Turkey has recently been diversifying its trading partners; although around half of Turkey’s merchandise exports last year went to Europe (excluding Russia), there has been a notable increase in trade with the Middle East, North Africa and Central Asia over the last decade. Germany remains the top market for Turkish exports with the UK close behind in second place. Exports to Europe as a whole (excluding Russia) are forecast to grow at a respectable pace however exports to Egypt and Saudi Arabia will be two of Turkey’s fastest growing trading routes over this period. Whilst key European partners will remain important, Turkey’s key import partners in the medium term are Russia, China and Germany, The UK constitutes 2% of imports into Turkey, with the share increasing steadily.
Opportunities for UK businesses
Turkey benefits from a great geographic position, which allows the economy to trade easily with both Europe and Asia, sharing a sizable part of the working day with each. The Turkish economy will be the second fastest growing economy in the world by 2018. The Turkish government has many incentive schemes to encourage inward investment at this time as it considers its second phase of the national plan for tourism opening up opportunities for UK businesses. A young growing population and EU funding mean there are opportunities for UK businesses in a variety of sectors including, airports, environment and water, education and training, financial services and ports.
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