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TOBB to bridge Anatolia and Europe for SMBs

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on. Therefore we are unable to attain the same success in company growth as we do in company establishment. Our goal is to help the SMBs of today to make the Turkish companies who can compete on a global scale of tomorrow. So that we, as TOBB, devise and enact projects which will enable our companies to succeed and integrate to global economy.” Page 6

TOBB Chairman Rifat Hisarcıklıoglu

ISSN 1300-2260

IHLAS NEWS AGENCY

very year around there is an increase of 10-12% in newly established companies of the total number of active companies. This ratio is almost double that of the EU. We do have one problem though. Our companies have a hard time achieving growth, they stay where they start. Afterwards they either lag behind or get liquidated due to global competiti-

September 2011 Year: 10 No: 108 Ihlas Medya Plaza, 29 Ekim Cad. No: 23 34197 Yenibosna-Istanbul/TURKEY Tel: +90.212. 454 25 00 Fax: +90.212. 454 25 98 http://www.img.com.tr E-mail: turkey@ihlas.net.tr

Erdogan: A renewed economic crisis won't even touch Turkey M Turkish Finance Minister Mehmet Şimşek

Turkish budget enjoys first half surplus

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urkey had a budget surplus of 2.9 billion Turkish Liras in the first half of this year, the largest nominal first-half surplus in the last 41 years, Finance Minister Mehmet Şimşek announced. The government’s performance was a “historic success,” Şimşek said at a press conference called to report on the budget performance in the January-June period, adding that robust economic growth had had a positive effect on tax revenues. Debt reconstruction In first half of last year, Turkey’s budget ran a deficit of 15.4 billion liras. “We are talking about an upswing of more than 18 billion liras in six months,” the minister said. Page 3

Turkish Economy Minister Zafer Çağlayan

Turkish Economy Minister Zafer Caglayan: Turkey’s economy is as strong as stone

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urkey's Economy Minister Zafer Caglayan said that the country's economy is as "strong as stone," as the fast-growing economy's assets remained under heavy selling pressure amid rapidly deteriorating global sentiment. Caglayan's comments were made in Ankara ahead of a ministerial meeting with Turkish prime minister Recep Tayyip Erdogan to discuss the economy. Page 5

MUSIAD Chairman Vardan: Trade volume can enlarge more between Turkey and Iran

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he Chairman of MUSIAD Omer Cihad Vardan said trade volume between Turkey and Iran has reached by worth $10 billion. Vardan said that the trade between the two countries expanded 10 fold in 10 years to $10 billion. He added, if the current barriers in the trade between Turkey and Iran to be solved, the trade would grow 3 fold. The Independent Industrialists and Businessmen’s Association, (MUSIAD) members from all around Turkey paid a courtesy visit to Iran. Page 6

uch like the world economic crisis of 2008 only touched Turkey slightly, any new crisis won't touch it at all, said the Turkish Prime Minister Recep Tayyip Erdogan. Speaking at the Justice and Development Party's (AK Party) provincial chairmen meeting, Erdogan added that Turkish officials have been closely following and taking all necessary measures concerning the recent turmoil on global markets. "We don't and won't allow the crisis to hold us captive," he added. Pointing to growing public debt and budgetary woes in eurozone countries as well as problems in the US, Erdogan said, "The worldwide economic recession now threatens the peace of both governments and societies. Turkey maintains that its development will continue under these negative global conditions." Erdogan dismissed fears of a new economic crisis, saying no one should be worried about the troubles shaking the European and US economies. “This time the crisis in Europe won’t even deal us a glancing blow. We’re stronger this time around,” Erdogan told reporters . “Our feet are planted firmly on the ground. There could be a crisis in Europe, but we’re prepared for everything. Turkey is better and

stronger,” he added. But he reiterated a warning against overspending, saying Turks must avoid “frittering away” their money. “Will we defend an economy of efficiency, or one of extravagance?” he asked. “If we don’t take the latter path, then there’s no reason for worry.” He added that people “can continue spending properly. Holding a meeting with his economic team Prime Minister Recep Tayyip Erdogan evaluated the recent developments in markets. Turkey's economy and financial markets were unlikely to suffer a long term impact from developments rocking global markets, the Prime Minister's office said in a statement published after the four hour meeting. Turkey will maintain its fiscal discipline, pursue policies to increase employment, improve investment conditions and follow its privatization programme, the statement said. The statement also said Turkey will focus on the rapid implementation of structural reforms to permanently solve the current account deficit problem. Meanwhile, Turkish Finance Minister Mehmet Simsek held several talks in southeastern province of Batman.

