ISSUE 82 20

NEWSLETTER DECEMBER’

PRESIDENT ERDOĞAN: BUILDS A SAFE ENVIRONMENT FOR INVESTORS Page 2

MESSAGE OF TURKEY, A RISING SOLIDARITY DELIVERED STAR AMONG OTHER IN NORTHERN CYPRUS INVESTMENT HUBS Page 3 Page 4

BUSINESSPEOPLE CALLED KAHRAMANMARAŞ- ON TO INVEST IN TURKEY GÖKSUN ROAD AT INAUGURATION OF COMMISSIONED TEKIRDAG CITY HOSPITAL Page 5 Page 5

MANUFACTURING TURKEY POSTS LARGEST Page 6 PMI IN TURKEY GDP GROWTH IN THE WORLD ABOVE IN THE THIRD QUARTER THRESHOLD Page 7 FOR FIVE CONSECUTIVE MONTHS EMPLOYMENT IN TURKEY TURKEY’S CONTINUES TO RECOVER FIRST ROBUSTLY EXPORT Page 7 FREIGHT TRAIN TURKEY TAKES FROM NEW MEASURES TO VACCINE DEVELOPED TEKİRDAĞ EASE CONDITIONS BY TURKISH TO EUROPE AGAINST THE SCIENTISTS TO SAVE SETS OFF LIVES AGAINST PANDEMIC COVID-19 Page 9 Page 9 Page 8

