Due to the country’s economic condition and geographic location, Turkey offers strong advantages to investors. Turkey has a population of approximately 70 million people, with annual population growth of 1.06%, which is the highest in Europe. 17% of the country’s population is in the 18 to 25 age group and adding to the economic development. The country has a dynamic economy and a considerable increase can be observed in the industrial, commercial, and construction sectors.
The industrial sector in Turkey is largely benefiting from rubber, plastic, and metal production. Additionally, a growth rate can be seen in electrical appliances, computer electronics, motor vehicles, machinery, and equipment. The country’s largest exports are vehicles, machines, and textiles. And, the most competitive import goods in the country are mineral fuels, mineral oils, chemicals, and machines.
In addition, Turkey has remained an essential part of the economic cooperation on the world market. The country has a strong foundation for global trade, given the effectiveness of the geographical position of Turkey and its European as well as Asian affiliation. A wide range of commodity markets in Turkey also offer numerous opportunities for interaction.
The textile industry has the largest share in Turkish industrial production and is one of the first established industries in Turkey. The industry has significantly increased over the last two decades and has a large role in the world’s clothing and home textile markets.
Turkey has become a center of excellence for commercial vehicles. Over the past decade the country has rose through the automotive ranks, becoming the 15th largest manufacturer in the world and the 5th largest in Europe.
This industry continues to be a key growth driver in the Turkish Economy. The industry has increased by a 9.3 percent share over the last 16 years. Turkey is known for being R&D intensive and graduates over 450,000 engineers every year, creating high value.