkezköy high-speed rail line.

• 125 km of track
• 44 tunnels (59.1 km total)
• 42 bridges (22.4 km total)
• Key crossing via the Yavuz Sultan Selim Bridge

At full capacity, the line is expected to carry 33 million passengers per year and 30 million tons of freight per year. Beyond urban mobility, the project aims to relieve congestion on the Marmaray line, streamline flows between Asia and Europe, strengthen complementarity between passenger and cargo traffic, and build a true rail-air intermodal ecosystem. The project brings together 6 major international financial institutions, including the World Bank Group, the Asian Infrastructure Investment Bank (AIIB), and the EBRD, sending a strong signal of international confidence in Türkiye’s infrastructure strategy.

Beyond a simple airport connection, this project strengthens Istanbul’s entire Euro-Asian logistics system and could durably reshape the metropolis’s connectivity and competitiveness.

Source: BigPara Hürriyet, 25 February 2026

Turkish giant Sanipak comes under international ownership

Eczacıbaşı Group has announced the acquisition of its subsidiary Sanipak by Malaysia’s Arch Peninsula for USD 600 million. The Turkish company, behind the iconic Selpak and Solo brands, is part of the daily lives of millions of consumers in hygiene products in Türkiye. Today, Sanipak stands out for its strong fundamentals:

• A presence in 70 to 80% of Turkish households
• Exports to more than 60 countries
• Around 40% of Turkish tissue paper exports

With this acquisition, Arch Peninsula is clearly seeking to accelerate its international expansion. The objective is to rely on established brands to enter new markets and rapidly gain global market share. This reflects a deeper trend: international groups are no longer only building brands; they are acquiring local leaders in order to globalize them.

For Eczacıbaşı, this transaction is part of a strategic refocusing. By freeing up financial resources, the group is giving itself the means to invest in higher value-added activities while optimizing its portfolio.

This deal confirms the growing attractiveness of the Turkish FMCG market to international investors, drawn by the combination of powerful local brands, robust industrial capacity, and strong worldwide expansion potential.

Source: Eczacıbaşı press release, 26 March 2026

Türkiye to handle global production of the Dacia Striker

Automaker Dacia has unveiled the Dacia Striker, a strategic crossover marking its push into the C-segment. But beyond the vehicle itself, it is an industrial decision that stands out: global production will be handled in Türkiye, in Bursa.

For the first time, Türkiye is becoming the sole global production center for a Dacia model. The vehicle will be produced at the Oyak Renault site, which is gradually establishing itself as a pillar of Renault Group’s industrial system. This decision is part of an investment plan of more than EUR 400 million announced in late 2023. After the launch of production of the Renault Duster and the new Clio, followed by the Renault Boreal project expected in mid-2026, the Striker becomes the fourth model produced in Bursa — and the most strategic at this stage.

Dacia is indeed taking an important step in Türkiye, moving from an importer position to that of a structuring local industrial player. At the same time, the Bursa site is strengthening its multi-model production capacity and moving up the value chain in engineering and manufacturing.

What this confirms in concrete terms:

• Türkiye is becoming a global production center for strategic models
• The Bursa site is establishing itself as a high value-added multi-model hub
• The local ecosystem (suppliers, engineering, production) is upgrading its capabilities
• The country is strengthening its key role between Europe, the Middle East, and Africa

From a product standpoint, the Dacia Striker reflects market developments through a multi-energy approach (hybrid, hybrid 4x4, petrol/LPG) and a competitive price positioning of around €25,000 on the European market. Developed within the futuREady strategy, Türkiye is thus consolidating its role as an automotive industrial hub capable of hosting high value-added global projects.

Source: Autobond, March 2026

German group Ringmetall acquires Turkish company Makplast

International industrial packaging solutions specialist Ringmetall has announced the acquisition of Turkish manufacturer Makplast. The transaction aims to strengthen Ringmetall’s business in industrial packaging solutions for liquids, particularly in the food sector.

Makplast is known for manufacturing liners for industrial packaging used in the transport and storage of food liquids, in both aseptic and non-aseptic versions. Key elements of the transaction:

• Acquisition carried out as a share deal (amount undisclosed)
• Around 45 employees
• Revenue of several million euros with an EBITDA margin above the sector average
• Gradual integration into Ringmetall over the coming months

Ringmetall is an international supplier of industrial packaging solutions, specializing in drum closure systems, liners, and protective solutions for the transport and storage of liquid and sensitive materials. The group is expanding its global presence through a growth strategy combining organic development and targeted acquisitions.

