Which Industries are Suitable for Investment in Turkey?

With its fast-emerging economy, Turkey offers many profitable investment areas for investors. You may find the details of fourteen industries that are open to foreign investors below:

Information and Communication Technologies: Research and Development Regulations was proclaimed in 2016 so as to promote investments in this area in Turkey. Besides, Turkey keeps on rapidly improving itself; this industry had been estimated to grow at the rate of 7,4% between 2012-2017. Furthermore, it is estimated that expenses for this industry will reach 35 billion US dollars by 2018. One of the top opportunities for foreign investors is that information and communication technologies have an important place in the 2023 vision, which is the 100th anniversary of foundation of Republic of Turkey.

Energy and Renewables: According to statistics of International Financial Corporation (IFC), in recent years, Turkey has taken important steps in energy production (80% increase in electrical power production, 90% increase in renewable energy production), yet the needs  of the rapidly growing economy and the population for clean and reliable energy resources remains.

Turkey has been carrying out incentive plans targeting investments so as to meet the needs in this field. The privatization of assets of state-owned electricity distribution and production companies has been particularly enabled. On the other hand, IFC  continues to make high-valued investments in this field. By the year of 2017, investments of IFC have reached 2,3 billion US dollars.

The wind power industry of Turkey has attracted investments that are worth 12 billion US dollars within eleven years (2006-2017). Whereas wind power production capacity was 146 megawatt in 2007, this capacity has increased to 6,500 megawatt in 2017. According to the 2023 vision, it is estimated that wind power production capacity will increase to 100 gigawatt.

> Finance: Financial sector which is the backbone of economy of Turkey has weathered the Global Crisis Storm in 2008. Moreover, the strength of the financial sector in this period has increased the confidence of investors and in the last 15 years this sector has attracted 50 billion US dollars.

> Real Estate: Real estate sector has constituted 5% of gross domestic product of Turkey for the last 10 years. In 2015, the number of houses sold was 1,289,329 whereas the number of houses sold for foreigners was 22,380.

This sector indicates that it will continue to grow in the future. It is estimated that a total of 6.7 million homes will be destroyed and rebuilt throughout the country in the next 20 years. That means a 15 billion US dollars annual financing requirement for urban transformation. A total budget of  400 billion US dollars is foreseen for this entrepreneurship.

> Business Services: Turkey provides business advisory services in the fields of call centers, technical testing, engineering and architectural projects consultation including information-based services (such as legal consultancy, auditing and accounting).

> Mining and Metals: Turkey harbors a large expanse of the western portion of the Tethyan-Eurasian Metallogenic Belt; therefore, it offers proven potential investments in this industry. Because mining in Turkey has mainly been limited to surface excavations, there are still many important potential underground sources.

> Machinery: Machinery manufacturing continues to grow in terms of both export and import. Total export value of the machinery industry was 5,2 billion US dollars in 2005, whereas it reached 13,4 billion US dollars in 2016. Annual growth of total imports reached 10,3% over the last decade. In 2016, total imports surpassed 26 billion US dollars, indicating the high demand from the domestic market in this industry.  

> Defense and Aerospace: Civil aviation industry of Turkey has grown rapidly.  The number of airline passengers was 34 million in 2004 whereas this number increased to 193 million in 2017. The turnover in civil aviation industry has reached to 20 billion US dollars.

Turkey takes further steps to be an important agent in this industry. A new airport planned as the biggest airport of the world has been constructed in Istanbul, with a capacity of 200 million passengers per year and flights to approximately 350 destinations.

> Agriculture and Food: Agriculture and food industry accounts for 6,1% of gross domestic product in Turkey. And Turkey is the world’s 7th largest agricultural producer. It is the world’s leader in the production of agricultural products such as hazelnut, dried apricots and raisin, honey, and so on.

According to the 2023 vision, Turkey aims to increase GDP to 150 billion US dollars as well as to increase the agricultural product exports to 40 billion US dollars.

> Tourism: In 2015, Turkey was the 6th most popular tourist destination in the world. In the later years, tourism sector has continued to grow. Total turnover of this sector was 18,7 billion US dollars in 2016, whereas it was 15,5 billion US dollars in 2017.

According to the 2023 vision, Turkey aims to be the 5th most popular tourist destination in the world. Moreover, Turkey aims at 50 million tourist arrivals and 50 billion US dollars revenues.

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