Nº9
December 2009 / EN Version
TURKEY BUSINESS & INVESTMENT NEWSLETTER Monthly Newsletter of Investment Support and Promtion Agency of Turkey (ISPAT) For any Information or appointment in France, Luxemburg, and Belgium : Permanent Representative : Dr. François BERNARD fbernard@invest.gov.tr / Gsm : +33 631 272 572 Postal address : 55, avenue Marceau 75116 PARIS Tel : +33 146 946 725 – Fax : +33 170 248 761
Turkey attracts USD 6 billion investments in eight months Turkey’s Prime Minister Recep Tayyip Erdogan announced on Friday that Turkey attracted investments of around USD 6 billion in the first eight months of 2009. Turkey's Premier said Turkey drew that much investment in the first eight months of 2009 as the global crisis affected direct foreign investments. "Turkey will continue to attract more direct investments as the global crisis has been overcome", said Erdogan during a meeting at the Investment Support and Promotion Agency of Turkey (ISPAT). Erdogan said Turkey has become a center of attraction for investments, thanks to its radical reforms, stability and strong economy. There are 22,821 international companies in Turkey, including 12,463 from European countries and 3,888 from the Near and Middle Eastern countries, Erdogan added. AA 02.11.2009 The Levent district in Istanbul
Turkish electric car to enter market in 2011
“ renowned automobile designer “ Murat Gunak
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The First Turkish-designed and manufactured electric powered automobile will be on the market in 2011. Designed by the renowned automobile designer Murat Gunak and his associate Alphan Manas, the first A B electric powered automobile will come in three styles for different consumer segments. The project will be headed by the Investment Support and Promotion Agency of Turkey (ISPAT) President Alpaslan Korkmaz, who will manage the pre-production stage of the project as the sole authority. According to the road map, the project involves the development of several prototypes before the production company is established and is under the close supervision of Turkey’s Prime Minister Erdogan. The company is expected to go public in order to secure substantial funds. Bugun 11.11.2009
New EU report sees fastest growth for Turkey in Europe According to a European Union economic report, Turkey will become the fastest growing country in Europe in 2010 with a 2.8 percent growth rate. TheB European Commission's economic forecast report for fall has estimated that, although Turkey’s economy will contract this year as a result of the global financial crisis, the growth rate will climb up to 3.6 percent in 2011. The report said that inflation will be 5.6 percent in 2009, and 5.8 percent and 5.3 percent for 2010 and 2011 respectively. AA 16.11.2009
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Turkish power privatizations to begin Turkey will begin negotiations with companies on three power grid privatizations this week, said Ahmet Aksu, acting chief of Turkey's Privatization Administration (OIB). The OIB received 29 bids for its Coruh, Osmangazi and Yesilirmak power grids. The bidding companies include Calik Enerji, Akenerji, Park Holding and Limak Construction. Reuters 02.11.2009
Turkey to become regional base for Fujitsu Fujitsu, a Japanese information technologies-based business solutions provider, has added Turkey as a production base for personal computers thanks to the country’s growing economy and high potential. Fujitsu, which produces computers in Japan and European countries, has positioned Turkey as its production base in the region. The company has been carrying out trial production in Turkey since 2008. Having produced 30,000 desktop computers last year in Turkey, the company is planning to produce 70,000 to 100,000 units in 2010 and to export to near countries. The company attaches importance to Turkey, the only country, apart from Germany, where the company has PC production, said Fujitsu’s Vice Chairman Satoru Hayashi, who came to the country to restructure the company and make an announcement on PC production. Commenting on the strategic importance of Turkey, Hayashi said, “Turkey is a candidate to become one of the most important economies of the future with its rich potential and dynamics. Considering this, Turkey is the only place, other than our own centers, where we produce PCs. We keep seeking opportunities in the region to expand our production line.” Noting that Fujitsu Turkey is attached to Fujitsu Europe in business operations, Hayashi said, “Apart from our own production centers in Japan and Europe, we do not produce in any other country. However, we began to produce our desktop computers in Turkey last year. Turkey has adapted rapidly to technology and the Internet with its developing economy and dynamic population. We appreciate that Turkey strives to meet the standards of the information age.” Hurriyet 02.11.2009
Alcatel-Lucent may invest in Turkey Global telecommunications corporation Alcatel-Lucent may consider directing many of its investments around the world to Turkey, emboldened by the country’s new R&D law, said the company’s country general director Ali Kancal. The company is seeing Turkey as a new base to expand its research and development programs and talks are ongoing for putting the new R&D law to maximum effect with such investments. Kancal said Alcatel-Lucent has been holding talks with Mehmet Simsek, Turkey’s Finance Minister and Alpaslan Korkmaz, President of the Investment Support and Promotion Agency of Turkey (ISPAT). The company aims to redirect business it currently plans to conduct with China, India and North Africa to Turkey, Kancal stated. At this time, he added, Alcatel-Lucent Turkey employs 650 people, noting that attracting more business to Turkey will help increase employment opportunities. The industry will grow at least 11 or 12 percent next year, he said, adding, “As Alcatel-Lucent Turkey, we expect a growth of at least 10 percent next year.”