The integration of Makplast will allow the group to strengthen its liners division and expand its industrial footprint in a particularly dynamic region.

Source: EQS News, 9 March 2026

Givaudan strengthens its presence in Türkiye

Swiss group Givaudan, a global leader in Fragrance & Beauty, announced that it is strengthening its presence in Türkiye in order to better support its local and regional clients. With more than 250 years of expertise and 17,500 employees worldwide, Givaudan supports its clients in innovation and in the development of Fragrance & Beauty and Taste & Wellbeing solutions.

Givaudan’s new operational capabilities in Türkiye:

• Deployment of a dedicated application laboratory for more agile and customized solutions.
• Installation of a new drying space and optimization of technical capacities.
• Creation of a sensory space to support co-creation, marketing workshops, and creative exchanges.

Felix Mayr-Harting, Global Head of Consumer Products, Fragrance & Beauty, emphasized that “Türkiye remains a source of inspiration where tradition and innovation come together, and this strengthening illustrates our ability to co-create with our partners.” Kaspar B. Probst, Regional Head of Consumer Products Europe, Fragrance & Beauty, added that “this investment demonstrates Givaudan’s confidence in the growth potential of the Turkish market and in local and regional collaborations.”

These new capabilities reflect Givaudan’s strategy to accelerate local innovation, strengthen on-site technical expertise, and better meet the expectations of clients in Türkiye, the Middle East, and Europe. The Turkish market is therefore continuing to establish itself as a key hub for innovation, production, and creativity in fragrance and beauty.

Source: Givaudan press release, 24 March 2026

K-Beauty: South Korean brand Nacific enters Türkiye

Korean skincare brand Nacific, known for its natural formulations and transparency, is entering the Turkish market. This launch is part of a broader strategy aimed at positioning Türkiye as a priority hub in its development across the EMEA region. To make this expansion successful, the brand is relying on a strong model: distribution led by Korelle Kozmetik and a strategic retail partnership with Rossmann Türkiye (physical presence + e-commerce).

At a time when K-Beauty now represents nearly USD 15 billion globally, Türkiye stands out with several strengths: a young and informed population, organized distribution, and a key geographic position. These are all factors that make it a high-leverage market for international brands.

Beyond simple commercialization, Nacific is adopting a long-term vision built around three pillars:

• Building brand awareness
• Consumer education
• Long-term structuring of the K-Beauty category

“We observed in Türkiye a real need for structure and sustainable brand management in the K-Beauty segment. Nacific, with its global strength and results-oriented philosophy, fits perfectly into this vision. We are convinced that by combining local expertise with Rossmann’s infrastructure, we can create sustainable growth,” explained Neslihan Nigiz Ulak, co-founder of Korelle Kozmetik.

The alliance between a global brand, a structured local distributor, and an established retail player illustrates a key trend: success in Türkiye depends on strong partnerships and an integrated market approach.

Source: Marketing Türkiye, February 2026

Koronea Family Office takes control of Turkish company Atlas Trafo

Investment company Koronea Family Office, owned by the Wypychewicz family, has acquired 51% of the capital of Turkish transformer manufacturer Atlas Trafo for nearly EUR 59 million. The transaction could reach around EUR 82 million including the planned industrial investments. The objective is to strengthen the Polish group’s industrial presence in Europe.

The operation is part of Koronea’s development strategy aimed at reinforcing its independence across the value chain and consolidating its position in European energy markets.

A key component of the project is the construction of a new modern plant in Türkiye, which will:

• Increase production capacity by around 30% as early as Q2 2026
• Improve the efficiency of industrial processes

Atlas Trafo is a Turkish manufacturer specializing in oil transformers for grid operators and electricity distributors. The company currently has a production capacity of around 300 MW per month, with annual output close to 3,000 units. Thanks to the commissioning of the new plant planned for Q2 2026, this capacity is expected to reach 400 MW per month.

For Koronea Family Office, Türkiye represents a strategic industrial hub. Its geographic position makes it both a competitive production platform for the European market and a natural gateway to the Middle East and Africa. The investment also responds to demographic constraints in the Polish market, where labor availability is becoming more limited.

Koronea Family Office currently manages more than EUR 1.4 billion in assets and develops long-term investments in the energy, industry, technology, and media sectors.

Source: Biznes, 3 March 2026