Turkey’s dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for more than 35% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of the global quota system. However, other sectors, notably the automotive and electronics industries, are rising in importance within Turkey’s export mix. (CIA World Factbook)
Key exchange rates:
Interest rate: 12.6%
Current inflation: 7.7%
Tax rate: 18%
Major Turkish owned businesses:
The Sabancı Group is Turkey’s leading industrial and financial conglomerate. The Sabancı Group is composed of 68 companies, many of which are recognized market leaders in their respective sectors. The companies of the Sabancı Group currently operate in 18 countries and market their products in various regions of Europe, the Middle East, Asia, North Africa and North and South America.
Koç Group is Turkey’s largest industrial and services group, with leading positions in four core sectors that offer strong growth potential: energy, consumer durables, automotive and finance. Koç Holding operates in the automotive, durable goods, food, retailing, energy, financial services, tourism, construction and IT industries.
Central Bank of the Republic of Turkey The Central Bank of the Republic of Turkey is the central bank of Turkey and is founded as a joint stock company with the exclusive right to issue banknotes in Turkey.
Garanti Garanti Bank is Turkey's second largest private bank by asset size with the highest capacity to generate recurrent banking revenues. Total assets* reaching in excess of $65 billion is the result of its customer centric approach and innovative culture. In 2008, Garanti delivered the highest ordinary banking income growth of 22% and increased its customer base by over one million, underscoring the resilience of its business model in a difficult year.
Karahan Law Firm The Karahan Law Firm was established in 1998 by Professor Sami Karahan. The firm is one of Turkey's largest law firms, and is located in Istanbul. They have worked with offices from all over Turkey and abroad on a range of cases.
Bezen & Partners Bezen & Partners is a full service law firm providing legal services to domestic and international clients. Their key practice areas are finance, corporate, projects, energy, privatization, litigation and arbitration.
ICS ICS provides a range independent auditing, tax planning and compliance, accounting recruiting and consultancy services, consistent with ethical and professional standards and regulatory requirements in Turkey, to local as well as international companies established or planning to start up in Turkey.
Systems CPA Systems CPA, Sistem Serbest Muhasebe Hizmetleri Limited Şirketi operates as an independent service provider of accounting and related services. Their primary focus is addressing the accounting needs of multinational firms operating in Turkey.
Eurochambres, the European Association of Chambers of Commerce and Industry, is one of the key representatives of business to the European institutions. It voices the interests of over 19 million member enterprises in 45 European countries through a network of 2000 regional and local Chambers represented by 45 national - and one transnational - organisations. More than 90% of these enterprises are small or medium enterprises, with chamber members employing over 120 million employees.
Eurochambres is the sole European body to serve the interests of every sector and size of European business - due to the multi-sectoral membership of Chambers - and the only one so close to business, as a result of the Chambers’ regional focus.
The Union of Chambers and Commodity Exchanges of Turkey aims at ensuring unity and solidarity between chambers and commodity exchanges, enhancing development of the professions in conformance with general interest, facilitating professional work of members, promoting honesty and confidence in the relations of members with one another and with the general public, and preserving professional discipline and ethics.