Republic of Turkey is a country located at the crossroads of Europe and Asia. The three sides of the country are surrounded by the Mediterranean, the Black Sea. Its neighbors are Greece, Bulgaria, Georgia, Armenia, Nakhichevan (Azerbaijan), TRNC, Iran, Iraq and Syria.
Turkey is one of the developing countries of the world with a fast GDP growth of 743 Billion USD and $9,647 GDP per capita in 20191. With a stable growth rate around 5%, Turkey is the 12th largest economy and compared to the European Union, Turkey is the 5th biggest economy2.
Turkey has a unique location where Europe, Middle East and Central Asia intersect. As a result of its natural location Turkey can be considered as east-west energy corridor. More than half of the world’s trade takes place within a four-hour flight radius of Turkey – a key reason why multinational companies have chosen Turkey as a strategic regional hub for their operations. It is possible to reach more than 1,5 billion of consumers for Turkish citizens in the region. Turkey reached the number of 51,7 million foreign tourists in 2019 and 209 million airline passengers were served by the airports in Turkey1.
With 82 million population and median age of 30, which is the most crowded young population compared to the EU, half of the Turkish population is under the age of 311. There are 203 universities in Turkey and more than 32 million young and educated workforce.
Turkey showed high foreign investment appeal, in 2019, 12,389 Billion USD foreign direct investments obtained and the total investment between 2002-2019 was 157,9 Billion USD3.
Turkish passport provides visa-free travel to 116 countries (including Japan, South Korea, Singapore and other major countries in Asia and South America). Also, it is easy to acquire visas with Turkish passport from United States of America, United Kingdom and European Union countries.
Turkey is a democratic and reliable country which ensures free health care and free education system. Infrastructure, transportation, energy and telecommunication sectors are continuously evolving. Beyond, Turkish government supports investments with low interest rates and tax incentives.
Lastly, Turkey has various agreements on tariffs and trade which help Turkish investors and traders. For example, current Customs Union agreement with the EU since 1996, free-trade agreements with 21 countries and ongoing negotiations of EU participation3.
- Turkish Statistical Institute (TUIK)
- GDP, IMF and WEO
- TR Ministry of Trade
(From TUIK, Turkish Statistical Institute)