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Black Sea free trade zone 'five years away'

Turkey could be instrumental in turning the Black Sea region into a free trade zone.State minister Kursad Tuzmen reports that talks to facilitate the trade agreement are ongoing with several neighbouring states and every member of the Black Sea Economic Cooperation (BSEC) is said to back the formation of the new zone.A trade treaty with Georgia is close to completion and similar agreements with Russia and other BSEC members are in the pipeline, Mr Tuzmen told reporters, noting that a common trade treaty uniting the Black Sea region would improve each of the economies involved."Turkish...

28-06-2007 - read more...

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Fruit economy gets unexpected boom

Turkey will experience a record cherry harvest this year, which will help solve the fruit's crisis levels in the rest of Europe, the Turkish Press reports.The bad rain and cold temperatures experienced by the rest of Europe this year mean Turkey's cherry harvest is bigger than ever. Kerim Taner, CEO of Alara Agricultural Products Industry and Trade Corp, said foreign demand was increasing steadily."Cherry production in Italy, France, Spain and Poland has seen almost 80 per cent decrease due to frost in May, which resulted in intensive interest in Turkish cherry," he said.According...

27-06-2007 - read more...

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Turkish economy set for mid-term growth of 5.6%

The Turkish economy is set for strong growth in the next three years, according to The Journal of Turkish Weekly. The figure of over five per cent for the mid-term is part of the targets by the State Planning Organization (SPT). 5.5 per cent growth is expected in 2008, and 5.7 per cent in 2009 and 2010. This would leave Turkey with a gross domestic product (GDP) per capita of over £3,500 on average by 2010.The SPT's report predicts a growth in consumer spending of 6.4 per cent and 3.7 per cent for public consumer spending.The country is expected to switch to performance based pay during...

22-06-2007 - read more...

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Turkeys economy getting stronger

Turkey has been congratulated on its impressive economic revival over recent years in a report published by the International Monetary Fund (IMF).The document describes the preliminary results of regular visits by the IMF to Turkey as part of consultation and advice programs which ended on May 18th.According to the report, Turkey has experienced average annual growth of 7.5 per cent since 2002, thanks to sound economic policies combined with fund arrangements and increasing political stability.The IMF cites private consumption and investment as the primary drivers, aided by declining real...

14-06-2007 - read more...

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Turkeys coffee industry passes the buck

Turkey's traditional coffee is under threat as big-name foreign coffee houses move in, according to the Turkish national press.Turkish newspaper Today's Zaman has hit out at foreign cafe franchises following Saturday's news that Coffee Republic, a British chain, is opening outlets in Istanbul.Starbucks already has a strong presence in Turkey and Coffee Republic will see if they can take a share of the growing market, which is increasingly popular with Turkey's younger generation.Coffee Republic plans to open two cafes in Istanbul this summer and hopes to take the total up to 20 in the...

11-06-2007 - read more...

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Turkey ripe for investment

Turkey is still a very attractive and profitable country for international investors, a leading economist has said.The positive news about the nation's financial state comes at a time when Turkey is moving closer to EU membership, and is facing parliamentary elections at home.The comment was made by Dr Mark Mobius, president of the Emerging Markets Fund of Templeton, which is a global asset management company that drives funds of over $35 billion (£17.5 billion) in emerging markets.Dr Mobius has spent more than 40 years working in emerging markets all over the world and made the forecast...

04-06-2007 - read more...

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Turkey no longer debtor

Turkey's public sector economy is more stable than it has been for years, the finance ministry undersecretary has said.The statement was made during the Organization of Economic Cooperation and Development's 28th top budget authorities meeting in Istanbul this week, during an opening speech.Hasan Basri Aktan, the finance ministry undersecretary, said the public sector had made important progress in providing high growth with low inflation rates and was now in a position where it was able to both save and pay debts.He explained that currently Turkey's continued growth over 20 quarters,...

01-06-2007 - read more...

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