Tag: 2023

Turkey aims to be one of top 10 economies in 2023

ISTANBUL – Turkey is one of the fastest growing emerging markets in the world with impressive economic growth rates, expanding by 8.5 percent in 2011 – ahead of IMF expectations of 7.5 percent.

Over the last decade, its GDP per capital tripled, reaching $772 billion in 2011, up from $231 billion in 2002.

As part of its Vision for 2023, the country aims to be one of the top 10 economies in the world, to achieve a gross domestic product of $2 trillion, increase annual Turkish exports to $500 billion and achieve a foreign trade volume of $1 trillion.

“Turkey is aiming high, but its goals are obtainable. The country’s geographical location makes it a natural bridge between the East to West and North to South axes, providing easy – cost efficient access to businesses around the world. Its young, dynamic and growing workforce also continues to be a key contributor which, according to the 2009 World Bank numbers, is the 5th largest among the European countries. And more recently, the World Bank stamped its belief in the Vision by awarding the country with $6.5 billion of financial support,” said Tim Reid, Regional Head of Commercial Banking for HSBC UAE and North Africa (MENA) during his welcome address at the HSBC MENA / Turkey Forum recently.

Resulting actions have strongly attracted foreign trade to its already large domestic market. Foreign direct investment totaled $15.9 billion in 2011, up from $9 billion the year before. The MENA region now accounts for 18 percent of this. Vice versa, Turkey’s exports reached $135 billion by the end of 2011 of which the MENA region now accounts for approximately a fourth.

Key sectors of interest for MENA investors include tourism and energy.

Turkey is currently the 6th most popular destination to visit in the world with the UAE’s Jumeirah Group, the Rotana Hotels and Viceroy, as well as Saudi Arabia’s My Tuana have already announced investments.

Through the liberalization of its market and geographical location, Turkey is also strongly positioned as an energy transit hub. With MENA accounting for two thirds of the world’s discovered crude oil reserves, Turkey is on a clear path to anchor its partnership with the region.

Construction and contracting is also one of Turkey’s strongest international sectors – consistently exceeded annual targets over the last decade. In the MENA region, several of the large Turkish contracting companies already have extensive involvement in Libya. Aside from the UAE market, we continue to see widespread interest and activity through bids for lead positions on projects in Qatar, Saudi Arabia, Kuwait and Oman.

“Turkey has an extremely strong long-term story,” said Reid. “The combination of strong fundamentals and good demographics should see Turkey maintain a very respectable pace of growth throughout the forecast horizon”. Gathering business leaders, the Forum is the third leg of its series, held as part of its Global Connections campaign.

Trade flows between MENA and the emerging markets is a key theme of HSBC’s Global Connections story in the region.

According to the HSBC Global Research “World in 2050” report, economies we currently call “emerging” are going to power global growth over the next four decades. As a result, in October 2011 HSBC held its first forum on discussing international trade between UAE and India.

Speaking about Turkey’s economic growth, Ambassador of the Republic of Turkey to the United Arab Emirates Vural Altay said “I would like to encourage Emirati and Arab brothers and investors to further boost their engagement in the highly lucrative Turkish market. Turkey offers rich opportunities for MENA companies in the areas of agriculture and food, energy, tourism, real estate, finance, healthcare and many others.”

“My message to the MENA business community, in particular to the UAE business community is to utilize the vast opportunities that the Turkish economy offers needless to say to the benefit of both sides. And if we can do that I am sure that our relationship and togetherness will reach higher levels,” he added. – SG

via Saudi Gazette – Turkey aims to be one of top 10 economies in 2023.

September 22, 2012
Gul: Turkey needs to work hard to meet 2023 goals

Turkish President Abdullah Gul delivers a speech during the opening session of the 4th World Policy Conference in Vienna, Austria, 9 December 2011. Gul said recently that the country needs to expedite efforts in order to boost research and development investments. |EPA/HERBERT PFARRHOFER

Speaking at the opening of the Turkish Innovation Conference in Istanbul, Turkish President Abdullah Gul said the country needs to expedite efforts in order to boost research and development (R&D) investments, to realise the goals in innovation stipulated in the government’s 2023 vision, Zaman reported.

The conference being held for the first time this year was attended by some leading foreign and local figures from the technology industry. The President said that as part of long-term plans, Turkey has set a target to increase the share of R&D investments to 3% of GDP by 2023, the centennial of the founding of the Republic of Turkey. Last year the share of funds allocated from Turkey’s gross domestic product (GDP) to R&D investments went up to 0.85% from 0.4% in 2003.

According to observers, the “psychological barrier” is the level of 1 % allocation from the GDP to R&D before growth in Turkey’s R&D would accelerate. In the medium run, Turkey is trying to earmark 2% of its GDP for R&D, as seen in many developed countries. Gul stressed that the country is bound to develop its innovation capacity, a major step before the country could minimize its current account deficit (CAD) and increase the competitive power of its entrepreneurs in global markets. He noted that Turkey is lagging behind a desired level of development in R&D but he was pleased to see involvement of more entrepreneurs, scientists and NGOs engaged in R&D studies in Turkey than in the past.

via Gul: Turkey needs to work hard to meet 2023 goals | New Europe.

