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Turkey Property Turkey reaches gas pipeline agreement

Turkey has reached an agreement with the European Union (EU) and several countries in the Mashreq region regarding an international gas pipe.The countries are to work together to finalise plans for the Arab Gas Pipeline by the end of the year.Under the plans, existing pipelines will be extended through Turkey and into Europe to supply the continent with energy.Cooperation and ongoing dialogue from all parties was encouraged at the meeting via the European Commission earlier this week.Commissioner Ferrero-Waldner commented: "The Mashreq countries, Turkey and Iraq, are key energy partners...

07-05-2008 - read more...

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Turkey Property Turkey is attractive business partner

Turkey is in a favourable position to attract trade from areas outside continental Europe, according to one business chief.Aysegul Arican, business council coordinator at Foreign Economic Relations Board (DEIK), believes that due to an economic slowdown in some EU countries, Turkey is now looking towards Scandinavia for new trade opportunities.Mr Arican told the Turkish Daily News: "We are now looking to boost foreign trade and business volumes by finding new partners in the Nordic region."He went on to stress that Turkey stands as a desirable strategic trade partner for many...

02-05-2008 - read more...

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VAT cuts in tourism sector

Value added tax (VAT) in the tourism sector will be cut from 18 per cent to just eight per cent from next year, the Turkish government has said.The announcement was made by finance minister Kemal Unakitan last week, after much anticipation.He also said that VAT on food would be reduced in an effort to boost Turkey's tourist industry - one of the most important sources of revenue for the country."Tourism tax levels in countries like Italy and France are lower than in Turkey. It is necessary to create an equal base," Mr Unakitan told Reuters. The move, however, has been opposed by the...

30-05-2007 - read more...

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Construction is cornerstone of Turkeys economy

The construction industry in Turkey grew by 19.4 per cent last year, according to the Building Information Centre (YEM).The information collected by YEM and published in the Turkish newspaper Today's Zaman also said the building sector made up 4.8 per cent of Turkey's economy in 2006.Guven Canturk, director general of YEM, has commented on the results labelling the building sector Turkey's "locomotive sector," as it powers energy into more than 200 related sectors, and also the "sponge sector," because it absorbs such an impressive work force."The construction sector...

29-05-2007 - read more...

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Honda investing in Turkey

Honda is to push production of cars in Turkey as part of plans to expand growth in Europe.Being stewarded in production by Honda's European "mother plant" in Swindon, UK, the Eastern European plant in Turkey represents a significant investment in the country.Ken Keir, managing director of Honda UK and senior vice-president of Honda Motor Europe, said: "Honda's fundamental strategy has been to manufacture products where the demand is and this very practice has been carried out for our operations here in Europe."The two plants will represent Honda's growth in the continent...

25-05-2007 - read more...

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Turkish economy full of opportunities

The potential for foreign investment in the Turkish economy is extremely large and will result in huge returns as well as a string of benefits for the country, according to Robin Hollingbury, chairman of logistics and transportations company Pasha.Mr Hollingbury explained that the country's expanding economy and its history of uninterrupted growth over the last five years make it an extremely attractive market for outside investment of all scales.The Turkish economy expanded by 6.1 per cent in 2006 and reached a 40 per cent cumulative rate of real growth in the last five years.Writing in the...

11-05-2007 - read more...

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Turkeys economy stronger with stability says minister

Turkey's state minister and chief negotiator for the EU said that the more stable the country's political system is, the stronger its economy will be.Ali Babacan stated that despite current protests, Ankara was committed to protecting the democracy it enjoyed and the stability this brought, encouraging investment in property in Turkey and businesses there."The stronger the political stability is, the stronger our economy will be," Mr Babacan said. Although "an unexpected development" occurred on Friday night with mutterings from the general staff, "the business world...

04-05-2007 - read more...

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Foreign investment helping privatisation

Foreign investment is contributing towards the privatisation of cigarette factories in the Tobacco, Tobacco Products, Salt and Alcohol Enterprises Incorporation (TEKEL) of Turkey.There are five investors closely interested in the process of privatising the tobacco industry, two of which are foreign investment funds with local partners in Turkey.One source indicated to the Turkish press that the "presence of numerous foreign investors who are eager to participate in the privatisation process creates an expectation for a higher price".TEKEL's privatisation will be completed after the...

01-05-2007 - read more...

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