Amazon firms up plans for Turkish expansion
E-commerce giant Amazon is finally moving into Turkey, with representatives of the online retailer looking for warehouse space in central Istanbul. The Turkish e-commerce market is worth $8bn a year, and with experts saying this figure should rise by a third this year, it's little wonder the global company is so keen to take advantage of Turkey's move into the digital shopping revolution.
Flow of money into Turkey topped $10 billion in 2017
The Turkish government is working to improve the economy, with new measures aimed at increasing investment and providing jobs for Turks. Last year, the country attracted almost $11 billion in investment, with a large proportion of that coming from the EU. Officials are hopeful that this year will see an improvement on this figure as they continue to roll out incentives for investors.
Spain’s loss is Turkey’s tourist gain
Tour operators say Turkey’s stable prices are attracting tourists from Germany and Russia who are opting out of Spanish holidays thanks to the high cost of package holidays. German and Russian tourist numbers have dipped over the past couple of years, but tour operators believe the visitors are returning, and that 2018 will mark a return to form for Turkey’s tourist industry.
Turkish inflation slows, prompting talks on rate cuts
Turkey’s inflation dipped last month, which means banks will soon be encouraged to cut their interest rates. Erdogan has long been a proponent of lowering interest rates, holding the unconventional view - known to many as Erdoganomics - that cutting rates can result in a lower level of inflation.
Turkey pressing ahead with economic reforms in 2018 - Simsek
Turkey's economic reforms made great progress last year, returning the country's growth to normal levels and ending the year on an impressive 7 percent figure. This year, the government is pressing ahead with further reforms aimed at increasing investment, lowering inflation levels and boosting trade.
Kanal Istanbul route revealed
After years of speculation, the route for the 45-kilometre canal linking the Black Sea and the Sea of Marmara has been revealed, renewing interest and speculation in nearby real estate, including the Media Highway/Basin Ekspres area.
Turkey-UK relationship to flourish post-Brexit
British Trade Minister Liam Fox met his Turkish counterpart on Friday to discuss the countries’ relationship post Brexit. Fox said ties between the two countries are as strong as ever, adding that the UK will most likely increase its investment in Turkey. Turkey’s economy is set to outpace Europe’s in coming decades, leading to investment and trading opportunities for the 80-million strong country.
Fall in foot traffic sees Istiklal Avenue seek a new image
Istiklal Avenue, famous for its big brand stores, expensive boutiques and upmarket restaurants, has seen a fall in foot traffic over the past two years. Big brands have moved out, leaving a gap in revenue and rental income. But a new report shows the street might simply need a rebrand. Other main arteries on the European and Asian sides of the city have also seen traffic fall with high levels of construction, but as construction slows pedestrians are set to return.
Turkey’s new year resolution: improve German ties
As new year's resolutions go, Turkey's is significant: to improve its relations with Germany. A series of diplomatic upsets has seen the number of German tourists travelling to Turkey fall. However, Turkish Foreign Minister Mevlut Cavusoglu is aiming to change this and mend the rift between the two countries. The minister will meet his German counterpart soon to find a way to build bridges and restore traditionally strong ties.
Turkish exports top $142 billion this year
Turkey's export figures are creeping up after a tumultuous two years. Exports have topped $142 billion this year, surpassing the entire 2016 total. Turkey is finding new markets and strengthening existing ties to boost its trading with regional partners. Automotive exports are especially strong, and November saw record-breaking figures in this industry.
Railway connecting Turkey and EU to boost ties, economy
In a bid to improve cultural and economic ties, Turkey's ploughing millions into its railway infrastructure. As part of its development, construction has begun on a high-speed railway line linking Istanbul and Bulgaria. The project, which is fully backed by the EU, will facilitate the movement of people across Turkey and wider Europe and Asia.