YOUR COMPLIMENTARY COPY BRIEFING Turkish exports began the new normal with records INDEPT Istanbul to be the new hub of health tourism INVEST Peak Games became the TheTurkish first unicorn of Turkiye PerspectiveJULY 2020 ISSUE 81 ECONOMY I BUSINESS I FOREIGN TRADE I ANALYSIS Türkiye has succeeded TÜRKİYE in reducing its foreign dependency in many RISING fields, especially in the defense industry, WITH has also increased the NATIONAL exports of value added INDUSTRY national technologies. The Turkish Perspective TheTurkish Perspective Contents JULY 2020 ISSUE 81 Black Sea Highlands 54 Will Invigorate You President Recep Tayyip Türkiye, Pakistan Enjoy Bur- We provide cost-effective solu- 08 Erdoğan: We will make Istanbul 26 geoning Cooperation in TV, Film 50 tions for corporations” a Center of Islamic Finance Sectors Turkish Coast Guard rescues Museums: 11 1,774 asylum seekers 60 Memory of Societies Ottoman sultan’s 27 portrait was bought by Istanbul Municipality Türkiye’s exports exceeded Rising trend in tourism 12 the normal output in June 36 AESTHETIC TOURISM The towers of Türkiye will have a say in siber 14 Çanakkale Bridge 42 security are completed Global gaming market sets its Türkiye, has increased its 22 eye to Türkiye 48 importance of mask supply JULY 2020 ISSUE 81 3 TheTurkish Perspective JULY 2020 ISSUE 81 THE TURKISH PERSPECTIVE RENEWED Management Publisher on Behalf of Turkish Exporters Assembly Chairman of The Turkish Exporters The Turkish Perspective continues publishing Assembly İsmail GÜLLE with its renewed content in 2020. Strategic Partner President of The Presidency of The Republic of Türkiye Investment Office ✓ Türkiye’s riches waiting to be discovered Burak DAĞLIOĞLU ✓ Türkiye from foreign investors’ eye Publication Board M. İlker AYCI ✓ Industry evaluations Bilal EKŞİ Enise Didem ELMAS ✓ Türkiye’s brands expanding to the world Mehmet Fatih BİLİCİ Senem SANAL SEZERER Publication Management Executive Editor Selda YEŞİLTAŞ Deputy Executive Editor Murat ERDOĞAN Editor-in-Chief Peri ERBUL Editor Zeynep TÜTÜNCÜ GÜNGÖR Edip ÜÇOK, Art Director Ercan YAVUZ, Erkan ALTINDAĞ, Yılmaz MERMER Reporter To keep up with the The Gizem İRİS NEWS Photo Editor ECONOMY Turkish Perspective monthly Ergün ÇOLAKOĞLU BUSINESS and follow the recent Contact Address Rumeli Cad. Rumeli Pasajı Yunus Apt. CULTURE developments you can send No:45 Kat:3 Nişantaşı Şişli / İstanbul INNOVATION Tel: 0212 236 00 50 your address to: www.viyamedya.com BRAND MARKETING [email protected] [email protected] /viyamedya Printing Özgün Ofset Neither text nor photographs from this publication may be reproduced in full or part without acknowledging the source and securing permission from the publisher 4 JULY 2020 ISSUE 81 The Turkish Perspective Editorial İsmail GÜLLE Chairman of Turkish Exporters Assembly (TİM) Türkiye continues to amaze Türkiye rises through national unity We believe time will be on our side, on Türkiye’s and companies that invest in these lands. DEAR FRIENDS, period. The first quarter of 2020 business world. Türkiye elim- hit all the countries around the inated this threat, initiated an International associations and world. While all the strongest awakening across the world, and economists always consider one economies of the European Union gathered huge support from its thing that is unique to Türkiye declined, with Germany in lead, allies across the world. This spirit when they announce their eco- as well as the US and China, Turk- came to life once again during the nomic growth estimates: national ish economy grew by 4.5 percent. pandemic and Türkiye continued unity spirit. Undoubtedly, Türkiye’s economy to produce despite the outbreak. However, an economist should will experience a slowdown in It showed that Türkiye is a safe employ the characteristics of a the second quarter of the year, haven. The production strength historian, politician, and a philos- but it won’t be overly damaging. of our country with our gov- opher, according to the renowned Our exports performed above ernments’ strong endenization economist John Maynard Keynes. the normal in June despite the policies during the last 20 years He believes that an economist pandemic and increased by 16 and over 74,000 companies with should consider what is specific percent in June, compared to the Turkish economy foreign capital accounted for this from a wider perspective and same month of the previous year. grew by 4.5 success. remark both the abstract and the The strong growth in other indi- percent. We believe time will be on our concrete. According to Keynes, an ces including exports signal that side, on Türkiye’s and companies economist should explore today Turkish economy will prove the that invest in these lands. Every under the past and for the