指导
网站地图
presentation report格式 case study Summary范文 PEST分析法 literature review Research Proposal Reference格式
返回首页

瑞典留学生经济学史论文指导

论文价格: 免费 时间:2014-08-28 15:49:00 来源:www.ukassignment.org 作者:留学作业网
安纳托利亚的文明始端

安纳托利亚的第一个文明人始于公元前2000年的开始,希泰人从高加索地区来到安纳托利亚的中心,并且在公元前1400年成为一个帝国。他们出名的原因是他们拥有历史上第一个被称为Quadesh协议的书面协议。

他们中的一些人通过与邻国的贸易开始变得富有,包括巴比伦,阿穆路,殷商古城和阿扎瓦。他们用大麦酿造啤酒,用葡萄酿造葡萄酒,并且将这一切记录在石碑上。他们使用四轮式牛车或驴来运输,并且使用银棒作为货币。

弗里吉亚人:
弗里吉亚在公元前800年的爱琴海移民时期来到安纳托利亚,并且在戈尔迪翁成立了一个政府(现在在安卡拉Polatli)。
弗里吉亚以农业和谋生耕作为生。他们定居下来的地方是一个为爱琴海和亚洲国家运输和贸易的集合点。在迈达斯国王时代,商业贸易获得了重视并且能够使得这个国家达到更安全的状态,迈达斯国王与西部和东部的周边国家保持着和平。
 
The First Civilizations In Anatolia Economics Essay
 
One of the first civilizations in Anatolia was Hittites who came to Center Anatolia from Caucasus at the beginning of 2000 BC and became an empire at 1400 BC, they are well known by the first written agreement in history called Quadesh Agreement at 1280 BC.
 
Some of them became rich by doing trade with their neighbors Babylon, Amurru, Ugarit and Arzawa. They were brewing beer from barley and wine from grapes as it was written in their tablets. They were using four wheeled oxcarts or donkeys for transportation and using silver sticks as money.
 
PHRYGIANS:
 
Phrygians came to Anatolia at 800 BC during the Aegean immigrations and founded a government in Gordion (Now Polatli in Ankara).
 
Phrygians made a living by agriculture and farming. Where they settled down was a meeting point for transportation and trade for Aegean and Asian countries. In the era of King Midas, commerce gained importance and to be able to haline getirmek the country a much secure place, King Midas made peace with the neighboring countries in the west and the east. The road used for trade gained importance for being secure in an era where North Syria, Northwest Iran and East and Center Anatolia as well as Caucasus had challenges to pass their goods to the west. The commerce between civilizations was based on the exchange of goods. The importance of the road became enormous after the Persians made rearrangements and provided even more security so that Persian satraps can transport easily. Thanks to the belirtilen arrangements this road called “King Road” and Phrygian cities became more richer. Their location was very rich in terms of underground resources and they were experts in mining which was a heritage from Hittites. They were using it mostly for making crowns, jewelries and vases. They were very improved in textile, too. They did embroidery on fabric with spun gold which was very popular, expensive and precious mostly used by the high class rather than the rest of the society.
 
They were equal in terms of value to the silk that is found by Ephesians. Also in antique world, their rugs were very favorable which shows they were also very advanced in weaving. They were using the wool of Ankara goat that is still known as the best quality wool. The traces of their design can still be seen in Turkish carpets.
 
Having a large scale of forests made Phrygians an expert in furniture making. They were using timber for making houses, tables and coaches. They were called “ horse breeding noble man”
 
LYDIANS:
 
Lydians who came to Anatolia at 1200 BC. established a government in Sard (Now Salihli, Manisa) by King Giges which was destroyed by Persians again in 546 BC. Lydians were actively doing trades. King Road was constructed from Ephesus till Mezopotamia by the order of King Giges. Following these improvements, they found the first metallic money by using silver, copper, nikel, tunc, aliminium and gold and called it “sikke”. They found it as a more useful trade tool in stead of swapping the goods.
 
During the reign of Kroisos, Lydians were producing perfumes and creams in special ceramic vases called “Lydion” which were the most sought after good in the Aegean marketplace.
 
Tmolos (Bozdag) Mountains were rich in both natural and also underground resources. Lydians obtained the stones they used in statues and also monuments from the marble quarries here. Also, beside the gold and silver deposits which made them world rich, there were arsenic used in painting of copper and antimony used in cosmetics and drugs on Lydian soil. Lydian blankets, embroidered pillows and carpets were known all over the antique world. It was believed that the Lydians discovered painting wool for the first time. The sulfur deposits, used in softening the wool and especially the thermal waters of Kurflunlu spas of today, rendered the Lydian products without rivals. Hypaipa, which was another Lydian settlement near Birgi on the southern skirts of Bozdag mountains, was famous for the root dyes used in dyeing of fabric and wool.
 
Sardis or Sardes was the capital city of Lydia, located at the modern Sart, Manisa in Turkey. Sardis was a meeting point of businessmen and passengers since the recreation and accommodation sites were advanced in the city. It is easy to say that their business sense for making money was the first steps of the tourism sector in Western Anatolia.
 
IONIA:
 
Ionia was a bridge between east and west since they located at the end of the commerce road of Front Asia which was the Aegean cities like Efes, Milet, Izmir, Foca, Bodrum. They were advanced in sea commerce. They were carrying goods to many other Mediterranean ports.
 
They were the most developed civilizations established in Anatolia as a result of this location. Their well known scientists are Hipocrates, Pisagor, Heraklit, Diojen. Homeros in poem and Heredot in history was just some of them .
 
URARTIANS
 
This Iron Age Kingdom was located in Eastern Anatolia founded by Asian Asian origin Hurrians. Their capital was Tu?pa (Now called Van).
 
Loots were the reason that the importance of trade increased in their economic activities. To supply the needs of the army, they were advanced in blacksmithing and carpentry. They were using paper money while trading with Turkistan and China. They established commercial firms. They increased the usage of pack trails.
 
SELJUKS
 
At the beginning of 11th century, Selcuklu Empire established in Turkistan, even before a century began to govern the lands reaching to the meditarrenean Sea. Total life of Selcuklu is 300 years which 223 of it was in Anatolia. (1075-1308)
 
In this era, Kervan ticareti in the Silk Road gained activity which starts from Antakya and goes through Iran, Afganistan, Pamir and reaches Dayang area of China.
 
In 12th century, Seljucks were the emperors of Istanbul-Konya-Tebriz commercial road. The most important commercial centers of this era were the capital city Konya, Aksaray, Kayseri, Sivas, Erzurum, Diyarbak?r, Harput, Malatya , K?r?ehir, Antalya and Ankara. As Barthold claims, “Civilization spreaded among tribes thanks to the success of Seljuc Turc Empire which arose in Middle Asia. In their era, they continiusly developed the city life, commerce and art. This financial formation called bazaar, did not arise in one step in Seljuks. At first, “?er?i” who is a mobile seller, opens a retail store and became permanent. Secondly, Cerci works both as a mobile and based (settled) seller. If the business of cerci goes well, other seller comes and open stores near by and that way the stores multiply. Stores heap together according to goods they are selling. Third step, is to open stores as a line according to the specialty of a good. Some examples can be, the new and the old bazaars of Konya in 13th century. When the street seems inadequate and parallel to that the development of safety resulted in opening stores.
 
SILK ROAD:
 
The oldest caravan road known in West Asia is the Silk Road. According to M. Cerasi who was born in Istanbul, the structure of the bazaar was;
 
Bazaar was more than just a place to shop, it was a place of production and has a huge economic value. In this model before capitalism it was hard to distinguish bazaar’s financial and factorel values from the cultural ones.
 
In Anatolia there were more than 100 covered bazaars but 4 of them were standing out. The covered bazaar called “bedesten” was first established in Bursa in 1400, then in 1402 in Tire, in 1421 in Edirne and finally in 1460 in Istanbul Cevahir.
 
There were three main objects establishing these bazaars:
 
To arrange the trading
 
To improve the manufacturing and demand
 
To prevent monopoly caused by stockpiling.
 
Bursa Bedesten (Kapalicarsi) is the first example of Ottoman Covered Bazaar established in Anatolia in 13th century. Maturation of the system continues until 15th century. With Grand Bazaar in Istanbul of Fatih the conqueror, the grandbazaar model is olusmak. At the end of 19th century, Hans were not preferred as a konaklama. They were replaced by hotels. The first European style hotels were opened in Beyoglu in Istanbul. The most important one among all was Pera Palace which was designed as a part of the Orient Express.
 #p#分页标题#e#
After Fatih conquered Istanbul, he established today’s Grand Bazaar with 118 stores and 984 trading establishments. In the 11th century Istanbul was not only a big city but the biggiest city of Mediteranean area. It was the center of manufacturing and has a big harbor supporting the trade as well as being a political city.
 
