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Report | The Report: Turkey 2015

Despite some recent turbulence, Turkey has strong fundamentals that underscore its potential for long-term economic growth. With a young population of 77.7m, a strategic location within four hours’ flying time of 1.5bn consumers and a diversified economy, the country has much to offer investors. Lower oil prices have helped reduce the current account deficit, but major structural reforms will likely be necessary to boost growth, and much will also need to be done to restore investor confidence. 

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Chapter | Table of Contents from The Report: Turkey 2015

Chapter | Legal Framework from The Report: Turkey 2015

This chapter examines the legal environment in Turkey, focusing on how changes in regulations are enabling investment across the country’s many business sectors. It also contains a viewpoint from Harun Kılıç, Partner at Kılıç and Partners.

Chapter | Tax from The Report: Turkey 2015

This chapter examines the tax environment in Turkey, looking at a pending new income tax as well as how the tax law deals with corporations. It also includes an analysis on the various ways that Turkey’s investment climate could be improved in the context of taxation.

Chapter | Tourism from The Report: Turkey 2015

With a selection of archaeological ruins to rival that of Italy and Greece, 7200 km of scenic coastline, Istanbul’s unique blend of rich heritage and cosmopolitan culture, and an advantageous location at the crux of three continents, Turkey’s diverse visitor offerings have seen its popularity grow rapidly over the past decade and the country is now becoming a leading international tourism hotspot. The country ranks as the world’s sixth-most-popular tourist destination, after France, the US, Spain, China and Italy. In terms of source markets Germany remains the number one tourist market for Turkey, recording 5.2m visitors in 2014, and is closely followed by Russia (4.48m) and the UK (2.6m). The country is well on its way towards meeting many of its Vision 2023 tourism goals, including the overarching goal of welcoming 50m visitors annually. With new hotel and transport infrastructure, as well as increased government promotion of various tourism sub-segments, the sector is expected to remain healthy.

Chapter | Education & Research from The Report: Turkey 2015

Driven by government reforms, increased private sector investment, and one of the largest and youngest populations in Europe, Turkey’s education sector has grown and matured impressively over the past decade. As the country moves forward on a host of education targets, including Vision 2023’s goal of reducing unemployment to 5%, key indicators such as literacy and enrolment have shown improvement. However, stakeholders have highlighted continuing challenges, including low enrolment across the secondary and tertiary levels, gender and regional disparities at the primary and secondary levels, and serious capacity constraints in the post-secondary system. The government has taken note, increasing its annual education budget each year and launching new projects aimed at expanding research and development (R&D) at post-secondary institutions. Turkey’s sizeable young population is poised to capitalise on a growing and increasingly inclusive education system that should help to improve employability and employment levels in the years to come. This chapter contains an interview with Turgut Şenol, General Manager, Teknopark Istanbul.

Chapter | Health from The Report: Turkey 2015

Great strides have been made in Turkey’s health care sector since 2003, when the government launched its far-reaching Health Transformation Programme (HTP). The HTP eventually led to the establishment of universal health insurance, while opening services and private hospitals to the majority of Turks. Improvements in patient satisfaction and health indicators have been steady, with infant and maternal mortality declining while life expectancy rises. Ratios of hospital beds, doctors and nurses to patients remain low by European standards. There are also concerns that the national health insurance system may not be sustainable in the long term, as the import-dependent pharmaceuticals market has shown tremendous growth in recent years, while patient numbers and hospital visits continue to rise. The private sector offers some solutions: public-private partnerships will see the number of doctors and hospital beds increase and patient care improve, while rapid expansion in medical tourism will bolster revenues and help the sector mature. As Turkey builds more facilities, 2015 should see a continuation of the trends that have already brought investors, professionals and new patients flocking in. This chapter contains an interview with Hasan Ulusoy, Chairman, Nobel İlaç.