Turkey is emerging as the new Silicon Valley global tech hub for innovation in cutting edge industries including artificial intelligence and cryptocurrency, with investors all over the world pouring in capital. As an open and democratised system, Turkey has an environment where the laws and conditions are in place to allow the free, fair and easy establishment of start-ups and the facilitation of knowledge transfer from all possible channels. A true trading hub, Turkey is part of the globalised economy with an open system, reinforced channels of communication, and a culture of enriching the local entrepreneurship talent with best practice elements from around the world.
It is predicted that by 2050, Turkey will have one of the youngest generations compared to ageing populations across Europe meaning that bright new ideas and a culture of innovation and entrepreneurialism is on the rise. The city of Istanbul is undergoing major transformation in order to facilitate a start up ecosystem and to ensure those with brilliant ideas have the infrastructure and commercial environment necessary to drive their innovation to fruition.
Turkey’s Commercial Relationship With the EU
As the world’s 13th largest economy, Turkey has a strong foothold in Europe and since 31 December 1995, the EU and Turkey have been linked by a Customs Union free trade agreement. As a result, there are no import or export tariffs between the members, which is a substantial commercial advantage further complemented by Turkey’s preferential arrangements for bilateral trade concessions for agriculture as well as coal and steel products. Turkey has been a candidate country to join the European Union since 1999, and with the UK having left, it remains to be seen whether this will enhance Turkey’s offering to the survival of the EU. Turkey is also a member of the Euro-Mediterranean Partnership which promotes economic integration and democratic reform across 16 neighbours to the EU’s south in North Africa and the Middle East.
Turkey is the EU’s 5th largest trading partner, both in terms of exports and imports. The EU is by far Turkey’s number one import and export partner, as well as a significant source of Foreign Direct Investment (FDI). In 2018, Turkish exports to the EU increased by 9.1% to 76.1 billion euros and overall import/ export trade between the EU and turkey amounted to 153.4 billion euros. Turkish exports to the EU are mainly machinery and transport equipment followed by manufactured goods. There are well established land, air and sea transport routes for direct deliveries to EU countries. Furthermore, Turkey’s main export markets are the EU (50%), Iraq, USA, Israel and Russia and Imports into Turkey come mainly from the EU (36%), Russia, China, India and Iran.
Life in Turkey
Turkey is the ultimate bridge between East and West, both in culture and location. This plentiful country is a haven of majestic geological wonders, culinary masterpieces and ancient remnants. Ottoman ruins rub shoulders with Roman temples, spice markets sit alongside designer boutiques, and dramatic mountains sweep down to sun baked beaches. Make the most of the spectacular sights and inter-resort roaming as you get acquainted with Turkish tradition. Turkey has a large expat community of international migrants who live and work there. It is a secular republic and a relatively safe country with low incidences of crime. In addition, the cost of living is more reasonable than in neighbouring European countries.
Turkish cuisine is one of the most appetising and rich cuisines in the world. Each region of the country has its own specialities and the diversity and full flavour is reminiscent of Turkey’s colourful history. It is a fusion and refinement of Central Asian, Middle Eastern, Eastern European, Armenian and Balkan cuisines.
Turkey’s climate varies by region, but summer can be characterised as hot and sunny weather all around. On the Mediterranean and Aegean coasts, temperatures reach 30 degrees and above in July. Spring and Summer are pleasantly warm, and winters average around 10 degrees but there can be some rain showers. Look no further for perfect beaches along every turn of Turkey’s coastline. For starters you have the Aegean coast (The West Coast) which encompasses Bodrum, Izmir and Kusudasi. This curls around to the stunning Turkish riviera, a chunk of shoreline sandwiched between Antalya and Fethiye. All the beaches here are Mediterranean Coast beauties!