In 1456, it is decided to build a bedesten as the center of commerce and industry. Grand Bazaar has a very special place in civilization history in terms of being the leader of today’s shopping centers of western countries which spreaded such a wide area as a covered place to shop. The two covered bazaars inside the Grand Bazaar was a memorial by themselves.
 
Other Covered Bazaars in Turkey are, Kayseri, Bursa and Edirne Alipasa.
 
Since the days of the Silk and King Route when Anatolia served as a major transit point for goods traded between Europe and Asia, especially Istanbul enchanted the global shoppers. The Grand Bazaar and Egyptian Bazaar still preserves their historic role are as a famous shopping destinations especially for tourists. While Turkey’s largest city is increasingly wining fame not only as a place to find traditional handicrafts sold in venues that are centuries old, but also for its other diverse shopping possibilities. From ultramodern malls to upscale boutiques, Istanbul provides a unique shopping experience as well as being a futuristic model for other cities of Turkey. Staying loyal to its heritage as a junction point between East and West, Istanbul provides local brands alongside prestigious international labels to shoppers. With the launch of the Istanbul Shopping Fest, extra credit is added to Istanbul as an attractive shopping destination. Vanessa H. Larson, http://www.global-blue.com/destinations/turkey/istanbul/istanbul-a-growing-force-of-fashion/ 6 June, 2012.
 
Thanks to the recent growth of Turkish economy, Istanbul has developed its luxury retail world very rapidly. The shopping space is estimated to increase up to 275 square meters by the end of 2013 that is 15% higher than the European average. Vanessa H. Larson, http://www.global-blue.com/destinations/turkey/istanbul/istanbul-a-growing-force-of-fashion/ 6 June, 2012.
 
This success and the dynamism of Istanbul’s shopping fest not only come from new retail venues but also Turkey’s energetic textile sector includes numerous domestic brands which some of them expanded internationally. Five million domestic and international shoppers were attracted to the Istanbul Shopping Fest which lasted over a 40-day period in March and April 2011. Total credit card consumption during the first Shopping Fest was 26% higher than during the equivalent period in 2010.
 
The second Istanbul Shopping Fest, which took place from 9 to 29 June, brought fashion lovers to the city once more. Sales up to 50% at luxury brands, with popular shopping centers and high streets staying open until late, is a good opportunity for shoppers. In this mentioned period, Istanbul’s traditional bazaar are also offering discounts and other promotional offers.
 
To sum up, just looking at the history of Turkey then and now, helps us to understand the background of love for shopping malls and the feeling of collectivity. Another possible reason that carries the marks of historical bazaars is spending leisure time with different kind of activities rather than going to retail stores merely for shopping and doing nothing else, as well as enjoying a fine dining or fast food restaurant, having fun at the game arcade, watching a movie as a week or weekend activity.
 
There are many proofs to show Turkey’s hunger for shopping malls. To start with, Turkey’s shopping mall potential between 2012-2014 indicates that by 2014 the number of shopping malls in Turkey will reach 347. Over all Turkey, there are now 265 active shopping malls and in 2012, 40 more will be added to this number. In 2013, 29 shopping malls and in 2014, 13 new shopping malls would be active. In 2010 the number of people visited shopping malls was 83 million per month and in 2011 this number increased to 108 million per month. In 2012, an average of 122 million people are expected to visit shopping malls in Turkey per month.?The market is not saturated yet since out of 81 provinces in Turkey, 55 of them do not have any shopping malls yet. (http://www.portturkey.com/enterprise/671-number-of-shopping-malls-in-turkey-to-reach-347-in-2014)
 
Among all these provinces, Istanbul stands out by taking the 5th position in the world and the first place in Europe in the leage of Shopping Mall or as in Turkish, AVM (Alisveris Merkezi), according to a research by an American consulting firm called CBRE (CB Richard Eliis Group, http://www.cbre.com/EN/Pages/Home.aspx). Ankara is the 8th in the ranking in the top ten list that includes five cities of China. Istanbul is also one of Europe's fastest growing cities in real estate and retail. The report about shopping malls was based on square meters, includes 5 cities from China and 2 cities from Turkey. Istanbul was chosen as the city in Europe where the most shopping malls are opened in 2011 and expecting to be open in 2012.
 
China's Shenyang, Wuhan, Chengdu, Guangzhou cities take part in the first four places. While Shenyang with 1.05 million square meters is the leader, Istanbul is the 5th with 410 thousand square meters. Ankara is the eight with 320 thousand square meters. According to the list, Istanbul and Ankara ranks the first two places among European countries.
 
In a league of cities with the ongoing shopping mall projects and constructions, Tianjin and Shenyang, the cities of China, take the first two places respectively with 2.5 and 1.9 million square meters. Istanbul is 19th and Ankara ranks the 40th place in this category. ? (FRIDAY, 22 JUNE 2012 06:15)
 
A lot of importance and attention is given to the shopping malls in Turkey. Some projects stands out among others are, Autopia which is the biggest automobile shopping mall in Turkey and Kanyon Mall with its award winning architecture and service for only luxury brands.
 
The important thing about these shopping malls is, it is ordinary to see people from every level of the society. Since these malls are open to anyone and everyone. Going back in time, in the languages of whole Anatolian and Balkan citizens, bazaar and mall meant public realm and open to everyone. Center mall was like the source of life in Ottoman cities. These places were more than a place were manufacturing and economical ventures had been placed but a cultural existence where the sellers are the heroes of this cultural web.
 
SHOPPING HABITS OF TURKISH BUYERS
 
In the 2011 Expenditures Survey, it was underlined that Turkish people make the most shopping in national and religious holidays but the amount of money they are spending in New Year’s Eve is increasing. Another interesting point about their shopping habits is, 40% of consumers in Turkey buy the most valuable items to their husbands or wives.
 
77% of consumers share an important amount of their income to religious holidays and 19% of them spend more in New Year’s. Although 14% of consumers do not know whom to buy the precious gifts, another 14 % just claims that they are buying the most expensive goods for themselves which is twice of Europe.
 
Turkish consumers are very sensitive about the production process of the products they buy regardless of the age group. 63% of consumers in Europe and 66% of consumers in Turkey is ready to buy more in order to buy a more ethical product.
 
Buying clothing as a gift is the safest solution in Turkey in 2011 as it was the same case in 2010. In 2010, smartphones was in the 4th place in terms of the most purchased products and this year they are on the 2nd place. Books are the 3rd on the same list.
 
Young people in Turkey prefers to buy Iphone and Ipads as a first choice right after smartphones and clothing follow up. According to the survey results, while choosing a gift the price plays the most important role in decision process. Especially in Turkey and Portugal, before buying any item, women tend to evaluate promotional offers.
 
In Turkey, consumer sfrom any sex or age group still prefers the traditional stores rather than online shopping If they tend to buy a product. Internet is in the 5th place among the “stores” they shop. The reason for not shopping online in 2010 was, fraud and late delivery. On the other hand, especially women tend to see the product and feel it before they make any purchase. So the internet shopping mostly stays as a source to check and compare prices before actually buying a specific product for 70% of the Turkish consumers. If they shop online, they prefer to buy books, perfumes or mobile phones. http://www.pazarlamaprojeleri.com/2011/11/turk_tuketicisinin_alisveris_aliskanliklar/
 
In every two year, Ipsos KMG makes a research called “Understanding Turkey Guide” where Turkish people’s attitude and behaviours mercek altina alinmak as their physical specialties, hane yapisi, characteristic, religion, women, environment, politics, daily life, advertising, media, technology and so on. They also research on the shopping habits of Turkish consumers and their attitude towards shopping.
 
The first striking finding is, while 39% of men do not like shopping this percentage is 25% for women.
 
Table 1. Percentage of people who wants to buy new products - Ipsos KMG, Understanding Turkey Guide, 2011
 
Above graphic shows that in general 42% of Turkish consumers like to try new products and brands while this percentage increases to 47% in young consumers.
 
40% of consumers in Turkey claims that they can pay more to buy the product they want and 44% of them trace products in sales or promotions. The percentage of consumers who always wants to buy the cheapest option is 30%. 40% of Turkish consumers prefer to buy prestigious products. This percentage decreases parallel to decrease of social status. 39% of women consumers use credit cards of shopping centers and this percent is 35% in men consumers. 63% of consumer claims that they do not buy products they do not need and 31% of them underlines they stay loyal to the shopping list they prepared in advance. This research made by Ipsos KMG was completed in December 2011 and field study was done between 10th of October and 28th of November. 15953 people over 14 years old was interviewed who were members of Consumer Program.#p#分页标题#e#
 
Since young customers in Turkey are more interested in internet it is better to look at media purchasing habits in detail.
 
