As the most eastern country in the West and the most western country in the East, Turkey is a natural bridge between East-West, North-South and Europe-Asia. This 37th-largest country has seven neighboring countries — Greece, Bulgaria, Georgia, Armenia, Iran, Iraq and Syria — and it has 77.7 million inhabitants.
|Head of State||President Recep Tayyip Erdogan (since 2014)|
|Head of Government||Prime Minister Ahmet Davutoglu (since 2014)|
|Ruling Party||The Justice and Development Party (AKP)|
|Land Mass||770,760 km² (297,592 mi²)|
|Sea and Water||9,820 km² (3,792 mi²)|
|Currency||Turkish lira (TRY=100kurus)|
|Language||Turkish (official), other minority languages|
|Religion||Muslim 99.8% (mostly Sunni), other 0.2%|
|Time Zone||GMT +2|
Beside its favorable geographical position and demography, supported by a stable microeconomic policy framework, solid banking sector, and dynamic and mature private sector, Turkey’s booming economy tripled its GDP to U.S. $800 billion in 2014, from U.S. $231 billion in 2002. It did so through stable economic growth, with an average annual real GDP growth rate of 4.7 percent. That has made Turkey, the sixth-largest economy in the European Union and the 16th-largest economy in the world.
Turkey is the access point to 1.6 billion customers, $26 trillion of GDP and $8 trillion trade volume of 56 countries in Europe, Eurasia, the Middle East and North Africa within less than four hours’ flight. This fact has already motivated more than 41,000 companies with international capital to establish a presence in Turkey.
Other attractions for investors are growing domestic consumption by the prospering middle class and large young, well-educated workforce, which can be clearly seen in the below figures.
|Per capita income ($)||3,492||10,404|
|Consumer loans (B$)||2.2||69|
|Labor Force (Million)||21.6*||28.7|
|Number of shopping centers||60||342**|
|Motor vehicle in traffic (Million)||4.6||9.8|
|Air travellers (Million)||33||166|
|Broadband Internet Subscribers (Million)||0.1||39.9|
|Mobile Phone Subscribers (Million)||23||71.9|
|Credit Card Users (Million)||16||57|
With high variety of opportunities and equal treatment for all investors, doing business in Turkey can be highly rewarding for those who are well prepared.
Interesting business facts about Turkey: