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Turkey

US sanctions helped Russia to boost oil exports

Exports of Russian crude surged last year, with shipments to the US increasing threefold, as Washington tightened sanctions against a number of countries, the Russian Ministry of Economic Development has said. The volume of Russian oil exports was up 3.9 percent, according to customs data for January-November 2019. In a note, seen by business outlet RBC, the ministry said that ... Read More »

Morocco, Turkey agree to review terms of free trade agreement

Morocco and Turkey have agreed to review a free trade agreement signed in 2004 to ensure more balanced trade relations between the two countries, Agence Marocaine De Presse (MAP) reported on Wednesday. Morocco has been threatening to walk out of the agreement since last year over complaints that while Turkish products have flooded into Moroccan markets as a result of ... Read More »

Turkey’s Trade Minister to visit Morocco to explore new business opportunities

Turkish Trade Minister Ruhsar Pekcan will visit Morocco, Wednesday, alongside a Turkish business delegation to explore new business cooperation opportunities in the country, Anadolu Agency reports. After visiting Nigeria on Monday and Tuesday, Pekcan will head to Rabat, where the Turkey-Morocco Free Trade Agreement’s joint committee is expected to hold a meeting. While in Morocco, the Turkish minister will meet ... Read More »

Erdoğan gov’t let drug traffickers go while punishing those who investigated them in Turkey

In a bizarre twist of events, the Turkish government launched a criminal probe into police chiefs who had exposed corrupt police officers on the payroll of a drug cartel and investigated drug smuggling networks that were moving heroin from Iran to Europe, classified documents have revealed. According to documents that were stamped secret and obtained by Nordic Monitor, the government ... Read More »

Garanti BBVA receives a $300 million loan from China’s Exim Bank

Garanti BBVA and the Export-Import Bank of China have agreed to a $300 million, three-year loan to be used by Turkish companies to finance imports from China. A partner and trusted advisor to its clients engaging in international trade, BBVA’s Turkish unit forges international agreements in order to be able to offer customized financing solutions to this commercial segment. The ... Read More »

Turkey launches new logistics master plan to boost trade competitiveness

In order to increase its competitiveness in foreign trade and ensure better integration of all transport networks into commercial operations, Turkey will establish logistic centers stretching along 294 kilometers of junction line, including organized industrial zones, ports and free trade zones. At the launching ceremony of Turkey’s Logistics Master Plan in Ankara on Wednesday, Industry and Technology Minister Mustafa Varank ... Read More »

Turkey’s service exports run surplus of $28 bln in 10 months

Turkey’s services sector exports ran a surplus of $28 billion in the first 10 months of this year with a 22 percent increase compared with the same term last year, the country’s trade minister has said. Speaking at an award ceremony in Istanbul on Dec. 21 to honor the pioneers of the service exporters, Ruhsar Pekcan said that the countries ... Read More »

Marking 50 years of Turkey-Singapore relations

This year marks the 50th anniversary since the beginning of Turkey and Singapore’s warm and extensive diplomatic relations. Although official ties go back to 1865 when the Ottoman Empire appointed its first Honorary Consul in Singapore, then a British Colony, we have both since become republics, with people-to-people and trade ties having grown steadily ever since. Today, as in the ... Read More »

‘Cooperation between EU, Turkey should expand’

Turkey and the EU should expand cooperation, said Turkey’s ruling Justice and Development (AK) Party on Thursday. After meeting with EU lawmakers in Brussels, Cevdet Yilmaz, AK Party’s deputy chairman responsible for foreign affairs, urged the EU states to expand cooperation on issues of common interests, energy, security, customs union, and visa liberations, adding that the cooperation will benefit both ... Read More »

Greek foreign policy and the Turkey-Libya agreement

Turkey’s revisionist policy after 1973 is being implemented through a recurring four-phase strategy: questioning the sovereignty and the rights of the Hellenic Republic in terms of sea zones and islands; turning the questioned territories into so-called gray areas; preventing Greece from exercising its legal rights in these areas; and trying to present these areas as part of Turkey. This Turkish ... Read More »

Taiwanese battery maker JS Power seeks partnership in Turkey

Taiwanese JS Power is gearing up to launch large-scale production of batteries in Turkey. In search of a company to cooperate and seek production opportunities, the company has so far held talks with Zorlu Holding and Anadolu Group. Foreign companies, spearheaded by Taiwanese battery manufacturer JS Power, consider investing in Turkey for battery production, one of the technologies that will ... Read More »

Trade Deficit Soars to $1.808 Billion From $497 Million Last Year

The Turkish Statistical Institute said on Friday that the trade deficit rose to US$1.808 billion in October from US$497 million in the same month last year, indicating a four folds increase on an annual basis. Seasonally and calendar-adjusted exports decreased by a monthly 0.5 percent when compared with September. Imports increased by 3.6 percent. Turkey’s economy is emerging from a ... Read More »

Turkey-Syria border gates to open after anti-terror op

Two border gates on the Turkish-Syrian border are expected to open soon, a Turkish official said on Nov. 26. Abdullah Erin, the governor of southeastern Şanlıurfa province, said the customs gates in the cities of Akcakale and Ceylanpinar will open once peace is restored in the region. “We are swiftly working […] the construction on the Turkish side has completed,” ... Read More »

Turkey: New company launches up 18% in October

The number of newly established companies in Turkey soared 18% year-on-year in October, a key business body said Friday. Last month, 8,352 new companies were established, up from 7,081 businesses that had started operating in October 2018, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a report. The top three fields of operation among new companies were ... Read More »

Turkey’s business circles eyeing $ 30 billion in trade with Iran

Business organisations in Turkey are looking to increase the $ 9.5 billion trade volume between Turkey and Iran to $ 30 billion, President of Foreign Economic Relations Board of Turkey (DEİK) Nail Olpak said during the Business Council meeting in Iranian capital Tehran. Olpak said his organisation is working to have friendly relations between Turkey and Iran to affect the ... Read More »

Iraq views Turkey as alternative for Basra oil exports

Iraq is targeting Turkey as one of a possible export route alternatives for oil transportation from the oil-rich Basra region that has seen its exports hamper due to protests in the country, Iraqi Oil Minister Falah Alamri Jassim told Anadolu Agency on Monday. Iraq is calling on Turkish investors to extend pipeline projects from Basra to Ceyhan, and to rehabilitate ... Read More »

‘Philippines, Turkey to boost ties on defense, trade’

The Philippines and Turkey will boost ties on defense and trade in the future, the Philippine envoy to Turkey said on Wednesday. “We are beginning with our defense cooperation and this year and next year, we might be able to purchase some defense equipment here in Turkey,” said Raul S. Hernandez, the Philippine ambassador to Turkey, in an event to ... Read More »

Pakistan escapes $1.2 billion penalty as Turkey helps resolve Karkey dispute

The Karkey dispute between the government and a Turkish ship-based energy firm has finally been resolved due to efforts of Turkish government, a tweet by Prime Minister Imran Khan transpired on Monday. In his latest tweet, Imran Khan stated, “PTI Govt, with the help of President Erdogan, has amicably resolved the Karkey dispute and saved Pak USD 1.2 billion penalty ... Read More »

Lessons for Ukraine: How Turkey attracts foreign investments

If we look at the list of instruments for investors to Turkey, and I see how huge the gap between us is. Just imagine, Turkey has three types of investment zones. First type: technology development zone (TDZ). This is a zone to support research and development, as well as the development of high technology. There are 63 of them in ... Read More »

Turkey should focus on e-export: Expert

Turkey should focus on increasing e-export, of which volume reached $1.5 trillion globally, according to a digital communications expert on Oct. 21. Turkish SMEs can take share from the Asia-Pacific region, which is the leader in the e-export market with $381 billion, by concentrating on digitalization, Nabat Garakhanova, the head of a consultancy firm MEZO Digital, said in a press ... Read More »