Made In Turkey November 2012 by İstmag Magazin Grubu

US duo win Nobel Economics Prize for ‘match-making’

S scholars Alvin Roth and Lloyd Shapley won the Nobel Economics Prize for their work on the functioning of markets and how best to

The work by Roth and Shapley helps match donors of human organs with patients in need of a transplant, or students with universities, or Internet

The two were honoured for “the theory of stable allocations and the practice of market design,” the Royal Swedish Academy of Sciences, which picks the oil prices give consumers an incentive to conserve energy, and high wages Page 7

The Big 5 brings together thousands of regional and international businesses

Turkish Central Bank Governor Erdem Basci

Turkey’s CB revises year end CPI to 7.29 Page 6 percent

n event with more than 30 years of history, it has grown to become the largest of its kind for the building and construction industry, and a

come extremely important for the event,” says event Page 14

www.img.com.tr

November 2012 Year: 11 No: 122

Political stability paves the way for sustainable economic growth Turkish Deputy Prime Minister Ali Babacan

Turkey may attract additional $30 bn with investment-grade T

Capital markets move to establish Borsa Istanbul

he Turkish government plans to pay off all its debt to the International -

Turkish Prime Minister Recep

The Turkish Premier said Turkey’s average annual growth rate had increased to

parliamentary commission approves a draft law that envisions merging that may end the bourse’s fragmented structure -

Page 6

Istanbul group to host Sukuk forum

A Sustainable tourism on the agenda

The Mediterranean, which includes the Turkish coastline, runs the risk of being com-

A large portion of Turkey’s tourism sector is found along its coastline and without a sustainable tourism model to protect the country’s natural environments, Turkey is jeopardizing its future for tourism, said the Turkish

port suggested that Turkey implement strategies like the United Nations Engrated Zone Management” project to promote sustainable urban planning and environment protection practices in order to beef up Turkey’s coastal tourism and ensure its future sustainPage 15

ttracting investors from Islamic Middle Eastern countries is a part of the government’s broader plan to turn Is-

A sukuk is an Islamic bond that complies with shariah and its investment principles which Page 6

The Sukuk Working Group will host the Sukuk Forum to present to the world its strategies and practices for the $30 billion sukuk issue technical infrastructure along with discussing steps Turkey needs to make in order to take

ceives the green light from the relevant minister, the draft will become law Page 5

32 new destinations

tourism city of Hurghada, Egypt, in his announcement Hamdi Topcu,

craft has In terms Airlines stop, as for the country

The Forum will be hosted at the Istanbul

by organizations interested in sukuk issues, members of the Istanbul Stock Exchange

destination

Turk- ish

number to the

tax specialists, credit ratings agencies, international lawyers, bankers, Gulf investors and

the

company’s turnover was Page 14

Government Releases Medium Term Economic Programme

urkish Government releases Medium Term Economic Programme setting out projections

slowdown and anticipated soft landing, the programme

ITO, Netherlands sign visa agreement

UAE may join Turkey nuclear power plant project

The Schengen visa is one of the biggest obstacles in front of Turkish businessmen doing business with EuroPage

building of the nuclear power plant plant,” in northern

a visa facilitation agreement with the Netherlands to ease problems regarding the Schengen

he United Arab Emirates could join a project to build Turkey’s second nuclear power plant if South

Page 2

Made in Turkey Economic Newspaper, November 2012

Mehmet Soztutan Editor-in-Chief

Turkey’s farmers Letters to achieve record corn the Editor turkey@ihlas.net.tr production importance of the real economy, because the economy does not only consist of crisis is actually the bankruptcy of virtual

Deserving more than what they say..

Emerging economies are now so closely integrated with advanced economies that

channel of transmission, according to new

he Turkish economy deserves more than what the leading international rating agencies tell the world, according to Turkish Finance Minister Mehmet

crisis may be protracted, given the solvency problems faced by banks in the major industrialized economies that provide

Semsi Bayraktar, President of Turkish Union of Agricultural Chambers

International credit rating agencies have failed to inform the

Evidence from past episodes of systemic banking stress in advanced economies (the Latin American debt crisis of the early

technology like electronic trading meant that Wall Street’s bread-and-butter business of investment banking and trading stocks

portfolio and foreign direct investments if Turkey had been So investment banks took their enormous

Ratings are determined by looking at a country’s capacity to pay back its loans and whether it has the political will to do

has continued and risks of large scale deleveraging associated with common lender

enhanced, subprime mortgage loans into complex derivatives such as collateralized stupidly, these institutions owned them for

markets think differently from rating agencies because the

Meanwhile, Turkey’s economy is on the right track, World

recent slowdown in economic growth normal as the country was struggling for balance, Neither the current budget gap If you want the economy to rebalance, then a decline in annual growth this year in Turkey and expects a rebalancing in the economy

n order to encourage domestic cultivation and minimize imports, the Turkish government has been promoting the use of hybrid corn seeds in various regions while intensifying efforts to educate more farmers in plantincluding loan support, have resulted in an enhanced number of farmers switching to corn, particularly in the Southeast

rates for the last two years, economy-related Cabinet mem-

“safe” by insurance products known as credit default swaps, a credit derivative from turned down, the mortgages and derivatives were worth a lot less and no one would lend

corn production increase regarding being used as feed in poultry and animal to biofuel use world price is expected to

M. Green/ Frankfurt The United States, for example, established

corn production should be never disre-

slower growth because risks in the international economy are

The Turkish government boasts of its three-year medium-

J. Mreng/ Berlin

ish Statistical Institute corn production

Turkish famers could adapt rapidly to -

“Our farmers used hybrid and suitable seeds according to the regions’ characmarkable increases have been experienced particularly, in GAP and Aegean

sector amid the global credit crunch, which has shaken the founders of capitalism, such

There is a saying on Wall Street that goes, “The market can stay irrational longer than

ago when it got its portfolio picked off by This is a result of the structural reforms funds picking off Wall Street -- would

“Turkey’s annual corn production was achieved the technological infrastructure

F.Ridge/ Franfurt

to maintain current production levels in -

SGS Turkey supports domestic made automotive industry homologation and strengthen the The producers involve conformity with the regulations of their targeting markets for vehicle and

tions belonging to the automotive sector are carried out in same level with current regulations in the necessary rule of vehicles such as

point homologation enters into Homologation generally includes bringing vehicles into harmonious way with the legal regulaThe passenger cars, commercial vehicles, motorbikes and tractors must pass through a certain tests

GS Turkey supports domestic made automotive industry with homologation process which provides both time and cost effective in the automoThe automotive sector which characterizes as a crucial importance in terms of economy and technological development, has been one of the foremost fast growing sectors either technology or production volume since the

tomotive sector take place in the Turkey has become one of the world’s production bases of the outstanding automobile and commercial vehicle manufactur-

All these processes include hoSGS Turkey’s Consumer Products Automotive Department Manager achieve all the tests in Turkey and

growth in the sector is increasing

come into sale condition homologation processes must be com-

European approval organizations enter into force in the process of

Nations and some countries have some directives and regulations relate with the lawful conformity

producers and component producers oblige to manufacture according to suitable the regulations in their targeting markets and proFor this reason, as in the general application, having homologation process start after prototype production, so it can cause harm to producer either problem that happens in test process or change in design, as well as in the aspect of SGS is the world’s leading inspec-

and laboratories around

Aquaculture sector searches for new markets

he current markets are not enough for the Turkey’s

products which have accomplished progress in recent years, The statement from the Meditersaid that with objective to boost their exports, the Mediterranean ucts’ Union has arranged a tour to A committee in the head of Adnan

