REPUBLIC OF TURKEY UNDERSECRETARIAT FOR FOREIGN TRADE. ECONOMIC OUTLOOK OF TURKISH ECONOMY AND TRADE & INVESTMENT RELATIONS BETWEEN TURKEY AND EGYPT. Alexandria, 14 October 2008. EGYPT. WWW.COUNSELLORS.GOV.TR. TURKEY ON THE CROSSROADS OF CONTINENTS.
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UNDERSECRETARIAT FOR FOREIGN TRADE
ECONOMIC OUTLOOK OF TURKISH ECONOMY
TRADE & INVESTMENT RELATIONS BETWEEN
TURKEY AND EGYPT
Alexandria, 14 October 2008
GDP Growth 5,3% 9,4% 8,4% 6,9% 4,5%
Economic growth has been robust and registered around 6,6% on average during the last three years. GDP per capita (PPP) reached to 9,333 US $
Turkey has become 6th biggest economy in Europe and 17th biggest economy in the world.
According to OECD, Turkey is the 13th most industrialized country in the world.
In 2007, services constitutes the main part with approximately 70% and followed by Industry and Agriculture.
in 2007, majority of the workforce was employed in the services sector by 55%
Since 2002 interest rates in Turkey have been decreasing despite the minor increasesin 2007 and 2008
In 2007 CPI (Consumer Price Index) was 8,4.
current account deficit of38 billion US$ in 2007
The current account deficit stems mainly from the one in foreign trade deficit.
The current account deficit is covered by tight fiscal policy and foreign investment in Turkey.
FOREIGN DIRECT INVESTMENT IN TURKEY (Billion US $)
While the FDI inflows to Turkey on a yearly average basis were about 1.1 billion dollars between the 1993-2002 period, this figure increased to 9.7 billion in 2005, 20 billion in 2006, and 22 billions in 2007.
FDI in Turkey in 2007: 22 billion US$
EU countries are by far the largest investor in Turkey.
Total (Cumulative) : 10,3 Billion $
- İzmir Port - İskenderun Port
In 2006 privatizations revenues reached a historical level of 9,5 billion US$.
2004 : 17,5 million
2007 : 23,3 million
2010 Target: 30 million
1984 : 65.000
2006 : 800.000
2010 Target : Above 1 million
TOURISM IN TURKEY
Turkey aims to reach 30 billion US $ tourism revenue in 2010
Turkey’s Proximity to the Huge Markets
TURKEY IS AN ENERGY CORRIDOR
BETWEEN SUPPLIERS AND CONSUMERS
B. Under Construction
Kazakh Oil (BTC)
20 free zones operational
642 with foreign participation
24,5 billion US$
TUBITAK-MAM TECHNOLOGY (2002)
İst. Ataturk Airport (1990)
İst. Leather and Industry (1995)
Eastern Anatolia (1995)
İzmir Menemen (1998)
Adana –Yum. (1998)
Bulk of the export: to the EU
TURKEY’S ROLE AS A TRANSIT AND HUB COUNTRY
Turkey is not only an energy corridor but also an important energy terminal.
Future projects will enhance Turkey’s role in energy.
Today, Turkey is the 22nd biggest exporter and the 15th largest importer of the world.
EXPORTS OF TURKEY A TRANSIT AND HUB COUNTRY
BY COUNTRY GROUPS IN 2007
The EU is the biggest trade partner of Turkey.In 2007, EU-27 accounted for 56 % of total exports of Turkey. The share of EuroMed in Turkey’s export is around 6 %.
IMPORTS OF TURKEY A TRANSIT AND HUB COUNTRY
BY COUNTRY GROUPS IN 2007
The EU is the biggest trade partner of Turkey, in terms of imports. EuroMed has % 3 share in Turkey’s imports.
In Turkey’s Exports Egypt ranks at the
25th place while Turkey is the 9th country in Egypt’s overall Exports
In Turkey’s Imports Egypt ranks at the
38 th place while Turkey is the 14 th country in Egypt’s overall Imports
Most of Turkish exports are composed of manufactured products, which have accounted for 82 % of the total.
SECTORAL A TRANSIT AND HUB COUNTRYBREAKDOWN OF TURKEY’S IMPORTS (2007)
Manufactured products again has the biggest share in Turkey’s imports with 62%.