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Referans 02.11.2009
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Turkey’s Petkim signs MoU with Iranian NPCI The Petrochemical Holding Corp. (Petkim), Turkey’s leading petrochemical company, has announced the signing of a Memorandum of Understanding (MoU) with Iran’s NPC International Limited (NPCI) for the establishment of a plant and additional facilities. The suspension polyvinyl chloride (S-PVC) plant will have an annual capacity of 300,000 mt. Petkim specializes in petrochemical manufacturing and produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacture of plastics, textiles, and other consumer and industrial products. The company has 14 manufacturing plants supplying a significant portion of petrochemicals used in Turkey. The company, listed on the Istanbul Stock Exchange (IMKB), is also a leading exporter of petrochemical products. AA 04.11.2009
Turkish privatization volume since 1986 exceeds USD 50 billion The total volume of privatizations realized since 1986 has exceeded USD 50 billion. According to the Privatization Administration (OIB), USD 38.2 billion in privatizations realized during this period was carried out by the OIB. The total revenue from these privatizations amounted to USD 1.83 billion as of September 2009, according to the data. Privatizations that have been completed and approved or are in progress are expected to result in USD 2.4 billion in additional revenue. The Savings Deposit Insurance Fund (TMSF) and the Ministry of Transport also carried out some privatizations during this period. The revenue earned from privatizations between 1986 and 2002 totaled USD 8 billion. The income derived from privatizations amounted to USD 187 million in 2003 and USD 1.28 billion in 2004. 2005 saw the highest revenue from privatizations with USD 8.22 billion. Revenue from the privatizations carried out in 2006 was USD 8.1 billion, USD 4.29 billion in 2007 and USD 6.3 billion in 2008. Of the privatizations that have taken place since 1986, 53 percent occurred through block sales yielding USD 20.2 billion; 23 percent through sales of business units and assets yielding USD 8.95 billion; 19 percent through public offerings with revenues of USD 7.1 billion; 3 percent through sales in the Istanbul Stock Exchange (IMKB) yielding USD 4.4 billion and 2 percent through other types of privatizations. Today's Zaman 04.11.2009
Turkey-Canada Chamber of Commerce convenes The Turkish-Canadian Chamber of Commerce formally started its operations last week. The opening ceremony took place in Fairmont Royal York Hotel. The objective of the reception was to initiate a good relationship between Turkish-Canadian businessmen and industrialists. In an exclusive interview with the press, Hakan Toprak, Chairman of the Turkish-Canadian Chamber of Commerce, said, "Turkey has an important place in its region with its young population and strategic position. Canada is an important country to cooperate with its underground and surface riches. The chamber will function as a bridge between Turkey and Canada to gather businessmen of the two countries." AA 04.11.2009
New airport terminal inaugurated on the Asian side of Istanbul GMR Group of Bangalore has become the first Indian company to operate an airport abroad with the formal opening of the new terminal building of the Istanbul Sabiha Gokcen International Airport. The terminal, built in a record time of 18 months, was inaugurated by Turkey’s Prime Minister Recep Tayyip Erdogan. Praful Patel, India’s Minister of Civil Aviation, and Ong Tee Keat, Malaysia’s Transport Minister, were also present at the ceremony. minvest.gov.tr
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"With the opening of this airport terminal building, a new era for economic partnerships has begun. This has opened many more avenues for the Indian and Turkish companies to join hands", said India’s Minister of Civil Aviation, Praful Patel, during the inauguration ceremony. The airport currently handles five million passengers annually. The new terminal will become fully operational on November 9 when Turkish Airlines begins its flights to seven new European destinations including London, Moscow, Amsterdam and Berlin. Malaysian Airlines also plans to start operating three times a week to the new airport, said Aris bin Othman, Chairman of Malaysian Airports. Sabiha Gokcen International Airport, named after the world's first woman fighter pilot, is located on the Asian side of Istanbul. The city has two airports; one on the European and the other on the Asian side. The Turkish government is also working on the undersea link via metro to enhance connectivity with the Asian side. DnaIndia.com 04.11.2009
