Category: Business

  • Improving U.S.-Turkish Economic Partnership

    Improving U.S.-Turkish Economic Partnership

    This year’s meeting of the EPC focused on exploring opportunities to promote innovation, increasing cooperation in specific sectors and enhancing business-to-business ties.

    Photo: ASSOCIATED PRESS  President Barack Obama, right, shakes hands during a bilateral meeting with Prime Minister of Turkey Recep Tayyip Erdogan. (file)
    Photo: ASSOCIATED PRESS President Barack Obama, right, shakes hands during a bilateral meeting with Prime Minister of Turkey Recep Tayyip Erdogan. (file)

    During a 2009 meeting between U.S. President Barack Obama and Turkish President Abdullah Gul, the two leaders agreed to establish the U.S.-Turkey Framework for Strategic Economic and Commercial Cooperation, or FSECC dialogue, in order to strengthen the existing economic partnership between the two countries.

    In early October 2011, representatives of both governments met in Ankara for the seventh meeting of the Turkey and United States Economic Partnership Commission, a key component of economic relations between the two countries, as outlined by the FSECC.

    This year’s meeting of the EPC focused on exploring opportunities to promote innovation, increasing cooperation in specific sectors and enhancing business-to-business ties. They discussed ways to promote entrepreneurship and encourage bilateral agricultural trade as well as the importance of protecting intellectual property rights.

    They reiterated the importance of cooperating in the energy sector, including promoting efficiency and renewable energy, and discussing the possibilities of commercial nuclear power. They agreed to promote economic development in third countries, particularly those in North Africa, sub-Saharan Africa, and along the Silk Road.

    They also discussed progress on establishing Istanbul as an international financial center, which is a top priority of the Turkish government. Some Turkish private financial institutions have already relocated their headquarters to Istanbul.

    Turkey is a nation of 78.7 million people, and its population is young, promising rapid growth and an expanding market for U.S. goods. The U.S. also offers an enormous market for Turkish goods and opportunity for the many enterprising Turkish businessmen and women.

    Because Turkey straddles Europe and Asia, with flourishing economic ties to its neighbors, it is a valuable partner for exploring new business opportunities in the Middle East, Central Asia, and North Africa. Together, the United Sates and Turkey can make a significant contribution to rejuvenating the economies of developing and transitional economies, such as those in North Africa, through commercial collaboration.

    The United States recognizes the importance of strengthening the economic ties between the two long-time allies to match the strength of their political and military ties. As President Obama said in his 2009 speech to the Turkish Parliament, “Turkey is a critical ally. Turkey is an important part of Europe. And Turkey and the United States must stand together – and work together – to overcome the challenges of our time.”

    via Improving U.S.-Turkish Economic Partnership | Middle East | Editorial.

  • Platts: Azerbaijan is the most stable and proactive country of the region

    Platts: Azerbaijan is the most stable and proactive country of the region

    AzerbaijanApaku. Nijat Mustafayev – APA-ECONOMICS. Azerbaijani gas will be increased not only on the account of Shah Deniz, but on the account of other fields too, said the representative of Platts magazine John Roberts at the 6th Kazenergy Eurasia Forum, in Astana, Kazakhstan.

    Speaking about production and transportation perspectives of energy carriers in Caspian Sea Roberts looked through the possible routes for accessing of gas to the world markets. He noted that, EU supported on Nabucco projects. Other projects are not supported sufficiently.

    Roberts said that Turkmen gas was important for this project: “I regret that, Turkmenistan is on the passive position compared to Azerbaijan’s proactive position. Turkmenistan is on passive position and expects the route versions from others, while Azerbaijan takes active steps on extraction, exploitation and accessing of gas to the world markets”.

    As to Kazakhstan, Roberts hesitated and noted that time would show. In general, Roberts said Azerbaijan was the country, which pursued the most stable and consistent oil and gas policy, he showed Azerbaijan as an example for the other countries in the region.

    “Moreover, Azerbaijan and Kazakhstan are the most reliable transit countries of the region, they proved it with the recent activities in this sphere”, Roberts added.

    Generally, in his speech, Roberts noted Azerbaijan as the most stable and proactive country of the region. Also he said that Turkmenistan should take more active steps for the proof of seriousness of its opinion on gas transportation to Europe.

    Apa.az

  • Turkish gold imports expected to exceed 70 tons

    Turkish gold imports expected to exceed 70 tons

    By REUTERS

    Published: Oct 5, 2011 22:41 Updated: Oct 5, 2011 22:41

    ISTANBUL: Imports of gold to Turkey were expected to exceed 70 tons both this year and next, marking a rise of more than 63 percent over 2010 levels, but remain held back by high prices and a weaker lira, Istanbul Gold Exchange Chairman Osman Sarac told Reuters.

    Imports were 42.49 tons in 2010 and 69.15 tons in the first three quarters of this year. The lira currency has weakened nearly 20 percent against the dollar since the start of the year.

    Because of high global gold prices of the past two years, imports are far below levels seen between 2005 to 2009, when the lowest amount imported in any year was 165.9 tons.