TOP 10 CHAPTERS IN TURKEY’S EXPORTS A TRANSIT AND HUB COUNTRY
TOP 10 CHAPTERS IN TURKEY’S IMPORTS A TRANSIT AND HUB COUNTRY
TURKEY’S ALIGNMENT WITH THE EU’S PREFERENTIAL REGIMES A TRANSIT AND HUB COUNTRY
Agreements in Force
1- EFTA (1992)
2- Israel (1997)
3- Macedonia (2000)
4- Croatia (2003)
5- Bosnia (2003)
6- Tunisia (2005)
7- Palestine (2005)
8- Morocco (2006)
9- Syria (2007)
10- Egypt (2007)
11- Albania (2008)
EU’s New Strategy: Global Europe
- S. Africa
Trade A TRANSIT AND HUB COUNTRY& Investmet Relations
Turkey and Egypt
DEVELOPMENTS OF TURKEY’S FOREIGN TRADE WITH A TRANSIT AND HUB COUNTRYEGYPT (million US $)
MAIN IMPORTS OF TURKEY FROM EGYPT A TRANSIT AND HUB COUNTRY
MAIN EXPORT ITEMS OF TURKEY TO EGYPT A TRANSIT AND HUB COUNTRY
FTA entered into Force on 1 March 2007 A TRANSIT AND HUB COUNTRY
Turkey abolished all custom duties on imports applicable to industrial goods originating in Egypt upon the entry into force of this Agreement.
Egypt will gradually abolish custom duties applicable on industrial goods originating in Turkey over a transitional period of up to 15 years .
Since the signing up of the FTA in 2005, Turkish investments in Egypt have boosted. Recently, Egypt appears as foremost the leading country to attract the Turkish investments.
In early days of 2006, 23 Turkish companies had around 40 Million US Dollars of investment in Egypt. In the last 3 years, we witnessed 190 new companies being established in various cities of Egypt.
Today, more than 190 companies and around 1 billion US Dollars of investment. Turkey has become a major donor of investments in Egypt.
150 companies are also carrying out feasibility researches in Egypt and start of their investments in the short term is expected to bring another 1 Billion $ of Turkish invesment.
Activities of Turkish Industrial Zone in 6 October City, 5 Contracting Companies and 28 Retail Shops are not included in these figures.
It should also be mentioned that 80% of the Russian and Ukranian tourists visiting Egypt are transfered through Turkish Operators.
Turkey is among the leadng countries in the field of exporting high quality marbles, deposits where the total exports reached to 1.2 billion $ in 2007
TURKISH CERAMIC PRODUCTS since 2005.
TURKISH TEXTILES INDUSTRY since 2005.
TURKISH CLOTHING INDUSTRY since 2005.
Although highly fragmanted among a large number of small workshops, wooden furniture and metal office furniture exports reached to 1.5 billion $
TURKISH LEATHER ARTICLES INDUSTRY since 2005.
4th in Exports of Leather Garments in the World and 2nd in Europe
TURKISH AUTOMOTIVE AND SPARE PARTS INDUSTRY-1 since 2005.
TURKISH AUTOMOTIVE AND SPARE PARTS INDUSTRY-2 since 2005.
TURKISH SHIPBUILDING INDUSTRY since 2005.
TURKISH GLASS AND GLASSWARE INDUSTRY since 2005.
TURKISH JEWELLERY INDUSTRY since 2005. (Including precious metals and stones)
TURKISH IRON AND STEEL INDUSTRY since 2005.
TURKISH MACHINERY INDUSTRY since 2005.
Turkey produces High European Quality Machinery both for Consumer and Industrial Market, including CNC Machine Tools to much reasonable prices.
In 2007, the exports of machinery sector reached to 9 billion US Dollars
TURKISH ELECTRICAL EQUIPMENTS AND since 2005.
AGRICULTURE since 2005.
AGROINDUSTRY since 2005.
TURKISH CONTRACTING SERVICES since 2005.
105 billion US $.
The volume of the contracting services of Turkish companies reached to 19,4 US dollars in 2007.
COUNTRY BREAKDOWN since 2005.
OF CONTRACTING SERVICES (2007)
Country Million US $ Share
Russia 3.605 19%
Saudi Arabia 9825%
Ireland 550 3%
Other 2.410 12%
Total 19.495 100%