Software provider Sage chooses Turkey Sage, the business management software provider has agreed to cooperate with Turkish business software company Verimax to provide customer relationship management (CRM) solutions in Turkey. The office of the joint venture in Istanbul will be Sage’s second in its Middle East division, in addition to the company’s Dubai office. It will offer pre-sales, sales and support services. Sage is currently the third largest independent provider of CRM software in the world, with a market share of seven percent. Its revenue stood at GBP 1.3 billion in 2008. Vikram Suri, Managing Director of Sage Middle East, said Sage chose to expand in Turkey because of the attractive growth opportunities in the business software market. “Turkey is a very unique country that has experienced tremendous growth in the past five years. The gross domestic product’s growth rate from 2002 to 2008 is estimated to stand at 7.4 percent, which makes Turkey one of the fastest growing economies in the world during that period”, he said. “With upcoming privatizations and stability boosted by the ongoing negotiations for membership to the European Union, there is more foreign direct investment coming into Turkey”, he stated. Hurriyet Daily News 06.11.2009
Van vies to be the industrial and commercial center of the East The eastern Anatolian province of Van will become a major industrial and commercial center with the planned free trade zone on the border between Iran and Turkey. "We can create a new low-cost production base along the Turkey-Iran border for the textile sector", said Van Governor Munir Karaloglu. The 7,000-year-old eastern Anatolian province is on the cusp of a massive economic regeneration thanks to Iranian-Turkish political efforts that have resulted in a joint project to build an international free industry and commerce zone. Using Iran’s cheap energy and Turkey’s know-how and technology, the idea is to produce goods in eastern Turkey on the Iranian border and transfer them to Central Asia and Iraq via a railway along the route of the historic Silk Road, which extends all the way to Pakistan. "Turkey has free trade zones and industrial zones, but no international free industry and commerce zone yet", said Karaloglu. "Industrialists from both countries will use a common area and energy from a foreign country. Customs duties will be abolished, although the legal foundations have not yet been laid." The project was first announced in September when Industry and Trade Minister Nihat Ergun traveled along the 280-kilometer border by helicopter to find a suitable area.
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Dunya 06.11.2009
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Energy cooperation between Turkey and Switzerland to intensify Taner Yildiz, Turkey’s Energy and Natural Resources Minister, and Moritz Leuenberger, Switzerland’s Environment, Transport and Energy Minister, have signed a Memorandum of Understanding (MoU) for the transfer of Iranian natural gas to Switzerland via Turkey. Yildiz, who held a joint press conference with the Swiss minister in Istanbul, said the comprehensive MoU also includes cooperation in energy productivity, renewable energy resources and electricity. Yildiz pointed out that Turkey has become part of the solution to the EU countries' energy supply problem thanks to the Nabucco project, adding that Turkey will also be a solution to the natural gas supply problem of non-EU countries. AA 09.11.2009
South Korean POSCO starts work on steel plant in Turkey South Korean steelmaker POSCO said on Friday that it has begun building its plant in Turkey, which will produce steel for automobiles. Once completed by June 2010, the plant will have an annual capacity of 170,000 mt of steel for automakers including Ford, Renault, Fiat, Hyundai Motor, Toyota and Honda, POSCO said in a statement. POSCO, the world's fourth largest steelmaker by output, currently has 41 steel processing facilities in 12 countries. Yahoo Daily News 09.11.2009
Turkey to sign a Free Trade Agreement with Jordan soon Turkey’s State Minister Zafer Caglayan said he expects a Free Trade Agreement (FTA) to be signed with Jordan by the end of 2009. Caglayan's comments came at the meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of the Islamic Conference (OIC) in Istanbul. "I met with Jordan’s Minister of Industry and Trade Amir al-Hadidi on Saturday. We discussed the possibility of a Free Trade Agreement. A technical delegation from the Turkish Undersecretariat of Foreign Trade will visit Jordan on December 1-3 to conclude technical works on such an agreement", Caglayan explained. "We expect a Free Trade Agreement to be signed with Jordan by the end of the current year based on directives from the respective prime ministers", said Caglayan. AA 11.11.2009