Finance Minister Simsek said that stability and confidence in Turkey existed nowhere else. Addressing members of Young Businessmen Association in Batman, he said that Turkey was affected by a fluctuation right now and it was caused by a shrinkage in global economy. "Some European countries have been facing a very serious debt

stock issue. This situation is the source of fragility in the world economy," he said. Page 2

Turkish Prime Minister Recep Tayyip Erdoğan urges for sustainable economic growth


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Made in Turkey Economic Newspaper, September 2011

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No deviation from sustainable growth

IMF Executive Board selects Christine Lagarde as Managing Director

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Letter From

The Editor Mehmet Soztutan Editor-in-Chief

hat is on the global agenda? The risks of not resolving the Greek crisis are severe. A greater sense of urgency is needed to address the crisis and reduce the risks of contagion. Progress on financial sector repair and reform has been too slow, and policy initiatives are urgently needed to make financial systems resilient to new systemic shocks. Concern about debt sustainability and support for adjustment efforts in Italy and Europe’s periphery is leading to increased market worries about potential contagion. Risks from the lack of credible medium-term fiscal plans are also elevated in other advanced countries, notably the United States, in which a deadline for raising the debt ceiling looms large, and Japan. As for Turkey, investors regard the Turkish government as the most market-friendly one, due to economic policies that have brought inflation to record lows, opened the doors to foreign investment and helped Turkey become one of the fastest growing economies in the world. The economic program of the new Government reflects the fundamental economic principles underlined in the party program. These principles envisage: The market economy operating with its required institutions and rules; the State staying out of economic activities to function only as a regulator ; privatization as an important means toward a rational market-based economic system; structural transformation of the economy through globalization and international competition; and foreign direct investment not only to tap foreign savings but also to gain foreign international know-how and technology. The role of the state is to facilitate the private sector’s plans and operations through the implementation of structural reforms, especially modern infrastructure. The private sector, not the public sector, has played and will play the leading role. The Government also promised to draft a new constitution and make Turkey one of the world's 10 largest economies by 2023 as it was launched a party manifesto ahead of June elections. We wish the continuation of sustainable growth and development.

he Executive Board of the International Monetary Fund (IMF) selected Christine Lagarde to serve as IMF Managing Director and Madame Chairman of the Executive Board for a five-year term starting on July 5, 2011. Ms. Lagarde, who succeeds Mr. Dominique Strauss-Kahn, is the first woman named to the top IMF post since the institution’s inception in 1944. The selection of Ms. Lagarde by the 24-member Executive Board representing the IMF’s 187 member countries brings to conclusion the selection process initiated by the Executive Board on May 20, 2011 (see Press Release No. 11/191). According to the agreed procedures, the Board had agreed to meet with Mr. Agust°n Carstens and Ms. Lagarde for the post. The candidates met bilaterally with Executive Directors, as well as the Executive Board, during June 20-23, 2011. In these meetings, Mr. Carstens and Ms. Lagarde had the opportunity to present all relevant information concerning their specific candidacies. The Executive Board agreed that both were well qualified candidates and the objective was to select one by consensus. Based on the candidate profile that had been established, the Executive Board, after considering all relevant information on the candidacies, proceeded to select Ms. Lagarde by consensus. The Executive Board looks forward to Ms. Lagarde effectively leading the International Mone-

t a r y Fund as its next Managing Director. The Managing Director is the IMF Managing Director chief of the Christine Lagarde IMF’s operating staff and Chairman of the Executive Board. The chief executive is assisted by three Deputy Managing Directors in the operation of the Fund, which serves 187 member countries through about 2,700 staff from more than 140 countries. Ms. Lagarde, 55, a national of France, has been the Minister of Finance of France since June 2007. Prior to that, she served as France’s Minister for Foreign Trade for two years. Ms. Lagarde also has had an extensive and noteworthy career as an anti-trust and labor lawyer, serving as a partner with the international law firm of Baker & McKenzie, where the partnership elected her as chairman in October 1999. She held the top post at the firm until June 2005 when she was named to her initial ministerial post in France. Ms. Lagarde has degrees from Institute of Political Studies (IEP) and from the Law School of Paris X University, where she also lectured prior to joining Baker & McKenzie in 1981.

