Business Secretary Vince Cable flies to Turkey this week as the two countries agree to double bilateral trade by 2015. Here are the opportunities for business owners.
Vince Cable's visit to Turkey this week is the first by a UK Business Secretary for a decade. It's an important business hub in the region – with its reach into the EU, the Middle East and Central Asia
Turkey has an enviable record of economic growth over the last decade; reaching almost nine per cent last year.
UK-Turkey fact file
- Turkey is the UK’s 20th largest export market and bilateral trade is worth over £9bn per year.
- UK exports to Turkey rose by 30 per cent Jan-Jun 2011 compared to the same period in 2010. Turkish exports to the UK rose by 11 per cent for the same period.
- Turkey’s economy grew by 11 per cent at the start of 2010, and is projected to be the second fastest-growing economy in the world by 2017 and Europe’s second largest economy by 2050.
- Turkey’s population of 76 million makes it one of the world’s largest markets; the average age of the population is 28 against 38 for Russia, 39 for UK and 44 for Germany, giving Turkey more young people than any of the European Union’s 27 countries.
- That young, well-educated population also means that Turkey offers a responsive workforce as well as a lively consumer market.
- The UK is very well placed to do even more business with Turkey. We are already the second largest investor in Turkey, with more than 1,800 UK companies operating there.