Turkey Financial News

Posted by meb at September 17th, 2009

Industry and Trade Minister Nihat Ergün on Wednesday said Chinese auto maker Chery expected to establish a factory in Turkey with an initial $500 million investment.
“The firm has expressed a desire to access world markets via Turkey. They have applied to build a production base in Turkey,” Ergün told a meeting at the ongoing Frankfurt Auto Show in Germany. Two executives from Chery had visited the northwestern province of Sakarya in January to acquire land to build an automotive factory. The auto producer had commenced feasibility studies with the Turkish Mermerler Group, Chery’s current distributor in Turkey. (more…)

Posted by meb at September 17th, 2009

Turkish Industry and Trade Minister Nihat Ergün has said Tuesday that French car maker Renault would start producing its Fluence brand in Turkey in 2010.
Speaking to reporters at the 63rd Frankfurt Auto Show, which kicked off on Tuesday, Ergün said in 2011 Renault would begin production of the electric version of this car, noting that this would be a major landmark for the Turkish auto sector.

Commenting on the electric version of the Fluence, Foreign Trade Minister Zafer Çağlayan, who also attended the auto show, said this would make Turkey a base for electric car production and investment. The two ministers evaluated the latest developments in the Turkish auto sector for members of the press. (more…)

Posted by meb at September 15th, 2009

Turkey’s domestic defense industry is expected to export weapons, equipment and services worth $1 billion in 2011, up more than $400 million from last year’s figure, the country’s procurement agency said in this year’s report on its strategic objectives.

The Turkish defense industry’s exports totaled $576 million last year. The balance comes from commercial sales by private and public defense companies.

The Undersecretariat for Defense Industries, or SSM, said in its “Strategic Document for Defense Industry, 2009-2016″ that it is implementing a plan to incentivize exports and aims to reach its $1 billion goal in 2011. (more…)

Posted by meb at September 14th, 2009

Pomegranate producers in Tarsus, a town in the Mediterranean city of Mersin, aim to make higher profits as Iran, the world’s top pomegranate supplier, is likely to see low yields this year.

Turkey ranks second in pomegranate production, and plantations cover nearly 45,000 dunams in Tarsus, which is on the sixth spot in terms of pomegranate cultivation, said Ali Ergezer, chairman of the Tarsus Chamber of Agriculture.

Due to high demand in domestic and foreign market, the pomegranate on a land of 500 dunams was sold while still on branch prior to harvest, said Ergezer. “But the producers that hear about the developments in Iran reject the merchants who offer prices between 80 kuruş and 1 Turkish Lira for a kilogram. The producers aim to keep the product and sell at or over 1.5 liras.”

The area of pomegranate plantations, which totaled 500 dunams 10 years ago, has reached 100,000 dunams with incentives, Ergezer said. “This year, 40 percent of the total planted area will be harvested in the middle of November. Due to climate conditions, the quality and yield will surpass expectations.” (more…)

Posted by meb at September 14th, 2009

US President Barack Obama’s administration has notified Congress of a possible $7.8 billion sale of Patriot PAC-3 antimissile batteries and related equipment to Turkey, the only NATO ally bordering Iran.

The sale would include 13 Patriot “fire units,” 72 Patriot Advanced Capability-3 missiles and a range of associated hardware for ground-based air defense, the Pentagon’s Defense Security Cooperation Agency said in a notice made public on Friday, reported the Reuters news agency.

It estimated the cost at $7.8 billion, which would be one of the biggest US government-to-government arms sales in years and would mark the return of Turkey as a major US arms buyer.

Turkey would use the PAC-3 guided missiles to boost its missile defense capability, strengthen its homeland defense and deter regional threats, the defense agency said. (more…)

Posted by meb at September 8th, 2009

As gold production levels in Turkey continue to increase steadily every year, a report prepared by the Ministry of Energy and Natural Resources has noted that while total gold production in Turkey was 11.1 tons in 2008, this amount is expected to rise to 38 tons in 2010.

The report explains that while Turkey has been the top gold-producing nation in Europe since 2006, its gold production could in fact rise to 38 tons in 2010, making it a global leader in gold production. Turkey’s gold production contracted from 5.3 tons in 2003 to 3.2 tons in 2004, it then proceeded to break new records in subsequent years.

In 2005, Turkey produced 4.1 tons of gold, in 2006 it produced 8.1 tons, in 2007 it produced 9.2 tons and in 2008 it produced 11.1 tons of gold. Experts believe that Turkey will produce 16 tons of gold this year.

The same report also states that while the current total global reserves of workable gold are 49,000 tons, a full 6.5 percent of this is currently being produced by the nations of China, South Africa, the US, Australia and Indonesia. These world leaders in gold production carry out 46 percent of annual global production. (more…)

Posted by meb at April 29th, 2009

Turkey’s trade deficit probably narrowed in March from a year earlier, the seventh consecutive contraction, as weaker demand reduced the import bill.

The shortfall shrank to $1.4 billion from $5.4 billion in March 2008, according to the median estimate of 10 economists surveyed by Bloomberg. The Turkish Statistical Institute is due to report the data at 5 p.m. tomorrow. (more…)

Posted by meb at April 26th, 2009

The Nourah of Riyadh, the megayacht produced in the Kocaeli Free Zone, was delivered to its owners with a ceremony Friday. The yacht, which cost 40 million euros, will be used by Saudi Prince Mohammad Bin Abdulaziz.

Speaking at the ceremony at the free zone, State Minister Kürşad Tüzmen said Turkey has become the third in yacht production, while standing at No. 7 in shipbuilding.

The 65-meter-long yacht is the biggest megayacht produced in Turkey. “We like to break records,” Tüzmen said. “With a new record, we will build a 75-meter-long yacht here next time.” (more…)