At Woods, LaFortune LLP, we are preparing with great anticipation for next week’s #CanadaBizGoGlobal Seminar Series presentation on “Doing Business in Turkey”, which will be held on March 20th, 2015 in Toronto. We are honoured to be working with Allam Advisory Group on this event and are delighted that the highly regarded Aylin Şule Songül, of the Istanbul-based law firm Songül Unuvar, has agreed to join us as a co-presenter, addressing the legal aspects of doing business in Turkey. [For details,see: http://canadabizgoglobal-seminar-series.evolero.com/doing-business-in-turkey] Strategic partners for this event include the Canadian Turkish Business Council, the Embassy of the Republic of Turkey in Ottawa, the Republic of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT), as well as Export Development Canada.
Why should you attend? If you are interested in expanding your business horizons via international markets, this event could be just the catalyst you need. We have previously witten about the opportunties that the Canada-Korea Free Trade Agreement (CKFTA) coud generate for Canadian business in the context of the “gateway” it creates to the Asia-Pacific. In the context of Turkey itself, the country is one that is srong economically, and with a young and entrepreneurial population, it is a very dynamic market. In its Global Markets Action Plan, the Department of Foreign Affairs, Trade and Development (DFATD) identified Turkey as an emerging market of broad interests to Canada and a top priority for international education, and infrastructure.
Michael Woods, Senior Partner at Woods, LaFortune LLP, had the opportunity to travel to Turkey over the course of his bourgeoning career as a diplomat. Napoleon had called it the centre of world. Indeed, as the New York Times pointed out:
Turkey is not just another country, after all, but the heir of empires, classical as well as Ottoman, and the first secular republic in the Islamic world. Both in his intellectual work, which argues for the extraordinary status Turkey enjoys by virtue of its history and geographical position …
The country’s current leader, Prime Minister Ahmet Davutoğlu, explained the uniqueness of Turkey this way:
… the geographical continuity … Turkey is right at the centre of Afro-Euro-Asia, having multidimensional characters of geopolitics. Turkey is a European country, an Asian country, a Middle Eastern country, Balkan country, Caucasian country, neighbor to Africa, Black Sea country, Caspian Sea, all these.
With its economy underpinned by a strong financial system and is well-rounded, featuring rich agricultural and mineral resources, a robust manufacturing industry and a strong services sector, Turkey’s geographic location provided a historical bridge between continents for transportation and trade. Turkey’s growing economy, favorable geographical position and demography, growing consumer middle class, solid banking sector, and the dynamism of its entrepreneurial class have made this country a growing market for international businesses. As we have pointed out, geography makes it an important energy and logistics corridor, linking Europe with the Middle East, the Caucasus and Central Asia.
With the world’s 17th largest economy, a G20 member, and a population of over 75 million Turkey offers opportunities. Canada-Turkey bilateral merchandise trade stood at $2.2 billion in 2013 and Canada exported almost $900 Million worth of goods. In 2013 again, Canadian investments in Turkey stood at about $824 million. Since 2002, Turkey’s economy has averaged 5% growth, raising average GDP per capita from $3,000 to over $10,000. This has resulted in a boom in infrastructure and consumer spending, as seen in the multiple bridge, airport, hospital, highway, and shopping mall projects around the country. Turkey’s movement toward membership in the European Union has created momentum to adopt European business regulations and standards in Turkey, thereby ultimately making it easier to sell and conduct business in this market. Similarly, reforms since 2001 have created a stronger and more stable economy that has attracted foreign investment, which in turn has been followed by needed capital improvements and demand for new products and services. Turkey is therefore not to be ignored when one is considering expanding their business or diversifying their investment portfolio.
Please consider joining us to discuss exciting business opportunities in Turkey with senior Turkish Government officials and key stakeholders! Tickets are available at http://canadabizgoglobal-seminar-series.evolero.com/#!/