TURKISH GRAND PRIX INVESTMENT STAGES RED-HOT RACE OFFICE AFTER 9 YEARS WEBINARS & Page 10-11 EVENTS

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PRESIDENT ERDOĞAN DELIVERS MESSAGE OF SOLIDARITY IN NORTHERN CYPRUS Upon the invitation of the Turkish strong and prosperous common future Message from Republic of Northern Cyprus (TRNC) with the Turkish Cypriots, whom we the Investment President Ersin Tatar, President see as our dear brothers and sisters.” Recep Tayyip Erdoğan paid an official Office visit to Lefkoşa on November 15 to In addition to a one-to-one meeting celebrate the 37th anniversary of the with his TRNC counterpart, Investment and infrastructure projects in Turkey were in establishment of the TRNC. President Erdoğan also attended the full spate in November and inauguration ceremony of Lefkoşa the negative impacts of the PRESIDENT Delivering remarks at the TRNC’s 15th Emergency Hospital as part of his visit COVID-19 outbreak on the November Republic Day Ceremony, to the TRNC. “Lefkoşa Emergency Turkish economy have been ERDOĞAN: TURKEY President Erdoğan said, “We continue Hospital is the most important alleviated thanks to the to increase our efforts to build a indicator of Turkey’s solidarity with government’s outstanding BUILDS A SAFE efforts. sustainable economic structure. The the TRNC. Our cooperation will motherland and the guarantor, Turkey, continue further in healthcare as of President Recep Tayyip ENVIRONMENT will stand by the TRNC and Turkish today as well,” promised President Erdoğan inaugurated Cypriot people, as has been the case Erdoğan in his speech at the Tekirdağ City Hospital and FOR INVESTORS so far. We will work harder to build a inauguration. Kahramanmaraş-Göksun Road last month and paid an On November 11, President official visit to the Turkish Recep Tayyip Erdoğan received Republic of Northern Cyprus where he attended the a delegation of the International inauguration ceremony of Investors Association (YASED) at Lefkoşa Emergency Hospital. the Presidential Complex in Ankara and shared insights on the Turkish Also, in November a series of agreements between economy and the investment Turkey and Qatar were environment. signed during the official visit of Emir Sheikh Tamim bin Among the attendees were the newly-appointed Hamad Al Thani of Qatar to Minister of Treasury and Finance Lütfi Elvan, Ankara within the scope of Minister of Industry and Technology Mustafa the 6th meeting of the Turkey- Qatar Supreme Strategic Varank, Minister of Trade Ruhsar Pekcan and TURKEY-QATAR FURTHER BOOST Committee. The counterparts Investment Office President Burak Dağlıoğlu. inked projects, including sales of a 10 percent stake On the same day, President Erdoğan also TIES AS THEY INK MULTIPLE DEALS at Borsa Istanbul to the delivered a speech at AK Party’s parliamentary Turkey and Qatar partnered up on a Mediterranean province of Antalya to Qatar Investment Authority group meeting, where he offered insights on wide range of occasions at the sixth QTerminals, a Qatari commercial port and sales of Port Akdeniz in Turkey’s investment climate. meeting of the Turkey-Qatar Supreme operating company. Antalya to Qatari QTerminals. Strategic Committee jointly chaired by An MoU for joint promotion activities Meanwhile, beating the President Erdoğan stated, “The whole world President Recep Tayyip Erdoğan and between Turkey’s Ministry of Trade and expectations, the Turkish will see that Turkey is among the most his Qatari counterpart Sheikh Tamim the Qatar Free Zone Authority (QFZA). economy posted a growth lucrative and the most reliable countries for bin Hamad al-Thani at the Presidential Joint declaration on the rate of 6.7 percent y-o-y in investments. We will maintain our economic Complex in Ankara in late November. establishment of a trade commission rd the 3 quarter of 2020 and guidance both to domestic and international between Turkey’s Ministry of Trade ranked first among the OECD During the meeting, the two countries and Qatar’s Ministry of Commerce and member countries and in the investors.” world. inked a number of new agreements, Industry. Turkey is building up a safe investment including: An MoU for teaming on water In addition to all these environment by leaning its economic policies Sales of a 42 percent stake at management. positive developments, on three pillars: price stability, financial Istanbul’s IstinyePark, one of the top An MoU on enhanced economic and Turkey was home to a historic stability, and macroeconomic stability, said luxury shopping malls in Turkey, to financial cooperation between Turkey’s event last month. After a 9 Qatar Holding LLC. Ministry of Finance and Treasury and years of break, the Formula President Erdoğan. “The continuity of growth An MoU for a potential joint Qatar’s Ministry of Finance. 1 Turkish Grand Prix was and employment in a healthy and robust run at the Istanbul Park on manner will be ensured by the government. investment in the “Made in Istanbul An MoU on cooperation between November 15 as the 14th We are creating a growth structure which Golden Horn Project”, a waterway Turkey and Qatar in areas relating to round of the season. generates qualified jobs, prevents inflation and project to connect the Bosphorus and family, women, and social services. current account deficit, and which is financed the Sea of Marmara. An MoU on the exchange of diplomats President, Investment Office primarily by domestic savings and foreign Sales of a 10 percent stake at Borsa between the Diplomacy Academy of A. Burak DAĞLIOĞLU direct investments,” added the President. Istanbul to the Qatar Investment Turkey’s Ministry of Foreign Affairs Authority (QIA). and the Diplomatic Institute of Qatar’s Sales of Port Akdeniz in the Ministry of Foreign Affairs.

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“TURKEY, A RISING STAR AMONG OTHER INVESTMENT HUBS,” SAYS PRESIDENT ERDOĞAN

PRESIDENT ERDOĞAN INAUGURATES TEKİRDAĞ CITY HOSPITAL, CALLS ON BUSINESS PEOPLE TO INVEST IN TURKEY Speaking at the inauguration ceremony of Tekirdağ City Hospital and at the AK Party’s provincial congress in Tekirdağ on November 13, President Recep Tayyip Erdoğan said, “A new President Recep Tayyip Erdoğan delivered messages of period of reforms in the Turkish economy will be initiated soon investment, production, export and a robust Turkey at so that Turkey will pursue its development plans and achieve its various events he attended this week. goals, as the world goes through a historic period of change.”

