According to the International Monetary Fund (IMF), Turkey has an emerging economy, however, at the moment, the country is one of the most developed countries in the world. Its main strengths are the legislation favoring foreign investments which have transformed Turkey into the largest FDI (foreign direct investment) recipient in Western Asia and the strong partnership between the government and private companies.
The Turkish economy relies on the agricultural and transportation industries, however there are also industries attracting large groups of investors on a yearly basis.
The Turkish people has a long tradition in producing their own food and this tradition was maintained and even supported in order to grow transforming the country into one of the largest exporters (the 7th) on this segment in the world.
Accounting for more than 7% of the country’s Gross Domestic Product (GDP), agriculture remains the most attractive industry in Turkey with immense possibilities in both the production and export clusters.
The second most appealing investment industry in Turkey is the automotive one. Thanks to its industrialization back in the 1960ies, the country has managed to become one of the largest car-producers in the world. Several foreign key-players in the automotive industry have transformed Turkey into one of the most important original equipment manufacturers (OEMs) on the market. Relying on a skilled and cheap workforce, Turkey is currently the 15th largest automotive producers in the world and the 5th greatest in Europe.
With a developed infrastructure which has boosted the tourism industry, Turkey also has one of the most developed and most attractive real estate markets in West Asia and Europe. During the last 10 years, the real estate industry accounted for 5% of the country’s GDP and still continues to grow.
Many Turkish cities are currently undergoing changes in order to renew old structures, so investment opportunities are continuously rising in this sector.
Considering there are other attractive investment fields as well, we invite you to contact our company formation agents in Turkey for more information about them.