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Category Archives: Economy

Izmir Port to Benefit from Expansion Plus New Cruise Marina

Izmir port is to be rehabilitated and revitalised by the state railway authority in an effort to increase its capacity and revenue. In a statement released this week the authority said that because of a lengthy privatisation process, the port has lacked investment for some time. The privatisation process, which...

Posted on 07 April 2012

Turkey Agrees FTA with Korea

Turkey and Korea have concluded talks on a bilateral free trade agreement, and the pact will now come into effect once it has been ratified by both parliaments. The deal was announced by President Lee Myung-bak and Turkish Prime Minister Recep Tayyip Erdogan when they met at Cheong Wa Dae...

Posted on 28 March 2012

Turkey and Venezuela Close to Oil for Homes Barter System

According to Mithat Cansiz, president of the Turkish Petroleum International Co Ltd (TPIC), Turkey is on the verge of agreeing a bartering arrangement with Venezuela. TPIC is an affiliate of the Turkish Petroleum Corporation (TPAO) which is run by the state. This innovative agreement would allow Turkish firms to construct...

Posted on 22 March 2012

Urban Renewal Programme Under Starter’s Orders

Turkey is about to embark on a $100 billion urban renewal programme, which will reinforce or demolish buildings susceptible to earthquakes. It's due to begin in Istanbul in either April or May, and the transformation will encompass four major districts within the province. The bill for the project was recently...

Posted on 10 March 2012

Turkish News Roundup February 2011

New Flights February saw the addition of two new Turkish flights. Rusline announced new twice weekly flights between Nalchik and Istanbul Sabiha Gocken. Turkish Airlines continued their expansion with new indirect flights to Mogadishu in Somalia via Khartoum. Business/Investment February saw two major global firms make Turkey their regional hub....

Posted on 02 March 2012

Turkey’s Foreign Trade Deficit Falls by 4.7% in January

Turkey's foreign trade deficit fell by 4.7% year on year in January to $7 billion, according to the Turkish statistics bureau. The figures were welcome news especially as exports increased by 8.6% year on year to reach $10.4 billion, whereas imports rose by a mere 2.8% to reach $17.4 billion,...

Posted on 01 March 2012

Turkey’s unemployment down for second month running

Istanbul, 16 February 2012 - The Turkish Statistical Institute has announced that for the second month in a row the Turkish unemployment rate has fallen. The rate for November 2011 fell to 9.1 percent which also compares with 11 percent for November 2010. The total number of unemployed is just...

Posted on 17 February 2012

BT to Double Turkish Investment Create Global Satellite Hub

British Telecom has announced sweeping plans to make Istanbul not only a regional hub for its business (along with Dubai and Johannesburg, South Africa), but also a "Global Center of Satellite Excellence", according to aid Luis Alvarez, president in charge of Europe, Middle East, Africa and Latin America. Speaking at...

Posted on 17 February 2012

Turkey’s exports expected to increase 11.4 percent in 2012

Istanbul, 26 January 2012 - According to Mr Mehmet Buyukeksi, Chairman of the Turkish Exporters Assembly, Turkey’s exports should reach 150 billion USD in 2012. In the first 25 days of 2012 Turkey’s exports increased by over 13 percent compared to the same period of 2011. “2012 will be a...

Posted on 27 January 2012

Turkey’s Foreign Direct Investment up 70% in 2011

19 January 2012, Gaziantep - Speaking in the SE city of Gaziantep, Mr Ilker Ayci, President of Turkey’s 'Investment Support and Promotion Agency', said “Turkey has attracted 70 percent more FDI in the first 11 months of 2011 over the same period of the preceding year, reaching USD 12.1 billion”...

Posted on 19 January 2012