WHY INVEST AND DO BUSINESS IN TURKEY, 12.5.2010
WHY INVEST AND DO BUSINESS IN TURKEY
Turkey is a country offering significant opportunities for foreign investors with its geographically perfect position to function as a gateway between Europe, Middle East and Central Asia. The opportunities exist not only in the dynamic domestic market, but also throughout the region.
Hospitality and tolerance being the traditional cornerstones of the Turkish way of life, the country is open to foreign investors with many attractions to offer.
· Leading role in the region (zero-problem based relations with the neighbours and the regional countries, facilitating role for the resolution of regional disputes).
· Parliamentary democracy based on multi-party political system.
· Stable political system (single party government since 2002).
· Strong civil society with many NGO’s (more than 40 thousand foundations and over 80 thousand associations are engaged dynamically in a variety of activities in the society ranging from education, culture, arts, health, social welfare to science, technology, research, environment, natural life, sports, women and artisan societies).
· Access to Europe, Caucasus, Central Asia, the Middle East and Nort Africa (From Istanbul, it only takes 4 hours by plane to reach more than 50 countries,- a quarter of the world's population and a quarter of the world's economy).
· Mature and dynamic private sector (high productivity, regional base of many well-known international companies).
· Large and growing domestic market (72,5 million people).
· Supply of young, trained, well educated, motivated and cost effective labour force (61% of the population is under the age of 34 (about 45 million people). Median age is around 28,5 with its over 24 million young workers; the 4th biggest labour force comparing to EU-27, about 500 thousand graduates from 143 different universities per year)
· Liberal and secure investment environment (equal treatment for the domestic and foreign investors. Foreign investors enjoy the same privileges and obligations as the domestic capital; national or international arbitration is allowed, total stock of FDI is more than 205 billion $)
· 15th most attractive FDI destination for 2008-2010 (UNCTAD World Investment Prospects Survey) (Between 2002-2009, total FDI is 85 billion $)
· Potential EU member state in the course of accession negotiations (13 negotiation chapters have been opened since 2005).
· Customs Union with the EU Countries; free trade is possible with other 16 countries+EFTA under Free Trade Agreements.
· Being a member of G-20, non-permanent member of UN Security Council and one of the co-sponsors of the UN-led Alliance of Civilizations initiative, Turkey contributes to the global system through all these three bodies.
· Turkey also has Avoidance of Double Taxation Agreements with 73 countries,
· Developed infrastructure (modern motorways and two-lane highways, extensive railway network with high-speed train services, large and high-standard international airports, new and developed telecommunication infrastructure),
· Competitive tax system (Corporate Income Tax reduced from 30% to 20%; individual Income Tax varies from 15% to 35%; tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones -these could include total or partial exemption from Corporate Income Tax, up to 80% grant on employer’s social security share, as well as land allocation-, various incentive schemes at regional and sectoral base).
· Tourism destination for 27 million foreign visitors as of 2009.
· Strong macro-economic fundamentals (fiscal discipline)
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