Ersoy Ulubas, Coordinator Chair-

and Animal Products’ Union negotiated with Ethiopian Industry Minister Tadesse Haile, Turkey’s

pi Adnan Ersoy Ulubas, Coordi-

of the sector shelters a few risks

products have achieved a big progress in recent years, so the existing markets abroad do not satisfy the exports amount in re-

million population seems a very crucial breath for the sector in

Ethiopia, Development and Infor Loans Tadesse Hatiye, Ethiopian Dairy and Meat Products Technology Institute Chairman Fikre Hugiane Anfune and Ethio-

He added that seeking new market would be opening point for “Especially focusing on the neighboring countries, exports

mal Products’ Union, said that they had also examined investment potential in the country

UAE may join Turkey nuclear power plant project Continued from Page 1 he government plans to build three nuclear power plants within

The government plans to build a second reactor in northern Turkey, near the

a possible energy shortage and reducing

yet announced a location for a third re-

Turkey struck a deal with Russia in

Ankara is negotiating with a number of

plant at Akkuyu in the southern Mersin

Turkish shoppers hike online spending

Turkish Liras worth of prod-

Online shopping is gaining more popularity among Turkish custom-

ber of monthly credit card transactions this year was recorded in July

shows higher spending from both domestic and international shopping

Turkish Liras worth of products online using domestic credit cards in cording to the Interbank Card Center

The volume of both domestic and international transactions using do-

liras, while international spending -

The number of transactions with in the January - September period of -

total transactions with domestic lion, more than one third oft he total

Made in Turkey Economic Newspaper, November 2012

earned by means of gold I

gained by Stock Exchange investors investment tools, yielded

according to PPI and CPI, TurkStat

ing to Producer Price Index and

Investors of Stock Exchange made the

ment tools were listed in descending order with respect to their yearly real Deposit Interest, US Dollar, Gold (inStock Exchange and Deposit Interest

According to Producer Price Index and Consumer Price Index,

to PPI, respectively, however in the

Euro and Stock Exchange were investors of US Dollar and De-

In the same period, Investors of Euro made the highest loss with the rates of Deposit Interest, US Dollar, Gold (in-

Unemployment objective of Turkey: 5 percent Turkish Labor & Social Security Minister Faruk Celik said that the basic aim of the

inister Faruk Celik said la-

million people were being employed Celik stated that the main targets of National Employment Strategy were percent, increase employment rate to

Celik said that Turkey’s population lion of the population was at the age of “Within the three year-period between ment has been provided for 3 million

The number of labor force in Turkey -

“We will increase employment rate

Celik reminded that unemployment

The number of unemployed people is number of unemployed people dropped

Turkish Labor & Social Security Minister Faruk Celik

IMF: Policymakers and bankers need to make a clear commitment to act now and lift the debiliare important lessons the country can teach the rest of the world about how to At its recent Annual Meetings in Tokyo, the IMF released its latest Global Financial Stability Report, which said -

perimeter, known as “shadow banklooking into this and the IMF looks forward to collaborating closely with

but you are also regarded as a leading

volatile as the crisis in Europe contin-

kets reform, so these can become truly “over the counter” and not “under the

coordination and consensus building, reform agenda given the high price the

crisis is holding down the recovery in key parts of the global economy,” said

n a speech to the Canadian Inter-

mains weak and policies in the major advanced economies have not been ture is not visible yet, in part because policymakers and bankers have delayed implementation of reforms in some places—intentionally or unintentionally—and because some reforms Financial instability In setting out the challenges facing policymakers and bankers, Lagarde said banks are still weak in many still face very tight borrowing condi-

economic and human costs over the past six years, we must do whatever it takes to make sure this does not hapThe IMF recently assessed reform progress as part of the Financial Stability Report, and found that reforms are heading in the right direction, but they

Also, IMF staff recently conducted a study on the costs of regulatory reform and found that the likely long-term increase in borrowing costs would be point in the United States, and lower

importantly, implementation of the The challenge now is to proceed to the end of the reform path all together, said Lagarde, and outlined four major areas global level discussion of the pros and cons of direct restrictions on business dom, and the Liikanen Report on the EU banking system will have imporinstitutions, especially cross-border develop the tools to intervene in distressed institutions, but compliance and assessment on an international

Lagarde said Canada has one of the While it faces its own challenges, there

tions operating outside the regulatory

IMF Managing Director Christine Lagarde

Turkey raises 1.6 billion liras in 2nd sukuk issuance

The two-year lease sukuk will pay a

the Treasury’s Turkish lira su-

Turkey’s Undersecretariat of the Trealira-denominated sovereign sukuk (rent

dollar-denominated sukuk in Septem-

for participation banks, because it has a secondary market, and because of its zero risk from a capital ratio per-

The debut bond offering in Septem“Participation banks have been expect-

banks” is a term used in Turkey to refer

2012 Made in Turkey EconomicJanuary Newspaper, November 2012

Economic crisis continues to exist Mehmet Söztutan

f course there are many crucial issues have been waiting for solution on the agenda, such as

Muslim population whose homes have their own territories in Myanmar and so In addition, another crucial issue that has been on the top of the agenda is the global economic crisis persists its weight

Advertising Consultants

Emir OCAL

The observers commented that global economy has experienced a continuous deceleration since the beginning of the Despite the prevailing weakness in the world economy, the slowing momentum is expected to reach the low point later in the manufacturing sector might fertilize through the rest of the economy and affect emRegarding downward tendency, global growth was

Emerging Asian economy has become increasingly dependent on the Chinese economy and a slowdown in China’s growth would deteriorate prospects for economic growth in the emerging markets of the region, according to the anaFollowing the slowdown in the Latin -

a downwardly adjusted performance of The US economy is regarded to show a relatively better performance than the other major developed economies, although growth is expected to slow from One of emerging economies, China which spearheads the world economy is

There is no better way to exercise the imagination than the study of the law. No artist ever interpreted nature as freely as a lawyer interprets the truth.” -- Jean Giradoux

overnment lies, and newspapers lie, but in a democracy they are different

As for the Middle East and North Africa Economic growth, it would be

If you are delusional and occasionally hallucinate, please be aware that the thing you are holding on the side of your head is

“Perhaps you would like to see someone else?”

Doctor, doctor, I keep thinking I am a set of curtains! Pull yourself together, man!

Regional growth will pick up slightly

Well, just go home and if the feeling persists,

massive ongoing infrastructure development programmes in Saudi Arabia and other oil exporting countries of the

have doctors for the eyes and doctors for the

OPEC forecasts stronger economic growth in bons output continues to rise, oil prices stabilize at a high nominal level and some of the large infrastructure projects in the re-

no eye-ear doctor, but if there were one, why would you want to see him?”

Euro area is regarded as the starting point of the economic crisis, thereby it to euro area by completing its duties and assignments such as reducing of

Doctor, doctor, people tell me I’m a

They go around like this for a few minutes Who said that?!

If you are obsessive-compulsive, please press

Tell me the truth now, what’s your REAL problem?

If you are co-dependent, please ask someone If you have multiple personalities, please

Doctor, doctor, people keep telling me I’m ugly!

If you are paranoid-delusional, we know who

If you are schizophrenic, listen carefully and a little voice will tell you which number to

THE ECONOMIST What is a consultant?

IHLAS MAGAZINE GROUP Please mention “Made in Turkey” when writing to advertisers

What do you mean by that? Doctor, doctor, People keep ignoring me! Next!

structural reforms and clean-up of the Seemingly recession in the global econ-

The EU and the US are China’s two largest export markets, it is foreseen weak demand in these two major regions will continue to weigh on the growth prospects of the export sector and the econo-

If you are depressed, it doesn’t matter which

A Soviet journalist walks into the hospital and tells the desk nurse, “I want to see the

In North Africa, exports of goods and

The growth is forecast to accelerate somewhat to

r o m Hu

THOUGHT OF THE MONTH

A consultant is someone who takes the watch off your wrist and tells you the time.

