Source: Taiwantrade | Updated: 07 April 2015
Turkey is a market that comes up time and again when experts discuss future emerging markets. The market has been included in the “Next Eleven” research paper by Jim O'Neill of Goldman Sachs, the “VISTA” concept proposed by Japanese scholars, and the “CIVETS" list devised by EIU. The incredible potential of Turkey lies in its large domestic consumer market, high demographic dividend, role as a bridge between Europe, Asia and Africa, and a highly proactive government in forming trade pacts with other countries. Already 20 of the free trade agreements that the country has signed with its partners have entered into effect, and foreign investment in the market have been further boosted as a result. After the 2008 financial crisis and the European debt crisis, the Turkish government has accelerated its economic liberalization and internationalization. The government has been strengthening the country’s economic and trade cooperation with the Americas, Middle East, Central Asia, South Asia, and other emerging markets.
Turkey is Taiwan's second largest export market in the Near East. Taiwan exports a wide range of goods to Turkey, mainly LED panels, and other products such as precision machinery, auto parts, textiles, and electronic appliances. In 2014, Taiwan's high growth export products to Turkey were metal machining equipment, integrated circuits, lathes, LED components, and LCD panels. In March 2015, Turkey opened the route for direct flights between Taipei and Turkey's largest city - Istanbul. For the industries of Taiwan, Turkey is not only the star of the emerging markets but also the springboard for advancement into the Middle East, Central Asia, North Africa, and Europe.
In August 2014, the current President of Turkey, Recep Tayyip Erdogan, became the first head of the state to take office through direct elections. The Turkish president has been renowned for transforming the city of Istanbul into a global metropolis, and experts believe he will maintain Turkey’s course of developing trade with the world. On the back of falling crude oil prices, the economy of turkey, which is heavily reliant on foreign sources of oil, is expected to have another year of promising growth in 2015. However, against a strong dollar, the falling lira may present new challenges worthy of note when gauging the economic outlook of Turkey.
Shaw-Chyang (Cory) Hua (email@example.com)