Turkey Innovation Opportunities

Why should I read this document? 

Opportunities and tips for innovation and doing business in Turkey

• Turkey is the 16th largest economy in the world, with a big consumer market (75.6 million population), mature private sector, fast and stable economic growth, and active technology users (36.4 million Internet users).
• Due to a solid manufacturing base and high consumer demand, the following industries are expected to be the next promising sectors for Turkey: automotive, construction, electronics, basic metals, non-metallic minerals, financial services, ICT and machinery. In addition, the tourism sector is likely to attract more travellers from neighbouring, emerging markets.
• Considering that the median age of the population in Turkey is 30 years old, there is a high demand of modern technologies and personal electronic devices. 
• Turkey has a very convenient geographic location, having access to the Central Asian, Eastern European, Russian, Middle Eastern, North African markets, and it has signed advantageous trade agreements with many neighbouring countries. As a result, Turkey is a good place for international trade, business to business cooperation, technology transfer and development of transport and logistics enterprises.
• Together with rising average income and increasing urbanisation, Turkish population is increasing its consumption of pre-packaged food and drinks, and it wishes to diversify its diet. Hence, there is a great demand of foreign types of food and flavours. In addition, the consumption of Halal food is also growing. During the next 5 years the food retail industry is predicted to grow at minimum 8%.
• Turkey’s organic food sector is gradually expanding, due to growing demand both domestically and internationally, in particular, in Europe.
• Several years ago, Turkey has started to shift from traditional to alternative energy resources. Increasing investment and development of green energy sector may transform Turkey into a major green energy exporter to the EU. Turkey currently lacks energy-related technologies, therefore production of new technologies or their trade could be a lucrative business.
• Turkey is one of the world leaders in the shipbuilding industry. The demand in commercial, cargo and private ships is expected to grow in the future. Thus, Turkey is a good place for the development of shipbuilding enterprises or related services. 
• In 2012 the government launched the new SMEs programme with the aim to fund projects which develop innovative products within the sectors of IT, biotechnology, environment-related technologies and advanced materials. Hence, you can get financial support if you are developing innovative products within listed sectors.
• The current Turkish generation chooses convenience over tradition, therefore supermarkets, large stores are preferred over small shops. The retail market is steadily expanding, due to growing shopping mall investment, therefore it is considered a good area for business in Turkey.
• Turkish government tries to attract foreign companies and their capital, therefore the Chamber of Commerce may provide useful information and help to get into a good business network.