Turkey as a Trade Center for the EU and Middle East

Turkey as a Trade Center for the EU and Middle East
  • Son Güncellenme: 07/09/2021

Throughout the hundreds of years, Turkey has been a crossroads of trade. In the very first centuries, there was the famous Silk Road, linking the east and the west, in today’s Turkish lands. The silk road may not exist in the form it was in the past, but Turkey remains a center of trade. Being a Turkish citizen by investment would be very beneficial for foreign investors as Turkey has powerful business potential.

FROM TURKEY TO THE WORLD

The Republic of Turkey is on land with strong, deep-routed trade tradition and culture. This tradition and culture are derived from hundreds of years of trade history of this geography. Turkey can be called the land of merchants with a large network of trade.

Turkey has an open economy, and according to the International Monetary Fund (IMF), it is considered as an emerging market with high-growth, which makes her a newly industrialized country. To communicate, transfer, and as a result; trade is much easier in a growing and globalizing world. Thanks to Turkey’s geographical location, trade routes around the country vary a lot. What Turkey is capable of is doing business with every country that needs to connect two continents; Europe and Asia.

Turkey is capable of exporting products and raw materials to lots of countries but Germany, Iraq, United Kingdom, United States, and Russia are the main trading partners of her.

Vehicles, machinery, iron&steel, knitted or crocheted apparel&clothing, electrical&electronics, pearls&precious stones, mineral fuels&oils, articles of iron&steel, not knitted or crocheted apparel&clothing and plastics are the main products of export of Turkey.


Turkish hospitality makes business associates easier and more joyful. Also, the young workforce in Turkey takes the attention of the investors for being cheap and productive. The value of the Turkish Lira is much lower comparing to Euro and USD. This reality brings about a great advantage for investors. The investors get the opportunity to have operation costs in TL and export products charged in USD or Euro. To have an investment location on a popular trade location, once the silk road, with cheap labor, offers the investors the opportunity of profit maximization. If a foreign investor becomes a Turkish citizen by investment, s/he could benefit from Turkey’s strong business relations with other countries.

Trade Relations Between Turkey, the Middle East and the European Union

Trade between Turkey and Arab states has increased by %250 in the last ten years. According to the European Commission’s final report on Assessment of Trade and Investment Potential between Turkey and EU’s Crisis-Struck Economies, the Neighboring Member States and Croatia; Turkey’s export products are suitable for the consumer markets in the Middle East and Africa by being low-value-added ones.

Turkey is one of the import partners of United Arab Emirates (UAE). Precious stones/metals, components, and parts of air vehicles, petroleum products, machinery, and electrical devices, iron, and steel can be mentioned in Turkey’s main export items to the UAE.

There have also been many agreements made between Turkey and Saudi Arabia to secure good bilateral mechanisms for economic cooperation, with one being the Turkish-Saudi Arabian Joint Economic Commission (JEC), which was set up in accordance with Article Five of the Economic Technical Cooperation Agreement of 1974.

When it comes to Turkish-EU trade relations, the most important factor is the Customs Union between Turkey and the European Union. The Customs Union is an agreement that results in removing all customs taxes, quantitative restrictions, and fees regarding commercial transactions between the parties. Customs Union is a step for Turkey’s entering into European Union. Behind the idea of Turkey’s involvement in the Customs Union is: commercial integration between the EU and Turkey would be beneficial for both sides.

Russia has been the first trade partner of Turkey. Hundreds of Turkish companies develop their activity in Russia whilst about 2 million Russians come to Turkey every year and as a result both companies are benefitted from their business relations.

Turkey also has business relations with many Japanese companies. For example; Toyota and Sabancı conglomerate have a partnership in the production of automobiles in Turkey.

As seen, Turkey has trade and business relations and agreements with so many countries. As a result, being a Turkish citizen by investment, and being an investor in Turkey would be beneficial. If you want to have a property in Istanbul, be a Turkish citizen and as a result, have a wonderful business life, you could contact Haliç Property.



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