Monday , April 23 2018
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Turkish funds to invest $1B in projects to boost trade


ANKARA: Turkey Investment Fund, set up last year by the Russian Direct Investment Fund (RDIF) and Turkey’s Sovereign Wealth Fund, aims to strengthen bilateral economic ties and increase investment flows between the two countries, according to the RDIF head. In particular, the parties will focus on infrastructure, healthcare and information technology sectors, RDIF CEO Kirill Dmitriev told Anadolu Agency (AA) ... Read More »

Turkish export figures of fruits and veg to Russia first quarter of 2018


ANKARA: Turkey has exported 74,119 tons of mandarin to Russia in the first quarter of 2018 and generated a revenue of 42.3 million USD in return. East Black Sea Region Exporters Association President Ahmet Hamdi Gurdogan: “In order to develop the trade relations between two countries, it is imperative to lift the restrictions and form strategic partnerships. This is the ... Read More »

Turkey’s economy seen growing 4.1 percent in 2018 short of government target


ANKARA: Turkey’s economic growth will fall short of the government’s target this year, a Reuters poll showed on Wednesday, even as President Tayyip Erdogan’s ruling party continues to implement stimulus measures ahead of elections. The economy will expand 4.1 percent in 2018, according to the poll of 53 economists, well below the government’s forecast of 5.5 percent and just above ... Read More »

Turkey’s economy drives deep wedge between the Palace and Parliament


ANKARA: Turkey’s economy crashed in 2001 in a major crisis that saw stocks plummet, interest rates rise to 3,000 percent and tens of thousands of people left unemployed. The circumstances leading to that crisis bear worrying similarities to trends visible in the country’s economy today. The dual risks embodied by the current account deficit and foreign trade deficit continue to ... Read More »

Turkish budget deficit widens 37% in first quarter


ANKARA: Turkey’s budget posted a deficit of 20.4 billion liras ($5 billion) in the first quarter, an increase of 37 percent over a year ago, as spending on local government, real estate and the defence industry jumped, Finance Ministry data showed. The deficit widened from 14.9 billion liras in the first three months of 2017, according to figures published by the ministry on Monday. The ... Read More »

Turkey’s role as world’s top flour exporter


ANKARA: Turkey is a country where archaeological evidence shows that flour milling first started roughly 12,000 years ago (10.000 BC), and today it is the global leader in flour exports. Gobeklitepe, Sanliurfa, Turkey, is the site of the archeological discovery that could profoundly change the understanding of a crucial stage in the development of human society. The remains of fermented ... Read More »

Turkey should get ready for hurricane as loan costs mount


ANKARA: Turkey should get rid of a hurricane as firms rush to restructure their foreign debts with the country’s banks, Ahu Özyurt said in an analysis for Hürriyet newspaper, citing an investment analyst. “Once the door opens, everyone wants to jump in” Kocabalkan said in reference to an expected rush by companies to restructure their debts. “This can become a trend, ... Read More »

Turkey reveals $34bn plan to boost economy


ANKARA: The Turkish government has revealed details of a $34 billion investment package aimed at creating jobs and reducing the country’s rising deficit, according to Hurriyet Daily News. The project-based plan will see some 19 companies granted funds to expand their businesses, which it is estimated will directly generate some 35,000 jobs, and indirectly aid in the creation of a further ... Read More »

Turkish incentives reaction to calls to cool economy


ANKARA: Turkey’s latest package of investment incentives to boost growth is an answer to those who are calling on the government to cool down the economy, said Yiğit Bulut, senior economic adviser to President Recep Tayyip Erdoğan. The 130 billion lira ($32 billion) package of project-based financing, will be followed by measures to reduce interest rates, Bulut said on Monday, according to ... Read More »

Turkey repairs water supply network in Afrin


ANKARA: The water system was damaged due to ditches dug by the YPG/PKK terrorists. Turkey’s General Directorate of State Hydraulic Works (DSI) and Water and Sewerage Administration of Hatay Municipality (HATSU) carried out the reconstruction of the city’s water system. Bakir dismissed the claims that Turkey and the Free Syrian Army members killed and tortured people. The locals said they ... Read More »

