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A guide to living in Istanbul

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Friday, 16 December 2011

Pfizer to run 20 countries from head office in Turkey

Giant in the pharmaceutical world, Pfizer, will use its head office in Turkey to run other offices in 20 countries including those in Central Asia and Eastern Europe.
A statement on the company website by regional manager Berk Gurdogan said that Pfizer Turkey will now be responsible for the management of countries including: Belarus, Bulgaria, Croatia, Lithuania, Romania, and Ukraine. Gurdogan is the 35th Turkish national to hold a global position of power within Pfizer.
The decision by Pfizer to base its regional head office in Turkey follows a recent trend of companies uprooting to Turkey as Turkey develops into a leading country and a global force. Pfizer follow other multinational companies like Microsoft and Coca-Cola who have also made moves into the Turkish market.

Tuesday, 13 December 2011

Arab banks interested in Turkey

An executive of the Union of Arab Banks has said that many Arab banks are looking closer to Turkey for opportunities to get a foot hold in the growing Turkish finance market.
Adnan Ahmed Yusuf Abdulmalek said: “Banks from Arab countries and Gulf countries are highly interested in Turkey. If barriers were eliminated by Turkish authorities, there would be many Arab banks and a large group of investors investing in Turkey’s banking sector.”
Abdulmalek said that banks in Turkey could benefit greatly from investments from Arab banks. He said: “The interest from the Arab banks will be even higher now on.” Abdulmalek said that Bank Audi had recently been granted a license to found a unit in Turkey, and other banks such as Emirates International Bank and Qatar International Bank could follow suit shortly. Abdulmalek said: “If the investment climate in Turkey’s banking sector improved and Turkey would authorise licenses for more foreign banks, leading banks in the region such as Dubai Islamic Bank would want to open branches in Turkey.”
As Turkey continues to become a major influence both politically and economically in the Arab world, it is only natural that ties with investment between the two worlds become more closer linked. Investing in Turkey makes economic sense at the current time and many more businesses and people in the Arab world will look to Turkey in the future for investment opportunities.

Monday, 12 December 2011

Dow Jones Indexes says Turkey has most sophisticated financial market in region

According to a senior director of Dow Jones Indexes, the Istanbul Stock Exchange (IMKB) is the most sophisticated financial market in its region, beating competitors from the Middle East, North Africa, and Eastern Europe.
Dow Jones Indexes Senior Director of International Markets and Products, Deborah Ciervo praised the high level of knowledge and expertise in trade execution within the IMKB. Ciervo said that this gave the IMKB a continuous flow in the market.
The IMKB has recently started a new campaign to educate Turkish company directors on the benefits of listing. There have been seminars since 2010 being held up and down the country to educate directors. The new campaign has led to 25 initial public offerings (IPOs) in 2010 and 18 IPOs in the first half of 2011.
According to Ciervo, the Turkish stock market is more developed and participation in more integrated and secure. IMKB has an integral role in the Federation of Euro-Asian Stock Exchanges (FEAS) which highlights the importance of the IMKB. Ciervo said: “FEAS is based in the IMKB, as their largest member, and is motivated towards FEAS’ goal of facilitating more liquid, transparent markets in the region, which will take time.”

Thursday, 8 December 2011

Europe troubles to benefit Turkey

The head of the Capital Markets Board (SPK) has stated that the current crisis in Europe could become a huge benefit for Turkey in the future.
Vedat Akgiray, speaking at the Global Change and New Opportunities conference organised by the National Association of Real Estate Investment Companies (GYODER), said: “If Europe is unable to find a solution for years to come, then this is good news for us. Since Turkey is currently in better shape, it will be a preferred investment location.”
Akgiray went on to say that should Europe prevent the crisis from worsening and find a solution to the current economic crisis, then Turkey could benefit from that situation too. Speaking of the current opportunities for Turkey as a nation for growth and development, Akigiray said: “Turkey has not had such an opportunity in the past 100 years.”