Youth Insight which is a sub-company of Youth Republic prepared a research taking 4300 young people from universities, high schools, employed or unemployed youngsters both online and face to face interviews. This research is the first “Media Consumption in Turkey and a unique study to show us the habits of young people on media consumption.
 
According to the results of the research, young people adopts to new generation technologies faster than any other group in the society and their perspective in life also changes fast according to the transition of technology. This applies for the media and it is consumption. Internet is something young people “cannot live without” as they underlined and they spend more than 40 hours every week on internet.
 
University students spend 3 times more on internet then they do in television. While young people are surfing on internet, they are more open to media consumption. Percentage of clicking on pay per click (PPC) ads on facebook is 11% for high school students and 14% for university students. While 73% of high school students use e-mails and so that receive advertisings, promotions and campaign information, this percentage goes up to 90% for university students. According to media consumption research, percentages of shopping online are 22% for high school students and 41% university students.
 
87% of university student underlines that the reason they go online is social media platforms on internet and this percentage is 67% for high school students.
 
Mobile internet is especially spreading among high school and university students. Almost half of young people reaches internet via their mobile phones.
 
When it comes to classic media, 1,5 million teenagers between 15-26 years old who do not study or work and spend their time at home, mostly spend their time in front of television. University students have higher interest on newspapers, magazines and radio than high school students. High school students are spending 30 hours a week by using internet, 14 hours by watching television and 12 hours listening to radio and 10 hours to read newspaper. Only 26% of high school students indicated that they spend time on reading magazines weekly.
 
University students spend 42 hours on internet per week, 14 hours on television, 12 hours listening to radio and 8 hours reading newspaper. Magazine readers are 28%.
 
This research was done in 7 months. They placed cameras at homes and made surveys. According to the Head of Youth Republic Agency Serhat Gürcü, as a result of this very detailed research, it is understood that in every age group young people tends to show differences and they are at the heart of economy by their continuously changing mood.
 
Kaynak: Türk Gen?lerinin Medya Tüketim Al??kanl?klar? http://www.webhatti.com/genel-sohbet/796828-turk-genclerinin-medya-tuketim-aliskanliklari.html#ixzz27VeRkGuC
 
markalar? yer almakta.
 
CHAPTER 4
 
TRADE IN TURKEY
 
Trade. Throughout history, trade has been always an important part for Turkey and played a great role for exchanging culture and traditions. Since the 1980s, its importance has been increasing. In 1995, Turkey's entrance into a customs union agreement with the European Union (EU) started trade with EU countries. Turkey’s exports reached $ 12.68 billion in March 2012 with a 9.1% increase compared to the same month of the previous year.
 
Turkish exports in the first quarter of 2012 were $ 34.7 billion.
 
Turkey’s biggest export partners in March 2012 were Germany with $1.273 billion, Iraq with $918 million, the UK with $672 million, Italy with $630 million, and Russia with $615 million.
 
Exports of Turkish goods to Libya increased by 658.3%, which was followed by Yemen at 480.9%, Bahrain at 193.7%, Morocco at 31.1%, and Japan at 16.6%.
 
Source: Ministry of Economy
 
SOCIAL STATUS IN TURKEY:
 
The most important determinants of social status are wealth and education. The basic categories include the wealthy urban educated class, the urban middle class, the urban lower class, the large rural landowner class, and the general rural population. A university education is the minimum qualification for entry into the urban educated class, in which there are numerous substrata.
 
Distinctions can be drawn between the urban upper and urban middle classes. The urban upper class includes several groups with high status determined by education, political influence, and wealth. Wealthy businessmen are accorded very high status, as are successful physicians, cabinet ministers, and many members of the assembly, directors of important government departments, and other high-level officials. Since World War II, businessmen have challenged the old military–bureaucratic elite for power and social prestige. Members of the urban upper class are generally westernized; most speak at least one Western language, are well acquainted with European or American life and culture, and have close contact with the diplomatic and foreign business communities.
 
The urban middle class includes most civil servants, proprietors of medium-size businesses and industries, many persons in service occupations, some skilled workers, and university students. These groups usually are less westernized than the upper class and more oriented to Turkish culture. The urban middle class also includes virtually the entire upper strata of the provincial cities. There is considerable mobility within the urban educated class.
 
The urban lower class includes semiskilled and unskilled laborers, low-paid service workers, and the urban unemployed. The high rate of migration of young villagers to urban areas makes this the most rapidly growing class. Many migrants have difficulty finding jobs, and others work only seasonally. Many live in poverty in the shantytowns that ring the major cities. Urbanization continues as the rural population grows and urban industry offers better incomes.
 
Some 30 percent of the population are rural farmers, often referred to as peasants. Improved communications and transportation have brought them into closer contact with towns and cities. Educational efforts since 1923 succeeded in bringing the national literacy level up to 82.3 percent by 1995, although the rural literacy level is lower. Some eastern rural areas are still dominated by large landowners, traditional clan heads, and religious leaders. Young villagers who migrate to towns and cities cannot find their way into the middle class unless they receive further education.
 
Most men of all social classes have adopted Western styles of dress, including trousers, shirts, and jackets. Men and women in the upper and middle urban classes pay attention to Western fashions. They also live in high-priced apartments and try to possess Western luxury items, such as cars, electronic devices, cell phones, and computers. They have developed a taste for Western literature and music and attend musical events and plays. The upper class favors European-language high schools and universities; the middle class is more satisfied with standard Turkish educational institutions. Both classes prefer to speak an educated Istanbul style of standard Turkish.
 
Most members of the lower urban classes live in shantytowns. Only a small proportion have graduated from high school. The women tend to wear traditional conservative clothing, including head scarves and long coats, even in the summer. They favor Turkish and Middle Eastern music. The peasant and rural classes are the least exposed to Western and urban influences in dress, styles, language, and music. They, like the lower urban class, tend to speak Turkish with regional accents and grammatical peculiarities. The women wear conservative peasant dress consisting of baggy pantaloons and head scarves.
 
Culture of Turkey - history, people, clothing, traditions, women, beliefs, food, customs, family http://www.everyculture.com/To-Z/Turkey.html#b#ixzz1nfxgiJjA
 
RATIONALE FOR INVESTING IN TURKEY
 
Turkey is a country offering significant opportunities for foreign investors with its geographically perfect position to function as a gateway between Europe, Middle East and Central Asia. The opportunities exist not only in the dynamic domestic market, but also throughout the region.
 
Hospitality and tolerance being the traditional cornerstones of the Turkish way of life, the country is open to foreign investors with many attractions to offer.
 
Large and growing domestic market
 
Mature and dynamic private sector
 
Leading role in the region
 
Liberal and secure investment environment
 
Supply of high quality and cost-effective labor force
 
Customs union with EU countries
 
Developed infrastructure
 
Institutionalized economy
 
Competitive tax system
 
Large and Growing Domestic Market
 
Turkey offers a huge and dynamic domestic market to foreign investors with a population of more than 70 million people and a GNP of about USD180 billion for 2002 (official target for 2003 is USD 210 billion). The population is younger than that of other European countries; approximately 63% of the population is below the age of 35, implying an intense dynamism in the economy. The number of households is expected to increase due to the young age profile.
 
The average GNP per capita is USD 2,572 for 2002 and expectation for 2003 is USD 3,000. However, this figure does not reflect the average purchasing power of the population, due to unevenly distribution of wealth in Turkey, in favor of the western part of the country. World Development Indicators database of the World Bank, as of July 2003, indicates that purchasing power parity per capita for Turkey is 6,120 dollars.#p#分页标题#e#
 
Turkish market is among the top ten most attractive of all the developing countries.
 
Mature and Dynamic Private Sector
 
The rapidly changing economic environment of the last 20 years has formed a ground for the Turkish private sector to mature in an increasingly competitive global arena.
 
Today, Turkish private sector enterprises compete in the world markets, not only as producers of goods at reasonable costs, but much more than that, as the manufacturers of products with unique quality under Turkish trademark. Nevertheless, it is not only the manufacturing companies that have deserved reputation for quality, whereas in many service industries, such as banking and tourism, Turkish companies have been prized with many awards for their excellence in terms of physical and technical infrastructure and delivering service.
 
The well-deserved reputation for Turkish goods and services increasing their shares in overall world production is mostly earned as a result of the transformation of the Turkish business structure from family-business to corporate identity. Today, the first 500 Turkish companies determined in terms of their turnover account for half of the total value added in Turkish industry, more than 10% of the Turkish GNP, and with and export volume constituting of 25% of total exports.
 
A further credit shall be given to Turkish small and medium sized enterprises, which have accounted for over 35% of total industrial output while the share of finance opportunities facilitated for these enterprises from the banking sector is relatively much lower.
 
The figures concerning the dynamism of Turkish private sector are the indications for the abundance of prospective Turkish partners for foreign investors that would intend to establish cooperation for their investment projections in Turkey, as many foreign investors have already formed joint ventures with private Turkish investors.
 