Turkey starts selloff for 4 new power grids Turkey started the privatization process for four power distribution grids on Monday, according to sources from the Privatization Administration, after the selloff of three grids last week that brought in more than USD 1 billion. The deadline for bids for the four grids was set at January 29, 2010. Reuters 13.11.2009
Banks boom in Turkey without government aid In Turkey, bank profits have risen more than 40 percent this year, though at first glance that might not seem exceptional. After all, profits have surged at US banks too, spurring a stock market rally that has wiped clean most of the losses from last year's economic meltdown. But there's a difference: Turkey's banks posted those profit gains without any government assistance. Profits for the entire Turkish banking industry totaled USD 10.5 billion for the first nine months of the year, according to minvest.gov.tr
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government data. At a time when the recession has hammered many European banks, Turkey's financial institutions have weathered the crisis remarkably well. The Turkish government restructured the financial system, boosting the banks' capital requirements and raising the mandated ratio of capital to risky assets to 12 percent from 8 percent. Another difference: Turkish banks had almost no exposure to subprime loans or derivatives. The result is that Turkish banks now have some of the world's strongest capital structures. Those capital reserves, and the absence of risky lending practices, helped shield them when the recession hit. For example, Garanti Bankasi, one of the country's largest lenders partially owned by General Electric, maintains a capital ratio of almost 18 percent, according to the bank's financial filings, far higher than most US banks. Houston Chronicle 13.11.2009
Turkey's automobile exports back on growth track Turkey's automobile exports resumed growth with a 15.1 percent year-on-year rise in October following a 12-month falling trend. According to data released by the Uludag Exporters' Union (UIB), Turkey's automobile exports between January and October amounted to USD 12.543 billion, marking a 39.4 percent year-on-year decline. However, automobile exports got back on growth track in October 2009, with exports amounting to USD 1.633 billion with a 15.1 percent year-on-year increase. Turkey currently exports automobiles to 167 countries and autonomous regions, as well as to 13 Free Zones. AA 13.11.2009
Turkish and Spanish companies seal energy agreement Turkey's Saran Holding and Spain's Fersa signed on Friday a partnership agreement worth USD 1 billion for investment in Turkey’s renewable energy resources. The agreement was signed at a ceremony in the Turkish capital province of Ankara, with the participation of Zafer Caglayan, the Turkish State Minister for Foreign Trade; Taner Yildiz, Turkish Minister of Energy and Joan Klos, Spanish Ambassador to Ankara. The agreement includes the construction of hydroelectric power plants in the eastern Anatolian provinces of Tunceli and Erzurum, and in the southern Anatolian province of Antalya. The projects are expected to employ some 1,500 people. AA 16.11.2009
Turkey may have ‘one of the best years’ for asset sales Turkey may exceed its goal of selling USD 7 billion in state-owned assets next year, according to the acting chief of the agency in charge of sales. Income from power grids and sugar factories, plus revenue from earlier sales that will be paid in 2010 may make it “one of the best years for privatization”, said Ahmet Aksu, in an interview at his office in Ankara. “I believe we can comfortably reach the target and that power grid sales could be enough on their own”, Aksu remarked. The sale of three power grids at a total consideration of USD 1.2 billion on November 6 was “very satisfactory and demonstrated strong interest”, he added. The administration’s record for receipts in a single year was in 2005, when it earned USD 8.2 billion. So far this year it has garnered USD 2.3 billion, according to information published on its web site. Payment for three power grids sold recently is due in 2010 and combined with other scheduled income from earlier auctions of ports and land, the agency expects to receive around USD 3.6 billion from sales held previously, Aksu noted. minvest.gov.tr
