ECONOMY

TÜSİAD new board members meet PM Yıldırım

New board members of the Turkish Industry and Business Association (TÜSİAD) met Prime Minister Binali Yıldırım. At the meeting, a number of key topics were discussed, including the current economic and investment climate, relations with the European Union, the Customs Union deal, the participation of women in the labor force, the Industry 4.0, digital transformation, youth and educational issues, a ...

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Henkel wants to expand production in Turkey

 Henkel has initiated consultations with a view to producing three brands the company acquired last year in Turkey, according to Henkel Turkey Chair Hasan Alemdar. He also stated that Henkel wants to utilize Turkey’s location as a hub for production. Henkel purchased Turkey’s first shampoo brand Blendax and strengthened its hair care product portfolio before going on to purchase “Pert” ...

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Turkish banking sector supports real economy, not deposits money

The chairman of the Banks Association of Turkey (TBB) and Ziraat Bank General Manager Hüseyin Aydın evaluated the country’s economy and its banking sector at the TBB Board Members meeting. Referring to President Recep Tayyip Erdoğan’s call on banks to avoid keeping money in the bank and sitting on it, Aydın said criticism of this issue addressed the general practice. ...

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Turkish businessmen seek boost in trade relations with Bahrain

Turkish businessmen desire to boost trade between Turkey and Bahrain, chairman of the Turkey-Bahrain Business Council said. “We plan to visit Bahrain at the end of this month or early April. Our goal is to improve warm relations between the two countries, which will hopefully lead to an increase in mutual trade volume,” Muhammet Uğurcan Barman said at a Council ...

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Turkey trade deficit shrank in Feb.

Exports rose 7.4 percent compared to January, according to new trade ministry data Turkey’s foreign trade deficit in February declined sharply from the previous month, preliminary statistics from the Customs and Trade Ministry showed. Exports in February were worth $12.12 billion, up 7.4 percent from the previous month while imports edged up 1.5 percent to reach $15.82 billion, according to ...

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Turkey-Hungary aim to increase trade volume up to $5B

Science, Technology and Industry Minister Faruk Özlü told media members that Turkey and Hungary aim to increase their trade volume up to $5 billion and that the two countries are close to achieving the goal. Speaking at a joint press conference held with Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó after the 5th Session of the Turkey-Hungary Joint ...

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Norwegian sovereign wealth fund invests $1B in Turkey in 2016

Norway’s state sovereign wealth fund, which is the world’s largest asset fund at approximately $900 billion, invested around $1 billion in Turkey by the end of 2016. The total value of the fund’s investment in Turkey reached $936 million at the end of December 2016, according to the information that Anadolu Agency compiled from Norges Bank data, which manages the ...

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Turkey may become an energy exporter in next 10 years

Turkey may become an energy exporter in a decade’s time, Turkish Energy Minister Berat Albayrak has said. “Turkey, which spends $50 billion in energy and mineral imports every year, may turn into an energy exporter in the next 10 years,” Albayrak said Feb. 22 in a ceremony in Ankara to mark the 15th anniversary of the founding of sector regulator Energy Market ...

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Türk Eximbank, providing $40 bln financing, produces its own rating system

Turkey’s Eximbank is set to pour $40 billion in loans and insurance into more than 100,000 companies in 2017 and to launch its own rating system to measure companies’ eligibility for loans, the head of the organization has said. “We offered $22 billion in loans and $11 billion in insurance in 2016. We backed some 22.7 percent of Turkey’s exports ...

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Turkey’s Sabancı Holding to invest $1.3 bln in 2017

Turkish conglomerate Sabancı Holding has plans to make 4.5 billion Turkish Liras worth ($1.25 billion) of investments in 2017, the group’s CEO said Feb. 24. The holding has plans to invest 4.5 billion liras in Turkey throughout 2017, up 0.4 billion liras ($110 million) or 10 percent from last year, Zafer Kurtul said at a Sabancı Group annual briefing meeting ...

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