Advantages of Growing Your Business in Turkey

Turkey's rapidly growing economy and increasing young population make it an attractive destination for business investments. Sustainable Foreign Direct Investments (FDI) have been in high demand in Turkey, and this trend is expected to continue. The favourable exchange rates of the Turkish Lira also present natural cost benefits. Here are some key advantages of expanding your business to Turkey:

Rapidly Growing Economy

Turkey boasts the 17th largest economy globally and is a significant economic player in Europe and the Middle East. The country attracts numerous immigrants, tourists, and foreign investors due to its strategic location and open, welcoming environment. Turkey offers many incentive programs for investors, including the highly successful Turkish Citizenship by Investment Program. These initiatives, combined with Turkey's positive economic outlook, provide a robust foundation for business growth.

High Youth Population Rates

Turkey's youthful demographic is a significant asset, with 26% of its population aged 18-34, compared to lower percentages in other European countries. In Istanbul, the economic hub, this rate is 27%. This young, dynamic population is well-educated and poised to drive economic growth, making Turkey a promising market for future business development.

High Workforce Participation Rates

Turkey has a high labour force participation rate, with 41.7% of young people and 53% overall actively engaged in the workforce. These figures position Turkey favourably within the G20, offering foreign investors access to a large, experienced, and flexible labour pool.

Favourable Exchange Rates

The increasing value of foreign currencies relative to the Turkish Lira reduces the cost of establishing necessary infrastructure for business operations. This cost advantage is particularly beneficial for setting up production facilities and other investments.

Strategic Geographic Location

Turkey's strategic location at the crossroads of Asia and Europe provides excellent access to global markets. This unique positioning allows businesses to easily serve multiple regions, benefiting from Turkey's business-friendly environment and deep talent pool.

Tax Advantages

Turkey's tax system offers significant benefits for foreign investors. Non-residents are only taxed on earnings generated within Turkey, and there are international agreements in place to prevent double taxation. Corporate tax rules similarly favour foreign businesses, with taxes only levied on earnings from operations in Turkey.

Strong Entrepreneurial Community

Turkey, particularly Istanbul, has a vibrant entrepreneurial community with numerous opportunities for networking and partnerships. Entrepreneurs can participate in events, accelerator programs, and co-working spaces, fostering innovation and collaboration. Istanbul rivals major global cities as a melting pot of business and cultural exchange.

Robust Infrastructure

Turkey's infrastructure, including transportation, communications, power, and technical facilities, has seen significant growth. This development lowers transportation costs and makes Turkey an attractive destination for foreign investment.

Turkey offers a unique blend of history, culture, and economic opportunity. Its youthful population, strategic location, and favourable business environment make it an ideal destination for investors. With strong international relationships and a dynamic entrepreneurial community, Turkey is poised to continue its growth as a global economic power.