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Market spotlight: Turkey reaches out
21 May 2010
While the Turkish bank syndication market goes from strength to strength, the country is striving to increase its exports into the markets of Africa and the Middle East. Sam McManus speaks to the people on the ground.
Read more:
[Turkish trade finance]
[Turkey exports MENA]
[Turkish bank syndication market]
As the four minarets rise up over the domed roof of the Aya Sophia to the blue sky of Istanbul, Turkish trade has also been reaching out in new directions as demand from its traditional partners plateaued and then declined during the financial crisis. The Turkish government is promoting Turkey as one of the major trading partners for countries in the Middle East and Africa, with government officials paying visits with businessman to these countries to establish stronger trade links. Turkey is developing and its production is increasing, which is leading it to find new markets where there is less competition, increased demand and higher profits to be made.
Textile, iron and steel and the automotive industry are the main sectors for Turkish exports. Back in 2000, trade with its neighbouring countries comprised approximately 5%-6% of all Turkish exports. It now comprises approximately 25%. Since the beginning of 2010 there...
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