5 Reasons to Invest in Turkey
Last year, 𝐓𝐮̈𝐫𝐤𝐢𝐲𝐞 attracted millions of visitors, ranking as the 𝟒𝐭𝐡 𝐦𝐨𝐬𝐭 𝐯𝐢𝐬𝐢𝐭𝐞𝐝 𝐜𝐨𝐮𝐧𝐭𝐫𝐲 𝐠𝐥𝐨𝐛𝐚𝐥𝐥𝐲. But 𝐓𝐮̈𝐫𝐤𝐢𝐲𝐞 isn’t just a tourist paradise, whether you’re looking for a holiday home, a retirement haven, or a profitable investment, Türkiye has it all. With its unique blend of Eastern and Western influences, it’s a hub for Business, Investment & Growth. The 17th largest economy 17th largest economy of the world is truly the Crossroads of Investment Opportunities.
Despite facing occasional economic challenges, such as covid-19 era and geopolitical tensions, Turkey has demonstrated resilience and maintained positive growth trajectories with average annual GDP growth rates exceeding 5% in the early 2000s.
We have prepared 5 reasons that will help you make an informed decision when it comes to investing in Turkey.
- Strategic Location
Investmen access to 1.3 billion individuals
Joined market worth of USD 28 trillion GDP in Europe
Turkish Airlines connecting 342 destinations in 121 countries.
Turkey has crossroads with Europe, Asia, and the Center East positions and it as a significant center point for investment and international trade, offering unmatched access to business sectors spreading over numerous landscapes.
Turkey offers convenient accessibility to 1.3 billion individuals and a joined market worth of USD 28 trillion Gross Domestic Product in Europe, MENA, and Focal Asia inside a 4-hour flight range.
The essential area allows easy access to business sectors across 16 different time zones, from Tokyo to New York, attracting multinationals to add to the economy.
(https://www.invest.gov.tr/en/whyturkey/top-reasons-to-invest-in-turkey/pages/strategic-location.aspx)
- Workforce and Demographic Advantage
Overall workforce amounts 34.3 million
Second largest workforce in Europe
Over 900,000 annual graduates produced
State of the art education in engineering
Turkey’s young, educated, and skilled labor force is exceptional with specialized abilities and language proficiency, giving an edge for seeking business opportunities for establishment and continuation of operations in the country.
The general workforce is around 34.3 million individuals, which makes the country the second biggest workforce in Europe. The youth is a significant factor contributing to workforce growth. Moreover, Turkey has posted the biggest workforce growth among the EU nations.
half the population under the age of 33.5 in 2022
largest youth population among the EU member countries
lowest age dependency ratio 46.75 in 2022
Turkey offers superb opportunities with its growing, young, and dynamic population. The young workforce is a driving force that enables strong labor pool with profitable domestic market.
Turkey’s skilled youth population was enlisted as 85.2 million in the year 2022. It is expected to reach 88.4 million by 2030, and 92.3 million by 2040, as indicated by the Turkish Factual Organization. The population is expected to keep up with this growth rate until 2050, when it will top at 93.5 million.
- Investment and Citizenship
Turkey offers a well-known Citizenship by Investment Program 2017 provides opportunities to investors as well as their families with the potential chance to get Turkish citizenship through investments in the real estate or contribution in form of capital. Therefore, it gives access to a different scope of advantages, including visas and travel to numerous nations. This is also a means to attract foreign investment in various sectors.
https://www.henleyglobal.com/citizenship-investment/turkey
Increased GDP of USD 906 billion in 2022
Average annual GDP growth rate of 5.4% from 2003-2022
Turkey represents a strong and dynamic economy, known for its consistent growth rates and a large scope of ventures, which includes manufacturing, travel industry, and innovation in technology.
Regardless of worldwide monetary difficulties, Turkey has shown versatility, keeping up with positive financial growth and drawing in foreign investors across different enterprises. In the past 2 decades, Turkey has performed extraordinarily by expanding the size of its general economy from USD 236 billion in 2002 to USD 906 billion in 2022.
https://www.invest.gov.tr/en/whyturkey/top-reasons-to-invest-in-turkey/pages/robust-economy.aspx
The economic development in Turkey saw an increase in the income per capita from USD 3,581 on 2002 to USD 10,655 in 2022, making it the 11th largest country for its GDP growth out of 50 million countries. Turkey, therefore makes an ideal country for investments and ventures in Europe and the Center East.
- Sectoral Reforms and Research
Like any economy, Turkey faces its share of obstacles. Accordingly, the authorities have carried out different monetary reforms pointed toward upgrading intensity, further developing the business environment, and cultivating sustainable development.
Turkey has diversified its sectoral reach in areas likes automotive, machinery, defense and aerospace, agro-food, energy, infrastructure and financial services. Various initiatives have been taken in expanding the technological sector in areas like fintech, e-commerce, and software development.
The Turkish government has set the objective of expanding the portion of Research and Development ventures inside the general public financial plan to 2%. Starting around 2020, this figure has previously expanded over 1% – with the assumption to arrive at 2% over the course of the following quite a long while.
Broad Research and development motivations in Turkey are additionally upheld by accomplished and exceptionally qualified workforce, serious expense benefits, and a few worldwide organizations that are dynamic on the lookout.
- Global Integration
Turkey is effectively taking part in international trade and investment on global levels. For this, the country has established associations with organizations like the G20 to pursue trade and investments with various nations and regions. This effort for global integration intends to enhance the economic growth and competitiveness of the country.
The crucial pieces of the general investment regulation incorporate the Foreign Direct Investment Law No. 4875, Encouragement of Investments and Employment Law No. 5084, the Regulation on the Implementation of the Foreign Direct Investment Law, as well as multilateral and bilateral investment arrangements.
Conclusion
Turkey stands as an emblem of opportunity for global investors. Its strategic location, dynamic economy, and favorable investment climate make it a compelling destination for growth. With a diverse market and regional connectivity, investing in Turkey promises unparalleled potential for prosperity and future opportunities.