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Istanbul Fashion Week >>
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Bozcaada >>
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1st Istanbul International Opera Festival >>
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Open Air Museums in Turkey >>
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News & Features
Current News
July 2010
Turkish minister eyes more trade with US - Turkey is trying to build a new trade mechanism with the United States and would like to undersign a “new-generation contract” to improve trade volume, State Minister Zafer Çağlayan told reporters Sunday during a visit to Chicago. Turkey wants U.S. companies to produce goods in Turkey and sell them in the U.S. market, he said.>>
Foreign investment in Istanbul on the rise - The number of foreign investors in Istanbul rose 6.53 percent in the first half of the year on an annual basis, as the capital pledged rose 27.16 percent in the same period. According to a report released on Sunday by the Istanbul Chamber of Commerce, or ITO, 1,403 foreign investors set up companies worth 255 million Turkish Liras between January and June. In the first half of the year, the figures were 1,317 and 200 million liras, respectively.>>
Turkish construction companies eye the US market - Only one Turkish construction company is currently operating in the United States, but this case of affairs could soon change, the country’s foreign trade minister said Friday. Minister Zafer Çağlayan said the Turkish construction industry, which has $170 billion in business volume in over 80 countries, did not have a share in the U.S. construction industry. "We will open our construction industry to the United States," Çağlayan told Anatolia news agency ahead of a visit to the U.S.>>
Turkey may lead global hydrail industry - Speaking in Istanbul, Herbert Wancura, chief executive of a Spanish energy consulting firm, says Turkey may become a key hydrogen fuel cell innovation center, as there is a possibility of its major railway networks running entirely on hydrogen fuel cell technology. A tourist passenger ferry utilizing hydrogen fuel cell technology will be operational in one year, says a Turkish company official.>>
US investors, Turkish companies meet in New York - Global Securities, a leading financing institution in Turkey, has attracted the world’s leading investors’ interest in Turkish companies. The company has arranged a meeting of American investors with Turkish companies during the first annual Turkish Investment Conference held in New York City on June 24.>>
June 2010
ATC Chairman Visits Turkish Parliament - The chairman of American-Turkish Council (ATC) visited the Turkish parliament in Ankara on Wednesday. ATC Chairman Richard Armitage met with Suat Kiniklioglu, chairman of Turkey-United States friendship group and a deputy from the ruling Justice and Development (AK) Party, over a luncheon in the parliament. Kiniklioglu said that Turkish-U.S. relations had been going through a sensitive period.>>
Foreign Investments In Turkey To Perk Up - Foreign investments in Turkey are expected to perk up in 2010, says head of Turkey's Investment Support and Promotion Agency Alpaslan Korkmaz on Sunday. He says, Turkey which is one of the countries emerging from the crisis with the least damage, is nowadays one of the most attractive countries for foreign investors.>>
"U.S. And Turkey Continue Cooperation in Intelligence" - The chairman of American-Turkish Council (ATC) said on Tuesday that Turkey and the United States continued cooperation in the area of intelligence. ATC Chairman Richard Armitage held a press conference at Hilton Hotel in the Turkish capital of Ankara. Armitage offered his condolences to relatives of those who were killed in terrorist attacks in Turkey in the recent period and those who were killed on board Mavi Marmara aid ship bound for Gaza.>>
Global markets view Turkey as investment grade - Credit rating agencies insist on viewing Turkey as an economy below investment grade, but the markets do not seem to bother. Credit default swaps insuring Turkish bonds against default for five years cost 1.84 percentage points, while contracts for Russia, whose BBB rating from Standard & Poor’s is three steps higher than Turkey’s BB, trade at 1.845 percentage points. While the eurozone grapples with budget deficits, Turkey posts a huge surplus in May on surging tax revenues.>>
‘Turkey is a symbol of stability,’ says professor - Turkey has shown how it can be a symbol of stability in the Middle East region during the economic crisis, according to Professor John Kirton, political science academic at the University of Toronto. Kirton was speaking at a round-table conference focusing on the management of the global economy, held in Ankara on Monday.>>
May 2010
Turkey growth forecast almost doubled by OECD - Turkey’s economy may expand 6.8 percent this year, the Organization for Economic Cooperation and Development said, almost doubling its previous forecast after a rebound in exports. The Paris-based OECD had predicted 3.7 percent growth in a November study. The strength of exports together with a revival in consumer spending have helped the economy revive “sharply” after a 4.9 percent contraction last year, the group said in a report published Wednesday.>>