“Our country is continually proving Receiving the Turkish Exporters President Erdoğan further stated that Assuring investors about the stability to be a rising investment, production Assembly (TİM) Chairman İsmail Turkey’s first and foremost aim is to of the Turkish economy, which is and trade hub,” stated President Gülle and TİM delegation at Vahdettin decrease inflation to single-digits and based on financial stability, pricing Erdoğan at the Turkey Economic Mansion on November 19, President increase employment. Acknowledging that stability and macroeconomic stability Council held by the Union of Chambers Erdoğan once again touched upon employment could be swollen through new within the framework of the new and Commodity Exchanges of Turkey how Turkey continues to remove the job generation, President Erdoğan called economic program, he added that new (TOBB) on November 18. challenges before those who would on domestic and international investors to announcements are on the way to like to invest in Turkey. He said, “We choose Turkey as the host country for their achieve Turkey’s goals in near future. Addressing the audience at the event, will identify the expectations, fix the new investments. President Erdoğan shared his insights on inadequancies, correct the mistakes a variety of significant topics concerning and meet the necessities of the new Turkey’s strengths in the face of the era. We will put into effect regulations PRESIDENT ERDOĞAN COVID-19 outbreak, including production, and practices, and launch a new rising exports and investments. trend in Turkey. We will accomplish COMMISSIONS this in close dialogue, cooperation KAHRAMANMARAŞ- Assuring international and domestic and harmony with all segments in investors as to the continuity of the our country, our business world in GÖKSUN ROAD government’s support for a safe particular.” On November 7, investment ecosystem, President President Recep Tayyip Erdoğan said, “We know that it On November 20, President Erdoğan th Erdoğan inaugurated is a huge responsibility, but our delivered a speech at the 18 MUSIAD the Kahramanmaraş- confidence in our people, our energy, Expo, where he emphasized that our enthusiasm and our determination Turkey has been on its way to come Göksun Road. are greater. We have brought our out of the ongoing transformation in Delivering a speech to the audience embraced, in all sincerity, the entire country to the level of regional and the global economy even stronger. at the opening ceremony, President spectrum of our population, regardless global leadership together with “We are ready to walk on this path Erdoğan stated, “We have heralded of their diverse roots, dispositions or you. And, we will overcome all the together with everyone who believes a new era for Turkey by building up differences. We have served each and challenges before us, and achieve our in Turkey’s strength, potential and its education, healthcare, justice and every one of the 83 million with the goal of building a great and strong future. We have stood with everyone security, by developing our economy, same affection and enthusiasm,” he Turkey together with you.” who has taken action for investment, export and production, and by further further added. production, export and employment, adding value to our country.” He further noted that a new era has and will continue to do so,” he Consisting of 11 double-tube tunnels, started, and Turkey has to embrace said, reiterating the support given President Erdoğan stressed that the Kahramanmaraş-Göksun Road has a determined attitude in terms of to everyone who contributes to in the Turkish government favors all two viaducts, three bridges and six production and exports in order to be able Turkey’s development. its citizens equally, serving them flyover junctions on a 64.1-kilometer to compete with other global economies. without any discrimination. “We have road.

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TURKEY POSTS LARGEST GDP GROWTH IN THE WORLD IN THE THIRD QUARTER At a time when almost all economies in percent in 2020 Q3 and the GDP at the world have been staggering under current prices reached TRY 1.4 trillion. the burden of the COVID-19 outbreak, With this outcome, Turkey ranked first Turkey managed to handle this period in the world and became the only OECD with trivial damage and ended the 3rd member country to post a positive quarter of 2020 with a noteworthy growth during this period. performance. The recovery in the Turkish economy MANUFACTURING PMI IN TURKEY According to the data of the Turkish was observed following the Statistical Institute (TurkStat), Turkey’s normalization steps taken by the ABOVE THRESHOLD FOR FIVE economy posted a growth rate of 6.7 government in the third quarter. CONSECUTIVE MONTHS GDP GROWTH RATES (2020 Q3, %) Bouncing back from the devastating impacts of the