Well !!!

makers will manage the automatic budget cuts that would be implemented in It is assumed that a compromise will be found and that the budget cuts would be alleviated and spread over the coming years, accordingly the negative growth

Growth for the Euro-zone is expected to

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Made in Turkey Economic Newspaper, November 2012

Government Releases Medium Term Economic Programme Continued From Page 1 rowth targets in this year’s MTEP are a valuable indicator of how the

Turkish Deputy Prime Minister Ali Babacan

The MTEP also revised Turkey’s

revised down growth forecasts for

Although predictions for growth -

that despite the state of the global economy, Turkey was performing

signal a slowdown after growth of target was revised upwards from highlighted, when Turkish State

nine months of the year compared would drive economic growth in likely to place Turkey on track for a soft landing after concerns

raised in the same period of last The MTEP increased the Govern-

August, most of this target had al-

The comparatively healthy growth ernment published its annual Medium Term Economic Programme

follows recent announcements that the Government would raise Economic Outlook, published on along with further tax increases

All this continues to support the Government’s argument that a soft landing has been achieved, rather than the boom-and-bust

Turkey’s Central Bank revises year-end CPI to 7.29 percent

Capital markets move to establish Borsa Istanbul Continued From Page 1 n addition, all of the real estate, buildings and land plots belonging

some points with which we still had is-

after the draft becomes law, after which the deed will be stamped by the Turk-

take these up at a later date and we will

he said, but added that even discussing The Association of Capital Market Intermediaries Institutions of Turkey the draft was very important and would facilitate the development of capital mar-

they wanted to put an end to the frag-

Turkey gives $1.2 billion in aid asci said having lowered digit has taken away the biggest hindrance in front of the He noted that in case the domestic demand runs over GDP for long time, it could lead to accuFor this reason, both domestic demand and production growth being in a harmonious way would

key, the inharmoniousness between demand and growth has already being removed, in the upcoming period, the envisaged healthily and sustainable growth, which has been foreseen in Turkey’s Medium Term Plan, can be Underlining advancements in the structural reforms that would raise potential growth pace, head

cial stability by protecting price

the year-end consumer prices inMeanwhile,

year-end

cur-

would drop and growth would inReleasing the second term survey Expectation for the year-end USD exchange rate is foreseen as As for the year-end growth it is

ocal residents gather around an well in Mogadishu Somalia, which is one of the top counwas extended to Central and South

key extended to underdeveloped and Pakistan, Syria, Afghanistan, Somalia, Turkey recorded the highest increase -

Azerbaijanand Palestine were the top

Made in Turkey Economic Newspaper, November 2012

Turkey may attract additional $30 bn with investment-grade major macroeconomic goal is to decrease the rate of unemploy-

employed every year in addition to plans to decrease unregistered The booklet reiterated previous Turkish Prime Minister

asssed if certain criteria are met,

grade status in order to make in-

At least $30 billion in foreign investment will enter Turkey every year, if the country is elevated to investment-grade status by credit rating agencies, according to Pronomics director for the Foundation for Political, Economic and

now they cannot come to Turkey,

Some rating agencies could soon raise Turkey to investment-grade status, according to media re-

making the Turkish economy one increasing the volume of annual ernment also plans to increase annual per capita income to

waterway that is designed to con-

The Government aims to decrease the ratio of the social se-

Transfers from the general budget to the social security system

rating is improved, this problem the country is elevated to investment grade, at least $30 billion in foreign investment will enter Turkey every year, and the government’s borrowing costs will fall,”

Fitch Ratings could reconsider

Continued From Page 1 he prime minister also noted preparations were underway to begin the

world in terms of research and Turkey may attract $30 bln with ment funds, including pension funds, are waiting for a possible hike in Turkey’s credit rating before pouring billions of dollars in Turkey’s credit rating may be re-

Fitch

Ratings

Director

Paul ing to EUguidelines we need to evaluate a country’s credit rating once every year,” he told Anatolia Many large international investment funds, particularly pension funds, have been watching for an opportunity to invest in Turkey, but have not been able to utilize investment opportunities as the country does not have investment grade status, “Those funds’ guidelines say a country should have investment-

to pour their money into Turkey after the rating is raised to investment grade, the Treasury will be

In a recent statement, senior analyst Sarah Carlson of Moody’s revealed the criteria for a possible reduces its structural current acin decreasing external vulnerabilities by increasing its currency reserves or decreasing privatesector debts, then Moody’s will asses to increase Turkey’s credit

ITO, Netherlands sign visa agreement ITO Executive Board Chairman

Continued From Page 1 s an effort to ease problems faced by Turkish businessmen when trying to receive a business visas as well as a waiting period that can last for days, ITO and the Consulate General of Holland in Istanbul signed this agree-

Speaking at the signing ceremony, ITO Executive

agreement, our members

Istanbul group to host Sukuk forum Continued From Page 1 he Undersecretariat of the

Turkish Liras in a lira-denominated sovereign sukuk issuance at the start of this month lion through a dollar-denominated

Participation banks in the country, which claim interest rate-free banking operations, welcome the The volume of the global sukuk

issuance came as a success as the

Farm aid to hike 16.9 pct next year

he Turkish government plans to increase support to farmers -

Moreover, Dutch Consul The Turkish government increased the

from us and then after the consulate general does its own research they will get a multi entrance

Turkey is one of Holland’s most popular destinations for investments and that therefore it is a necessity to be able to re-

said that economic relations between Turkey and Holland are rapidly improving and that between eral trade volume rose to

signing this agreement, relations and trade between both countries will

Liras in this year’s estimated budget, a

located for premium supports according to next year’s budget, while stockbreeding support is planned to exceed

The main items in the budget are areabased agricultural support, productbased premium support or difference payments and stockbreeding support payments, according to Anatolia news

It is reported that the same budget cut direct income support, which is paid

Support for main inputs in farming such as diesel and fertilizer also in-

government will also cut free coal dis-

income support to the gross domes-

Turkish and Kazakh businessmen meet for cooperation and trade Nursultan Nazarbayev, saying that he visits Turkey every year but that this is capacity, stated that relations between Turkey and Stating that the trade between the two countries has shown progress in recent years, Nazarbayev said, “The bilateral trade between the two countries of the end of last year it has azakhstan President Nursultan Nazarbayev who kara and the businessmen in his delegation came together with Turkish businessman in an event hosted by Rifat Hisarciklioglu, chairman of the Turkish Union of Chambers and Commodity Exchanges

Hisarciklioglu stated that they were ready to coop-

Reporting that the railroad to be constructed between bind the two countries closer in the economic sense, Hisarciklioglu said that they are following

Stating that they want to increase the bilateral trade volume of the two coun-

billion Dollars in the midterm, Hisarciklioglu said

TOBB’s industrial zone report to Nazarbayev Emphasizing that the Turkish private sector has a great part in Turkey’s development, Hisarciklioglu reported that the private sector’s investments in Turlion Dollars as of last year been employed by the priStating that they are prepared to share their experi-

ter Recep Tayyip Erdogan wants to increase trade vol-

Nazarbayev stated that dezakhstan has maintained its growth with a growth -

in order to make it as strong ternity of the two countries and economic relations