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Aksu has another 11 distribution networks on his agenda, including those in Istanbul and industrial regions such as Izmir, Antalya and Bursa. The agency plans to hold auctions for all of them next year, according to Aksu. They will be offered for sale in batches balanced between major networks that draw interest from foreign investors and smaller grids that may appeal to locals. Bloomberg 16.11.2009
Renault to build Fluence electric version in Turkey plant French carmaker Renault announced on Friday that it will build the electric version of its Fluence sedan in the Bursa plant, starting in the first half of 2011. Renault first introduced its Fluence Z.E. concept electric version at Frankfurt Auto Show this September. Earlier in August, the French carmaker said the all new gasoline-engine Fluence would replace the Megane II Sedan manufacturing at the existing assembly line in the Oyak Renault plant, a joint venture of Renault and Turkey's Oyak. Renault said it will make an additional investment of EUR 110 million in the Oyak Renault plant in Bursa for the Fluence model which is to be exported to more than 80 countries. Patrick Pelata, Chief Operating Officer of Renault, said part of the new Megane hatchback manufacturing will also be shifted to the Bursa plant. Renault has been operating in Turkey for 40 years. The Oyak Renault plant has built 15 different models so far, mostly mid-size compact cars, said Pelata. AA 16.11.2009
Turkcell ranks among the world's top 10 technology companies Turkcell, Turkey’s leading technology and communications company, announced that it was ranked one of the world's top 10 technology and telecommunications companies by total shareholder return by the Boston Consulting Group (BCG). The report published on October 13, is BCG's eleventh Value Creator Report and focuses on how companies can achieve sustainable value creation "in an era of diminished expectations." Turkcell is Turkey's first technology and communications company to be included in any of the sector rankings since the report was first published in 1999. Turkcell is the leading GSM operator in Turkey with 36.3 million postpaid and prepaid customers as of June 30, 2009 operating in a three player market with a market share of approximately 57 percent as of June 30, 2009. PR Newswire 18.11.2009
Spain to push for Turkey's EU membership during its presidency Spain will do its best to encourage Turkey's entry into the European Union during its EU presidency in the first half of 2010, said government sources on Monday. King Juan Carlos discussed Turkey's relations with the EU with Ahmet Davutoglu, Turkey’s Minister of Foreign Affairs, who was visiting Madrid on Monday. On Sunday, Davutoglu met his Spanish counterpart Miguel Angel Moratinos, who told him Spain will encourage negotiations on Turkey's eventual EU membership. Spain gave its full support to Turkey's aspiration to join the EU, Moratinos told Davutoglu in the southern city of Cordoba. Spain and Turkey are co-sponsors of the United Nations' Alliance of Civilizations project to encourage dialogue between the West and the Muslim world
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The Siasat Daily (Inde) 18.11.2009
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Turkey’s insurance sector sees premium growth in 2010 Anadolu Sigorta, Turkey's second largest insurer, expects premiums to grow eight percent in 2010, in line with the sector, as the USD 600 billion economy returns to growth, said Chief Executive Mustafa Su. He added that the insurance industry's expected expansion will revive interest from foreign investors. Anadolu Sigorta is aiming for a market share of 12 percent next year, up from 11.3 percent in 2009, and 10.8 percent in 2008, said Su. That growth potential is appealing to foreign investors, as there is little room to expand in their own market, Su emphasized. Dutch Group Eureko, Spain's Mapfre SA, Axa Group of France, Germany's Allianz, France's Groupama and Netherlandsbased ING Group have bought seven Turkish insurers since 2007 at a combined consideration of USD 2.43 billion. Guardian.co.uk 18.11.2009
