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Moody’s upgrades Turkey’s credit rating

Istanbul, 22 June 2012 - Moody's Investors Service, the international credit rating agency, has raised Turkish government bond rating by one notch to Ba1 from Ba2. Moody’s cited improvements in the country’s public finances and an increased resilience of the government’s balance sheet to financial shocks. Moody’s is maintaining the...

Posted on 26 June 2012

Lebanese fund to invest 250 million USD in Turkey’s commercial property sector

Istanbul, 19 June 2012 - Edge Capital, the Lebanese investment fund is to invest 250 million USD inTurkey’s commercial property sector with partner Turkmall, a leading Turkish retail developer. According to, Turkmall’s Vice President, Levent Eyuboglu, “Partnership with Edge Capital opened new doors to similar deals with other Middle Eastern...

Posted on 26 June 2012

Against the European trend Turkish unemployment goes down

Ankara, 18 June 2012 - According to Turkish Statistical Institute unemployment dropped to 9.9 percent of the Turkish workforce in the three months from February to April 2012, down from 10.8 percent for the same period in 2011. Commenting on the figures, Turkish Deputy Prime Minister, Ali Babacan said this...

Posted on 26 June 2012

Istanbul ranks in top 5 in a global tourism survey

Istanbul, 15 June 2012 - MasterCard, the global credit card company, has ranked Istanbul among the global top five tourist centres in its Index of Global Destination Cities 2012. According to Yuwa Hedrick Wong, one of MasterCard Worldwide economic advisers, “Istanbul is a unique city with a lot of potential....

Posted on 26 June 2012

General Electric to invest 900 million USD in Turkey

Istanbul, 14 June 2012 - General Electric, the US energy, healthcare and infrastructure giant has announced a 900 million USD investment inTurkey. According to John Rice, General Electric’s Vice Chairman, “GE’s planned investments inTurkeybenefit from the opportunities offered by the rapidly growing economy and aligns well with the country’s 2023...

Posted on 26 June 2012

German auto component manufacturer opens new plant in Turkey

Istanbul, 13 June 2012 - Benteler International, the German automotive, steel and distribution company, has opened its new plant inTurkey. Speaking at the opening Benteler’s CEO, Hubertus Benteler, said “Turkey has a well-trained and motivated labour pool. As of July 1, personnel in Gebze plant will consist only of Turkish...

Posted on 26 June 2012

Azerbaijan’s state oil company to invest 10 billion USD in Turkey

Istanbul, 12 June 2012 - Over the next eight years Azerbaijan's state oil company, SOCAR, intends to invest 10 billion USD in Turkey according to Suleyman Gasimov, the company’s Vice President. This amount excludes the new Trans - Anatolian Pipeline Project. SOCAR is already building a 5 billion USD refinery...

Posted on 26 June 2012

Turkey’s regional centre for Germany’s Bosch, Siemens

Istanbul, 11 June 2012 - At a recent press conference Norbert Klein, Chairman of Bosch Siemens (BSH), the German white goods and home appliances manufacturer, announced that its Turkish office is now running the company’s MENA, Central Asian and Near Eastern markets. Klein said “BSH’s notable success in the Turkish...

Posted on 26 June 2012

Russian bank buys into growing Turkish banking market

Istanbul, 8 June 2012 - Sberbank, the Russian state owned bank has signed the preliminary agreement to buy Denizbank which is part of the French Belgian owned Dexia Bank. The transaction is due to be completed by the end of 2012 and the purchase price is approximately 3.6 billion USD....

Posted on 26 June 2012

US manufacturer buys Turkish hose manufacturer

Istanbul, 7 June 2012 - Eaton Hydraulics Group, the US diversified power management company, has announced plans for the acquisition of Polimer Kaucuk the Turkish manufacturer of hydraulic and industrial hoses used in the construction, mining, agriculture, oil/gas sectors. Announcing the acquisition William VanArsdale, President of Eaton said, “Turkey’s economic...

Posted on 26 June 2012

Unilever breaks ground on its new plant in Turkey

Istanbul, 6 June 2012 - Unilever started construction of its new 100 million USD factory in Konya in Turkey’s Central Anatolia Region. The factory will be used for the production of Unilever’s Turkish ice cream brand “Algida” for its domestic and MENA region dales. This is Algida’s second Turkish plant...

Posted on 22 June 2012

Turkish solar energy projects on the grid

Istanbul, 2 June 2012 - With foreign and domestic investors are already queuing up for the rights to produce solar energy, Turkey’s Energy Market Regulatory Authority has announced that between 10th to 14th June 2013 it will accept license applications to produce electricity from solar energy. “The potential investors in...

Posted on 22 June 2012

Turkey’s exports up 10.3 percent in 2012

Istanbul, 1 June 2012 - According to the Turkish Exporters Assembly,Turkey’s exports reached 11.8 billion USD in May 2012 up 7.3 percent from the same period in 2011.Turkeyexported 59.8 billion USD worth of goods to foreign buyers in the first five months of 2012, representing a 10.3 percent increase over...

Posted on 22 June 2012

Indian company to invest 150 million USD in Turkey

Istanbul, 30 May 2012 – India’s Polyplex Corp, a leading manufacturer of polyester film, has announced a 150 million USD investment in Turkey. According to Kapil Gupta, Polyplex’s Senior Vice President, “The plant will have capacity to produce 600,000 tons of polyethylene terephthalate per annum”, “Some 70 to 80 percent...

Posted on 22 June 2012

Turkish Airlines continues to grow

Istanbul 29 May 2012 - Turkish Airlines CEO, Temel Kotil, has set out his aims of building the airline into the biggest network of destinations, “Very soon we will become the largest network in the world". “The purpose is very clear: like the Silk Road, we are linking everywhere to...

Posted on 22 June 2012

Leading global technology giants line up for 8 billion USD contract in Turkey

Istanbul, 31 May 2012 - The Fatih project, Turkey’s nationwide education initiative to provide tablet PCs to every primary school students, has attracted attention of the global tech industry’s leading names for the 8 billion USD project. According toNihat Ergun,Turkey’s Minister of Science, Industry and Technology Minister, at least 30...

Posted on 22 June 2012

Turkish bus maker in deal with Indian company

Istanbul, 23 May 2012 - India's Hinduja Group commercial vehicle maker subsidiary Ashok Leyland has enter an agreement with the Turkish Utikar bus making company to manufacturer the upper chassis parts for a new intra and inter city bus for the MENA and European markets. Source: Invest inTurkey  

Posted on 22 June 2012

Turkish Unemployment Rate Falls into Single Figures

The unemployment rate in Turkey fell by 0.9% in March year-on-year, to reach 9.9%. In February the unemployment rate was 10.4%, according to figures released by the Turkish Statistical Institute. Unemployment in urban areas reached 11.6%, while unemployment in rural areas was just 6.4% during this period. The number of...

Posted on 22 June 2012

Turkey Gets an Upgrade from Moodys

Many analysts have been predicting that Turkey was on the verge of receiving another upgrade from the ratings agencies, and that day has finally come. Moody's have upgraded Turkey by one level from Ba2 to Ba1 putting them now just one level below investment grade by Moody's scoring. Turkey is...

Posted on 21 June 2012

GE to Invest $900 Million in Turkey in Next 3 Years

General Electric Company is due to invest $900 million in Turkey over the next three years. The money will go to sectors such as energy, health, aviation, and transportation and infrastructure,, according to an announcement by Economy Minister Zafer Caglayan. According to him the new investment is a mark of...

Posted on 15 June 2012