    “We expect the gold prices to remain high in 2012 and thus maintain a negative impact on Turkey’s gold imports,” Sarac said. “We can expect imports of around 70 tons in 2012, a similar level that of this year.”

    Domestic gold production in the first six months was 10.4 tons and was expected to reach 20 tons in 2011 as a whole, compared to an annual 16.4 tons in 2010.

    With lira prices for gold at record levels, consumers bought less jewelry and sold more for scrap.

    Turkish jewelry exports in the first seven months of the year were $814 million, and were expected to be around $1.5 billion for the full year.

    Sarac also said 5,000 tons, or around three percent of the world’s total physical gold stock of 163,000 tons was kept as under-the-mattress savings in Turkey, amounting to a value of $273 billion.

    He said increased investment demand for gold, helped by the low interest rate environment, has helped offset the fall in jewelry demand.

    via Turkish gold imports expected to exceed 70 tons – Arab News.

  • Russia, Turkey Discuss Use of Ruble and Lira in Bilateral Trade

    Russia, Turkey Discuss Use of Ruble and Lira in Bilateral Trade

    Russia and Turkey discussed ways to boost the use of the ruble and the lira in bilateral trade.

    Central bank and government officials from the two countries met in Moscow Sept. 26-Sept. 28 to consider “proposals on possible ways to increase settlements in the national currencies and measures needed to broaden interbank cooperation,” Bank Rossii said today in a statement on its website. Policy makers asked commercial banks to help them study the most promising industries for trade to shift to the ruble and lira, according to the statement.

    Russia has sought to bolster the use of the ruble and other emerging-market alternatives to the dollar in trade, including through the so-called BRICS group of Brazil, Russia, India, China and South Africa. Central bankers met officials in Brasilia in August and agreed that using the ruble and real in trade was more “appropriate” than the dollar.

    Russia and Turkey traded $17.46 billion of goods in the first seven months of 2011, 26 percent higher than a year earlier, according to Russia’s customs service. Turkey accounted for about 3.8 percent of Russian trade, down from 4.1 percent in the same period last year, customs data show.

    To contact the reporter on this story: Scott Rose in Moscow at [email protected]

    To contact the editor responsible for this story: Balazs Penz at [email protected]

    via Russia, Turkey Discuss Use of Ruble and Lira in Bilateral Trade – Bloomberg.

  • Turkey and Ukraine Lead the Most Visited Countries among Georgians

    Turkey and Ukraine Lead the Most Visited Countries among Georgians

    Written by Tako Khelaia

    the president of georgia mikheil saakashvili and the prime minister of turkey opening new border crossing point in sarpi 2011 05 31

    The FINANCIAL — 1,793,449 foreign guests visited Georgia during first 8 month of 2011, which is a 43% growth in accordance to last year’s index according to the Georgian National Tourism Agency (GNTA).

    For the first 8 month of 2010, 1,258,488 foreigners visited Georgia which is 534,961 less in accordance to 2011. As GNTA notes, for the first 8 months of 2009, 942, 371 foreigners traveled to Georgia and the number of guests in 2009 was 35% less in accordance to the first 8 months of 2010.

     

    The number of Georgian tourists visiting foreign countries has also increased by 4% this year. According to the index of the first 8 months of 2011, 1,415,385 Georgians visited foreign countries, while in 2010 only 1,356,599 did which were 58,786 less comparing to the first 8 months of 2011.

     

    According to the GNTA, Turkey still tops the list of the most visited countries. A total of 28% of Georgian tourists visited Turkey during the first 8 months of 2011. Ukraine holds the second place of the most frequently visited countries. Overall 16% of Georgian tourists visited Ukraine , 15% Armenia, 9% Germany, 9% Azerbaijan, 4% USA, 4% United Kingdom,3% Italy, 2% Egypt, 2% Poland and the remaining 8% to other parts of the world.

     

    Tbilisi has been the most popular tourism destination among foreign tourists. A total of 60% of the total visitors to Tbilisi during the first 8 months of 2011 were foreigners. Batumi was visited by 43% of tourists, Mtskheta by 8%, Kutaisi by 6%, Lagodekhi 5%, Kazbegi 4%, Gori 4%, Kobuleti 3%, Mestia/Ushguli, 2%, Davit Gareji, 2%, Vardzia 1%, Telavi 1%, Bakuriani 1%, Gudauri 1 % and the other 9% belongs to different other destinations in Georgia.

     

    “For the purpose of leisure and recreation, 34% of foreigners visited Georgia during the first 8 months of 2011. For visiting friends and relatives, 26% of tourists visited our country and 20% of foreign guests were on their business and professional trips in Georgia during the first 8 months of 2011. 10% of foreign tourists visited our country for the purpose of transit, 3% due to education and training and 3% for employment,” the GNTA notes.

     

    “2 % of foreign guests visited Georgia during the first 8 months of 2011 for the purpose of shopping, 2% for health and medical care, 0.2 % for religious reasons or pilgrimages and 0.1 % of foreigners were on diplomatic missions,” GNTA notes.