December 19, 2011
Erdogan vows to turn Turkey into powerful country

“By the end of 2011, we will exceed $132 billion. Our target is to reach $500 billion on the 100th anniversary of the Republic in 2023,” Erdogan said.

Turkish Prime Minister Recep Tayyip Erdogan has vowed to turn Turkey into the most powerful, modern and stable country in the region.

“When the Republic of Turkey was founded in 1923, Turkey’s exports were $51 million. After 79 years, Turkey’s exports reached $36 billion. In 2008, exports reached a record level with $132 billion. Exports decreased to $102 billion in 2009 and $114 billion in 2010 as an impact of the global financial crisis.

But we succeeded in recovering from the crisis in a short period of time and increased our exports up to $54 billion only in the first five months of 2011,” he said at the 18th General Assembly of the Turkish Exporters’ Assembly in Istanbul.

“By the end of 2011, we will exceed $132 billion. Our target is to reach $500 billion on the 100th anniversary of the Republic in 2023,” he said.

“Turkey’s economic growth is a result of our democratic reforms in an atmosphere of confidence and stability. Now, a new process has begun after the June 12 ballot. Our target is to turn Turkey he most powerful, modern and stable country in its region,” he added.

AA

June 27, 2011
Istanbul’s First International Shopping Festival to Celebrate 40 Days of Shopping

Aims to stimulate retail sales during the festival period to reach USD10 billion by the centennial of Turkey founding in 2023.

Under the patronage of the Turkish Ministry of Culture and Tourism, the Istanbul Governor’s Office and numerous other agencies, Istanbul’s first International Shopping Festival (ISF) will take place March between 18 and April 26.

The announcement came during a press conference in Dubai with the presence of ISF brand ambassador, popular Turkish actor, Kivanc Tatlitug.

The forty-day long shopping event is expected to attract millions of bargain hunters from across the globe who will win all kind of prizes, including a brand new car every day during the festival. Tourists will enjoy tax-free shopping as well as heavy discounts on a wide range of items, including jewelry, perfumes, textiles, handicrafts and electronics items as shops and malls try to outdo each other in sales. The İSF is also known for its colorful events ranging from music to street performances offering wholesome family entertainment.

Mr. Sedat Gönüllüoğlu, The Turkish Cultural & Tourism Attaché, said: “Istanbul is gearing to have yet another mega tourist event and for 40 days and 40 nights, the first annual Istanbul Shopping Fest will transform the cosmopolitan city into a shopping heaven. The campaign for the annual Shopping Festival is kick-started today by the Turkish tourism minister, governor and the mayor of Istanbul and the leaders of major business organizations. The event is set to attract millions of shoppers from surrounding countries who can visit Turkey without a visa.”

“Istanbul attracts more than 700 thousand tourists from the Gulf countries at this time every year and we hope to attract more than 1.2 million tourists from the region during this year’s festival. Our aim is to stimulate retail sales during the festival period to reach USD10 billion by the centennial of Turkey founding in 2023”, said Mr. Gönüllüoğlu.

“Organizers have been planning for the İSF for a long time to ensure its success. Our objective is to increase shopping lovers every year, making the Istanbul Shopping Festival a premium shopping event worldwide. The 2011 Istanbul Shopping Festival is expected to give much needed boost to Istanbul tourism industry and the retail sector,” he added.

Istanbul has rapidly emerged as the tourist capital of the world and a very busy shopping destination for the surrounding countries. With a population of 14 million people, Istanbul has over 90 brand new shopping centers and many street venues. Topping all that, the city has the world’s biggest and oldest shopping center, The Grand Bazaar, infamous for its jewellery, hand-painted ceramics, carpets, embroideries, spices and antique shops.

During İSF, shopping outlets will be open until 11 pm with special discounts, up to 50 per cent, offered after 10 pm, as well as price reductions and activities at some of Istanbul’s most famous markets, including Taksim, Nisantasi, Bakirkoy, Fatih, Bahariye, and the iconic Spice Bazaar.

Besides the shopping, a number of entertaining and colorful events, for children and adults, will take place at İSF. Visitors can participate with their families in all kind of shows, arranged by the city and its people. Dining is also a major attraction of İSF visitors, where gourmet food can satisfy their taste buds from delicious Turkish cuisine and from all corners of the world.

Turkish Airlines is a major supporter of İSF and will offer visitors special fares and will consider increasing travelers’ baggage allowance during the festival.

“The İSF is set to be a celebration for shopping lovers to visit Istanbul– a city that has been a top choice for shoppers for more than 1,500 years. From hip boutiques in trendy neighborhoods and colorful bazaars and markets to over 90 modern malls featuring top designers, travelers and locals can expect a diverse shopping experience when perusing Istanbul’s wares. Famous for its handmade rugs, clothing, antiques, spices, sweets, footwear and accessories, visitors to Istanbul rarely walk away empty-handed,” concluded Mr. Gönüllüoğlu.

Kippreport

February 21, 2011