Hungarian businessmen welcome to invest in Turkey Speaking at the opening of the Turkey-Hungarian Business Council, Nihat Ergun, Turkey’s Industry and Trade Minister, invited Hungarian businessmen and entrepreneurs to invest in Turkey. Ergun said Turkey is a country of opportunities with a competitive market and a liberal business and investment environment. The minister called on Hungarian businessmen and investors to establish partnerships with their Turkish counterparts in order to reach out to the world markets. "Turkey offers alluring opportunities for the businessmen in the region to access markets over a wide area, including Europe, the Middle East, Black Sea, Central Asia and the Gulf region. Besides, Turkey has strengthened its economy thanks to the solid monetary policies it has pursued and the structural reforms it has implemented in the last seven years which have boosted the economy’s resilience to shocks originating in other countries. The country has removed all obstacles to investment, improved the business environment and made legal improvements to attract direct foreign investments", said Ergun. Ergun stated that the political and economic relations between the two countries have progressed in recent years, noting that the trade volume between the two countries in 2008 stood at EUR 1.334 billion. "Despite the recession caused by the global economic crisis, it is pleasing that the trade volume between Turkey and Hungary reached EUR 951 million in the first three quarters of 2009", he noted. In this context, Ergun said, he believed the "Good-Will Protocol" signed between the two countries will help further enhance commercial and economic relations between Turkey and Hungary. AA 18.11.2009
Turkey tops OECD growth rate list According to the OECD’s latest Economic Outlook, Turkey will take first place among the OECD countries in terms of growth rates for the 2011-2017 period. The organization forecasted the country’s annual growth rate to be around 6.7 percent, slightly higher than pre-crisis levels
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Radikal 20.11.2009
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Koc Holding included in top companies in R&D investment Turkey's Koc Holding has been included in the European Commission's list of top companies investing the largest sums in research and development (R&D), said the report this week. The European Commission report highlighted that Koc Holding has been ranked 427th in the list with last year's investment of EUR 147.2 million. Koc Holding increased its R&D investments by 43.1 percent in 2008 compared to 2007, according to the report. In the list of the top 10 R&D investors, Toyota Motor is in first place. The EU has two companies, Volkswagen (EUR 5.93 billion), making it the largest EU R&D investor, and Nokia (EUR 5.32 billion). AA 20.11.2009
Italy reaffirms support for Turkey's EU bid Giorgio Napolitano, Italy’s President, has reaffirmed his country's support for Turkey's bid to join the EU, saying Turkey's accession will be an added-value for the 27-nation bloc and urging EU leaders to keep their promises. During his formal visit to Turkey, Napolitano appeared at a joint news conference in the Turkish capital of Ankara after his meeting with the Turkish President Abdullah Gul. "Italy made a pledge and will keep its pledge", Napolitano told the press, underlining that all the EU states made the same pledge to launch negotiations with Turkey. "We have to pursue the basic principle of adhering to an agreement that we are a signatory to", he noted. "It does not make any sense to act in an obstructive manner." Commenting on bilateral relations between Turkey and Italy, Napolitano said relations are very good, and pointed out that Italian and Turkish officials will get together at an intergovernmental summit in December. Napolitano added that commercial ties are also strong between Turkey and Italy. He said more than 700 Italian companies are operating in Turkey and called on Turkish and Italian companies to collaborate further. AA 20.11.2009
Data from Turkey's Central Bank confirms start of recovery Durmus Yilmaz, Governor of the Central Bank of the Republic of Turkey (CBRT), said this week that recent economic data in Turkey confirm that an economic recovery is under way. Yilmaz also stated during a presentation at the cabinet that he sees a clear increase in banks' appetite for lending. Reuters 20.11.2009
Hyundai to invest USD 100 million in Turkey for production of i20 Yavuz Kim, Hyundai Assan’s Second President, said his company is getting ready to begin manufacturing i20 automobiles at its plant in the northwestern Turkish province of Kocaeli as of May 2010. According to Kim, Hyundai's investment in the Kocaeli plant for i20 automobiles will total almost USD 100 million. "Our primary objective is to produce 80,000 i20s per year. Of this amount, we plan to export 70,000 i20s to European countries", Kim remarked. Hyundai launched its i20 model automobiles in the Turkish market in May, 2009. The company sells around 400 i20s per month on average in Turkey.