Turkey 6.7 COVID-19 outbreak, Turkey’s manufacturing industry -1.3 S.Korea -1.4 Israel has been recording figures above the threshold level -1.7 Lithuania for five consecutive months as of October. -2 Poland -2.7 Sweden Turkey’s Purchasing Managers’ Index customer demand and employment, -2.8 Finland (PMI) for the manufacturing sector, one of the breakdown on the index, -2.9 USA -3.4 Denmark compiled jointly by IHS Markit and the which saw the fastest recovery since -3.9 France Istanbul Chamber of Industry, rose February 2018. -4.1 OECD -4.3 EU from 52.8 in September to 53.9 in -4.7 Hungary October. The results show that robust “Manufacturers pointed that recovery -4.7 Italy -5.3 Austria recovery in the Turkish manufacturing in customer demand has been -5.8 Portugal sector has been gaining pace. maintained, and new orders have -5.9 Japan -8.6 Mexico risen for five successive months. An -9.6 UK According to the report data, the main expansion has also been observed in -10 -5 0 5 10 driver behind the output was rising new export orders,” finds the report.

Source:Source: OECD OECD EMPLOYMENT IN TURKEY POSITIVE TREND IN TURKEY’S INDUSTRIAL CONTINUES TO RECOVER ROBUSTLY The Turkish Statistical Institute (seasonally adjusted) in August. Thus, PRODUCTION CONTINUES IN SEPTEMBER (TurkStat) announced latest Turkey generated approximately 5.1 The Turkish government’s decision developments in Turkey’s labor force million new jobs in the last 10-year to ease the COVID-19 restrictions and employment figures. period. paid off well. Turkey’s industrial production index increased by 8.1 Accordingly, unemployment rate in In the past decade and a half, Turkey percent on an annual basis, with the Turkey as of August 2020 decreased by has been transforming its economic monthly figure rising 1.7 percent and 0.8 percentage points to 13.2 percent, model to reach its full potential as quarterly 7.7 percent in September. from 14.0 percent of August 2019. In a regional powerhouse. The new due period, the number of unemployed model is based on greater domestic Minister of Industry and Technology people receded by 456,000 to production and employment creation. evaluated the data as 4,194,000. This helped preserve the productive a success at the European level. “With capacity of the Turkish economy and our year-on-year performance, we Rising for the past four consecutive laid the foundation for a quick V-shaped saw the highest jump in production in months, the number of people recovery during and after the pandemic. Europe,” said Minister Varank. employed also reached 26.952 million

Meanwhile, in comparison to the 2019 September figures, medium-high technology products took the lead with a 13.8 percent increase y-o-y.

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VACCINE TURKEY DEVELOPED BY TURKISH TAKES NEW SCIENTISTS MEASURES TO SAVE LIVES TO EASE AGAINST COVID-19 CONDITIONS Co-founded by Germany-based Turkish scientists Özlem Türeci AGAINST THE and Uğur Şahin, BioNTech has developed a COVID-19 vaccine in cooperation with leading US drug maker Pfizer. PANDEMIC A joint BioNTech-Pfizer communiqué authorization before the end of revealed that the vaccine proved to November. be more than 90 percent effective The new legislation provides A new bill to make against the virus which has kept the European Commission President easy terms of tax payment amendments to ‘the entire world population threatened Ursula von der Leyen released and includes a variety of Unemployment Insurance Law since its first outbreak in China. The a statement on the successful two drug makers further unveiled clinical research of the vaccine, in regulations that will help and Some Laws’ was passed by that the candidate vaccine will be which she said the EU Commission Turkey sustain economic the Grand National Assembly submitted to the US Food and Drug decided to purchase up to 300 activities by eliminating of Turkey on November 12. Administration for emergency use million doses of the vaccine. possible COVID-19 impacts.