US funds poor farmers to make world safer - U.S. officials earlier this month unveiled a plan to fight hunger and promote global security by investing in agriculture in developing countries. The United States will plow at least $3.5 billion over three years into programs to promote farming and fight hunger in low-income countries, mainly in Africa, the U.S. Agency for International Development, or USAID, chief Rajiv Shah said as he unveiled the plan called "Feed the Future.">>
Turkish businesspeople in California - The California Turkish American Chamber of Commerce, or CATA, hosted a reception Monday, gathering together Turkish and U.S. businesspeople. The reception was attended by Turkish and U.S. entrepreneurs as well as businesspeople from Canada, China, Japan and Australia who are working in the sectors of food, jewelry, leather and textiles. Turkish Consul General in Los Angeles Hakan Rıza Tekin also attended the reception.>>
Entrepreneurship a new beginning for creating jobs - The U.S. Presidential Summit on Entrepreneurship is a positive start to share experiences among regions and assess potential business volume, according to three Turkish participants who are part of an international nongovernmental organization supporting entrepreneurs.>>
US investment in Turkey may recover next year - Turkish business ties with the US remain strong while bilateral trade is likely to recover to the peak levels reached in 2007, according to Rahşan Cebe, chairwoman of the American Business Forum in Turkey. Despite some recent tension in diplomatic relations, Cebe believes that business relations have remained largely unaffected.>>
April 2010
Turks put their mark on Washington summit - The entrepreneurship summit in Washington was not only attended by Turkish entrepreneurs from Turkey, but also by Turks living and working as successful businesspeople abroad. The Turkish government’s offer to host next year’s summit strengthened Turkey’s position in the initiative. Turkey put its mark on the “Presidential Summit on Entrepreneurship” held in Washington, D.C. this week, as Turkish entrepreneurs were not only in the six-strong Turkish delegation, but also in other countries’ delegations.>>
Istanbul summit to assess the future of payment systems - Istanbul is to serve as a meeting point for smart payment systems with an event taking place between May 12 and 14. Over 30 professionals will share global trends in payment systems at the Third Cardist Card and Smart Technologies Exhibition & Summit, organized by the NTSR. An event organized by NTSR International Fair & Congress Organizations aims to make Turkey the center of smart applications in Eurasia, the Middle East and North Africa, according to an introductory release.>>
IMF raises forecast for Turkey's growth - Turkey’s economy may expand 5.2 percent this year, the International Monetary Fund, or IMF, said in a report on Wednesday, raising its forecast as domestic demand helps the country recover from recession. The IMF prediction exceeds the government’s estimate of 3.5 percent growth and is higher than the 3.7 percent the fund forecast in its October issue of the World Economic Outlook. The IMF expects Turkish growth to slow to 3.4 percent in 2011.>>
Turkey has great energy potential, says former NY governor - Turkey possesses a significant potential in the renewable energy sector, according to George Pataki, former New York governor. There are plans to invest $80 billion for electricity generation within the next 10 years in Turkey, said Pataki, who currently serves as consultant at Chadbourne & Parke, an international law firm.>>
Turkish Nanotech center makes production leap - Ankara-based Bilkent University's nanotechnology center has intensified its initiatives, offering innovative research studies in the production of industry models. The center is attempting to produce solutions with nanotechnology to supply the needs of several sector representatives, its chief says, adding that projects are now in the production phase.>>
March 2010
Turkish economist positive on growth data - A Turkish economist forecast on Monday positive growth figures. The chief economist of Turkey's Ata Yatırım, an investment company, said she was expecting positive growth and first quarter results. "However, I think political risks may have a slight pressure on the market this week," said chief economist Nurhat Toguç.>>
Turkish health tourism in need of incentives - A recent report presented to Finance Minister Mehmet Şimşek by the Foreign Economic Relations Board, or DEIK, says Turkey has a great potential to grow in the health care tourism sector. To actualize that, however, the industry is in need of incentives from the government, mainly concerning a Value Added Tax reduction.>>
Turkish companies focus on R&D as growth strategy -Turkish companies that chose to invest in research and development activities during the economic slowdown have begun to reap the fruits of this progressive thinking. Companies involved in R&D are now presenting products that are revolutionizing clothing or eliminating waste.>>
