Turkey ‘ready for new investments from UK’
ISTANBULThe British Chamber of Commerce in Turkey (BCCT) has said the collaborative business potential of Turkish and British companies are growing as big international brands position Turkey as their regional hub, in its annual assessment report revealed on Dec. 24.
Turkey is expected to be the second production hub in Europe and sixteenth production hub in the world in the next five years, according to the statement.
Though this year was not as active as previous years regarding investments, British firms are still willing to do business in Turkey, said BCCT Chairman Chris Gaunt.
Gaunt also said bilateral trade will grow bigger in 2016, with the support of British companies that are planning to participate in the Turkish market.
He added that the foundation of the U.K. and Turkey’s commercial relationship is strong, while economic growth, the rising middle-class, big infrastructure and healthcare projects are also appealing for British companies.
Within the last five years, the U.K. has been among the five top countries in regards to foreign direct investment (FDI) to Turkey, according to BCCT data.
BCCT Business Development Manager Serenay Yılmaz said during their visits to the U.K. this year, they briefed almost 100 companies on developing business in Turkey and provided consultancy services for partnerships and investments. In this frame, new collaborations are developing in the field of global energy and environment, as British companies are acquiring Turkish companies and providing infrastructure solutions, according to the statement.
According to the data of formal commercial sources, the trade volume between two countries was $16 billion in the last year. Nearly 65 percent of this volume is exports from Turkey to the U.K.
According to the BCCT’s data, Turkey’s location and active role in regional trade, collaborative approach, flexible and easy adaptation characteristics of local companies are beneficial for international companies’ businesses in the region. In addition, international companies are rapidly becoming successful in local and regional markets by acquiring local firms.
Some global firms and their relative number of countries they coordinate from Turkey are as follows: Coca Cola (90), GE Healthcare (84), Microsoft (79), Intel (67), Unilever (34), GlaxoSmithKline (30), BHS (42), Schneider Electric (27), Alstom (17), Ericsson (22), Cargill (20), Volvo (30) and BASF (35).
BCCT not only encourages British firms to become involved in the Turkish market but also supports them in starting new projects in third market countries with Turkish partners. For example, a Turkish firm was recently building a stadium in Turkmenistan and its British partner supported this project by taking the full responsibility of the sport complex design, added the statement.