Foreign Companies In Turkey Are Benefiting From The Economic Upturn

Turkey has a great opportunity for foreign companies because it grants subsidies in key strategic sectors. Depending on the nature of the plan, companies can benefit from several subsidies such as tax and duty reductions or exemptions, free allocation of land, infrastructure subsidies, grants for qualified stuff and the assumption of employer’s social security contributions for employees.

In addition, government grants for energy costs can be claimed over a period of ten years. Due to its proximity to the EU, Turkey is also gaining in importance for foreign companies as a procurement market and investment.


Companies Are Satisfied


Although the pandemic is not yet over, foreign companies in Turkey are benefiting from the international economic upturn. In addition, the companies have succeeded in adapting to the new market situations, immigration and taking improved protective measures against the financial and health effects.


Are There Also Positive Things?


Yes for sure. The Turkish economy is growing again. Less powerful than planned, but it is growing. From an financial point of view, we have to look at the east and west of Turkey differently. The east and south-east are dominated by agriculture, there is a lack of qualified jobs in the sector.


The West on the other hand is flourishing. There are twenty urban locations with more than a million inhabitants. Many sectors are booming: Textiles, engineering and its suppliers, as well as renewable energies. Tourists are also returning – the tourism is drawing hope as it has not for three years.


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How Important Is The Turkish Business For The European Economy?


Outlook Turkey is the number one trading partner for Turkey. Europe is the largest supplier of primary products for the export. The  technology in Europe is still very popular. This can also be seen in the newly built Istanbul airport, in the construction of which many companies were involved.


At the same time, European countries are the largest importer of Turkish products, especially food and textiles. 10% of Turkish exports go to Germany for example.


From a perspective, Turkish companies are reliable partners for whom sustainability is a top priority.   suppliers are well positioned and the goods are available quickly, reliably and in high quality.

February 27, 2024

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