Leading Role in the Region
 
Turkey enjoys a unique location bridging Europe and Asia. Turkey’s proxy to the emerging markets in the Middle East and Central Asia expands the potential market size as an export platform.
 
Turkey’s linguistic, religious and cultural ties with the Turkic republics in the Central Asia and Caucasia have a special value and privilege. Turkey has the unique opportunity in establishing a very close economic cooperation with these countries and in providing technical expertise, investment and trade cooperation to help exploit their vast resources of oil, natural gas and precious metals.
 
Hence, Turkey stands as the perfect gateway for the foreign investors searching for business opportunities in the Balkans, Caucasia, Middle East and Central Asia.
 
Furthermore, there is a considerable business volume in terms of trade with Russia and Black Sea countries.
 
Table 2. Regions Servable From Turkey, 2012- http://www.adv-properties.com/turkey/
 
Liberal and Secure Investment Environment
 
The existence of more than 6,000 foreign capital firms ensures a stable and reliable investment environment in Turkey. Many foreign investors have a strong and leading position in the market. There are many investors who have reinvested the significant portion of their profits in Turkey to strengthen their position, although there are no requirements to do so.
 
Furthermore, there are a significant number of foreign investors who have located their regional headquarters for the Turkic Republics, the Middle East and some even for Eastern Europe.
 
The investment climate has been improved through a series of latest modifications in the legislation; including the elimination of permission requirement and bureaucratic formalities for foreign investors, simplification of registration procedures for business set up to the best ease of both local and foreign investors and setting out the rules for accelerating the work permit procedures for foreign employees.
 
Table 3. Major Multinationals Having Investment In Turkey, Euromonitor
 
Supply of High Quality and Cost-Effective Labor Force
 
Turkey has a high qualified, skilled, and cost-effective labor force. Vocational education is widely practiced in Turkey, there is a big source of semi-skilled and skilled labor force.
 
With working average for an employee of 280 days per year and 9 hours per day, Turkey ranks third hardest working country in the world.
 
Customs Union with EU countries
 
The Customs Union Agreement of Turkey with the EU represents a huge opportunity for foreign investors looking for a relatively low cost export base for the European market.
 
It is possible for companies located in Turkey to make a duty free trade with EU countries, due to the customs union. Customs and duties along with any sort of quantitative restrictions over industrial goods and processed agricultural products traded between EU and Turkey do not exist.
 
Trade policies, legislation, customs tariffs have been harmonized with EU regulations.
 
Developed Infrastructure
 
With its perfect position as a gateway between Europe, Middle East and Central Asia, Turkey has very good road connections to any destination within the region. The highway network is excellent within the country - so it is the preferred method of transportation for both goods and passengers.
 
Domestic airlines offer regular connections to many cities. Most international flights are routed to Istanbul Atatürk Airport, one of the largest and most modern airports in Europe.
 
The main shipping ports are Mersin Izmir, Istanbul, Iskenderun and Izmit, all of which have a good infrastructure.
 
The railways are a less popular means of transportation within the country as compared to road transportation.
 
With a substantial growth during the last decade, there is a technologically efficient and well functioning telecommunication system. There is a very wide range of internet access and a sufficient number of internet service providers. INTERNET
 
65.8% of young use internet.
 
While 67.7% of young use computers, the ratio for adult is 35.6%.
 
65.8% of young use internet, the ratio for adult is 34%.
 
Internet users:
 
27.233 million (2009)
 
country comparison to the world: 15
 
By CIA factbook
 
Internet Usage Statistics:
 
35,000,000 Internet users as of June/10, 45.0% of the population, according to the ITU.
 
(http://www.internetworldstats.com/eu/tr.htm)
 
Untitled:Users:sitaresimsir:Desktop:2012-09-21 01.15.01 pm.png
 
Table 4. Internet users date and chart, 2011- http://data.worldbank.org/indicator/IT.NET.USER.P2/countries/1W-TR?display=graph
 
CHAPTER 5
 
ECONOMIC CLIMATE
 
Turkey’s 8.5% growth in 2011 is standing out comparing to the nations who are suffering from the crisis. Following China, Turkey is the second highest growing economy in the world. Gross Domestic Product rised to 1.3 trillion and national income per capita broke a record with an increase to 10,444 dollars. Bringing criteria even lower than European nations, the public debt stock, balancing out the budget, providing employment in order to drop unemployment rates and despite the external and internal negative propaganda on the interest lobby, Turkey managed to see a growth in the economy. (SOURCE)Turkey's consecutive nine months growth performance, carried the nation’s economy to be revered throughout the world. The growth in the economy was also reflected on the national income. According to figures released by the Turkish Statistics Institute (Tü?K), with a 17.8 percent increase, the Gross Domestic Product has increased to one trillion, 294 billion TL. The dollar equivalent of GDP is 772 billion, 298 million dollars.?In the fourth quarter of last year, the growth in the economy slowed slightly at 5.2 percent paralleled by the policies implemented by the government and the Central Bank. Private investments, exports and household consumption were all influential factors. The contribution of private investments to the economy's growth was 21.8 percent, with exports at 3.2 percent and household consumption at 2.4 percent. The state's consumption expenditures dropped by 0.6 percent.?(SOURCE)
 
The Turkish Statistical Institute has gone into a retroactive revision for the previous seven quarters. In 2011, the Turkish public spent 959 billion TL on ten main items such as food, shelter and health, while per capita spending reached 13,000 lira.??In 2011, not a single sector experienced shrinkage. The fastest growing sector was financial intermediation services at 13.4 percent. Wholesale and retail trade followed at 11.4 percent, with construction at 11.2 percent, transportation at 10.8 percent, 10.4 percent in subsidized taxes and 9.6 percent in financial intermediation, respectively. The manufacturing industry grew by 9.4 percent, followed by real estate rentals and business activities at 9.3 percent with the electric, and gas sector seeing growth of 8.8 percent. The smallest growth was observed in social communal and personal services at 1.7 percent.
 
Economic Expectation Report of Turkey in Q1, 2012
 
Economic Overview
 
Turkey, a country of 74 million inhabitants, has an economy in transition, a relatively high degree of dependence on agriculture (11% of its territory is cultivated) and heavy industry (large mining sector and vast reserves of boron representing 60% of global reserves), and a tertiary sector in full expansion (hotel and catering business). After going through a serious economic and political crisis in 2001, Turkey has made a spectacular recovery thanks to a more favorable political climate but also to monetary, fiscal and structural reforms inspired by the World Bank and the IMF. Turkish economy is also based on manufacturing (country’s number one industrial activity). Since the 1980s, tourism has also been a significant source of income: Turkey is one of the ten most visited countries in the world. The financial crisis of course had an effect on the growth of Turkish economy; nevertheless the latter recovered relatively quickly and has grown by 3.5% in 2010. For 2011, the government foresees one point increase, thus bringing the growth rate to 4.3%. Indeed, the government has undertaken large economic reforms: adoption of a floating currency regime, giving total independence to the Central Bank, budgetary discipline and inflation control. ??However, the Turkish economy remains vulnerable due to its high dependence on exports and foreign investment. With the current economic crisis, the unemployment rate has soared to around 15%. Turkey is also affected by its large informal sector.#p#分页标题#e#
 
Untitled:Users:sitaresimsir:Desktop:2012-11-12 03.22.52 am.png
 
Table 5. GDP Per Capita, current prices
 
Untitled:Users:sitaresimsir:Desktop:2012-11-12 03.27.11 am.png
 
Table 6. Inflation, average consumer prices (%)
 
Turkey Unemployment Rate
 
The unemployment rate in Turkey was last reported at 8.40 percent in July of 2012. Historically, from 2005 until 2012, Turkey Unemployment Rate averaged 10.79 Percent reaching an all time high of 16.10 Percent in February of 2009 and a record low of 8.00 Percent in June of 2012. The unemployment rate can be defined as the number of people actively looking for a job as a percentage of the labour force. This page includes a chart with historical data for Turkey Unemployment Rate.
 
Untitled:Users:sitaresimsir:Desktop:2012-11-12 03.35.20 am.png
 
source: TUIK
 
Untitled:Users:sitaresimsir:Desktop:2012-11-12 03.38.15 am.png
 
Source: IMF – World Economic Outlook Database
 
Note: “e” Estimated Data
 
GNP
 
Turkey’s economic performance of last 20 years, relying heavily on export oriented growth strategy, have resulted in a massive economic transformation from closed economy, to a competitive, market-oriented economy regulated through a liberal legal framework.
 
With its population exceeding 70 million people, Turkey is a big market. The liberal regime along with the considerable increase in government spending for establishing an advanced infrastructure, has been the main stimulus behind the increase in investment both for exports and big domestic market.
 
