Turkey Financial News

Posted by meb at January 31st, 2008

Turkish olive growers, seeking new ways to survive in today’s rapidly growing global market, have finally decided that emulating the world’s No.1 olive and olive oil producer and exporter, Spain, is the best option to strengthen their position.

After having their demand for free olive oil imports through the Inward Processing Regime (IPO) rejected, Turkey’s Aegean Olive and Olive Oil Exporters Association visited Spain with a group of the country’s olive producers to find a solution to the recent bottleneck in Turkey’s olive and olive oil sector. IPO is a system that enables Turkish producers and exporters to obtain raw materials and intermediate unfinished goods used in the production of exports without paying customs duty and without being subjected to commercial policy measures. (more…)

Posted by meb at January 31st, 2008

Turkey Hoteliers Federation (TUROFED) President Ahmet Barut has stated that hotels, due to their high level of consumption and through other indirect means, contribute billions of dollars to the nation’s economy. (more…)

Posted by meb at January 31st, 2008

Botas, the Turkish state pipeline operator, plans to import an estimated 37.5 billion cubic meters of natural gas in 2008.

The company, based in Ankara, didn’t provide figures for the amount it imported last year. It bought 30.8 billion cubic meters of imported gas in 2006, according to the company’s Web site. (more…)

Posted by meb at January 31st, 2008

GSM operator Eagle Mobile, a subsidiary of Albania’s telecommunications firm ALBTelecom, will be operational as of March 13th, 2008.
Turkish Calik Group owns 76 percent of the shares of ALBTelecom. (more…)

Posted by meb at January 31st, 2008

The economy minister Mehmet Şimşek said the government was determined to make Turkey an attractive center for investments and added that they attach great importance to the improvement of investment conditions for the private sector.

The Coordination Board for Improving Investment Conditions (YOİKK) convened yesterday under Şimşek’s presidency with the participation of public and private sector representatives. At the beginning of the meeting, Şimşek said Turkey was becoming an investment base in its region with a $270 billion foreign trade volume and an approximately $111 billion total in foreign direct investment (FDI). He the government had tried hard since coming into office in 2002 to implement needed structural reforms to establish a stronger and trusted economy. (more…)

Posted by meb at January 31st, 2008

Players in Turkey’s expanding furniture industry will continue to meet over the next four days at the Istanbul Furniture Fair (IMOB) 2008 that began yesterday at the CNR Expo Fair Center in Istanbul.  Last year the fair attracted 66,712 visitors. (more…)

Posted by meb at January 31st, 2008

Dubai-based Islamic mortgage lender Tamweel said it plans to expand into India, Morocco and Turkey, and expects to turn a profit from Egyptian and Saudi operations next year.

“In Egypt and Saudi Arabia, it is all approved and we are just setting up,” Chief Executive Officer Adel al-Shirawi told Reuters in Davos. “We will start to earn there in 2009.” (more…)

Posted by meb at January 31st, 2008

Turkey’s new fire safety legislation, which came into force in the beginning of January, has motivated several United Kingdom-based fire safety engineering firms to plan expansion into Turkey. (more…)