Nursultan Nazarbayev and accompanying businessmen met with Turkish busiPresident

Rifat

Hisar-

Hisarciklioglu recorded that they want to undertake a project in cooperation for the development of the priHisarciklioglu added that the strength of the Turkish business community lies in having a strong private

went on, “We want a part-

million tons of petroleum and 30 billion cubic meters of natural gas last year, Nazarbayev said, “If the

presented Nazarbayev the report they prepared re-

enter operation this year, one of the largest in the world, we will produce an

Kazakhstan Nazarbayev

President

Made in Turkey Economic Newspaper, November 2012

US duo win Nobel Economics Prize for ‘match-making’ Continued From Page 1 ut in many markets, pricing is not enough to match is not the only factor that decides which hospital a doctor wants to work in, or which university would be best for a prospective Central to their work is allocation where no individuals perceive any gains

applied the idea of stability to that of marriage, looking into how individuals in a group of people could be paired up despite

who would be their best The best match-making was achieved by using what is now known as the Gale-Shapley “deferred acceptance” algorithm, a set of rules that aims to Roth and Shapley worked independently of each other but “the success of their research is due to the combination of Shapley’s theoretical results with Roth’s insights into their practical value,” the com-

fessor emeritus at the Uni-

Roth told public broadcaster Swedish Television he was surprised to win

ed that Lloyd Shapley won

Roth said he was pleased the prize would “shine a very bright spotlight on the work” he and Shapley had conducted in market design, “a newish area of economics and when I go to class this morning my students will pay more nounced by the Academy nance in the Nobel Eco-

laureates who’ve won in Americans, including two Roth and Shapley will receive the prize, consisting of a Nobel diploma, a -

a ceremony in Stockholm versary of Swedish industrialist and prize creator Last year, the prize went to US researchers Thomas Sargent and Christopher Sims for research on the causal relationship between economic policy and different macroeco-

nomic variables, such as The Nobel Peace Prize, perhaps the most-watched of the Nobels, was awarded to the European Union for bringing more than half a century of peace to a continent ripped apart by two world wars, a choice met by both praise and

Istanbul Metropolitan Mayor Kadir Topba

The awarding of the Nobel Literature Prize to also sparked controversy, with Chinese dissidents accusing him of being a The awards for medicine, physics and chemistry

Turkish tourism aims over $60 billion in revenue by 2023

Istanbul to reach a third airport

olding a press conference, Istanbul Metropolitan Mayor

third airport in the northern part of Is-

The new airport will be constructed near Terkos Lake in the north of Istanchosen area features to land on sea, generally airports are built by taking

Mayor Topbas noted that the capacity of

urgut Gur, president of the Turkish Tourism Investors’

million passengers, adding that if neckey has a sizeable capacity, they were planning to enlarge the number of bed

He recorded that they aimed to allow Turkey

the number of golf facili-

destination of the world by

key had the potential for

of investment for the comnumber of conventional He said that although Tur-

aircrafts to the Turkish

From the airport passengers will be accessed to the center of the city via a

Gur said that culture, belief, health and congress tourism were getting common in the world and Tur-

He added that Turkish tourism sector has taken the Asia on its agenda as it was a developing continent with a population of key must plan supply ac-

Even though growth rate drops the revenue rate in

added later to raise the passenger ca-

they have obliged to construct the biggest airport in the international norm in

Ataturk Airport’s current capacity was the end this year tourism sector will accomplish

“Istanbul has entered a process that welcomes and host, attract attention of

relations and tourism, share of Istanbul

He stressed that the environment would not be affected negatively from the new airport construction, because of the determined place for the construction is a former mine exploring area not char-

Made in Turkey Economic Newspaper, November 2012

EU agrees on eurozone bank supervisor to predict the crises I t is reported that EU leaders have agreed to set up a single eurozone banking supervisor - a major step towards a banking

France and the EU Commission wanted joint banking supervi-

could probably be effectively op-

and others indirectly, via the na-

role, to become operational in

EU Commission President Jose

dent Mario Draghi had told her it would be a matter of some months

Merkel stressed that national budget discipline should be the

if needed in any bank in the euro

BTSO Assembly Chairman

A legislative framework is to be with the body starting work later

With new supervisory powers the mechanism will have the power to intervene in any bank within The deal appears to be a compromise between France and Germany, who earlier disagreed over

Germany had been at odds with the European Commission over

eurozone would be included Germany wanted it limited to the

on to prevent a systemically dangerous accumulation of debt on a And once the legal framework is in place the new permanent rescue fund, the European Stability

Mrs Merkel confirmed that the EU bailout funds would not be used to directly inject risk-absorbing capital into troubled eurozone banks until the new superFrench President Francois Hollande said there had been no disSpanish government for a bailout

P re -

to recapitalise strugg l i n g ba n k s di rectly, without adding to a country’s sover-

main financial centre, but out-

the timing and over the number of The timetable remains important, because only when the body is fully operational will the eurozone’s rescue fund inject cash directly into ailing banks - so important for countries like Spain,

The deal was, at best, an uneasy compromise between the French and Germans and much wrangling lies ahead, our correspon-

viously, the German government has expressed a desire to retain supervisory responsibility within Germany over the country’s Landesbanks - stateowned banks that play a key role in the economies and state finances of Germany’s federal Announcing the result of talks, European Council President Hermember states had agreed to set up - by the end of this year - “a Single Supervisory Mechanism [SSM], to prevent banking risks and cross-border contagion from

“We are on track to solve the problems that for too long have been paralysing the eurozone and made it vulnerable,” Mr Hollande told a

new bank supervisory responsibilities would be strictly separated from its role in setting monetary

usinesses in the industrialized ally move their production to eastern and southeastern Turkeywhere the

have long believed that the southeastern Anatolia region was not suitable for intrip to break this conception, support our people there, raise their morale, put an end to these prejudices and show that the region is somewhere to invest in with the

“Just like we were the production base for Europe in the past, the east and the southeast should become the production base

In its new incentive program which will begin this summer, the government will award the largest regional incentives to the eastern and southeastern Anatolia provinces to balance out their economic

industry and one of the leading textile-

The banking union plan is fraught with legal complications, as it would give more powers to the

Parseker, who is also a board member of the Turkish Union of Chambers and

will always be outvoted when decisions are taken on the regulation of banking and finance in the

There is speculation that it could lead to treaty changes - something that has caused big headaches for

It is more than a theoretical possi-

Turkey’s investment proportion to rise 12.27 percent in 2013

Parkeser said, calling for more focus on innovation and technology, “because both

editor Robert Peston says there

and City of London in shaping financial rules will be systematically ignored or overridden, he peared to be claiming victory in The German chancellor said that the agreement was that “banks must be supervised in a differen-

would be “as inclusive as legally possible for non-euro members to Earlier, Mrs Merkel called for the EU to be given the power to veto the EU economics commissioner should be given clear rights to intervene when national budgets vio-

urkey’s public and private sectors are expected to invest worth

The investment amount will increase

billion of the total investment will come

the statement, private sector will mostly invest in manufacturing industry, as for the public sector’s investment might be

Private sector’s investment would be try and transportation sector’s investPublic sector will carry out the highest investment in the transportation sector

Turkey’s total investment amount that

“Once this is agreed, the SSM

Roadmap of Gaziantep for 2023 outlined

“We believe that we must outline our roadmap in line with your opinion and evaluations that you

years since we have come Minister Sahin stated that big states had big objecdesignated its targets for “This city is honor, mirror, and gateway for both

meeting entitled -

in the head of Fatma Sahin, Minister of Family and Social Policies at In his speech, GSO Chair“Southeastern city of Gaziantep has determined accomplish $30 billion worth of exports and jobs