inter- economists wrong in their 2020 day we see a new development est of the future. estimates. that support our argument. If the economists and asso- Another point that the econo- Just as Keynes said, the pres- ciations evaluated the Turkish mists miss about Türkiye is that ent should be considered under economy under this perspective, our country has the ability of the past for the future interests. they could have predicted a much taking swift actions after every Türkiye is a country with targets. stronger performance. crisis. The strongest example of It has the necessary production The expectations for a decline this argument was the aftermath strength to reach thee targets and in the Turkish economy increased of the coup attempt by FETO four is open to all kinds of cooperation. in 2019 as the global trade wars years ago. This attempt strength- That’s why, we as the Turkish and barriers jumped, but Türkiye ened the national unity spirit Exporters Assembly invite you to grew by 1 percent during this among the Turkish public and be a part of our dreams. JULY 2020 ISSUE 81 5 First Glance The Turkish Perspective July 15 Coup Attempt and People’s Victory The date of July 15 was declared as an official holiday in 2017 under the name of Democracy and National Unity Day in order to commemorate the martyrs in the coup attempt. AT AROUND 10 p.m. on Friday July 15, a group of officers within the Turkish army associated with the Fetullah Terrorist Organization (FETO) launched a coup attempt at the General Staff Headquarters that was suppressed after almost 22 hours. World leaders strongly reacted against the coup attempt. They displayed a unity of opinion on the side of elected leaders and democracy. President Erdoğan, chairmen of the ruling and opposition parties, Prime Minister of the Turkish Republic of Northern Cyprus (TRNC) Hüseyin Özgürgün, high ranking administrative and military officials attend the “Democracy and Martyrs’ Rally” at Yenikapı, Istanbul. 5 million people attend the rally at Yenikapı in support of democracy, and Jewish, Christian and Muslim religious leaders take a united stand against the coup attempt. JULY 2020 ISSUE 81 7 Foreign Policy President Recep Tayyip Erdoğan: We will make Istanbul a Center of Islamic Finance President of The Republic of Türkiye Recep Tayyip Erdoğan said, “Istanbul's newly built financial center will also make it a leader in the sector, given its geostrategic advantage” in the 12th International Conference on Islamic Economics and Finance which have actualized via videoconference. The Turkish EBRD will support government small businesses founded three new state-owned in Türkiye Islamic banks THE BANK will be between years joined by the JPMorgan Chase Foundation, 2015 and 2019. which became the first private- sector philanthropic organization to co- finance grants for EBRD. EBRD announcement read, "The grant will 12TH INTERNATIONAL CONFERENCE from a low base – reflective of the entrance be used to develop a on Islamic Economics and Finance of three state-owned banks since 2014 and new digital platform actualized between June 14 and June 20 via the segment’s generally above-average risk or solution that will videoconference. President Recep Tayyip appetite." expand access to Erdoğan, emphasised Türkiye’s role in Islamic The participation banks’ share of sector know-how and learning finance. assets was 6.3 percent at end of 2019 opportunities for SMEs Participation banking and utilization tools of compared with the government’s target of 15 [small- and medium- Islamic finance and economics will provide a percent for 2025 while it was less than 2.0 sized enterprises]." The solid, sustainable and structural alternative percent during the early 2000s. "Taking all platform aims at helping to the existing financial system laden with these into account, Islamic finance is our exit businesses that face crises, President Erdoğan said. He added that out of this system," Erdoğan said, stressing the challenges in accessing Istanbul's newly built financial center will importance of interest-free, participatory and information and the also make it a leader in the sector, given its thus an alternative financial system. business networks geostrategic advantage. they need to grow. Erdoğan said the global system that is ISLAMIC BANKING Additionally, the funding based on personal and financial interest, ASSETS SET TO DOUBLE will lend support to domination and injustice, needs to be Islamic banking assets in Türkiye are set promising women-led reshaped and replaced with one that is fairer. to double within 10 years as government businesses in Istanbul. Türkiye, in the last 18 years has taken very initiatives drive growth in the sector, a report important steps to integrate alternative published