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Turkey attracts the attention of foreign investors for a number of reasons. It ranks as one of the world's biggest markets. İstanbul is the cultural and business capital of Turkey.
Turkey attracts the attention of foreign investors for a number of reasons. It ranks as one of the world's biggest markets. The population of 70 million enjoys a GDP per capita of $ 6,500. The country's developed industrial base, rich raw material and human resources and proximity to Europe, the Middle East and Russia endow Turkey with great advantages. The decision of the European Union to start the negotiations for full membership with Turkey in October 2005 has further enhanced the country's prospects as a site for direct foreign investment.
A unified and determined government has made it a priority to attract higher levels of foreign investment. The current government has passed the Improvement of Investment Environment Reform Program in order to make the investment environment more attractive.
Political stability and economic growth, combined with eventual membership in the European Union, make Turkey a magnet for foreign investment.
Economic Growth
In the last five years under the tutelage of the IMF, Turkey has succeeded in implementing a far-reaching economic and structural reform program. The results have been impressive: chronic high inflation dropped to 9.3% (CPI) and 13.8% (WPI) in 2004, down from 18.4% in 2003 and an average of 78.8% in the 1990s. An important result of this is the dropping of six zeros from the currency with the introduction of the New Turkish Lira (YTL) on January 1, 2005.
Sustained economic and institutional reforms have allowed the Turkish economy to achieve a sound level of growth over the last three years. GNP has expanded by an average rate of 5.2% since 2001 and is expected to increase by 6.5% in 2004.
WHY ISTANBUL?
Throughout its long history, Istanbul has stood as a symbol of greatness, a confluence of peoples, languages, religions and continents. It is impossible to visit the city and not be moved by it; not only by the grandeur of its monuments and the unsurpassed beauty of its setting, but by its vibrancy and energy.
The Juncture of Europe and Asia
Istanbul commands the most strategic geographical position of any major world city.
Set on either side of the narrow Bosporus Strait, with one foot in Europe and one in Asia, Istanbul controls access from the Black Sea to the Mediterranean Sea. Throughout its long history, Istanbul has functioned as a pivot of commerce, politics and culture.
The former capital city of not one but three empires, Istanbul today is a lively and exciting city of 12 million people, built around the Bosphorus, one of the most majestic waterways in the world
From Regional to Global City
Istanbul's imperial history prepares it for its new mission as a global business center in the "Information Age".
Istanbul's strategic situation at the intersection of Europe and Asia, its proximity to the Middle East, Africa and the Black Sea area, and its resources and wealth endow the city with the external dynamics to emerge as a global business center in the first part of this century.
Istanbul is determined to take its place among the world's great cities by undertaking an action plan that calls for:
Providing incentives to multinational companies to establish production and communication facilities.
Establishment of research centers to promote innovation and technological advances.
Development of information transmission systems
Improvement in communications, real estate, marketing and insurance services.
Attracting international financial institutions, organizations, companies and centers.
Development of international and intercity transportation by air, land, and sea.
Promotion of Istanbul as a destination for tourists, congresses, conferences and meetings.
The central and the municipal government have the political will to accelerate Istanbul's transformation into an international commercial and service city for the 21st century.
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