Turkey: Business Opportunities in Many Branches
Germany is Turkey’s largest trading partner. Austrian contractors are already leading in the area of water management/energy projects in Turkey – around a third of all projects in this sector are being realized with Austrian investment.
Among the most interesting sectors in the Turkish economy are qualitative building materials, environmental economics and auto parts supply – three sectors which have shown a very dynamic development in recent years and have great future potential. In these areas, above all, German and Austrian firms possess international experience and know-how.
In recent years many Turkish state companies have been successfully privatised. It is to be expected that this trend will continue in the coming years. There are still a multitude of companies awaiting privatisation. One of the major themes is the upcoming privatisation of the state banks and the tobacco monopoly – a real chance for the market entry of Austrian and German investors.
Besides the textile industry, other major industries have established themselves and are contributing an important part to the Turkish economic and export boom. The auto industry has become the second most important Turkish export branch. Above all the manufacturing industry is booming at the moment and is having a positive effect on other economic sectors.
Machine construction and the auto industry rank among the market leaders in Turkish exports. Other promising sectors for the future are the markets for communications and information technology, electronics, logistics and environmental economics.
Turkey obtains the greater part of its energy by importing gas and oil. Its main suppliers are Iran and Russia. About 20% of energy is produced in hydro-electric power stations and a considerable proportion also using domestic coal supplies.
In the mining industry, chrome, lignite, hard coal, iron, and in lesser quantities lead, zinc, copper and silver are produced. In 2004 products with a total value of about $ 1.08 billion were exported. With the new mining statutes and new private mines the government estimates an export volume of $2 billion in 2006.