United States of America Long-Term Rating Lowered To 'AA+'

W Turkish Prime Minister Recep Tayyip Erdogan

PM Erdogan: A renewed economic crisis won't even touch Turkey Continued From Page 1 onfidence and stability are the two magical words behind our success. During this difficult period when the world economy is passing through, a single party government is of great importance for Turkey for continuation of stability," he said. Simsek said that when credit ratings of neighboring countries to Turkey have been dropped, Turkey's ratings have been raised.

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ith offices in 23 countries and a history that dates back more than 150 years, Standard & Poor’s is known to investors worldwide as a leader of financial- market intelligence. On Aug. 5, 2011, Standard & Poor's Ratings Services lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. The outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications. Standard & Poor's Ratings Services noted: “We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal

consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.” Standard & Poor's Ratings Services also pointed out: “When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.”

Letters to the Editor

turkey@ihlas.net.tr

What lies ahead? Italian Prime Minister Silvio Berlusconi noted Italy was on the front line of the eurozone's economic difficulties. Opposition parties have said they may vote against the measures, but have added that they will not use delaying tactics. Both the government and the opposition know that Italy is under fierce scrutiny from the markets due to its large debts. The International Monetary Fund has asked Italy to guarantee “decisive implementation” of spending cuts by making efforts to reduce public debt, maintain the stability of its financial sector and introduce structural reforms to boost growth. So, what lies ahead for Italy? M. Merk/ Rome

Global risks Global financial risks persists. Progress on financial sector repair and reform has been too slow, and policy initiatives are urgently needed to make financial systems resilient to new systemic shocks. Advanced G-20 economies need to put in place credible medium-term fiscal consolidation that balances short-run growth fragility with fiscal sustainability. Monetary policy should support fiscal adjustment and stay accommodative where there is economic slack. In emerging G-20 economies, more rapid macroeconomic policy tightening and demand rebalancing is needed in some cases. Pragmatic use of macroprudential tools may be needed to manage large capital inflows. J. Kreng/ Berlin

Recovery remains fragile.. Though the most acute phase of the global financial crisis has passed, recovery remains fragile and uneven. Developing countries, in part due to sound policies in the run-up to the crisis, are expected to account for almost one-half of global growth in the next few years. Still, they face enormous challenges. Continuing high food prices are of particular concern, as is limited international financing. For developed countries, low growth and high unemployment persist. K. Greg/ Paris

Financial assets.. As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be. George Soros commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility. B. Hyman/ Frankfurt

Turkey’s economy grows 11.0 percent in Q1

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he first quarter growth rate of gross domestic product in 2011 compared to the same quarter of previous year increased by 11.0% in constant prices. The first quarter growth rate of gross domestic product in 2011 increased by 17.9% and reached to 284,868 Million Turkish Liras in current prices. The first quarter growth rate of gross domestic product in 2011 increased by 11.0% and reached to 25,90 billion Turkish Liras in constant prices. Calendar Adjusted Gross Domestic Product in first quarter of 2011 increased by %11.0 compared to the same quarter of previous year; Seasonal and Calendar adjusted GDP increased by 1.4 pct compared to previous quarter. The ruling AK Party was one of the most businessfriendly governments ever seen in Turkey after it came to power in 2002, passing a raft of reforms and bringing stability after a deep financial crisis.

Turkey’s gross domestic product (GDP) clinched 11 percent growth, amounting to TL 25.90 billion, in the January-March period of this year over the same months preceding year, enabling the country the world’s fastest growing country during this period. Turkey seems not to have retreated from the noteworthy growth of 8.9 percent witnessed in 2010. The better-than-expected growth figures were immediately put under the spotlight by the government. “As the global financial crisis has shaken many developed countries, Turkey managed to clinch a record-high growth figure. We have become the world’s fastest growing economy,” Prime Minister Recep Tayyip Erdogan said during a parliamentary group meeting. As for Economy Minister Zafer Caglayan announced that he expects the year-end growth figure would be around 7 percent. The Turkish Statistics Institute

(TurkStat) released its quarterly growth rates, indicating that the economy had continued to grow for the sixth straight quarter. The growth rate was in double digits, even surpassing market expectations, which were around 10 percent. Accordingly, Turkey’s GDP amounted to TL 25.90 billion at constant prices in the first three months of the year, 11 percent higher than a year earlier, when the economy grew by 11.7 percent. Private consumption topped the components contributing to the GDP in the first quarter, with around 75 percent. The total amount of money Turkish households spent in Turkey and abroad was TL 211.6 billion and TL 1.9 billion, respectively, while foreigners visiting Turkey spent TL 6.6 billion in the mentioned period. On the other hand, the private consumption, or in another words investments, were TL 1 billion more — TL 8.44 billion — in the given period over the same period a year ago. TurkStat showed that TL 8 billion of these investments were made in the construction sector while 437 million was spent on machinery and other equipment.