Accordingly, the new ✓ A new incentive will be legislation includes introduced to encourage amendments in following exports. fields: ✓ Certain temporary ✓ Repatriation of capital will regulations in the tax laws, come into effect again. whose implementation period will expire by the end of 2020, ✓ The companies whose are being extended. shares are offered to the public for the first time at a ✓ In cases where it is not rate of at least 10 percent on clearly stated that the the Borsa Istanbul will be able exception or exemption TURKEY’S FIRST EXPORT to benefit from corporate tax regulation included in other rate at a reduced rate, and laws includes income / FREIGHT TRAIN FROM the President will carry the corporate tax withholding, it authority to reduce corporate is recommended to withhold TEKİRDAĞ TO EUROPE SETS OFF tax rate down to 5 points for tax within the scope of the Turkish Parliament Speaker Mustafa The freight train will export goods all institutions. temporary article 67 of the Şentop sent off Turkey’s first Europe- to Bulgaria via the Tekirdağ-Muratlı Income Tax Law. bound export freight train to depart railway. It consists of 27 trailers at the ✓ The tax applications of full from Medlog Station in Turkey’s first stage, with up to 300 trailers slated taxpayer capital companies, ✓ Part-time employees are northwestern province of Tekirdağ on for production. It is further aimed to in case they withdraw their exempted from income tax November 13. reduce the jam and the setbacks at shares, are being re-regulated. and stamp tax. the entry points and customs with the newly-departed freight train.

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Formula 1 devotees who Lewis Hamilton sealed his 7th championship title, missed the Turkish Grand breaking the record of German Formula 1 legend Prix — which had been Michael Schumacher, with his latest victory in TURKISH GRAND the Formula 1 Turkish GP. absent for 9 years — witnessed a nail-biting race Investment Office participated in the event as on November 15. Staging the “Founding Partner of the Formula 1 DHL PRIX STAGES th the 14 round of the 2020 Turkish Grand Prix 2020” that took place for the Formula 1 Season, the first time in nine years under the auspices of the RED-HOT RACE race run on at the Istanbul Presidency of the Republic of Turkey. Park was decribed as a Built in 2005 to host F1 races, Moto GP and other “race to remember” by international sports, Turkey’s Istanbul Park AFTER 9 YEARS international critics. lastly staged a race in the 2011 season of F1.

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INVESTMENT OFFICE WEBINARS & EVENTS NOV 2 – STARTUP ECOSYSTEM OF NOV 20 – RELATIONS BETWEEN TURKEY: POST COVID-19 TRENDS TURKEY AND SPAIN

Turkish Hispanic Chamber of to Turkey Javier Hergueta, Commerce organized a webinar Investment Office Head of entitled “Relations Between Overseas Activities Department International Investors Cüneyt Selçuk of the Investment Turkey and Spain”. Ambassador Furkan Karayaka were among Association (YASED) held an Office shared information on of Turkey to Spain H.E. Cihad the attendees of the webinar. onlined event entitled “Startup what measures Turkey took Erginay, Ambassador of Spain Ecosystem of Turkey: Post in order to create a lucrative COVID-19 Trends”, in which ecosystem for startups. NOV 23 – TURKEY & QATAR BUSINESS NOV 16 – VIENNA ECONOMIC FORUM RELATIONSHIPS, OPPORTUNITIES AND Investment Office Head of Overseas Activities Department Furkan CHALLENGES Karayaka made a speech on the challenges and opportunities for the regional economy and the significance of strong regional cooperation in various fields at the 17th edition of Vienna Ecnomic Forum, which was held as a hybrid event. NOV 20 – THE WORLD GENERAL EXECUTIVE COUNCIL

Investment Office President Qatari Businessmen on November A. Burak Dağlıoğlu briefed the 23. The webinar entitled “Turkey audience at a webinar, which & Qatar Business Relationships, was attended by Ambassador of Opportunities and Challenges” was Investment Office President A. a speaker, Dağlıoğlu shared his the Republic of Turkey to Qatar jointly organized by Investment Burak Dağlıoğlu attended the insights on Turkey’s investment Mustafa Göksu, Sheikh Faisal bin Office, Turkish Embassy in Doha World General Executive Council environment and potential areas Qasim Al Thani, Chairman of the and Lusail Newspaper. which was held at MUSIAD Expo. for cooperation. Being featured at the event as

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INVESTMENT OFFICE WEBINARS & EVENTS

NOV 24 – CHINESE INVESTMENTS NOV 25 – INVESTMENT OPPORTUNITIES IN IN TURKEY TURKEY FOR THE ALAVESE COMPANIES

Investment Office Vice President Ahmet İhsan Erdem participated in “Chinese Investments in Turkey” webinar organized by International Turkey’s Ambassador to Spain H.E. Cihad Erginay and Investment Investors Association (YASED). Erdem informed Chinese companies Office Country Advisor Yasemen Korukçu attended the “Investment or professionals looking for opportunities in Turkey about how Opportunities in Turkey for the Alavese Companies” webinar. Investment Office provides support and guidance to before, during Korukçu delivered a presentation on the investment climate and and after their investment process. current opportunites in Turkey.