“Nowadays

targets

of der to accomplish these targets the structure of

in the machinery sector,”

put into force as soon as

tion of Domestic Made of Materials Fair in Gazian-

wait for support in this is-

this issue either Turkish Armed Forces or R & D studies must be strength-

don’t let us forget that base for everything is

GSO Logistic Project

we can leave everything,

logistic project preparation in order to allow industrial product to reach

though, we can make dis-

an alternative to the existWe cannot reach anywhere by the imported supported as a city on the way producing technolin hand in a project on the way what should be made

tunnel open in a shortest About education issues,

meters double highway project between Gazian-

“Opening the tunnel between Hassa - Dortyol districts to service is very This project should be

minister of Gaziantep’ I know view of human be-

In her speech, Fatma Sahin, Minister of Family and Social Policies, said that a democratic deepness and maturity of a country depend on that country’s power both as democratic development pect depend on the power Calling for the representatives of civil societies at the meeting, she said,

to speak with envy and how much, Gaziantep achieve growth bigger ing a growing capacity brings some new probman beings continue to their way by improving problem solving capacity, they also leave problems

do for this city, for our country, for our future, my children and grandchildren with our energy, power and by supportintellectual is our most your service, it will continue after this,” Minister

Made in Turkey Economic Newspaper, November 2012

Capital compensate FDI drop

As compared with the same month of the previous year, exportion of the EU countries was

partner country for exports was

and Middle Eastern countries to offset sharp overall drop

Million Dollars of gold for non-

was followed by Germany with

oreign direct investment and Turkey witnessed a striking increase -

the year, according to a report issued

million of net foreign direct invest-

Substantial foreign direct investment increases from Asia, particularly Near and Middle Eastern countries and a rise in real estate sales to foreigners failed to offset the sharp fall of investment volume from European Union

Real estate sales to foreigners inNear and Middle Eastern countries made up the biggest chunk of Asian

However, Gulf countries seemed to shy away from investing in Turkey as

acted a law to ease property sales to foreigners in a bid to lure large volumes of foreign investment into Turkeyparticularly to stem current

Despite a plunge in investment inpercent of all investments in the JanuForeign direct investments from EU

Near and Middle Eastern countries, -

try for Turkey’s imports was Rus-

Turkish Economy Minister Zafer Caglayan

Foreign trade

for imports range from China

stones and metals” has by far the highest value exported at hicle other than railway or tramway rolling-stock, parts thereof” chinery and mechanical applianc-

%34.7 in September 2012

EU membership of Turkey to be a win-win for both sides

urkish EU Minister and Chief

that Turkey’s EU membership bid would form a win-win situation

friendly cooperation between Turkey and Germany that would be celebrat-

and common interests bring integra-

Stating that Turkey’s Ambassador-

would undertake a key role to let EU ing a natural bridge between East

Exports coverage imports ratio -

Turkish exporters accomplished -

EU membership was a historical opportunity on behalf of building the of the indicators of this opportunity is

Quickly changing global dynamics

Turkish Statistical Institute, Turkcalendar adjusted exports deThus, Turkish exports raised by

from the importance given by Turkey ect of EU as a most successful project of the human history and said, “Turkey’s EU membership will make

Calendar adjusted exports in-

has a position to access to the global markets including energy resources

The EU’s share in exports deThis position provides crucial opportunities to the EU in terms of energy

At the same period, the top categories for imports were “mineral ery and mechanical appliances”

Made in Turkey Economic Newspaper, November 2012

Exports of lemon make faces smile -

will promote citrus fruits as synchronize maintain our promotion on billboards tion via our self-core and our own people which are known the international recog-

featured very well plus value to advance Thanks to informing activities, the farm-

adding that they had not heard any trou-

be beginning as of the end of October and continued afterwards new year,”

sand tons exports of lemon in the season

facilities in the Mediterranean Region in

percent of increase compared with the tained until this time, indicates that we

determined the dates following their inIn this scope, he said that harvest of Enterdonat and Mayer types of lemons

In order to accomplish the target they

urkey is the third biggest participant in the world’s largest food exhibition, which

Especially, as Citrus Fruit Promotion kets are the Mideast countries, the Tur-

the Commission for Determination of the Date for Harvesting, Collection and Exports in the citrus horticultural, have

ago we have opened the market road via

Turkey ranks third in nuts production

Increasing harvests help Turkish nut producers Increasing harvest volumes have helped Turkish nut production in recent

Turkey has been ranked as the world’s third largest producer of nuts after China

nuts exports, with Turkey trailing in a dis-

amount of land under cultivation, as well

Newly planted trees become productive Farmers have also gravitated more toward growing nuts due to ministerial support for

year we hit a record [in terms of the area of fair

Turkish citizens consume an average of three kilograms of nuts a year, with the product consumed either directly or within

According to the Food and Agriculture Or-

Of course, the Far eastern countries are

urkes is among the leading nuts producers but the country lags behind in a list of exporters of the

Turkish food arouses interest at Paris fair

Almost all regions in the country grow east Anatolian regions top the others in -

The diversity of products that Turkish companies present at SIAL is remarkable, according to

“This means it is not possible to set a game in the -

Made in Turkey Economic Newspaper, November 2012

Revenues rising slowly across the OECD I

n most OECD countries tax revenues are continuing to rise in relation to

onstrates a more pronounced trend toward

to tax revenues rising faster than GDP and at the same time many countries raised tax

at the beginning of the crisis, according to

there was a more even balance of increases

verity of the recession and that some coun-

Chile, France, the Czech Republic and Ger-

available, tax revenues rose as a proportion

enue must go hand in hand with efforts to restore long-term growth prospects, strengthen economic activity and generate

Hungary, Estonia and Sweden the largest

gressive tax regime, economic recovery led

countries”, said OECD Secretary-General tries want to pursue these long-term strategies successfully, the increase in tax rev-

European countries most affected by the

kernelled

lion trees accounting for sand tons

reached Turkey has been ranked as the world’s third largest producer of nuts after China and the United

million unit with tons of fruit

percent of the global market demand in the

“Target in exports to be surpassed” The share of the industrial

key’s walnut produce ex-

As for year on year, Tur-

lion tons by itself while

Farmers have also moved more toward growing walnuts due to ministerial Turkish citizens consume an average of three kilograms of nuts a year, with the product consumed either directly or within other foods, especially While the USA takes at nut exporting countries,

Aegean and Southeast Anatolian regions top the others in terms i

amounted

According to the data from TIM, the most exported products were the chemical matters with worth

hairman of the Turkish Exporters’

north-western province of

This sector was followed by the automotive sector -

Turkey’s exports in Octo-

exported commodity worth

over the same period last

for electric electronic and machinery sector’s exports -

were accomplished in October holding a meeting in Orhangazi town of the

in exports of Turkey were

Turkey’s exporters shipped -

According to the expectations, Turkey’s exports would surpass the targeted which was determined at

TURKEY OFFERS

million tons of walnuts Increasing support has helped Turkish walnut production upward in re-

and

and agricultural products’

trees become productive

Across Turkey, almost all regions cultivate walnuts, but

walnut show steadily increase

OECD Secretary-General Angel Gurría.

