Turkey Financial News

Posted by meb at August 21st, 2008

Various African nations and Turkey have decided to establish a common chamber of commerce so as to ensure better organization of trade relations between them.

The Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Union of African Chambers of Commerce, Industry, Agriculture & Professions (UACCIAP) will work together to establish the Turkish-African Chamber (TAC).

The decision was announced as part of the İstanbul Declaration, read yesterday during a breakfast that was part of the ongoing Turkey-Africa Cooperation Summit, organized jointly by the Foreign Economic Relations Board (DEİK) and the Turkish Confederation of Businessmen and Industrialists (TUSKON). TOBB Chairman Rifat Hisarcıklıoğlu read the declaration out loud at the meeting, in which Turkey’s President Abdullah Gül also participated. (more…)

Posted by meb at July 26th, 2008

Trade volume in Turkey’s free zones increased by to $13.3 billion in the first half of the year, an increase of 12 percent over the same period last year.

According to figures from the Undersecretariat for Foreign Trade, the İstanbul Leather Free Zone exported $3.3 billion of products in the first half compared to $3.1 billion in the same period last year, while the Aegean Free Zone exported $2.1 billion, down from $2.2 billion last year. Furthermore, İstanbul’s Atatürk Airport Free Zone exported $1.9 billion, up from $1.6 billion in the first half of last year. (more…)

Posted by meb at July 17th, 2008

Russian billionaire Roman Abramovich, especially famous for his ownership of British Premier League soccer club Chelsea, is planning to order a second yacht from Turkey, after being impressed by the technology and craftsmanship of his first one.

Ada Marine Group Executive Board President Murat Bilican recalled that the Russian tycoon had initially purchased an ABY 36 Oyster model luxury yacht, which was constructed at İstanbul’s Tuzla shipyards last year and delivered to Abramovich in December. The construction had taken nine months, a fairly quick turnover time for yachts of this class. “The first yacht is currently anchored at Chelsea harbor in London,” Bilican noted. The first yacht, which cost YTL 780,000, has a composite hull made of bulletproof carbon fiber. All the necessary technology for communication was also installed in the yacht, allowing its owners to contact any location in the world. (more…)

Posted by meb at July 17th, 2008

Turkey’s year-on-year exports surpassed $125 billion and have reached the target for this year, a state minister announced yesterday.

Exports rose 35 percent between Jan. 1 and July 15, State Minister Kürşad Tüzmen told the Anatolia news agency. Industrial products exports reached $64 billion in the first half of the year, Tüzmen said, adding that the iron and steel sector reported the greatest rise, with an increase of 69 percent. (more…)

Posted by meb at July 14th, 2008

Foreign Trade Minister Kürşad Tüzmen has said Iraq would become a neighbor with an annual oil revenue of over $250 billion once stability is achieved in the country and that the total trade volume between Turkey and Iraq would reach $30 billion as Iraq becomes normalized.

Trade volume between the two countries in the first six months of this year exceeded $2.2 billion. Turkey is seeking to make this figure $5 billion by the end of the year. (more…)

Posted by meb at July 11th, 2008

Turkey saw a 31.8 percent increase in the production of vehicles in the first six months of 2008 compared to the same period last year.

According to a statement released by the Automotive Industry Association (OSD) yesterday, 708,962 vehicles were produced between January and June, while 537,955 had been produced in the same period last year.

A total of 113,168 automobiles were produced last month, indicating a 1.6 percent decrease compared with the same month last year. Total production, however, increased by 12.9 percent in the first six months of the year over the same period last year. (more…)

Posted by meb at July 4th, 2008

Turkey reiterated yesterday its efforts to convince Russia to support its plans for building the Samsun-Ceyhan oil pipeline, a project hoped to alleviate the burden on the Turkish straits.

Russian Foreign Minister Sergey Lavrov was in Ankara yesterday for a series of meetings with Turkish officials, including his Turkish counterpart, Ali Babacan. (more…)

Posted by meb at June 30th, 2008

Trade volume in Turkey’s free trade zones increased 14 percent to $11.1 billion in the first five months of 2008 when compared to the same period last year.

According to figures from the Foreign Trade Undersecretariat, the İstanbul Leather Free Zone exported $2.5 billion of products, while the Aegean Free Zone exported $1.7 billion and İstanbul-Atatürk Airport (AHL) $1.3 billion in the first five months of 2007. (more…)