Emerging markets like Turkey have had their ups and downs in recent years, but still represent one of the best opportunities for growth in your business.  Turkey is a dynamic market, one of the largest in Europe with a society that has a historic legacy while steaming ahead into the 21st century.  The vibrancy of this market is in the relative youth of it’s workforce.  In Turkey there are 400,000 new graduates each year.  50% of the population is under the age of 28.  Three quarters of the population live in cities close to business.  One million mobile phones are being sold each month.  Economists predict that Turkey will become one of the 10 largest economies in Europe by 2050.

Now, it is not all smooth sailing on the Bosporus for the country.  As in any emerging market, there are highs and lows as it seeks to navigate the narrow strait between competing interests.  Over the last years, foreign investment was driving high growth in anticipation of the country joining the European Union in the next years.  But, GDP growth has fallen off from the 9% rates earlier this decade and is predicted to decline this year by 4.5% due to the global economic recession before recovering into positive territory next year.  Meanwhile, reforms to prepare for EU accession continue.  The European Union is providing Turkey with over €500 million each year in pre-accession funds for use in building infrastructure and making grants to support business growth.

Having worked in Turkey for the last six plus years, I have high hopes for the future.  Turkey is in a unique position linking Europe, the Middle East, and Asia.  With a domestic market of over 70 million people, including 500,000 small and medium businesses, there is a need for products and services.  And it is a pleasure to work with the Turks who are a warm, friendly, and enterprising.  For those companies willing to take the time to understand the market and approach it in the right way, the rewards can be very good.

The UK Trade and Investment agency has offices in Turkey and has an excellent guide for those wishing to learn about the market.  Or, contact me to discuss opportunities there.