Turkish car sales edge up in first quarter


ANKARA: Turkish sales of cars and light commercial vehicles (LCVs) rose 1.5 percent in the first quarter from a year earlier to 158,430 units, according to data provided by the Automotive Distributors’ Association (ODD). Sales of cars climbed 5.5 percent to 122,310 units while those of LCVs dropped 10 percent to 36,120, the association said on its website on Wednesday. ... Read More »

Russia ready to increase imports of Turkish tomatoes


MOSCOW: Russia said on April 3 that it is “ready” to increase imports of Turkish tomatoes. According to a statement by the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor), the country has asked the Turkey’s Agriculture Ministry to provide a list of companies that wish to supply tomatoes to Russia. The statement added that Rosselkhoznadzor experts are ready to ... Read More »

Turkey steps up sunseed imports but reduces purchases from Russia


ANKARA: The world’s analysts estimate Turkey’s sunseed crop in the current 2017/18 season at 1.6 MMT. At the same time, the estimate made by Turkish market participants themselves is more conservative (1.45 MMT) but also record high for the country. The sunseed market’s potential had to make Turkey less dependent on foreign raw material, the more so as the government ... Read More »

Turkish Stream commissioning planned before end of 2019


ANKARA: Turkish Stream natural gas pipeline have been obtained, Russian Presidential Aide Yuri Ushakov said Monday, adding that the commissioning of the pipeline is planned before December 30, 2019. Gas supplied via the first line is meant for Turkish consumers, while (gas supplied – TASS) via the second line (will be delivered) to the Turkish-EU border where a hub is ... Read More »

Turkey’s exports hit record $15.1bn in March


ANKARA: Turkey’s exports reached a record $15.1 billion in March, economy minister Nihat Zeybekci said on Sunday during a televised interview on private broadcaster CNNTurk. “We reached the highest number in our history in exports, $15.1 billion,” Zeybekci said. The Turkish Exporters’ Assembly (TIM) also said in a statement on Sunday that the country’s exports rose 11.5 percent year-on-year in ... Read More »

Turkish exports up 9.8 percent in first 2 months of 2018


ANKARA: Turkish exports in the first two months of 2018 rose 9.8 percent year-on-year to reach $25.6 billion, the Turkish Statistical Institute (TurkStat) announced Friday. The country’s foreign trade volume totaled $66.1 billion between January and February this year, marking a 20 percent annual increase, according to provisional data provided by TurkStat and the Ministry of Customs and Trade. Turkish ... Read More »

Turkish economy expands 7.4% in 2017


ANKARA: Turkey’s economy expanded 7.4 percent last year, official data showed on Thursday, marking its fastest expansion since 2013 on robust growth in industry and construction, and beating market expectations. That growth, which beat a forecast of 7.2 percent in a Reuters poll, is likely to be welcome news for President Tayyip Erdogan in the run-up to presidential and parliamentary elections in 2019.  Foreign ... Read More »

Turkish govt announces new plans to boost investment


ANKARA: The government has announced new schemes that officials hope will boost investments and ease doing business in Turkey. Prime Minister Binali Yıldırım said the government approved an incentives scheme worth 128 billion Turkish Liras ($32.01 billion) for strategic investments. “The cabinet recently approved a 128 billion lira incentive plan for strategic investments,” Yıldırım said in Ankara at a meeting ... Read More »

Cyprus: Yes to Turkey as gas ally, but no gunboat diplomacy


NICOSIA, Cyprus’ president says he’d like to have Turkey as an ally in the island nation’s bid to exploit potential offshore gas reserves, but Ankara must stop its “gunboat diplomacy” that prevents exploratory drilling. President Nicos Anastasiades said Tuesday he’s pleased with the European Union’s expression of solidarity with Cyprus and “unprecedented strong condemnation” of Turkey’s move last month to ... Read More »

Turkey trade volume hits $1.5b


ANKARA: Turkey may increase following a fresh crude oil deal being worked out with the Nigerian National Petroleum Corporation (NNPC). The fact-sheet said in part: “The volume of trade between Nigeria and Turkey is very stable at $1.4 billion – $1.5 billion annually. The trade is in favour of Nigeria because Turkey is importing Liquefied Natural Gas (LNG), Palm oil, Sesame ... Read More »