Turkish brands eye international retail growth - United Brands Association of Turkey, or UBA, members will invest a total of $250 million for their brands this year, according to the association’s chairman. UBA has 400 prominent Turkish brands as its member, Yılmaz Yılmaz told an Istanbul press conference Monday. “Those brands have 40,000 stores in Turkey and 1,175 stores in 69 countries around the world.”>>
February 2010
US firms interested in Turkey’s energy sector - If Turkey were interested in organizing other nuclear power plant tenders, companies from the United States would be interested, the U.S. ambassador to Turkey told Turkey’s energy minister on Wednesday night. “The U.S. government would most definitely support companies with such initiatives,” Ambassador James Jeffrey said during the visit to Minister Taner Yıldız’s office in the Turkish Electricity Transmission Company, or TEİAŞ, headquarters in Ankara.>>
Turkey waits for positive trend this year - A report presented Friday by the Istanbul Chamber of Industry, or ISO, has revealed a positive trend in the Turkish economy. The report shows an increase in indexes, sales and employment rates in the second half of 2009. During the first half of 2009, 52.2 percent of the enterprises reported a decline in production, but this rate dropped to 31.2 percent during the second half of the year, according to the ISO report.>>
Textile sector eyes qualified zone with US - The Turkish Clothing Manufacturers Association, or TGSD, appointed its new chairman last month and has begun to define a new agenda. Cem Negrin, who took over the presidency from Ahmet Nakkaş, has made exports to the United States a key topic. Negrin will work to increase Turkey’s textile exports to the U.S., which declined to $300 million from $1.5 billion a few years ago. To this end, he aims to utilize Qualified Industrial Zones, or QIZ.>>
Market confidence increases, says ITO - The Turkish market is hopeful regarding the future, but it is a “cautious optimism,” the indexes on Istanbul market released by the Istanbul Chamber of Commerce, or ITO, have revealed. Istanbul market trend and expectation index stands at 96.48 and the Istanbul market confidence index at 90.19 for January, according to the data ITO Chairman Murat Yalçıntaş announced Tuesday at a press conference in Istanbul.>>
Small enterprises key for Turkey's development, says World Bank rep - The development of small- and medium-sized enterprises is key for Turkey’s rise on the development ladder, according to a World Bank representative. During a visit to the governor of the eastern city of Malatya, Keiko Sato, lead operations officer at the World Bank Turkey office, said fostering Turkey’s competitiveness is among the top three important targets.>>
January 2010
Trade can increase threefold, says US envoy - After taking time to understand the problems and develop a plan for trade relations, Turkey and the United Sates have come up with a framework proposal that includes the signing of several agreements, a US envoy said on Wednesday.>>
Turkey to hire lands to foreign funds - The Investment Support and Promotion Agency of Turkey has been involved in talks for the past year with “three big international funds” in order to hire agricultural lands, the agency’s chairman has said. “Lands that could be improved will be included in the project without being sold. All investments will be left to the state, while the investor leaves the country 25 or 30 years later,” said Alpaslan Korkmaz, chairman of the Investment Support and Promotion Agency of Turkey.>>
Turkey a strategic country for science, says US scientist - The United States is looking forward to initiating a real cooperation in the scientific arena with Turkey, a strategic country in that field, a member of the U.S. Council of Advisors on Science & Technology said Friday. Dr. Ahmed Zewail is one of three “science envoys” appointed by U.S. Secretary of State Hillary Clinton in November 2009, as part of a new effort initiated by U.S. President Barack Obama. The envoys will set a new road map for the management of science and technology through the relations they develop with other countries within the scope of the program.>>
Machine manufacturers to tighten ties with the US - Turkey’s machinery manufacturers have taken action to boost the country’s exports to the United States. The Association of Machinery Manufacturers, or MİB, will conduct marketing and promotional activities through a company it has founded in the U.S. while providing proper and long-term credit to the American firms purchasing Turkish machines through a deal signed with a U.S. financial institution, according to the group’s chairman.>>
Demand for Turkish companies reaches new heights - The mergers and acquisitions market has been quite active lately, not only because many companies are seeking to buy, but also because many are expecting to sell, and Turkish companies are taking their share. Turkey has found a valuable place for itself in the increasing mergers and acquisitions, or M&A, market.>>
News Archive 2009
News Archive 2008
News Archive 2007
News Archive 2006
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