With a population of 80 million and $ 857 billion gross domestic product (GDP), Turkey is the 17th largest economy in the world and the 6th largest economy compared with EU countries as of 2016. The country adapts to the trends of changing world; attaches a high priority to an improved investment climate and offers numerous incentives – such as privatisation programs and liberalisation of financial markets and tax incentives for local and foreign investors.
Turkey has strong trade relationship with the EU countries under the Customs Union Agreement signed in 1995. The EU is the number one in Turkey’s imports and exports, and Turkey ranks 5th in the EU’s top import and 4th in export markets.
Despite Turkey’s increasing adoption to the global markets and its competitive economy, inbound foreign investment has been relatively low in the country compared with the EU countries. Some of the reasons for the lower foreign investment in Turkey can be listed as bureaucratic obstacles, unfamiliarity with the market and business culture on the top of language barriers. TY Consulting, with connections in Turkey’s biggest business cities and vast knowledge on Turkish market, can help you set up your business safely and easily and/or conduct business activities Turkey.