     

    The majority of tourists are business travelers and transit travelers (31%) who stayed for one day in Georgia. According to the statistics 26% of tourists stayed for just 2-3 days, 12 % for 4-5 days, 8% for 6-7 days, 10% for 8-14 days, 4% for 15-20 days, 5% for 21-30 days and 4% for 31 or more days. The average number of nights spent in Georgia was 8, while for the purpose of leisure and recreation the average length of a visit to Georgia was 6 days. While visiting friends and relatives in Georgia, the average length of a visit was 11 days and for the purpose of business or professional duty the average length of a visit was 13 days.

     

    According to the GNTA, 42% of tourists preferred to stay with their families, 38% used hotel accommodation, 9% guesthouses or cottages, 8% hired a flat, 5% stayed in transport facilities, 1% stayed in camping or trailer park and 0.3% were in Airport s or in railway stations. The average expenditure of one tourist during 8 days spent in Georgia was 1,470 GEL.

     

    The number of domestic tourism for the first 8 month of 2011 has as well increased in Georgia and in accordance to the same period of last year the number has raised by 20%. For the first 8 months of 2011 the number of domestic tourists was 866,551, while in 2010 there were 721,382, which is 145,175 times less in accordance to this year’s index.

     

    “The region of Adjara was visited by 1,006,319 tourists during the first 8 months of 2011, of which 655,419 were Georgians and 350,900 were foreign tourists. The number of tourists visiting Adjara has increased by about 36% this year. During the first 8 months of 2010, 741,475 tourists visited Adjara from which 498,393 were Georgians and 243,082 foreigners,” the GNTA notes.

     

    “Among the purposes of domestic tourists for traveling within the territory of Georgia, visiting friends and relatives was the most prioritized. A total of 49% of domestic tourists visited their friends and relatives, 39% were visiting different parts of Georgia for leisure and recreation, 6% for business and professional purpose, 3% for Health and medical care, 2% for pilgrimage, 1% for employment, 1% for shopping and 0.3% for education or trainings,” GNTA officials note.

     

    According to the GNTA the average length of domestic tourists’ visits to different parts of Georgia was 5 days. 23% of domestic tourists stayed for one day, 35% for 2-3 days, 10% for 4-5 days, 12% for 6-7 days, 12% for 8-14 days, 3% for 15-20 days, 3% for 21-30 days and 1% for 31 or more days. 75% of domestic tourists preferred to stay with their families, 5% stayed at guesthouses or cottages, 4% in hotels, 2% hired a flat, 1% stayed in different transport facilities, 1% went for camping or staying in trailers, 1% in monasteries, 0.4 % in hospitals and 12% didn’t spent the night at all.

     

    “The most attractive tourism destination for Georgians was Tbilisi which was visited by 13% of tourists during the first 8 months of 2011. Batumi was visited by 8% of Georgian tourists, Kutaisi/Motsameta/Sataplia by 6%, Tskneti/Manglisi/Tsavkisi/Kodjori by 3% Mtskheta/Armazi/Akhatani/Saguramo by 3%, Kobuleti by 3%, Khashuri/Surami/Kvishkheti by 3% and Bakuriani by 2%,” the GNTA notes.

     

    “Zugdidi was visited by 2% of Georgian tourists, Gori by 2%, Sighnaghi/Bodbe by 2%, Zestafoni by 2%, Telavi by 2%, Chiatura, Kaspi, Lagodekhi, Samtredia, Borjomi and Ozurgeti were also visited by 2% of Georgian tourists. The other destinations in Georgia were visited by 42 % of domestic tourists,” the GNTA notes.

     

    The average expenditure of Georgian tourists in Georgia was on average 581 GEL during 5 days. The average expenditure of domestic tourists on residence for 5 days was 211 GEL, on food and drinks 117 GEL, on souvenirs and gifts 53 GEL, on transport 43 GEL, on train fares 26 GEL, on transport 46 GEL and on other important goods and products 85 GEL.

  • Turkey offers Pakistan joint ventures

    Turkey offers Pakistan joint ventures

    Turkish businessmen are ready to initiate joint ventures with their Pakistani counterparts as they are convinced that ample opportunities lie in a number of sectors including textiles, construction and energy.

    LAHORE: Turkish businessmen are ready to initiate joint ventures with their Pakistani counterparts as they are convinced that ample opportunities lie in a number of sectors including textiles, construction and energy, stated Resul Secilmis, the head of a 32-member Turkish business delegation.

    Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, Secilmis said that Turkey has a lot to offer to their Pakistani counterparts and they should take benefit of available opportunities.

    He said that both the countries have marvelous untapped business potential that needs to be explored by maximising involvement of private sectors of the two countries.

    LCCI President Irfan Qaiser Sheikh said “since energy is an important issue for Pakistan’s economic growth and Turkey has vast experience of exploiting hydel and other energy sources, both the countries should cooperate in this area on priority basis.”

    Published in The Express Tribune, October 4th, 2011.

    via Turkey offers Pakistan joint ventures – The Express Tribune.