NOV 25 – TURKEY: OPPORTUNITIES IN NOV 26 – INTERVIEW WITH CG/LA MECHANICAL SECTOR AND INDUSTRIAL INFRASTRUCTURE COOPERATIONS FOR ITALIAN COMPANIES

Investment Office Vice President Ahmet İhsan Erdem was interviewed by Norman Anderson, Chairman and CEO of US-based CG/LA Infrastructure, where he highlighted Turkey's vibrant Investment Office Italy Country Advisor Gino Costa attended a webinar entitled and dynamic infrastructure market. “Turkey's advantages in the Turkey: Opportunities in Mechanical Sector and Industrial Cooperations for infrastructure sector will continue to set her apartin the future. The Italian Companies, organized by Italian chamber of commerce of Izmir. Turkish government will carry on supporting Turkish contractors, empowering them to gain more strength and matchmaking them with international companies," Erdem said.

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INVESTMENT OFFICE WEBINARS & EVENTS

NOV 27 – INVESTMENT AND TRADE NOV 30 – RE-THINKING OF GLOBAL VALUE OPPORTUNITIES IN TURKEY & KUWAIT CHAINS: TURKEY AND THE US

Investment Office Country Advisor Rahim Albayrak delivered a keynote speech at the “Investment and Trade Opportunities in Turkey & Kuwait” Investment Office, American with the outbreak of COVID-19. webinar on November 25th and provided an overview of Turkey’s Business Forum in Turkey (AmCham) AmCham Turkey Chairperson investment environment and opportunities. and Citibank jointly organized a Tankut Turnaoğlu, AmCham Turkey webinar entitled, “Re-thinking of Deputy Chairperson Canan Özsoy, Global Value Chains: Turkey and the Boeing Turkey Managing Director US”. Investment Office President A. Ayşem Sargın, Citibank Turkey CEO NOV 27 – INFRASTRUCTURE AND PPP Burak Dağlıoğlu delivered a speech Emre Karter and Investment Office SECTOR IN TURKEY VIRTUAL FORUM at the webinar on transformation U.S. Country Advisor Necmettin of global value chains and Turkey’s Kaymaz were also featured as efforts to adapt to the necessities of speakers at the event. the new era, which started especially FDI NEWS GLOBAL GIANT BOEING SHAKES HANDS WITH TURKISH AEROSPACE Boeing, the world’s largest technologies and design, lowering aerospace company, has decided to costs by 30 percent in the areas of produce thermoplastic composite product cycle and process among parts in Turkey in cooperation with others. Turkish Aerospace. Commenting on the cooperation, A Turkish Aerospace communiqué Boeing Turkey General Manager Investment Office Head of Public Private Partnership Department announced that the two companies Ayşem Sargın said, “Such projects, Ali Kamil Özmen attended “Infrastructure and PPP Sector in Turkey have inked a cooperation agreement which add to the growth of Turkish Virtual Forum” and delivered insight into the next public-private to produce high-quality and world- aviation with profound contributions, partnership opportunities in Turkey in the post-pandemic era. standard aircrafts. Boeing will are solid proofs of our commitment provide technical expertise and to a lasting cooperation and our know-how, while Turkish Aerospace confidence in Turkey that we regard will carry out production with new as a significant technology partner.”

16 17 TURKEY: HUB FOR INNOVATION AND GROWTH

Within 4-hours flight, easy access to multiple markets of USD 25 trillion GDP, USD 7.8 trillion trade, and 1.7 billion people.

Booming economy reaching USD 754 billion in 2019, up from USD 236 billion in 2002.