Having faced economic problems of rather expected for such a fast-growing economy, as can be seen for year 2001 from the table presented below, Turkey’s growth trend has not changed from its upward direction.
 
Turkey is expected to achieve an annual growth rate of 5% in year 2003, with the expected growth rate of similar figure for the coming year.
 
Currency
 
Turkey has a liberal exchange rate regime in which Turkish Lira is convertible against other currencies. Actors of the free market mainly determine the value of Turkish Lira. Money markets, which have reached considerable volume supported by well-performing technological infrastructure, forms a solid ground for efficient flexible foreign exchange regime.
 
The Central Bank of Turkey declares its quotations on daily basis as official rates of foreign currency. Widely determined by the factors in the free market, Turkish Central Bank’s intervention to money markets is a rare occasion under current circumstances.
 
Since November 1995, the Central Bank of Turkey had been following an exchange rate policy of devaluing the Turkish Lira in line with the Wholesale Price Index (WPI) against a currency basket consisting of USD 1.00 and DM 1.50. In line with the launch of the Euro, the Central Bank had replaced the DM with Euro, then with a new basket of USD 1.00 and Euro 0.77.
 
In year 2000, in conformity with the economic program carried with IMF, foreign exchange rate system was changed to crawling peg system. By another definition, the devaluation of the TL was realized over predetermined rates in a given period.
 
However, financial and macroeconomic developments led the exchange rate system to be based on floating exchange rate system, as the result of the financial crisis faced in year 2001 mainly resulting from the current account deficit.
 
Inflation
 
Inflation has been Turkey’s most important economic problem, with increases in both retail and wholesale prices.
 
The most recent programs that have been carried with IMF mainly focused on fighting inflation, reducing government debt financing need, while sustaining continuous economic growth.
 
The inflation rates for years 1998 – 2002 and 2003 (first 6 months) have been presented in the Table 15.
 
With the committed measures taken by the former and current governments, inflation has entered into a decreasing trend. As could be noted from Table 15, with the exception of the inflation rate in 2001 for wholesale and retail prices respectively were, 88.6% and 68.5%; whereas wholesale and retail prices have dropped to 30.8% and 29.7% in 2002.
 
Turkey’s Integration with European Union
 
Turkey is an official candidate for accession to European Union. Turkey’s Accession Partnership Document has been announced by EU, which outlines the reforms that are required to be met by Turkey for its accession as full member.
 
Turkey’s performance in fulfilling and executing the reforms, which are implemented under a National Program, is very promising to meet the political, economic and social criterions.
 
Turkey’s performance and committed approach are interpreted as very encouraging by the Member States.
 
Turkey is committed to implement the program to fully comply with the criterions and there are strong signs that the negotiations for full membership will start in 2004.
 
The expectancy of starting the negotiations for full membership, as perceived for a strong indication of the ultimate phase of accession of Turkey with the EU, will certainly be the trigger for the investors seeking opportunities to take share from the growing Turkish economy.
 
RECENTLY ECONOMICS IN TURKEY AND IT IS AFFECT ON INVESTMENT
 
After the bankruptcy of major US investments banks and insurance companies in March 2008, the world economy have been in a trauma and that spread to Europe in a very short time. Even tough countries declared their prevention packages following each other, the turmoil did not finalize and became more contagious each day. There are fears that the Greek problem could spread to other eurozone countries, which are now anxious to bolster investor confidence. During this period Turkey had real GDP growth and continued outperforming. However  due to the continuation of  global macro economic backdrop, rising domestic inflationary pressures and inconsistent  balance of payments dynamics the outlook for the Turkish economy in 2012 has also worsened  significantly by the beginning of 2012.
 
Central Bank is introducing a strategy to preserve a tightening bias for at least the first half of 2012, which will act as a brake on credit growth and consumer demand. Turkey’s current account deficit will show further signs of deceleration in 2012 and 2013, but it will remain large nonetheless. The reliance on hot money inflows and foreign borrowing leaves the country vulnerable to external shocks. Very strong growth in early 2011, driven by private consumption and investment, has been curbed by credit containment policies and deteriorating global conditions. As a result, real GDP growth is projected to slow to 3% in 2012. It is set to recover in 2013 as the external environment improves. The sharp exchange rate depreciation in 2011 should gradually help re-balance domestic and external demand and narrow the large current account deficit, which by mid-2011 approached 10% of GDP. On the other hand, it may also put upward pressure on already high inflation.??Turkey’s economic growth will likely slow down to 3 percent this year from about 7.5 percent last year. The government might further adjust its forecast for growth of 4 percent depending on developments in Europe’s financial crisis. The rise in Turkey’s inflation rate, which hit a double-digit figure in December seems temporary. Consumer prices rose 10.45 percent in the year to December, while producer prices grew 13.33 percent, according TUIK. A 5 % annual inflation target for 2012 is still achievable. Turkey’s inflation in 2010 stood at 6.4 percent. Turkey’s central bank has been trying to limit the depreciation of the Turkish lira against foreign currencies by a selling scheme of reserves very diligently. The government has also been struggling to narrow its big current account deficit. Downside risk is still the fragile global economic environment especially in Euro-zone. If the mentioned measures taken by European Union leaders will not be applied, the precautions of stabilization by ensuring an adequately resourced European Financial Stability Fund (EFSF), Voluntary Greek sovereign debt haircut, Shoring up the banking sector through recapitalization, and finally being  ready to provide liquidity to the banking sector will be unachievable and the turmoil will continue.??However, all in all, we don’t expect a new financial crisis in 2012 whilst expecting a weaker global growth outlook full of a sudden reflex of recovery. (?mür F?L?Z?Turkapital Holding B.S.C.(c))
 
Exchange Rate: US$1 to 1.80 Turkish Lira (TL) (August average)
 
Current Economic Situation??Thanks largely to the nascent global recovery and its low interest rates and sustained public spending ahead of general election in June 2011, the Turkish economy ended last year with strong GDP growth of 8.5%. Under the dark cloud of the European sovereign debt crisis and the political uncertainty in the Middle East and North Africa (MENA) region, however, the sharp improvements of labor and credit market conditions have shown signs of cooling in recent months, while industrial production has faltered in light of slowing demand from its major export markets. With a more restrictive monetary and fiscal policy mix coming into play to rein in inflation and external imbalances, Turkey is forecast to see growth moderate to a more sustainable pace in the balance of 2012. The tightening credit conditions and the uninspiring economic conditions in many of its trading partners are set to limit the contribution to growth of investment, industrial production and exports, while the deteriorating employment prospects and higher lending rates are set to cool domestic demand. On the whole, Turkey is forecast to see a slower growth of 3.2% in 2012.??Trade Policy??Turkey has significantly liberalised its import regime, especially in the last decade. Any individual or enterprise can freely register to engage in the import business. It is a member of the WTO, and its tariff scheme is based on the Harmonised System (HS) for commodity coding.??EU-Turkey Customs Union??The EU-Turkey Customs Union came into force in January 1996, under which Turkey and the EU have abolished all customs duties, other surcharges and import quotas levied on most manufactured products from each other. Turkey has also adopted the EU’s Common External Tariffs imposed on imports from third countries and economies. Products imported from sources other than the EU and Turkey can thus move freely within the EU and Turkey, if all import formalities have been complied with and customs duties, or charges having an equivalent effect, have been levied in the importing country.??Nonetheless, traditional agricultural products are not covered by the arrangements, and will be included in the Customs Union only after Turkey has completed the alignment of its agricultural sector with the EU’s common agricultural policy. On the other hand, some industrial products from the least developed and developing countries (including the Chinese mainland) benefit from the EU’s Generalised System of Preferences (GSP). With the creation of the Customs Union between the EU and Turkey, such products are also covered under Turkey’s GSP regime.??Measures not covered by the Customs Union??Trade-protection measures such as anti-dumping, however, have not been eliminated between the EU and Turkey. Such protective measures have likewise not been eliminated with respect to dumped and subsidised products from third countries. In other words, Turkey has its own anti-dumping actions, which are separate from those of the EU. Turkey used to impose safeguard quotas on certain textile products originating from the Chinese mainland, which were again different and separate from those of the EU, but they were expired by the end of 2008.??Product standards??The Turkish Standards Institution, or TSE, is the product standardisation body of Turkey, responsible for setting product standards and ensuring compliance.#p#分页标题#e#
 
Main Sectors of Industry
 
Agriculture in Turkey, which contributes nearly 10% of the GDP and employs practically a third of the population, still suffers from low productivity because of its management system (small farms). Wheat is the main crop. The country is the third biggest exporter of tobacco in the world, the leading producer of hazelnuts (70% of world production). Mineral resources are abundant but under-exploited. ??The manufacturing industry, the main industrial activity of the country, makes up nearly 30% of the GDP and commands almost 18% of the workforce, the textile and automobile sectors being the main activities. The Turkish government gives special priority to large infrastructure projects, particularly in the transport sector, which mostly function under the BOT model (build, operate, transfer). ??The tertiary sector contributes slightly less than two-thirds to the GDP. Tourism represents 4% of the GDP with about 13 million tourists a year and almost 22milions in profits, thus making it one of the key sources of foreign currency for the country.
 
