Turkey Financial News

Posted by meb at November 18th, 2008

A number of high-level bureaucrats, government ministers and businessmen from Turkey and central and Eastern European countries are gathering today to mark the official opening of the first Turkey – Mid-Eastern Europe Foreign Trade Bridge Program at İstanbul’s Cevahir Hotel.

Organized by the Turkish Confederation of Businessmen and Industrialists (TUSKON) and supported by Turkey’s Foreign Trade Undersecretariat and Ministry of Foreign Affairs, the summit will bring 255 businessmen from 16 countries — Albania, Bulgaria, Bosnia and Herzegovina, the Czech Republic, Croatia, Kosovo, Hungary, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Greece. The meeting was intended to stimulate business transactions and promote bilateral trade relations between Turkey and the aforementioned countries. More than 1,000 businessmen are expected to attend the program, which will last for two days. (more…)

Posted by meb at November 12th, 2008

Turkey needs $130 billion in foreign financing in 2009, resulting from short-term debt that needs to be rolled over, World Bank country director Ulrich Zachau told a conference on Wednesday.

The World Bank sees no problem with rolling over this debt, Zachau added in his speech at the International Finance Summit held in Istanbul.

Investors have been withdrawing from the Turkish economy as the global financial crisis has spread into emerging market economies and raised fears that some countries would be unable to finance their large current account deficits. (more…)

Posted by meb at November 10th, 2008

Turkey is participating in the World Travel Market (WTM) 2008, which takes place at the ExCeL exhibition and conference center in London from Nov. 10-13, 2008, with over 48,000 exhibitors registered from over 200 countries.

“Nearly 40 Turkish tourism companies have applied to participate in the international tourism fair in the United Kingdom,” the Turkish Ministry of Culture and Tourism said in a statement last week. The ministry will promote Turkey’s most popular tourism destinations at the fair, allocating a special place to İstanbul, which has been designated a European Capital of Culture for 2010. Turkey’s booth is located in the European section this year, numbered EM120 and located very close to gate N4.

The exhibit comes at a crucial moment not only for Turkey, but all other countries as well, due to the financial crisis impacting almost every economy in the world. While some businesses in Turkey that have debt in foreign currency are at risk due to the rising US dollar, the tourism industry is positioning itself to benefit from the exchange rate since payments are received in foreign currencies. The sector is valued at approximately $20 billion today. The Turkish lira has lost nearly 30 percent against average euro-dollar basket prices over the past month because of increased demand from foreign investors during the current global financial crisis. (more…)

Posted by meb at November 7th, 2008

The third International Jewelry, Silver and Watch Fair, also called Gold Ankara 2008, has begun.

A total of 75 companies are participating in the trade fair, which is being held at Ankara’s ANFA Altınpark Expo Center. Not open to the general public, this is a specialty trade fair for members of the jewelry sector. Companies participating in the fair insist that the global crisis has not yet affected their sector, stating that the designs on display at the fair only serve to solidify Turkey’s position as second in the world when it comes to gold and jewelry design.

Alibey Şimşek, representing the Balaban jewelry firm at the trade fair, said his company was number one in Turkey in terms of 23 carat gold production and that the seemingly low level of interest shown by visitors on the first day of the fair was misleading. He noted that the weekend promised a heavier flow of participants and that this was a pattern his company had seen at the first two trade fairs in this series. Şimşek also drew attention to the antidote effect of trade fairs during periods of financial crisis. “Trade fairs actually serve a very important role in terms of allowing firms to introduce their products and in terms of keeping competition in the sector on its feet. These days, it is not those with the most capital in our sector who can stay on their feet, but those who are offering the richest designs and the most variety in their products. For this reason, this year’s trade fair has many companies participating which offer extremely rich design options. Since the best place to present these designs is a trade fair, we are expecting important results from this.” (more…)

Posted by meb at November 4th, 2008

The ninth annual Northern and Southern European Economic Forum began yesterday in İzmir. The conference is being attended by presidents and prime ministers as well as many high-level government officials from 29 European countries.

The forum’s theme this year is “Turkey: A strong partnership for Europe.” The event, organized by the İzmir Chamber of Commerce and European Relations, or INEA, is being held at the Swiss Otel Grand Efes.

The president of INEA and former German minister, Jürgen Gramke noted that it was surprising that İzmir had lost out to Milano as the EXPO 2015 host city. He said that the opportunity to present İzmir as the European city that it is, and to show European unity with Turkey, was now gone. (more…)

Posted by meb at November 1st, 2008

Despite a global decline in oil prices, investors from the Middle East remain optimistic about the future due to existing capital accumulation in the region, according to participants speaking on the second day of the World Economic Forum on Europe and Central Asia 2008 on Friday.

While the current global economic turmoil is jarring established financial approaches and standpoints, Turkey stands as a “confidence magnet” in the region, according to Ibrahim Dabdoub, chief executive officer of the National Bank of Kuwait, or NBK, which acquired 40 percent of Turkish Bank last year.

“Turkey should expect more direct investments from the Gulf,” said Dabdoub, speaking at the “Turkey: Combining Europe and Asia” plenary session. “Even if oil prices drop to between $50 and $60, prosperity would create a great capital accumulation in the region,” said Dabdoub. (more…)

Posted by meb at October 31st, 2008

For the first time ever, Turkey is hosting the Millionaire Fair, where ultra-luxury consumer goods are displayed for curious visitors.

The trade fair, which opened yesterday in İstanbul, is expected to draw around 15,000 visitors from countries as varied as Azerbaijan, Kazakhstan, Russia, Syria and Ukraine. CNR Holding General Manager Rüştü Barkay noted that several luxury hotels in İstanbul were full due to visitors flying in to the city to attend the Millionaire Fair.

Speaking at yesterday’s opening, Barkay said the decision over where this year’s event would be held was made between Dubai and İstanbul and that in the end, after much debate, İstanbul succeeded in attracting the event. (more…)

Posted by meb at October 31st, 2008

The World Economic Forum (WEF) opened a regional meeting in Turkey on Thursday, which organizers hope will shape solutions to the global economic crisis.

The three-day meeting, which ends on Saturday, will also focus on business opportunities that might arise from the crisis, energy and resources security, Central Asia’s role in the world and Turkey’s position as a bridge among Europe, Asia and the Middle East.

Speaking on the opening day of the WEF meeting on Europe and Central Asia 2008, Professor Klaus Schwab, the founder and executive chairman of the WEF, articulated that the regional meeting’s main task as to try to comprehend what caused the crisis and then work towards a collective solution. Responding to a question posed by Today’s Zaman about the diverse panels discussing a wide range of topics and concrete solutions that could be drawn from these sessions, Schwab said: “We are still in the area of understanding [what the crisis is and what caused it]. (more…)