As for the cultivated area ures have been also aided by a growth in the amount of land under cultivation, as well as in the num-

Although ranging as a leading position in the walnuts producer countries Turkey lags behind in the list of exporters of the

hectares of land across the

and a small revenues

Revenue pressures have hit some levels of government harder than others, with the average tax ratio for local governments re-

percent

According to the data from Food and Agriculture Organization’s

tial sharp fall

recovery in

Turkey ranks third in walnut production percent of the world walnut produce, Turkey ranks at the third stop following China and the USA in the

rienced an iniin tax reve-

INVESTMENT OPPORTUNITIES

n 1. SUCCESSFUL ECONOMY

Stable economic growth with an average annual

Promising economy with a bright future as it is expected to become the fastest growing economy

International arbitration Guarantee of transfers 5. INFRASTRUCTURE New and highly developed technological infrastructure in transportation, telecommunications and energy Well-developed and low-cost sea transport facilities Railway transport advantage to Central and Eastern Europe Well-established transportation routes and direct delivery mechanism to most of the EU countries 6. CENTRALLY LOCATED A natural bridge between both East-West and North-South axes, thus paving the way for an

Eurasia, the Middle East and North Africa

A dynamic and mature private sector with USD

2. POPULATION Largest youth population compared with the EU

population 3. QUALIFIED AND COMPETITIVE LABOR FORCE

Increasing labor productivity The longest working hours, and the lowest sick

of GDP 7. ENERGY CORRIDOR AND TERMINAL OF EUROPE An important energy terminal and corridor in Europe connecting the East and West located in the south and the east of Turkey, while the largest energy consumer, Europe, is located LOW TAXES & INCENTIVES Corporate Income Tax reduced from 33 percent to

Development Zones, Industrial Zones and Free Zones could include total or partial exemption from Corporate Income Tax, a grant on employer’s R&D and Innovation Support Law Incentives for strategic investment to decrease imports, for large-scale investments, as well as for regional investments 9. CUSTOMS UNION WITH THE EU SINCE 1996

around half from vocational and technical high 4. LIBERAL AND REFORMIST INVESTMENT CLIMATE The second biggest reformer among OECD countries in terms of its restrictions on FDI since

Highly competitive investment conditions Strong industrial and service culture Around 30,000 companies with international capital

More FTAs underway Accession negotiations with the EU 10. LARGE DOMESTIC MARKET

Made in Turkey Economic Newspaper, November 2012

Growth predictions for the Turkish economy revised

Lion’s share to Iraq in exports from southeastern region

ccording to the report entitled “Latest Developments in the Global Economy” prepared by the Turkish Ministry of Development, that includes expectations of

International establishments’ highest growth predictions have Meanwhile, among the country groups, the lowest growth prospect ministry of development’s report and analysed that IMF foresees Turkey to grow

and banks, Turkey’s growth would IMF World Economic Outlook report is shown as a source in the report of “Latest Developments in

UN Economic and Social Council of Organization for Economic Cooperation and Development

of Global Economy” world growth

Commission global investment MEDIUM

Crossword Puzzle Solved 9

HARD

FIENDISH

The exports which have been accomplished compose half of the

According to the data which compiled from Southeastern Anatolia

Cikmaz underlined that there was no trouble in the trade relations

EU accord on banking fails to raise hopes Continued FromPage 16 he objective is simple: we want to break this relationship between the

as France had wanted, as well as an agreement that leaders would try to have a legal framework for line for the establishment of the

worth of exports from the Southeastern Anatolia Region

BBVA wants more stake in Garanti

“He will come, but we don’t have more spending cuts and the threat of a general strike in Spain highlighted the risks of unadulterated austerity measures in sparking so-

Private television station Skai reported that Hollande had accepted an invitation from Samaras

As the talks began, Hollande said Rupo said before the second day The compromise included a victo-

mist at ING, leaders had achieved “a typical European compromise, which had something for everyone,” Agence France-Presse re-

Merkel paid a rare visit to Athens low Merkel in a visit to Greece, Minister Antonis Samaras said on

of Greek reforms and repeated her desire to keep the struggling

in the eurozone will be included,

Exports of Turkish hazelnuts to China rise

exceeding threefold before the promotion

the export period which in-

At the beginning years of hazelnut promotion, the total

According to the statement, after a few years, China would be the biggest hazelnut importers for this the Hazelnut Promotion Group has been continuing its -

Turkey in 3rd nuke plant bid Continued From Page 16 he construction of the first power unit of the Akkuyu Nuclear Power Plant will be comration Deputy Director General Rauf

, adding that Turkey’s energy needs were increasing in tandem with the pany was founded by Rosatom with a

Turkey to seek investment opportunities, Crespo said, adding that possible investment sectors included aviation Direct flights will increase the trade and business volume betweenTurkey and Mexico, he said , during a meeting with Turkish Economy Minister Zafer

branches by year’s end

Pistachio nuts of Siirt exported mostly Saudi Arabia, France

aving fruitful harvest in pistachio nuts in the southeastern province of Siirt makes face of

Suayip Aslan, Chairman of Siirt Pistachio nuts Producers’ Union, stated that the production of pistachio

deabank will open ATM branch-

“The bank’s growth in the Turkish market in the coming years is one of the bank’s main priorities,” the statement

enter the Turkish market under the name branches at the end of the year before -

proval at the beginning of October for Odeabank to begin its operations in the -

Istanbul’s Olive Plaza in Maslak and cur-

specific task to build and operate the

Siirt pistachio nuts are preferred more regarding fea-

Turkey’s electricity consumption is mov, adding that Turkey’s own energy resources were limited and that the cheapest and least harmful energy pro-

Majority of the demand in Turkey comes from Istan-

work at the power plant, contributing

Arrongoiz Crespo, a board member of comer, a Mexican financial institution and the largest stake-holder in Spanish to increase its share in Turkey’s Ga-

he exports of hazelnuts to China

According to the statement from Hazelnuts Promotion Group, regarding promotion to increase hazelnut consumption, the exports of hazelnuts to

woman uses an ATM machine -

establish ATM machines and to provide internet and mobile banking services to

markets, France and Saudi Arabia want pistachio nuts Fuat Ozgur Calapkulu, Deputy Chairman of Siirt Chamber of Commerce and Industry, said, “In recent periods, there has been awareness in pistachio produc-

economic conditions in Lebanon, the

Made in Turkey Economic Newspaper, November 2012

Banks issue bonds on upgrade hopes W hen a Turkish brewing company issued a

cheaply than its government, the message to international debt

lion in foreign currency-denominated bonds so far this year as they look to lengthen their debt maturities and diversify their

of bonds from Turkish issuers in Already, Turkish banks are on track to issue more than double the amount of foreign bonds this surge is likely to continue in upgrade to investment status

this year, bankers say, well over

“Turkish banks want to take advantage of the abundant global rates that Turkish banks pay are still very attractive for investors,”

Lenders including Akbank and

Netherlands wants to expand business in Turkey opportunities

analyst at Ekspres Many of these investors “borrow money from the European Cen-

dollar e u r o -

to zero percent and lend it to the Turkish banks with an -

adolu Efes, which issued

Firms outside the banking sector, which did not issue any foreign bonds last year, are also seizing erate Calik Holding and

points inside the Turkish government’s benchmark

banks this month for planned

Turkish budget scheduled as 404 billion TL for 2013 gross national product would be

the Turkish government’s gen-

Meanwhile,

Turkish Finance Minister Mehmet Simsek

“We expect budgetary revenue in

press conference in the Turkish capital of Ankara, Minister Simsek said that education and health were the two top sectors in

“However, when taken into consideration the spending which was made by local municipalities and

to join forces Mitsubishi UFJ will provide leasing and retail services to Japanese corporate clients

both in Turkeyand in neighboring countries, Tokyo, where upper level M e a n w h i l e , currently present, according

Tokyo-Mitsubishi UFJ have decided to partner to provide services to Japanese companies doing business in Turkey, according to Japanese daily The sides may even reach an agreement at the International

signed

Memorandum

Mitsubishi UFJ corporate clients in Turkey with leasing and retail banking services, as well as loan and credit card also consider mergers and

renewable energy and energy

Turkey showcases weapons at US fair

urkish defense companies received great interest at the Association of the United States