Source: World Bank - Last Available Data.
 
Turkey Market Overview
 
Current Economic Situation
 
The Turkish economy ended 2010 with a strong GDP revival of 8.9%, thanks largely to the gradual global recovery and its low interest rates and sustained public spending ahead of general election in June 2011. Under the dark cloud of the European sovereign debt crisis and the political turmoil in the Middle East and North Africa (MENA) region, the return of foreign investment and improvements of labour and credit market conditions have shown signs of cooling in recent months, while industrial production has faltered in light of slowing exports.
 
With the more restrictive monetary and fiscal policy mix coming into play to rein in inflation and the revival of domestic demand easing with the deteriorating employment prospects, Turkey is forecast to see growth moderate to a more sustainable pace. Still-tight credit conditions and the uninspiring economic conditions in many of its trading partners are set to limit the contribution to growth of investment, industrial production and exports. On the whole, Turkey is forecast to see slower growth of 5.7% in 2011 and 3.5% in 2011.
 
Trade Policy
 
Turkey has significantly liberalised its import regime, especially in the last decade. Any individual or enterprise can freely register to engage in the import business. It is a member of the WTO, and its tariff scheme is based on the Harmonised System (HS) for commodity coding.
 
EU-Turkey Customs Union
 
The EU-Turkey Customs Union came into force in January 1996, under which Turkey and the EU have abolished all customs duties, other surcharges and import quotas levied on most manufactured products from each other. Turkey has also adopted the EU’s Common External Tariffs imposed on imports from third countries and economies. Products imported from sources other than the EU and Turkey can thus move freely within the EU and Turkey, if all import formalities have been complied with and custom duties, or charges having an equivalent effect,
 
Economic Trends/Outlook in Turkeyhave been levied in the importing country.
 
Nonetheless, traditional agricultural products are not covered by the arrangements, and will be included in the Customs Union only after Turkey has completed the alignment of its agricultural sector with the EU’s common agricultural policy. On the other hand, some industrial products from the least developed and developing countries (including the Chinese mainland) benefit from the EU’s Generalised System of Preferences (GSP). With the creation of the Customs Union between the EU and Turkey, such products are also covered under Turkey’s GSP regime.
 
Measures not covered by the Customs Union
 
Trade-protection measures such as anti-dumping, however, have not been eliminated between the EU and Turkey. Such protective measures have likewise not been eliminated with respect to dumped and subsidised products from third countries. In other words, Turkey has its own anti-dumping actions, which are separate from those of the EU. Turkey used to impose safeguard quotas on certain textile products originating from the Chinese mainland, which were again different and separate from those of the EU, but they were expired by the end of 2008.
 
Product standards
 
The Turkish Standards Institution, or TSE, is the product standardisation body of Turkey, responsible for setting product standards and ensuring compliance. Taking electrical and electronic products as an example, while there is a minimum two-year warranty requirement, it is also necessary to obtain technical approval by TSE, and attain the European CE standard certification under the requirements set out by TSE, before the products can be imported and placed onto the Turkish market. As for toys, TSE also imposes a number of safety standards, which in large follow those required by the EU. Therefore, the attainment of CE standards certification can serve as a good reference for fulfilling the TSE requirements.
 
Balance of Trade
 
The difference between the monetary value of exports and imports gives us the balance of trade in a country’s economy over a certain period of time. A trade surplus means a positive balance of trade and consists of exporting more than importing, a trade deficit in other words a negative balance of trade which decreases the net international asset position. In july 2012, Turkey reported a trade deficit equivalent to 7,889 Million USD.
 
Historically, from 1984 until 2012, Turkey Balance of Trade averaged -2215.93 Million USD reaching an all time high of -2.00 Million USD in December of 1988 and a record low of -10453.00 Million USD in September of 2011. Turkey major exports are: textiles and clothing, automotive, iron and steel, white goods and chemicals, pharmaceuticals and ships. Turkey imports mainly machinery, chemicals, semi-finished goods, fuels and transport equipment. Its main trading partners are: European Union (57% exports, 40% imports), Russia and The United States.
 
Business Confidence
 
The Business Confidence Index is an indicator designed to measure he degree of optimism on the state of the economy that business owners are expressing through their activities of investing and spending. Decreasing business confidence often implies slowing economic growth because business owners are likely to decrease their investment. The idea is that the more confident business owners and managers feel about the economy, their companies, their jobs and incomes, the more likely they are to make investments and purchases. When business confidence is measured on a scale between 0 and 100, an index level below 50 means that business owners expecting their company’s performance to be weaker in the next year outnumber those expecting stronger performance.
 
In Turkey, business confidence declined to 104.5 in August of 2012 from 107.3 in July of 2012. Historically, from 2007 until 2012, Turkey Business Confidence averaged 102.76 reaching an all time high of 121.20 in April of 2007 and a record low of 52.00 in December of 2008. The Central Bank of the Republic of Turkey Business Tendency Survey (BTS) compiles the assessments of the senior managers, whose decisions are important for the economy, on the recent past, current situation and their expectations regarding the future course of business environment. Business confidence surveys can provide useful signs about the current condition of the economy, because companies often have information about consumer demand sooner than government statisticians do. This page includes a chart with historical data for Turkey Business Confidence.
 
Turkey Consumer Confidence
 
Consumer Confidence
 
Consumer confidence is an important tool to be able understand how positive Turkish consumers are about the overall state of the economy and their personal financial situation. This confidence degree determines their spending activity which serves as a key indicator since it shapes the state of economy. According to TurkStat, In Turkey, consumer confidence increased to 92.8 in July, 2012 compared to the previous month with 91.8 in June. Looking at a 8 year scale, the average of consumer confidence in Turkey is 91.83 with a peak of all times in February 2004 by 111.90 and record of low of 68.88 in November 2008. Mentioned consumers are at the age of 15 and above who are employed in urban and rural areas, providing income who are employed as samples in Household Labour Force Survey. THE REASONS FOR THAT?????? This survey is evaluated between 0 and 200. If consumer confidence is high which is more than 100, this means more purchase by the consumers which increase the economic expansion and explains consumer confidence is optimistic. Contrary if it is low, consumers tend to save more than they spend, propting the contraction of the economy which explains a pessimistic consumer behavior. 100 refers to neutral opinion in consumer confidence.
 
Population
 
Turkey has a population exceeding 70 million people as of 2003. Turkey’s population is being rapidly urbanized. Approximately 65% of the population is living in cities. The main religion of Turkish people, with 99% ratio, is Islam. Nevertheless, Turkey is a secular state, where freedom of worship for non-Muslims is protected under constitutional law. Among the non-Muslim population are Greek Orthodox, Armenian Christian and Jewish people. Needless to say, Turkey is the only Islamic country that has separated state and religious matters by law.
 
The official language of the country is Turkish. All documents that are to be submitted to the government authorities must be prepared in Turkish.#p#分页标题#e#
 
Compulsory primary education is 8 years. High schools teach English, French, German and Italian as primary foreign languages. As a result of the significant efforts that have been contributed for improving the overall educational level in last two decades, today, the literacy rate is over 90%. The increase in the overall schooling rate, from primary schools to universities, is contributing in developing the background for the formation of the well-educated, hard-working Turkish labor force of the future.
 
III. TURKISH CASE
 
The liberalization and the rapid growth of the economy in recent years made Turkey an attractive market for foreign investors. To invest in Turkey means also, to rely on laws protecting foreign capital, working in a totally liberalized environment, being able to recruit qualified labour force and enjoying convertible Turkish currency and free profit and capital repatriation.
 
10 GOOD REASONS FOR INVESTING IN TURKEY:
 
1. Unique geographical location - Turkey enjoys a very special location at the crossroads between East and West, overlapping Europe and Asia geographically. The proxy to the new emerging markets in Middle East and Central Asia creates unique business opportunities.
 