Over USD 220 billion of FDI between 2003-H1 2020, while the total amount of FDI attracted between 1923-2002 stood at USD 15 billion.

ACCESS TO Russia MULTIPLE GDP: $1.66 trillion Import: $240.2 billion MARKETS Population: 144.5 million

Europe

GDP: $20.2 trillion Import: $6.8 trillion Central Asia & Caucasus Population: 600.4 million GDP: $0.3 trillion Import: $81.7 billion Population: 89.1 million

MENA

GDP: $3.61 trillion Import: $751.6 billion Population: 448.9 million

TOTAL GDP: $25.77 trillion Import: $7.9 trillion Population: 1.3 billion

Source: World Bank (2018), Comtrade (2018) NEWSLETTER December’20 NEWSLETTER December’20

AVERAGE ANNUAL REAL GDP GROWTH (%) (2003-2019)

Turkey 5.3 HIGHLIGHTS Ireland 4.6 Poland Israel Slovak Republic 3.8 Chile 3.7 The fastest growing economy in Europe and one of the S. Korea 3.6 fastest growing economies in the world with an average annual Iceland GDP growth rate of 5.3% Estonia 3.0 over the past 17 years. Latvia (2003-2019, TurkStat) Luxembourg Australia Czech Republic New Zealand 2.7 Sweden Mexico SOPHISTICATED CONSUMER BASE Hungary Slovenia Switzerland A population of 83 million, United States Turkey half of which is under the age of 32.4. Canada was the (2019, TurkStat) Belgium fastest growing Norway economy of the Austria Largest youth population United Kingdom OECD members compared with the EU. Netherlands (2019, Eurostat) Germany during Denmark 1.4 2003-2019, Spain 1.4 with an average France 1.3 76.6 million Finland 1.3 annual growth fixed and mobile broadband internet subscribers. Japan 0.8 rate of Portugal 0.7 (2019, ICTA) Italy Greece -0.7 5.3% Source: IMF World Economic Outlook (October 2018) SKILLED AND 220 DEDICATED LABOR FORCE • Investment incentives as well as R&D support. CUMULATIVE FDI INFLOWS • Equal treatment to national and global investors TO TURKEY guaranteed by law. (USD BILLION) Over 32 million More than • 7 days to set up a company young, in Turkey, while it takes an 800,000 students average of 8,5 days in OECD well-educated graduate annually from

high-income countries. (USD BILLION) and motivated professionals. 207 universities. (World Bank Doing Business 2020) 2003-H1 2020 (2019, TurkStat) (2019, CoHE)

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TURKEY’S INFRASTRUCTURAL DEVELOPMENT

According to the European Investment Bank, Turkey ranks 1st in Europe in total value of Public-Private Partnership (PPP) projects during the 2015-2019 period. 8,600 km Total length of motorways (toll roads) in Turkey by 2035 once the 660 km currently under construction and the USD 4,600 km of planned projects 130 billion are completed. Total value of PPP contracts in Turkey during the 2003-2019 period. 5,500 km Total length of high-speed railways in Turkey by 2023 once the planned projects with total length 179 of 4,300 km are completed. Total number of PPP projects in Turkey during the 2003-2019 period.

44,350 35% 65% Expected growth in Number of hospital beds to be introduced Targeted share of renewable Turkey’s total installed once 31 integrated health campuses are sources in Turkey’s total power generation capacity put into operation across Turkey. Of those, installed power generation from 2018 to 2023 (from 20 will be PPP city hospitals with a total capacity (planned increase 88 GW to 110 GW). bed capacity of 30,750. from 59% (52 GW) in 2018 to 65% (72 GW) in 2023).

For more info 200 million invest.gov.tr/en/Sectors/Pages/infrastructure.aspx Annual passenger capacity once all stages of the newly commissioned Istanbul Airport in Turkey are completed.