Five companies under the umbrella of Turkey’s Undersecretariat of Defense maker, showcased their upto-date products at the fair,

Turkish

Ambassador

visited Turkish stands at the fair, told Anatolia news agency that he was impressed with the successes of the Turkish defense “The defense industry is a mirror of the successes that have been achieved by the country in the areas of technological development, research and development studies, and

weapons, missiles, and defense

fair with its short range “Cirit” missile, while Gate exhibited its cameras and detectors that can

attendance at the event, which hosts the biggest players in the Meanwhile, Shotgun Magazine, publication,

has

featured

saying it spearheads a “Turkish Roketsan netted interest at the

Olive producers eye top level

Spain has experienced a great drought this year would let us raise top in olive produce,”

have recorded crucial ways in

National Olive and Olive Oil

increase brand awareness and

Fora Olive General Manager Muammer Gungur said that Turkish olive was an important brand in the world and value of this brand increases with every

urkey’s olive producers

central

ister Mehmet Simsek also said

nnouncing Turkey’s bud-

Turkey’s

Tibet stated that olive harvests have begun in some towns of the Aegean Region, adding that Turkey is one of the foremost

In the world olive market which is staged a terrible competition of the countries such as Spain,

million unit olive tress across

should exist in the market

tons olive produce as edible and oil, so Turkey might surpass

Aydin Commodity Exchange Chairman

Stock Adnan

from the olive produce this “Last year, our edible olive add new markets to the current

In his speech, Finance Minister Mehmet Simsek said that Turkey was advancing on its way to achieve Europe’s third and world’s tenth economy, Turkish government was also working on

lands raised fold and when a bridge is set between Amsterdam and Istanbul many businessmen and investors would

three-

Denim will con-

tr ibGehrels, Deputy Mayor of cial, economic, social issues regarding

the Netherlands there are much business opportunities and will make up much

between Turkey and Netherlands in Istanbul, Gehrels said, “We are here in order to

sector provides labor opportunity in high

Gehrels indicated the increased trade volume accomplished in the sectors of tele-

Gehrels also pointed out the effect of eco-

adding that new opportunities could hapHuman beings spend less and they are Gehrels underlined Turkey has a great textile industry by saying, “Today here a key is a very expert country in denim vide expertise in the areas such as brand management, design, logistic and point of -

International brands do business in the Gehrels shared the thoughts about Turks “Turks in the Netherlands feature very business responsibilities are very seri-

Gehrels noted if the world economy “Our Cooperation with Turkey is impor-

Made in Turkey Economic Newspaper, November 2012

IMIB around the globe I

stanbul porters’

Mineral E xAssociation -

among the world’s oldest natural stone producers

stones are found that are of a -

ers in the world, with its developing industry and production

Among these, gran-

sector has an important place in the world with its richness of variety and reserves, sector experience, abundance of raw materials, ease of shipment in sea transportation, its dynamic sector structure, the new technologies being utilized and its broad color

which deals with all export activities in minMineral Exporters’ Association was founded

Among the principle areas of business of stones, borates and concentrates, chromium ore, copper ore, magnesite, fer roch rom iu m, zinc ore and feldThe main objectives of the union are to increase exports of mineral and natural stone industry, to bring solutions to the problems of export-oriented activities in the country and to promote Turkish natural stones and min-

Turkey, situated on the Alpine marble deposits are found, is

Turkey is one of the most important countries in the natural stone sector with more than a thousand Turkish natural stone export has increased by -

with four thousand years of production history that With the Marmara and Aegean Regions at the forefront, almost in all geographical regions from the Thrace to the Eastern Anatolia, hundreds of different colors textures and patterns of natural

ite, onyx, limestone, basalt, andesite, slate stone and diabase are types of stones that are leading in production with Turkey is also among the most important natural stone produc-

value annually which is

most important subsectors are processed marble and travertine, marble and travertine blocks

The Big 5 brings together thousands of regional and international businesses

Turkish marbles decorate the globe..

atural stone is the oldest con-

From ancient times until today, natural stones have played an important Marble has been processed and used ancient times marble has been used as an architectural decoration in order to

Euro Zone crisis, and a slowing down of industry across countries affected by these challenges, the Middle East’s influence in construction has become a key focus for the world’s industry and our exhibitors come here to do serious busiMiddle

East

Concrete,

all take place alongside The Continued From Page 1 number of these sectors are expected to present particularly significant opportunities over the next three years, and with this in mind, we have ensured products are very much focused

Last year’s event saw a move towards a product sectorised show, making it as simple as possible for participants to access products and services that

to industry demand, together the events provide buyers with access to products and services from every sector of the indus-

sectors of the industry to showcase the very best of regional

Ceramics, ternational, Du Pont and Saudi Ceramics will all be looking to capitalize on such opportuniEmirates

The project is expected to generate significant employment for GCC nationals, promote social integration and economic development, advance the GCC initiatives on the common maralso support building national railway industries in the GCC member states, alleviate congestion and reduce mainteA clear indicator of this impending expansion is the rise in participation from Qatar-based

ve m ber at Duba i Wo r l d Trade

Another sector with increased presence at the

ramics,

Rail projects include national and inner-city railway systems, some of which will ultimately converge to form part of the ambitious GCC Rail project, which aims to unify the region and enhance connectivity and

No-

ing that this sector represents the biggest at the event, with some of leading brands from across the industry, including Leminar, Primeco, Energy International Duro Dyne,

rooms, with the UAE market

fact, among the GCC countries Qatar remains one of the most buoyant in this section, particular with ongoing projects at various stages of development, many of which are scheduled to be ready in time to host the Qa-

and global construction and

facilities

make-up of the rail projects planned for the GCC will tap into a wide range of these sectors and provides buyers with unrivalled access to complete

T h e largest event for the building and construction industry in the Middle East, the event provides complete construction solutions and will host some of Qatar’s key industry players, with a Qatar pavilion and exhibiting companies such as Qatar Steel Company,

Across the GCC as a whole, as Qatar National Aluminum Pan-

a definite trend to this year’s event in terms of growing prod-

of rail projects are in the planning or construction stages over the next decade, according to the Zawya report commis-

“With numerous multi-billion projects related to the GCC

an ideal platform for global and local companies to tap on new regional business opportunities and benefit from specialised services, product offerings and partnerships,” says event direc-

years of background in marble producTurkey has immense reserves of marble, travertine, onyx, conglomerate, breccias -

ments dating back to the Hittites, Greek and Roman amphitheaters, arenas and

minarets and fountains all prove that marble has been extensively used in The Roman, Seljuk and Ottoman empires in particular used marble in their of the seven ancient wonders of the natural stone industry consists of basic stones such as marble, granite and other natural building stones such as limestone, travertine, basalt, sandstone, serto these stone varieties, in recent years slate stone, pebble stone and tufa are coming to the forefront in Turkey’s stone stone and stone products are used by difstone processing industry, the building

key has one of the world’s largest natural stone reserves, which is considered to be key is among the world’s most important natural stone manufacturers with its huge reserves and well-developed processing Common characteristic properties of Turkish marbles Quality - free from any cracks or other defects Color - there is a wide range of colors, which allows a wide range ity Pattern - decorative arrangements of colors and crystal composition are possible Good technical properties result in natural resistance to air pollution,

main uses of natural stone are tiles for tains, grave stones, structural works like sets and curb stones, internal & external Turkey is a land of marble In terms of natural stones, and especially marble, Turkey has ample resources since it is

uct sectors, as you would gest of those here in this

Turkey has been one of the oldest mar-

colors and composition, which make it possible to use them in the production of of marble are located in all regions of -