2. A strong international investment record -The experience of more than 4000 foreign capital establishments, including 104 of the Fortune Top 500 companies, confirms Turkey as a predominant investment location. 3. A fast developing economy - The average growth rate of 6,8 % for the last 3 years prior to 1999, which is well above many OECD countries, implies a dynamic and growing economy. WTO outputs also state that Turkey is among the most dynamic 20 countries in the world trade. 4. A huge domestic market - With a population of 63 million and an increasing consumer purchasing power, Turkey offers a huge and dynamic domestic market to investors. 5. High-skilled, competitive labour - The Turkish labour force is well-known with its skills and learning capacity, and competitive labour rates offer cutting edge for industries. 6. High quality standards - The new quality oriented generation in both manufacturing and services sectors ensures high quality levels. Turkish companies have proven their high quality levels by winning the European Quality Award consecutively in 1996 and 1997 as well as winning the European Quality Award for Small and Medium Sized Enterprises. 7. The gateway of energy resources - Turkey is located at the gateway of Middle East and Caspian petroleum and Central Asian natural, which are regarded as the future energy reserves of the world. 8. A well developed telecommunications network - Turkey has a relatively "young" telecommunications network with the latest technology, which can easily compete with the developed countries.
 
9. Economic and political stability - Turkey is identified with its democratic parliamentary regime and a stable growing economy within its region.
 
10. Strong ties with Caucasia and Central Asia - Turkey is the leading investor in Caucasian and Central Asian Republics. Due to her strong cultural and historic ties, Turkey provides privileged access and a perfect base to develop business with these countries.
 
Within the manufacturing industries, the leading sectors are;
 
- Automotive and transportation equipment; food, beverage and tobacco industries; chemical and petroleum products; electrical machinery and electronics.
 
Within services sector, the leading sectors are;
 
- Banking; trade & retail chain stores; telecommunications; tourism.
 
Turkish retail sector will increase $119 billion in four years
 
FRIDAY, 08 JUNE 2012
 
The size of the retail sector in Turkey which was 302 billion dollars in 2011 is expected to reach 421 billion dollars in 2015. A report entitled "Retail Sector Assessment" prepared by Deloitte Turkey Corporate Finance department reveals the fact that the size of the retail sector in Turkey which was 302 billion dollars in 2011 is expected to reach 421 billion dollars in 2015.??According to a written statement on the subject, Deloitte, one of the leading companies in the world operating in audit, tax, management consulting and corporate finance advisory services, has released a report about the retail sector in Turkey. The report expects Turkish retail sector to reach 313 billion dollars in 2012. It also foresees that the sector will grow by 10 percent every year until 2016. Rapidly growing internet retailing will become a focus for the investors. ??The report says “The size of the retail sector in Turkey which was 302 billion dollars in 2011 is expected to reach 421 billion dollars in 2015”. According to the report, non-food retailing has a share of 48 percent while only 40 percent of the sector is composed of organized retail sector made up. A survey conducted by TurkStat shows that 7 percent of Internet users are doing online shopping in Turkey where Internet penetration within young population and rising level of income has reached 45 percent. ??Markofoni and Hepsiburada are among the first 150 in Europe??The information provided by the Interbank Card Center reveals the e-commerce transaction volume by credit card has reached 23 billion. Shopping sites, such as Hepsiburada and Markafoni have already taken their places among Europe's top 150 e-commerce sites. The retail sector has been one of the most active sectors in terms of sales of companies and acquisitions in recent years. There were 11 mergers and acquisitions in 2011 and 5 more in the first quarter of 2012. ??YKM-Boyner, Silk & Cashmere-East Gate, Sok Markets-Gozde Initiative Yargici-Global Investment House are among the outstanding transactions. With the effect of the rapid increase in the use of the Internet, there were 12 mergers and acquisitions taken place in internet retailing sector in 2012 and 7 more in the first quarter of 2012. Many retail sites such as Markafoni, Tredyol, ?i?eksepeti, Gittigidiyor and e- bebek are attracted by investors.
 
To sum up, we can say there are 10 reasons to invest in Turkey,
 
1) Succesful Economy:
 
Fast growing economy, by it is tripled GDP from 2002 $231 billion to 2011 $772.
 
With an annual average real GDP growth rite of 5.2 percent which shows a stable economic growth over the last 9 years.
 
Its promising economy where it is expected to become the fastest growing economy among the OECD members during 2011-2017 with an annual average real GDP growth rate of 6.7 percent (OECD Economic Outlook no. 86)
 
Within European Union in 2011, It was the 7th largest economy and 18th largest economy in the world. (IMF WEO)
 
Ranked as the 13th most attractive foreign direct investment destination in 2012 by it is institutionalized economy fueled by $110 billion over the last 9 years. (A.T Kearney FDI Confidence Index)
 
Between 2002 and 2011, private sector increased of 275% with $135 billion worth of exports.
 
2) According to data of TurkStat, a population of 75 million in 2011.
 
Among European Union, the largest dynamic, well-educated and multi-cultural youth population where half of the population is under the age of 29.7.
 
3) Qualified and Competitve Labor Force:
 
Well-educated and motivated young professionals over 26 million.
 
Labor productivity which is highly increasing.
 
In Europe with 59.2 hours worked per week the longest working hours and the lowest sick day leaves per employee as well as an annual average of 4.6 sick days per employee. (Mercer, 2008)
 
From over 170 universities overall Turkey, approximately 500,000 students graduate annually. (2011 Student Selection and Placement Center, OSYM)
 
More than 700,000 high school graduates with around half from vocational and technical high schools (2011, Ministry of National Education)
 
4) Liberal and Reformist Investment Climate
 
With average of 6 days to set up a company, a business friendly environment where it is more than 12 days in OECD companies.
 
Highly competitive investment conditions
 
Strong industrial and service culture
 
Equal treatment for investors
 
Approximately 30000 companies with international capital
 
International consolidation
 
Guarantee of transfers
 
Since 1997, the 2nd biggest reformer among OECD countries in terms if its restrictions on foreign direct investment (OECD FDI regulatory Restrictiveness Index 1997-2010)
 
5) Infrastructure
 
Low cost and well developed sea transport facilities
 
Railway transport advantage to Central and Eastern Europe
 
Developed technological infrastructure in transportation, telecommunications and energy
 
Well established transportation routes and direct delivery mechanism to most of the EU countries
 
Centrally Located
 
While creating and efficient and cost effective outlet to major markets it shapes a natural bridge between east and west as well as north and south routes.
 
Easy accès to Europe, Middle East, North Africa, Caucasus, Russia and East Europe.
 
Access to multiple markets worth $ 25 trillion of GDP
 
7) Energy Corridor and Terminal Of Europe
 
Connecting East and West, it constitute and important energy terminal and corridor in Europe
 
In the south and the east of Turkey more than 70% of energy resources are located.#p#分页标题#e#
 
8) Low taxes and incentives:
 
Corporate Income Tax Reduced from 33% to 20%
 
Individual Income Tax changes from 15% to 35%
 
Tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones
 
Innovation and research and development Support Law
 
Incentives for strategic investment to decrease imports, for large scale investments as well as for regional investments
 
9) Customes Union With The EU Since 1996
 
Customes Union with the EU since 1996 and Free Trade Agreements with 22 countries
 
Accession negotiations with the European Union
 
10) Large Domestic Market
 
Internet users from 4 million in 2002 to 50 million in 2011
 
Mobile phone subscribers from 23 million in 2002 to 65 million in 2011
 
Credit card users from 16 million in 2002 to 52 million in 2011
 
Airline passengers from 33 million in 2002 up to 118 million in 2011
 
International tourist arrivals from 13 million 2002 up to 31.5 million in 2011
 
CHAPTER 5:
 
ECONOMICS OF TURKEY:
 
Turkey is on a clear slowdown trajectory. Both the consumer and the business sectors are seeing a gradual deceleration of growth, and GDP expanded by only 3.2% in Q1 2012, compared with last year’s annual growth of 8.5%. We expect Turkey’s slowdown to continue through the end of the year as the eurozone crisis continues to depress export demand while high inflation, a weakening currency, and more expensive consumer credit undermine consumer demand.
 
However, this slowdown should not lead multinationals to consider Turkey a declining opportunity. In fact, now is a critical time for companies to invest in positioning themselves for the post-crisis opportunity in the market.
 
While Turkey is slowing, it is still weathering the eurozone crisis better than most of Central and Eastern Europe. With strong demographic fundamentals, growing investment, a diversified economy, and increasing importance as a regional hub, Turkey offers long-term opportunity that promises a relatively fast recovery once the eurozone crisis is back on a path of growth.
 
More importantly, we’re seeing growing investor interest in the market. Cash-rich multinationals, many of them European, are taking advantage of the weak lira to make cheaper investments in setting up or expanding their local presence, including through local manufacturing. A reflection of this trend was healthy growth in FDI at US$6.5 billion in the first five months of 2012.
 
Turkey’s government is aggressively working to attract foreign investment, in particular in local manufacturing. Its recently-announced incentive program has attracted substantial interest from multinationals, with over 270 applications for incentives already submitted.
 