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Made in Turkey Economic Newspaper, September 2011

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Turkish budget enjoys first half surplus Continued From Page 1 n June alone, there was a budget surplus of 3.1 billion liras following a 5.4 billion-lira deficit in the same period last year. Budget receipts rose 44.7 percent to 26.7 billion liras in June 2011 while expenditure was down 1.2 percent to 23.6 billion liras. “Recent debt restructuring had an extra contribution to the budget but we will continue to implement strict fiscal discipline in the way ahead,” Şimsek said. “[But] We will remain cautious due to global uncertainties and risks.” Accordingly, budget expenses equaled 143.2 billion liras, while budget incomes reached 146.1 billion liras from January to June, representing a surplus of 2.9 billion liras. In the first six months of 2011, tax revenues were around 122.73 billion liras. Turkey’s

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government has collected nearly 8 billion liras from taxpayers as part of a debt restructuring program in the first half of the year, the finance minister said. “We expect it to rise significantly by the end of the year,” Şimşek said. The government, however, would not use this money in current expenditures, he said. Turkey’s government plans to collect nearly 30 billion liras in taxes thanks to a law passed early this year. More than 4 million people have applied for a restructuring of outstanding taxes they owe the state after the new law. Şimşek urged public institutions not to ask for supplementary appropriation. “We will take our stance considering Turkey’s long-term priorities,” the minister said. The non-interest surplus in the first six months increased by 2.1 percent compared to the same term in 2010 and reached

25.3 billion liras, the Finance Ministry said. In the first six months, personnel expenses have increased by 16.1 percent, reaching 36.8 billion liras. The government’s payments to social security institutions as premiums

totaled 6.3 billion liras, while the state bought 12.4 billion liras of goods and services. The current transfers stood at nearly 55 billion liras. Health expanses increased by 4.5 percent compared with the same peri-

od a year earlier, exceeding 2.5 billion liras. At the same time, the sum of health, pensions and social aid expenses received a 27.1 billion share in the budget. The agricultural subsidiary payments cost a little over 5.5 billion liras.

Turkish Finance Minister Mehmet Şimşek

Google Doodled on Turkey’s National Maritime Celebrations

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n July the first, Google was celebrating Turkey’s National Maritime Day with a special doodle having a Turkish flag on top. While no other daily in Turkey did not mention about this national pride on their front pages, this gesture of Google was more meaningful for us. We highly appreciate the nice surprise of Google. The doodle and the picture it depicts was another proof of that Turkey is becoming a global actor on variety of grounds including economic, political and cultural fields. Recently Turkey has been ranked at top in the world with its 11 percent growth rate in the last quarter of the year. China ranked second after Turkey. Turkey’s rank, credibility and prestige are going upward steadily during the last decade with consistent and intelligent efforts of governing teams. As an another signal of Turkey’s growing power total monthly exports rose 25 percent in June 2011 compared to the previous month. Following an important national poll that was participated by 86 percent of all voters, and signaled a decisive victory of present political party over her harsh spoken rivals, who put their efforts to win up to the limits, everybody in the country was expecting new initiatives from the government. In his third term in the office as a Master, Prime Minister Erdogan was ready to start new strides on the way of greater Turkey. However, the opposite were experienced. Opponents engaged boycotts and resistance to accept the democratic outlook that voters have put forward. They protested and did not participate in the proceedings in the Grand National Assembly. At last, many of opponents changed their minds and came to the parliament and took their oaths. Still, a group of elected deputies have not quit their harsh resistance. Turkey’s revolutionary strides are continuing on many fronts including Cyprus and maritime fields. Shipyards in the country operate at full speed to meet the orders from all over the world. In this sense the celebration of Cabotage and National Maritime Day has become ever more meaningful. In his celebratory message for July 1st, Cabotage Day, TOBB President M. Rifat Hisarcıklıoğlu pointed out the maritime successes achieved in recent

