External Trade and Investment
As of 2012, the main trading partners of Turkey are Germany, Russia and Iran. Turkey has taken advantage of a customs union with the European Union, signed in 1995, to increase industrial production for exports, while benefiting from EU-origin foreign investment into the country.
Turkey is also a source of foreign direct investment in central and eastern Europe and the CIS, with more than $1.5 billion invested. 32% has been invested in Russia, primarily in the natural resources and construction sector, and 46% in Turkey’s Black Sea neighbours, Bulgaria and Romania. Turkish companies also have sizable FDI stocks in Poland, at about $100 million.
The construction and contracting companies have been significant players, such as Enka, Tekfen, Gama, and Üçgen İnşaat, as well as the three industrial groups, Anadolu Efes Group, ŞişeCam Group and Vestel Group.
The exports reached $115.3 billion in 2007, but imports rose to $162.1 billion, mostly due to the rising demand for energy resources like natural gas and crude oil. Turkey targets exports of $200 billion in 2013, and a total trade of at least $450 billion. There has been a considerable shift in exports in the last two decades. Share of natural gas decreased from 74% in 1980 to 30% in 1990 and 12% in 2005. Share of mid and high technology products has increased from 5% in 1980 to 14% in 1990 and 43% in 2005.
Read more about this topic: Economy Of Turkey
Famous quotes containing the words external, trade and/or investment:
“For those parents from lower-class and minority communities ... [who] have had minimal experience in negotiating dominant, external institutions or have had negative and hostile contact with social service agencies, their initial approaches to the school are often overwhelming and difficult. Not only does the school feel like an alien environment with incomprehensible norms and structures, but the families often do not feel entitled to make demands or force disagreements.”
—Sara Lawrence Lightfoot (20th century)
“a highly respectable gondolier,
Who promised the Royal babe to rear
And teach him the trade of a timoneer
With his own beloved brattling.”
—Sir William Schwenck Gilbert (1836–1911)
“There is something fascinating about science. One gets such wholesale returns of conjecture out of such a trifling investment of fact.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)