Tuesday, 6 December 2011

Turkey still wants to join EU despite Euro crisis

Turkey Deputy Prime Minister, Ali Babacan has stated that the current economic crisis in the European Union has not stopped Turkey’s desire to join the EU in the future.
Speaking during a news conference, Babacan urged European countries to act carefully to sort out the sovereign debt crisis, warning of severe global consequences if they fail to act together and sort out the mess.
Babacan said: “We hope that EU member states who have problems do their homework, and everybody keeps their houses tidy and clean. They should be careful about their budgets and they should do reforms. When there are holes in budgets, no matter how much the European Central bank prints money it’s not going to be enough. They have to close the holes first and then put money in.”
Babacan revealed that Turkey is still looking to bring in the political reforms that would meet the conditions to become members of the EU. The Deputy Prime Minister said that Turkey needed to improve in areas such as the rule of law and the quality of democracy in order to meet the criteria for EU membership.
The EU however, is certainly no model for Turkey economically speaking, Babacan said. While the EU is struggling hugely with debts, Turkey is growing and is now ranked as the world’s 16th largest economy with expected growth this year of around 7 percent.

Monday, 5 December 2011

Turkey could build planes

Turkey’s Science, Industry and Technology Minister has said that Turkey aims to produce its own regional airliner and jets by 2023.
Nihat Ergun was speaking during a visit to Seattle in the United States to see US airline manufacturer Boeing. Ergun said: “Boeing is among companies we can cooperate with.” The minister feels that it is a great step that Turkey needs to take in its aviation aims.
Ergun revealed that there are currently more than 350 Turkish engineers who work in Boeing and Ergun feels that companies in Turkey could help manufacture parts for Boeing. Ergun said: “Some parts of Boeing wing and tail systems are already manufactured in Turkey.”
The Minister said that the journey to the US was a great experience to talk and interact with several key members of Boeing about future collaboration between Boeing and Turkey on research and development into planes. Ergun finished by saying: “Building a Boeing 737 or an Airbus A380 is not similar to making a car. We are not calling for sector to produce planes immediately.”

Friday, 2 December 2011

Nestle wants to invest more in Turkey

Food giant company Nestle as revealed that there will be new investments and growth in Turkey in the near future from the company.
Nestle Turkey CEO, Hans Ulrich Mayer said that the company’s annual growth for this year has been estimated at 20 percent. Mayer said: “Turkey has been the recipient of several Nestle investments many times greater than we invest in other markets.”
Mayer also revealed that over the last four years, Nestle had made investments in Turkey totalling around 500 million USD.
The CEO said that Turkey is maintaining a strong and secure economy while other European economies and the United States are stalling and wavering. Mayer said that competition in the Turkish market is ever increasing and there is room for more investments from Nestle in the Turkish market. Mayor noted that products by Nestle in Turkey are produced locally and exported to the Middle East and North Africa.
Only last year, Nestle Turkey announced a new 55 million USD investment to make and produce cereals in Turkey. The global company has identified Turkey as a strong market for investment potential.

Thursday, 1 December 2011

Turkey praised by Arab media for strong role in region

At the recent Turkish-Arab Media Forum, Turkey as a nation has been heavily praised by fellow Arab journalists for the strong positive role that Turkey is playing in the Arab region.
The forum brought together more than 200 journalists from the Arab world to Istanbul. The theme for the forum was labelled as: “Media, new opportunities and possibilities in the axis of change and continuity.” Speaking at the forum, Deputy Prime Minister Bulent Annc said: “It is our wish to see brotherly Arab countries change in the direction of justice and to enjoy an atmosphere of peace and tranquillity instead of chaos.”
Turkey has often been noted as a model for other Arab nations to follow, the Turkish government is strong and secure and provides a prime example for the region. Participants at the forum were extremely complimentary of the Turkish government for what they had done with Turkey; Turkish Prime Minister Recep Tayyip Erdogan was also highly praised for his work in Turkey.
Arab Journalists Union secretary-general, Makram Mohamad Ahmad praised Turkey highly and Erdogan, saying: “Only if Islamic political parties take the Justice and Development Party (AKP) as an example, they could achieve their goals.” Another participant at the forum, Refika Fejjari noted: “Turkey reinvented the Arab world, however, Arabs reinvented Turkey with the Arab Spring.” The huge praise for Turkey continued from another Arab journalist, Ghani Oukazi said: “All the world is watching Turkey with eyes wide open.”
Turkey has been gaining a lot of praise recently for their efforts in the Arab world. Turkey is uniquely placed in the world as a gateway between the West and the East; the current Turkish government is making huge grounds on developing and growing as a nation and has been labelled as an example for the developing Arab world to follow.