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“China is Turkey’s third largest trade partner and second largest import partner. As two major emerging economies in the world, it is our wish that the two countries will learn from Following the Toyota Way, we implemented each other and strive towards win-win goals the Toyota Production System to based on mutual needs in various fields.” produce high-quality

ICBC Turkey is a full-license bank provided a wide array of high-quality holding commercial bank, investment financial services for the Turkish motor vehicles bank, and asset management licenses economy. In the future, it will provide with 44 branches and 21 securities a greater contribution to promoting business offices with around 860 economic and social development, and in Turkey.​​ employees. Its branch network will continue to contribute more to the covers areas where the economy and deepening of the mutually beneficial banking industry are active in Turkey and win-win economic and trade (these areas cover nearly 70 percent cooperation between China and Turkey of GDP of Turkey). through the implementation of the “Belt As the world’s largest commercial and Road Initiative”. In the process, bank, ICBC attaches tremendous ICBC Turkey will continue to devote importance to the Turkish market. ICBC effort to building the links of economic Turkey is a young member of the ICBC and trade exchanges between China Group. Based on the growth potential and Turkey, playing the role of a think- of the regional market and the support tank, putting forward strategic and of local regulators and the ICBC group, forward-looking suggestions, taking we aim to become the leading bank of tangible integrated financial services the “Belt and Road Initiative” and the to promote investment and trade Toshihiko KUDO preferred bank of “Chinese elements”. contacts between China and Turkey, President & ​CEO, Toyota Motor Manufacturing Turkey As a key international subsidiary and improving Turkey’s global position of the group, ICBC Turkey has already in the finance industry.

Gao XIANGYANG Chairman, ICBC Turkey

Turkey is very There is a huge need for tires in The core of the Turkish national “ and around Turkey, as well as

45 years of economic agenda, and the key in Europe, Russia, the Middle

value for investors, is a dedicated attractive for East, and North Africa. Turkey effort to promote innovation, has great advantages such as experience enhance competitiveness, and production “ customs duty exemption to the encourage investment in global Customs Union agreement, and value chains. Dow has over 45 also the location of Turkey is very as a domestic years of experience as a domestic and exports convenient for transportation manufacturer in Turkey, and our to these markets. Considering manufacturer new joint venture with AKSA is all, Turkey is very attractive for a key example of how we can production and exports. bring together raw materials, a in Turkey high-skilled workforce, and most In addition, the Turkish importantly a booming downstream government supports foreign customer industry. With a strong, Norifumi FUJIMOTO and local investors from different pro-business government Former President & CEO, aspects such as incentives. At the Andrew N. LIVERIS in Turkey, the investment Sumitomo Rubber Industries Turkey same time, with the help of the Former Chairman & CEO, DOW environment makes sense. And it is Investment Office, we managed also easy to operate, thanks to the to team up with AKO, one of the Investment Office President and biggest tire distributors in Turkey, his entire team. and built a joint venture.

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• Presenting investment opportunities to the investors and providing assistance during all the WHO WE ARE WHAT stages of their investments. • Serving as the reference point for international investors and the point of contact for all institutions WE engaged in promoting and attracting investments at national, Investment Officeis the official organization that: regional and local levels. • Offering free-of-charge services • Promotes the investment environment of Turkey and DO including market information provides assistance to investors. and analyses, site selection, B2B meetings, coordination with relevant governmental institutions, • Reports directly to the President of the Republic of Turkey. and facilitating legal procedures and applications such as establishing business operations, incentive OUR applications, obtaining licenses GLOBAL and work permits. LOCATIONS HOW

WE U ERMAN

ITAL JAPAN USA HELP SPAIN S. OREA TURE

• Multilingual (Turkish, English, German, S. ARABIA UAE French, Italian, Arabic, Spanish, Chinese, Japanese and Korean) ATAR

• One-Stop-Shop approach SINAPORE • Result-oriented

• Private sector approach with full confidentiality

• Focusing on high-tech, value-added and employment generating investments.

26 27 VISIT invest.gov.tr

WEB SITE BRAND NEW LOOK

Investment Office, the official investment advisory body of Turkey, is a knowledge-center for foreign direct investments and a solution partner to the global business community at all stages of investments. It provides customized guidance and qualified consulting before, during and after entry into Turkey.

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