Recap: Türkiye Market Insight Event
Date published:
NECC’s Q3 Market Insight Event captured the business environment and opportunities in Türkiye and how NECC together with BCCT can help in expanding trade relationship between the two countries. The meeting commenced with Michael Dickinson from NECC welcoming everyone and updating them with the Chamber’s services. He introduced the speakers: Chris Gaunt OBE, Chairman, BCCT Türkiye, Tibet Kara, Secretary General, BCCT Türkiye and Elvan İnanlı, Partner, Crowe Global Turkey.
Chris introduced BCCT Türkiye, its presence in Istanbul, Türkiye’s relationship with the EU and its presence as a major business hub in Europe.
Then Tibet took us through demographics of Turkey, its location and many MNCs that have offices in Turkey. The economy of Turkey offers growth opportunities with its unique business culture. It ranks 3rd globally in international contracting and has 26 active FTAs. UK is one of Turkey’s major importers. Turkey offers a variety of opportunities to UK companies across different sectors – financial and professional services, smart cities, energy, renewables, environment, education and nuclear energy projects being a few. Tibet also talked about Turkey’s key industries and the opportunities in future manufacturing.
We got to know about BCCT, its history, membership, services, its network, and its success stories. UK has a free trade agreement with Türkiye. As an active member of the BCC Global Network, BCCT provides support to any UK Chamber or business in need of information and contacts.
Elvan’s presentation was next. Elvan is a partner in Crowe Troy which is an accounting form in Türkiye assisting international investors. Elvan pointed out the top reasons to invest in Türkiye – large market, bridge between both the East-West and the North-South axes, close proximity to major markets, hub for multinationals, skilled and cost-competitive labour force, civil and tax laws being some of the reasons. Turkey has a welcoming approach to foreign investments. Turkey is a member of the European Court of Human Rights. Turkey has a diverse market in Export and imports and there has been a increase in demand for Turkish products over the years. Several free zones and e- commerce fulfillment add to the many advantages of trading with Turkey. Due to sanctions and disruptions in trade with Russia and Ukraine, Turkey has diversified its trade relations, increasing exports to alternative markets. Turkey has several free zones offering tax incentives and simplified customs procedures, attracting foreign investors looking to establish logistics and distribution centers. The country’s ability to adapt to geopolitical changes has buoyed foreign investments.
Elvan walked us through the various incentives given by the Istanbul financial center on Financial Services Export, Transnational trade and the advantages it has for financial institutions and any participant in the Istanbul Financial Center. We learned the types of corporations that a foreign company can establish in the country, the company set up process, things to be kept in mind while doing so, and the process of opening a bank account for the company. She briefed us on taxation, treatment of losses, dividends.
The event ended with Q & A session where the delegates asked questions about improvement in connectivity between Newcastle and Istanbul and were assured that it is something BCCT and NECC are also interested in and looking into developing.
Recap the video and download the presentations:
Your Gateway to Türkiye – Presented by Elvan İnanlı, Partner, Crowe Global Turkey
General Overview and Turkish Economy – Presented by The British Chamber of Commerce in Turkey