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AA 20.11.2009
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CarrefourSA believes in Turkey's potential CarrefourSA, a joint venture between Turkey’s Sabanci Holding and Carrefour, the top retailer in Europe and the second largest in the world, opened its 160th express store in Turkey last Thursday. The retailer offers a wide variety of low cost, good quality products, General Manager Guillaume Deruyter told the attendees of the opening ceremony organized for the new store in the Mediterranean province of Mersin’s Tarsus district. The store is CarrefourSA’s second express store in Tarsus. In 2010, CarrefourSA plans to open 100 express stores and three hypermarkets, said Deruyter. “Through these investments, we will provide employment opportunities for 5,600 people”, he added. “We believe in Turkey’s potential. Currently we have 7,600 employees. In 2012, we aim to double that figure.” The company opened 55 express stores and four large hypermarkets this year, and is planning “better and bigger things” for next year, according to Deruyter. AA 23.11.2009
Fedex Express signs agreement with Turkey’s MNG Kargo FedEx Express has signed a cooperation agreement with Turkey's MNG Kargo. Under the terms of the new agreement, MNG Kargo customers will be able to make use of FedEx Express' next day services in Europe, the US and Asia. FedEx Express is a cargo airline based in Memphis, Tennessee, US. It is the world's largest airline in terms of aircraft and freight tonnage. MNG Kargo aims to help Turkey serve as a bridge in the cargo transportation network, particularly between Europe, the Middle East and Asia AA 23.11.2009
Europe's largest mall opened in Istanbul Forum Istanbul, Europe's largest shopping mall, has opened its doors. Developed by Multi Turkmall, Forum Istanbul is located in Bayrampasa, near the center of Istanbul's European side. The shopping center stands on 495,000 square meters of area, with 175,000 square meters of leased retail area, employing around 6,000 people. The shopping center expects to attract 25 million visitors per year. Dunya 23.11.2009
Turkish-Israeli JEC protocol signed On Tuesday Turkey and Israel signed Joint Economic Commission (JEC) 4th term meeting Memorandum of Understanding. Speaking at the signing ceremony, Vecdi Gonul, Turkey’s Defense Minister, said the decisions taken within the scope of the meeting will add new momentum to relations between the two countries. Meanwhile, Binyamin Ben Eliezer, Israel’s Minister of Industry, Trade and Labor, expressed Israel's willingness to work with Turkey and strengthen relations. The Israeli minister also said his country is willing to raise trade volume to USD 8 billion over the next two years. AA 25.11.2009
Enterprise Europe Network to support Turkish SMEs Nihat Ergun, Turkey’s Industry and Trade Minister, said on Monday that the Enterprise Europe Network (EEN) will expand support to small and medium-sized enterprises (SMEs) in Turkey by providing free of charge services such as consultation, minvest.gov.tr
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information on EU legislation and market research. Ergun, recalling that Turkey signed a Memorandum of Understanding (MoU) for the Competitiveness and Innovation Framework Program (CIP) and put the program into effect in January, said coordination and collaboration are the answers to any problem. The consortium will also give SMEs access to a database of hundreds of thousands SMEs across Europe, which will enable them to transfer technology, do market research and also increase export opportunities, Ergun noted. In this regard, the SMEs will have the chance to cooperate and develop joint projects with other SMEs in Europe, emphasizing the need for SMEs to expand into overseas markets in line with globalization. CIP, which aims to increase the competitiveness of European enterprises with SMEs as its primary objective, will run from 2007 to 2013. With a total budget of EUR 3.62 billion, the program is one of the largest framework programs in this field. Today’s Zaman 25.11.2009
Turkey to offer bid to operate Mecca-Medina high speed train The Turkish State Railways (TCDD), Turkey's state-owned railway company, is set to offer a bid in a tender to operate the Mecca-Medina high speed train, said Turkish railway officials. The consortium of TCDD, Siemens and their Saudi partner is one of the four competing consortiums to sign a deal for the project. For a period of twelve years, TCDD will operate the high speed train on a 450-kilometer railroad from Mecca to Medina, or el-Haramein where non-Muslims are not permitted to enter. Consortium partner Siemens would provide high speed train sets and set up a railway signalization system while the Saudi company would complete superstructure work for the railroad. AA 25.11.2009
Director General of Turkcell named CEO of the year Sureyya Ciliv, Director General of Turkey's largest GSM operator, Turkcell, was named "CEO of the Year" at the World Communication Awards-WCA 2009 in London. The awards ceremony took place at London's Hilton Park Lane Hotel with the participation of high-level executives from telecommunications companies and a number of guests. Among eleven other executives, Ciliv was named CEO of the Year for his contributions to Turkey’s development of the communications and technology sector and for his leadership in making Turkcell such an innovative and successful company during the 2008-2009 period. Earlier in November, Turkcell Group posted a net profit of TRY 497 million for the first nine months of 2009. Turkcell, with its 36.3 million subscribers, is not only the leading operator in Turkey but is also the third largest GSM operator in Europe in terms of the number of subscribers. Turkcell's shares have been traded on the Istanbul Stock Exchange (IMKB) and the New York Stock Exchange (NYSE) since July 11, 2000 and it is currently the only Turkish company that is listed on the NYSE.
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AA 25.11.2009
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