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Understanding Turkey’s ability to attract investment

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Turkey’s relatively lower credit ratings from international credit rating agencies might intuitively suggest that it is a difficult place to invest. In addition, unfair restrictions on certain products, such as drone engines or non-delivery of combat aircraft, cast many uncertainties on Turkey’s investment attractiveness. However, recently many large companies and investors (including Tesla and Elon Musk, as well as Ali Baba and Jack Ma, who have repeatedly expressed interest in investing $2 billion in a logistics base in Turkey) have expressed great interest in making strategic investments in Turkey. Gulf states such as the United Arab Emirates (UAE), Qatar and Saudi Arabia have pledged investments worth billions of dollars to Turkey.

In September, the visit of President Recep Tayyip Erdoğan to New York and several ministers provided a valuable opportunity to engage in discussions with potential foreign direct investors, generating significant interest from potential investors. Despite certain macroeconomic challenges, including high inflation rates, Turkey clearly retains its ability to attract substantial and strategic investment.

Turkey’s ability to attract investment is mainly based on its inherent strengths and advantages, such as its geographical location as well as its industrial capacity and human capital. Turkey’s strategic location with access to the Balkans, Middle East, Caucasus, Black Sea, Central Asia, Africa and Europe amplifies its value in geopolitical and geoeconomic terms. Turkey enjoys a crucial geographic advantage as a center for trade, logistics, supply chain and energy transition, in addition to infrastructure and experience in the services sector. Turkey, being a member of NATO and having a customs union with the European Union, also has institutional advantages.

Energy, a hub of exchange

Turkey therefore remains a center of energy and trade routes, making it attractive to large investors. Furthermore, it is internationally recognized that Turkish defense industry and technologies have developed significantly. This would also be an area where cooperation could advance prospects for additional investment. After all, with current crises such as the climate crisis and the refugee crisis, wildfires, floods, earthquakes and other natural disasters, it is becoming increasingly necessary to commit military capabilities for civilian search, rescue and subsequent support missions. These new requirements require new and improved technologies that have been associated with the military, but are increasingly needed to assist disaster recovery missions around the world.

Turkey’s considerable population and geography, in addition to its relatively young and skilled population, make it both an attractive market as well as a production and supply base.

However, Turkey still has much to do to ensure a rules-based economic system and to make new investments in infrastructure, storage capacity and improved technology to remain a center of attraction for investors , both foreign and national. Investor confidence would further help Turkey develop its full potential as a global trade logistics and energy hub. Strengthening institutional coherence, the rule of law, transparency, the fight against corruption, as well as clear rules that make the market and the country predictable in the near and distant future would be key assets to be able to attract even more Major investments needed in infrastructure, energy, as well as transportation and storage.

Inspiring Zero Waste Project

To some extent, the relatively low rating can be seen as a reflection of the sometimes biased European position towards Turkey. While many Western rating agencies frequently criticize Turkey for insufficient reforms, they often overlook the unfair treatment Turkey has suffered during its EU accession process. Turkey maintains a customs union with the EU, adheres to many EU economic regulatory standards, and is among the few non-EU countries committed to adopting EU environmental policies, including reducing emissions and the transition to a circular economy. In addition to aligning with the EU Green Deal and the border carbon trading system, Turkey also launched the “Zero waste” campaign as an environmentally friendly initiative.

To achieve environmentally neutral infrastructure and transitions at all economic levels, both in Europe and Turkey, new investments are essential. It should be noted that European countries are Turkey’s main trading partners and main sources of foreign direct investment.

Turkey’s degree of integration with the EU and its solidarity with other NATO member countries have few parallels. The EU exercises significant political, economic and sociological influence in shaping European policy, but its collective security and defense capabilities are somewhat limited. In this context, NATO membership is unprecedented, as it is widely recognized as a strong security alliance that serves as a protective shield for its member countries against potential threats. This factor plays a central role in Turkey-related investment decisions, as being a NATO member gives Turkey the assurance of being part of the world’s most crucial collective security organization and the cornerstone of the Western political-military alliance system.

Both from a political and military perspective, this advantage is invaluable for investors. Sweden and Finland’s recent applications for NATO membership underline the continued importance of this organization in ensuring security, even for EU member states. Turkey’s membership in NATO therefore constitutes a source of confidence and reassurance for investors.

Trading volume

Although Turkey is not part of the EU and prospects for membership are uncertain, Turkey’s trade volume and a significant number of citizens living in Europe demonstrate that Turkey is integrated into European politics. This makes Turkey more scrutinized, as it is more integrated into European politics than any other country in Asia or the Middle East. Although Turkey has pursued policies such as “Renewed Asia” and opening to the Middle East in recent years, much of its trade as well as cooperation in terms of science and industry as well as tourism and many other areas are interdependent with EU countries. Therefore, Turkey and the EU are likely to continue their enhanced cooperation in the coming decades, despite periodic ups and downs.

Turkey shares more democratic values, rule of law and norms consistent with rules-based societies in common with European states than politicians would like to admit. Criticizing Turkey is unfortunately common in the domestic politics of many European countries, although after elections the same leaders, once formed into government, tend to coordinate closely with Turkey on key issues such as migration crises.

In conclusion, in the new post-COVID-19 political and economic order, Turkey has the opportunity to be at the heart of trade between the West, particularly Western Europe, and the Eastern States of the ‘Eurasia. Turkey’s strategic location, coupled with its favorable demographics and robust infrastructure, positions it as an attractive market and preferred hub for regional operations in East-West trade. Due to the growing evolution of the Indo-Pacific region as a potential new center of the global economy rather than the Euro-Atlantic region, Turkey’s geographical location is of crucial importance. For this reason, Turkey is actively promoting new Silk Road projects such as the Middle Corridor and the Arab Peace Road through Iraq, while maintaining its participation in China’s Belt and Road Initiative. the Road (BRI). Turkey should also continue its efforts to integrate into the proposed project. India-Middle East-Europe Economic Corridor (IMEC) project.

Given Turkey’s central role in global trade, supply chains and energy transition, it is highly beneficial for these projects and corridors to include Turkey, thereby facilitating trade, logistics, industry and development. implementation of modern facilities, such as storage and digitalization, which would facilitate international relations. trade. We have seen in the past, with the problems in the Suez Canal, how Turkey can play a vital and crucial role in facilitating international supply chains. Therefore, Turkey can still attract significant investments due to its position as a center of international trade, logistics and supply chain.

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