Why start a Business in Turkey?
Business startup Turkey has always been encouraged in Turkey. The reasons to start a business in Turkey are umpteen. To name a few, the world-class infrastructure, skilled workforce, active transportation, easy access to billions of people, urban amenities, cosmopolitan culture are some of the major reasons why investors start a business in Turkey. Turkey has undergone a steady metamorphosis dependent economy to an innovation and technology-driven business haven. And there are evident reasons why you should start a Business in Turkey. Here they are:
TOP REASONS TO INVEST IN TURKEY
ROBUST ECONOMY
One of the fastest growing economies in the world with an average annual GDP growth rate of 5.5%
LARGE DOMESTIC AND REGIONAL MARKETS
Sizeable domestic market, plus regional markets with FTAs allowing access to 1 billion consumers
10 Reasons to Invest in Turkey
Successful Economy
- Booming economy; more than tripling its GDP, reaching USD 851 billion in 2017, up from USD 231 billion in 2002 (TurkStat)
- A dynamic and mature private sector with USD 157 billion worth of exports and an increase of 335 percent between 2002 and 2017 (TurkStat)
Population
- 82 million 3 thousand 882 (December 2018)
- Largest youth population compared with the EU (Eurostat)
Qualified and Competitive Labor Force
- Over 31.6 million young, well-educated and motivated professionals (2017, TurkStat)
- Approximately 800,000 students graduate annually from over 183 universities (2017, CoHE)
Reformist Investment Climate
- Business-friendly environment with an average of 6.5 days to set up a company (World Bank Doing Business Report 2018)
- Around 58,400 companies with international capital in 2017 (Ministry of Economy)
Infrastructure
- New and highly-developed technological infrastructure in transportation, telecommunications and energy
- Well-developed and low-cost sea transport facilities
- Railway transport advantage to Central and Eastern Europe
- Direct delivery mechanism to most of the EU countries
Centrally Located
- Easy access to 1.7 billion customers in Europe, Eurasia, the Middle East and North Africa
Energy Corridor of Europe
- An important energy terminal and corridor in Europe connecting the East and the West
- Located at a close proximity of more than 70 percent of the world’s proven primary energy reserves.
Low Taxes and Incentives
- Corporate Income Tax reduced from 33 percent to 22 percent
- Tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones, including total or partial exemption from Corporate Income Tax, a grant on employer’s social security share, as well as land allocation
- Incentives for strategic investments, large-scale investments and regional investments
Customs Union with the EU
- Customs Union with the EU since 1996 and Free Trade Agreements (FTA) with 21 countries (Ministry of Trade)
Large Domestic Market
- 69 million broadband internet subscribers in 2017, up from 0.1 million in 2002 (ICTA, TurkStat)
- 78 million mobile phone subscribers in 2017, up from 23 million in 2002 (TurkStat)
- 62.5 million credit card users in 2017, up from 16 million in 2002 (The Interbank Card Center of Turkey)
- 193 million airline passengers in 2017, up from 33 million in 2002 (TurkStat)
- 38 million international tourist arrivals in 2017, up from 13 million in 2002 (TurkStat)
Ranking of Economies by GDP at PPP*
The Turkish economy, from 2003 to 2018, has posted record growth and climbed from 18th place to 13th globally.
Turkey Gateway to Europe Market / Access to EU Markets