THY’s Executive Board Chairman Hamdi Topcu

make-up of the rail projects planned for the GCC will tap into a wide range of these sectors and provides buyers with unrivalled access to complete “This year we have participatries, representing a wide range of sectors from across the building and construction industry, such as infrastructure which encompasses railways, making it easier to source products and network with global There is currently an estimated struction projects in the MENA region, with the UAE representing the biggest slice of that,

32 new destinations

With sectors such as heating, ventilation and air conditionannual growth of nine per cent over the next three years, the opportunities being presented across the region continue to remain at the forefront of the For more than 30 years, The across the Middles East the widest and most comprehensive range of building and construc-

the Middle East, with a significant increase in the number of buyers from Saudi Arabia and troduced to the show, including gress and four new dedicated Unlike many other international markets, construction in the Middle East continues to grow, offering huge potential to international exhibitors who are looking develop their business place to cultivate new opportu-

Continued From Page 1

to London,” Hamdi Topcu, Executive

The public works for Galataport privatization approved

lic works plan for the Istanbul

Aksu had said that the privatization of

has approved the public works plan for

important step in the eventual privatiza-

cy at the time, Aksu also said Galataport would become an important area in both Turkey and Europe in terms of

includes a cruise port, a recreation area,

The Galataport project includes the

the approval, the plan has been sent to

hotels, shopping malls, cinemas and

The approval was announced in the

Made in Turkey Economic Newspaper, November 2012

Korea to boost mutual tourism

ism

Organization

branch in Istanbul to boost tourism between Turkey

Doubling hydroelectricity output by 2050 -

Energy istry of Mines and Energy zil show in a report how to double hydroelectricity production by

branch to promote relations in terms of tourism between Turkey and South

tween Turkey and South lieve that this number will increase in line with the economic development of

Speaking at the opening ceremony the director gen-

“Our target is to bring

said they had opened the

adding that tourism be-

the number of Turks visit-

Sustainable tourism on the agenda rate, the country needs to promote sustainable development in all areas including energy and sustainable tour-

International

prevent annual emissions of up to 3

Hydropower, challenges the notion that the world’s hydroelectric

In particular, the new report urges that in emerging economies and developing countries, “large and small hydropower projects can improve access to modern energy services, alleviate poverty and foster social and economic development, Hydropower is the leading renewable electricity generation technology worldwide, with new capacity

of hydropower potential, at river basin level where appropriate, including options to upgrade existing plants or add hydropower units to dams originally developed for oth-

plans with targets, and develop a policy framework and market de-

he report also stressed that architectural projects should take into account Turkey’s historical sites and should be built in accordance with the existing landscape, in order to protect Tur-

which Turkey is a part of, runs the risk of being completely polluted Chairwoman Ümit Boyner

is why all the countries that are bordering the Mediterranean need to come up with sustainability programs and a common understanding,

more electricity than all other reit says emerging economies have

publication details action needed from policy makers to allow hydroelectric production to double, and addresses necessary conditions, including resolving environmental issues and gaining public “Hydroelectricity is a very costeffective technology already,” IEA Deputy Executive Director Rich-

ever, new developments face tough must generate a favorable climate for industry investment when deGeber de Melo, General-Director

the sector’s diversity, ranging from run-of-river to reservoir plants plus pumped-storage hydropower, and calls for a holistic approach to deployment that takes into account other aspects of water manageHydroelectricity’s many advantages include reliability, proven technology, large storage capacity, and very low operating and

for electricity network operators, especially given rapid expansion of variable generation from other renewable energy technologies such Many hydropower plants also pro-

erators document their approach vironmental assessment reports or power on governments’ policy agendas and develop new public ments, especially for developing er is the latest in a series of IEA publications that focus on global low-carbon energy technologies, from biofuels to smart grids, and provide recommendations for governments and other stakeholders in sign, sustainability and public ac-

at the unveiling of the report, said the “sustainable development” was

seasonality was one of the Turkish tourism sec-

She noted that if Turkey wants to achieve a five to six percent growth rate per year in the coming period, it needs to focus on finding alternative energy resources, reduce greenhouse gases and at the same time

“Tourism in Turkey take place during a certain period of the year and this has negative ramifications on the country’s economy and sustainability,” she said, stressing that the country needs an alternative tourism strategy and a

As part of this effort, its report on “Sustain-

currently accounts for gross domestic product

investment and employmarket with a turnover “If we use these numbers as a base, we can see that the tourism sector is one of the propelling forces for global

expect this number to of global GDP, employ-

The

Mediterranean,

also explained that a future road map would eration of the public and private sector in terms of strategic planning of

Made in Turkey Economic Newspaper, November 2012

EU accord on banking fails to raise hopes agreed to the plan, supported by French Hollande, however the EU leaders’ failure to pinpoint the plan’s launch date has negatively affected Although the leaders’ said during their

uropean lead-

agreed to the establishment of a bid to ease damage

caused by the ongoing Eurozone crisis, including tensions

German Chancellor Angela Merkel

the decisions on the single supervisory mechanism were key to shoring up lenders and eventually giving them access to loans from Europe’s bailout fund, “many observers were strug-

actly what had been achieved,” The AssoThe leaders chose to focus their attentions on establishing a timeline for issues on which they had already reached an “It is good for Europe that we’ll have a single supervisory mechanism up and running in the course dent of the European Council, which includes the leaders of

The decision appeared to go a step further than the statement the EU heads of state and government adopted after all-night negotiations, which only committed to establishing a plan for the banking and working to make The supervisor must be established before European countries can give their bailout fund, the European Stability Mechanism,

Turkish Deputy Energy Minister Murat Mercan

the power to bypass national governments and rescue banks di-

Many are teetering on the brink of bankruptcy after investments made in lucrainvestments in government bonds and governments have intervened to save their banks, only to worsen Page 12

Turkey in 3rd nuke plant bid

his image shows a model of Turkey’s second nuclear power plant to be built in

are four bidders currently in the France and the United States could bid to construct energy-hungry Turkey’s third nuclear power plant,

Russian model of bidding for contracts with a strategic partner, the Russia’s state-run Rosatom is cility in the southern province of

shortlisted for the second plant in ish Finance Minis-

followed by the Treasury Undersecretarliras and the Educa-

Next year’s budget spending is estimatbillion liras, while revenue is expected billion

he highest share of the central government budget for

liras,

pro-

larly on next year’s budget, as many suspect that the government may loosen its and increase spending to woo more voters at the possible local elections next

ment plans to em-

Gazette, has been granted to the Turk-

will

farmers will increase the next year, he said, promising to protect all segments of the The defense and social security ministries were promised

Mehmet

The focus is particu-

Ministry

the Forest and Water Works Ministry and Transport Ministry

Minister

tice

billion liras respectively, while the Jus-

The Gendarmerie General Command lion liras and the Security General Di-

“The negotiations for Turkey’s second nuclear power plant are a precursor to negotiations for the the second plant, we will choose one of four competing countries,” “We have told the bidders that those who are not chosen for the second plant still have a chance for

No decision has yet been made over the exact location of a third plant, but sources have speculated

Deputy Energy Minister Murat Mercan, who also spoke at the forum, said renewable and sustainable energy was key to the coun“Global energy consumption is

could be interest from countries which have thus far not shown inwill account for most of this de-

the Public Hospitals mentary budget will million liras

provide global clean energy withown energy from nuclear power and is very experienced in this -

country needs nuclear energy since it is so dependent on foreign Page 12