This trend of increased investment in the economy, however, does not just signal multinationals’ continued confidence in the Turkish market as well as growing opportunity for B2B companies. It will also contribute to growing competition on the Turkish market, already one of the most competitive emerging markets globally. Companies caught off guard will see growing competition on price from both local companies and multinationals with a local presence undermine their profitability and restrict their ability to take advantage of the opportunity in Turkey. For companies committed to the market, this is the right time to invest in Turkey.
 
With the eurozone falling into recession and most of CEE following closely behind, multinationals increasingly look to Turkey as a growth engine for their EMEA business. However, growing competition on the Turkish market means that companies need to build scale into their Turkish business to maintain profitability. One strategy a growing number of multinationals are pursuing is leveraging Turkey as a regional hub. In fact, Frontier Strategy Group’s research finds that companies that based their regional hub in Turkey improve their profitability well above the global average for their company.
 
Why are these companies doing so well? Basing a regional hub in Turkey has two benefits: cost savings and customer access. Turkey’s geographic position as a hub, its extensive trade agreements with countries in the region, and strong infrastructural and cultural linkages to the Middle East, North Africa, Balkans and Central Asia regions, offer global multinationals access to over 1 billion potential customers.
 
However, Turkey’s main attraction are the cost savings companies can realize when locating a hub there. Turkey’s large and growing domestic market, with 75 million customers and a vibrant business sector, makes the country a viable alternative even to established hubs in places such as Dubai. The size of Turkey’s market is complemented by the country’s large skilled, and relatively cheap labor force that allows companies to build a sales hub, to manufacture, and even to conduct R&D activities locally. Finally, Turkey’s favorable investment climate means that companies can confidently make the large, long-term investments that are required when setting up a regional hub.
 
Leading global multinationals are already benefiting from the opportunity to hub in Turkey. Some companies have selected Turkey as a hub for the larger EMEA region, for example The Coca Cola Company, manages more than 90 markets from its Istanbul regional headquarters. Other companies use Turkey as a regional sub-hub managing a limited number of smaller regional markets. For example, Pepsi, Adobe, Huawei all manage 10-20 regional markets from Turkey. Illustrating this trend, global multinationals such as Sanofi and GlaxoSmithKline both relocated their regional headquarters from Dubai to Turkey in the past 6 months. More companies will no doubt follow.
 
Source: IMD World Competitiveness Survey, Strenght of Local Competition Ranking, 2010
 
Turkey ranks 13th out of 124 global markets in terms of the strength of local competition. A lower ranking indicates higher local competition.
 
While Turkey is one of EMEA’s most attractive growth markets, MNCs face significant challenges in building a profitable business there. According to Frontier Strategy Group’s clients, strong local competition is one of the biggest obstacles to growth in Turkey. MNCs can improve their profitability and boost their performance in Turkey by leveraging increased scale to cut costs and create economies of scale.
 
FSG’s research shows that scale leads to improved profitability in Turkey at a higher rate than it does in the BRIC markets. One way in which MNCs can take advantage of this is through M&A. The M&A market in Turkey is particularly favorable due to the weak lira, the slowdown of the economy which is depressing valuations for export-oriented local players, as well as the upcoming introduction of Turkey’s new commercial code which will improve transparency and strengthen shareholders rights. As competition for the best assets from private equity funds intensifies, MNCs will have a limited opportunity to take advantage of this favorable environment and reap the benefits of improved profitability in Turkey.
 
Turkey had a strong 2011, with GDP growth exceeding 8% for the year. However, we expect a noticeable slowdown in 2012 to 1.7% YoY. The main drivers of the slowdown are weakening industrial production as eurozone demand for Turkish exports slows, tightening credit conditions in the eurozone, and rising inflation in Turkey. These factors will come together to put downward pressure both on business and consumer demand and will affect multinational companies across a wide variety of sectors.
 
However, Turkey has consistently surprised on the upside over the past several months, and a very gradual slowdown of the economy in 2012 is becoming increasingly likely. What is more, as the Turkish lira remains relatively weak, the exchange rate will favor companies exporting from Turkey and will partly offset the declin in export demand from the eurozone. We expect Turkish growth to accelerate once again in 2013 as the effect of the eurozone crisis wears off and Turkey’s current account deficit narrows, improving market confidence in the country’s economic stability.
 
Meanwhile, 2012 is a year of opportunity for companies looking to invest on the Turkish market. With tighter credit conditions and low export demand putting pressure on the local companies’ financial stability, a weak currency, and lower investment from the eurozone, MNCs will have more targets to choose from for M&A this year, at a lower cost of investment, and facing weaker external competition for priority targets. With the market expected to rebound next year, companies that invest in Turkey this year will find themselves positioned for stronger growth in 2013 and beyond. (by Martina Bozadzhieva - July 31, 2012)
 
TURKEY’S CURRENT SITUATION
 
While Europe is having economic issues, Turkey is one of the world’s fastest growing economies. Jim O’Neill who brought up the word BRIC, included Turkey in a rising starts group called MIST along with Mexico, Indonesia and South Korea. Shown in Chart 1, on April 2nd, Turkey’s GDP increased by 8.5% in 2011 and 9% in 2010.
 
Even tough the recent growth seems all positive, Turkey’s economy is really fragile
 
But Turkey's rapid recent growth comes with side-effects that have left its economy vulnerable. One concern is inflation, which was 10.4% in March—well above the central bank's target and the inflation rates of most of Turkey's emerging-market peers. A bigger concern is Turkey's growing dependence on foreign capital to fuel its economy: its current-account deficit averaged 10% of GDP last year (see chart 2). Turkey's deficit measured in dollars is second only to America's.#p#分页标题#e#
 
More worrying still is that much of the foreign capital that finances Turkey's current-account deficit is of the flighty sort (flows into banks or purchases of stocks or bonds), which can leave again quickly. Turkey wobbled at the end of last year as worries about the euro zone and its banks intensified. A chunk of Turkey's banking system is part-owned by banks in the euro-zone periphery and half its exports go to Europe. Net foreign direct investment (FDI) typically accounts for only a small share of capital flows and precious little FDI is new factories or offices. “Before the financial crisis most of Turkey's FDI was banking deals,” says Murat Ucer of GlobalSource Partners in Istanbul. “Greenfield investment has never been a big part of it.”
 
CONCLUSION:
 
Turkey, situated at the crossroads where two continents meet, is an ideal center for investors looking for a location at the heart of Euro-Asia. With its dynamic and growing economy, huge market, competitive and skilled labor force, Turkey offers numerous opportunities to international investors. The liberal foreign investment legislation and the experience of more than 6.000 foreign capital firms ensure a stable and reliable investment environment.
 
In Turkey, developments in foreign investments accelerated along with the changes in the economic and social structure. The deregulation of interest rates, establishment of organized financial markets for money, foreign exchange stocks and securities, liberalization of capital movements and reforms in the banking sector are just same of the major economic policy changes while one of the major policy decisions was the adoption of liberal and flexible foreign investment practices. As a result of the changes in the foreign investment legislation, the investment climate was made more efficient and suitable for potential investors, starting with the 1980s.
 
In 2003, the Government has initiated a comprehensive reform program to streamline all investment-related procedures and to attract more private direct domestic and foreign investment. The Government has established a Coordination Board for Improving the Investment Climate (YOIKK). The Board assigned specialized technical committees to work on developing concrete proposals and strategies in order to overcome all main obstacles. As productive collaboration between the public and the private sector is key in this process, each technical committee consists of private sector and government agencies representatives.
 
The key reform areas have been determined as company establishment, employment, licenses, location of investment, taxes and incentives, customs and standards, intellectual property rights, small and medium sized enterprises, promotion of investment, foreign direct investment regulation.
此论文免费


如果您有论文代写需求,可以通过下面的方式联系我们
点击联系客服
如果发起不了聊天 请直接添加QQ 923678151
923678151
推荐内容
  • 怎么写Literature ...

    Literature Review是paper写作中极其重要的一部分,对于paper的成败起着至关重要的作用,因此Literature Review必须引起广大......

  • 留学生Essay参考文献引用...

    写一篇Essay,如何标注参考文献引用标注格式?这里谈及的是哈佛参考文献引用格式,英语叫做The Harvard Referencing system,也是目前......

  • 国外大学对report的写作...

    国外大学report写作严格吗?当然。怎么样才能做到一遍过呢?有什么样的要求和原则呢?快跟小编一起来看看吧!...

  • Report格式模板word...

    本文是一篇完整的word格式的的Report格式模板,内容齐全,是留学生写作report的标准格式,十分有参考价值。...

  • APA格式是什么,apa引用...

    很多国外留学生写作essay的时候会涉及参考文献格式的问题,经常会网上搜apa论文格式、apa格式参考文献、apa引用格式、apastyle是什么?等,本文详细......

  • Report的格式是什么样的...

    Report写法大体上和essay差不多,但要求要严格一些。Report可以分为普通学校的report,business report,book report,......

923678151