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US Relations, Based on a Successful Strategic Partnership, Have Three Main Pillars: Mili- Tary, Political and Economic

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US Relations, Based on a Successful Strategic Partnership, Have Three Main Pillars: Mili- Tary, Political and Economic TURKEY BRIEF: Turkish - U.S. Relations 2012 T ABLE OF CONTENTS FOREWARDS DEİK President’s Message ..................................................................................................................................................................................................... 4 DEİK Executive Committee Chairman’s Message .................................................................................................................................... 6 DEİK / Turkish-American Business Council (TAİK) Chairman’s Message .................................................................. 8 I. COUNTRY PROFILE: INTRODUCING TURKEY ................................................................................................................. 11 1.1 HISTORY, GEOGRAPHY, POPULATION, ECONOMIC DEVELOPMENTS ......... 11 1.2 FUTURE PROSPECTS ............................................................................................................................................................................. 15 1.3 THE EU ACCESSION PROCESS................................................................................................................................................ 17 II. MAJOR EXPORTS OF TURKEY ............................................................................................................................................................... 20 2.1 AUTOMOTIVE .................................................................................................................................................................................................. 20 2.2 IRON AND STEEL ........................................................................................................................................................................................ 38 2.3 TEXTILE AND APPAREL ..................................................................................................................................................................... 46 2.4 JEWELRY .................................................................................................................................................................................................................. 53 2.5 MARBLE, CERAMICS, SANITARY PRODUCTS AND GLASSW ARE ......................... 59 2 Turkey Brief: Turkish - U.S. Relations III. INVESTMENT OPPORTUNITIES IN TURKEY .................................................................................................................... 63 3.1 FINANCIAL SERVICES .................................................................................................................................................................... 63 3.2 PRIVATIZATION ...................................................................................................................................................................................... 97 3.3 FOREIGN INVESTMENT........................................................................................................................................................... 116 3.4 TOURISM ........................................................................................................................................................................................................... 120 3.5 CONSTRUCTION AND REAL EST ATE............................................................................................................ 133 3.6 ENERGY ................................................................................................................................................................................................................. 150 3.7 HEALTHCARE ............................................................................................................................................................................................ 186 3.8 CHEMICAL PRODUCTS ............................................................................................................................................................ 194 3.9 INFORMATION AND COMMUNICATION TECHNOLOGIES (ICT)................. 201 3.10 CONSUMER ELECTRONICS .............................................................................................................................................. 208 3.11 FOOD AND AGRICULTURE ................................................................................................................................................ 210 3.12 EDUCATION .................................................................................................................................................................................................. 216 3.13 ENTERTAINMENT AND MEDIA ................................................................................................................................. 222 3.14 DEFENSE .............................................................................................................................................................................................................. 225 3.15 SHIPPING AND SHIPBUILDING .....................................................................................................................................231 IV. TURKEY-U.S. ECONOMIC RELATIONS .................................................................................................................................................. 235 4.1 LEGAL FRAMEWORK .................................................................................................................................................................... 235 4.2 ORGANIZATIONS IN TURKEY ....................................................................................................................................... 236 4.3 MAJOR BUSINESS ACTIVITIES IN 2010 AND 2011 ......................................................................... 237 4.4 TRADE RELATED ISSUES ....................................................................................................................................................... 238 V. DEİK AND TAİK .................................................................................................................................................................................................. 248 Turkey Brief: Turkish - U.S. Relations 3 Dear Readers, Turkey has been rapidly integrating into the global economy and has become an appealing desti- nation for business. Turkey achieved this leap with its dynamic and active private sector that has been highly active in Eastern Europe, the Middle East, South Africa and Central Asia. Turkey is perceived to be a leader and an economic model in these regions and as an engine of growth in the newly emerging polycentric global system. Istanbul is not only a regional business hub, but it is also one of the centers of global diplomacy, and it will eventually become a global financial center. Turkey, with its democratic credentials, economic model, and strong private sector, is a source of peace and stability in a volatile neighborhood. Previously considered as a flank country, Turkey now stands as a central country in the zone on which the world intensively focuses. The Turkish economy was transformed in the 1980s from a state-led to a market-oriented econo- my. 90% of the Turkish exports consisted of agrarian products, and the Turkish economy was the 26th in the world at that time. Since then, Turkey has become a major global economic actor with an annual trade volume of $375 billion, which 93% of exports consists of industrial goods. Turkey by itself performs 65% of the total export of industrial goods of the Middle East and North Africa region, and it is currently the 6th biggest trading partner of the European Union. Turkey has become the 17th biggest economy in the world and the 6th biggest economy in Europe. Turkey now has the largest free-market economy and the greatest industrial power-base between Italy and China. Recent studies also predict that Turkey will continue to be the “BRIC of Europe”, with its democratic credentials, economic model and strong private sector in the upcoming years, and to rank as the 5th largest economy in Europe after the UK by the year 2050. Today, Turkey is the second after the US in producing 11 different automobile trademarks. In the past 40 years, up until March of 2011, Turkish contractors had undertaken almost 6481 projects in 94 countries, with a total value of some $209.2 billion. In 2011, 31 Turkish contracting companies were on the list of “Top 225 International Contractors” announced by the leading international industry magazine “ENR – Engineering News Record”, and Turkey ranked second in this respect, in the world after China. There are 24 Turkish companies within the list of 100 biggest companies in Islamic world, and the country also ranks the second in the world in road transportation, fol- lowing the US. Thanks to its geographical location, Turkey has become the main energy corridor for the Euro- Mediterranean region, and its liberal and reformist investment climate – with highly competitive investment conditions – leads the country to become a major destination for overseas investments. Turkey has become the nation of opportunities. Turkish and US relations, based on a successful strategic partnership, have three main pillars: mili- tary, political and economic. Traditionally, the first two pillars have always been strong whereas the third pillar has not still reached to a satisfactory level. 4 Turkey
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