years in our country, surrounded by seas on three sides, “In this field, we are one of the world’s countries whose star is shining. This is as it should be, too.” He said in his message, “A government’s right to carry passengers and cargo between its ports is its most natural and important right. In our country surrounded on three sides with seas, we declared sovereignty and independence in our coastal waters in 1926 with the declaration of the Cabotage Law and paved the way for important advances in this field. This year, like every year, on the 1st of July we proudly celebrate this right and the fact that it has opened the way for the development of our seamanship. The Turkish maritime sector has achieved significant success in both transportation and ship building. We are aiming at very large numbers for the 100th year of our Republic in terms of increasing exports and economic growth. We must enhance our ship construction industry, maritime transportation and ports in order to achieve these goals. As the Turkish private sector, it is our unflagging conviction that our nation will come together to reach all economic and social aims. It is with these thoughts and feelings that I, on the behalf of the Turkish private sector, congratulate the Maritime and Cabotage Day of all our nation and maritime workers, you have my sincerest respect and affection.” On the eve of dangerous economic, political and monetary turbulences in the West, in Europe, in Africa and in the Middle East, Turkey has seen as an island of peace, security and trust. As if walking on the sharp end of a knife, Turkey, if succeeded to keep its position in the region, will shine a glamorous star in this ever changProf. Dr. İsmail Kaya ing part of the earth.


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Made in Turkey Economic Newspaper, September 2011 GROUP CHAIRMAN: H. FERRUH IŞIK

İletişim Magazin Gazetecilik Sanayi ve Ticaret A.Ş. Adına Sahibi ve Sorumlu Genel Yayın Müdürü (Publisher and Editor in Chief):

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From devastation to prosperity, but..

THOUGHT OF THE MONTH

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ollowing Second World War, war-torn six-year programme aimed at sorting out the Europe has launched a new process in or- problems with the free-flow of trade across EU der to throw off the perplexity with the borders and thus generates the ‘Single Market’. When date showed 9 Nov. 1989, there was a idea setting up a union. The European Union was set up with the aim of major political upheaval, the Berlin Wall is pulending the bloody wars between neighbors, led down and the border between East and West Germany is opened for the first time in 28 yewhich culminated in the Second World War. The search of the European foremost leaders ars, this leads to the reunification of Germany was a permanent solution to relieve the heavy when both East and West Germany are united in burden of the wars and being a remedy for the October 1990. In 1993, with the Treaty of Maastricht, the war-tired European. Community clearly went beThe first step of the union, yond its original economic which enabled the union’s objective, formation of a countries, achieved prospecommon market, and its pority based on the natural relitical ambitions came to the sources of Europe called the fore. The treaty is commenEuropean Coal and Steel ted as the result of external Community. and internal events, especialAs of 1950, the European ly collapse of communism. Coal and Steel Community In 1995, the EU gained three began to unite European comore new members, Austria, untries economically and Finland and Sweden. politically in order to secure Following collapse of comlasting peace. In 1951, munism EU has opened its Treaty of Paris was signed Ibrahim Kupeli arms to its neighbors that forming European Coal and ikupeli@img.com.tr had been punished for long Steel Community. years under the communism The six founders of the union are Belgium, France, Germany, Italy, Luxembourg and the dicta regime. Almost all the rest Eastern block countries in the European continent are taken Netherlands. In 1957, the union came to a second treaty stag- into the Union one by one. e. The Treaty of Rome formed the European The first decade of 2000 is seen as the biggest Economic Community (EEC), or ‘Common enlargement process, number of member country reached 27 in the EU. Market’. Beginning in 1950, the union movement had On the line to be a member, there are candidate begun to advance happily for the member co- countries. untries. The union has been proved its success As for journey of Turkey’s EU integration process, exceed a half century, however, it is not and welfare in the 1960s. In the 1970s, the union saw the last right-wing clear when the membership to be accepted. Turdictatorships in Europe came to an end with the key is continuing to achieving integration procoverthrowing of the Salazar regime in Portugal ess one by one. in 1974 and the death of General Franco of In addition to Turkey, there are other three canSpain in 1975. Hence, a new period has begun didates such as Croatia, Macedonia and Iceland. There are also potential candidates; Albania, for these two countries. In 1981, Greece becomes the 10th member of Bosnia Herzegovina, Kosovo and Serbia. the EU and Spain and Portugal follow five ye- After the global economic crisis, which appeaars later. In 1985, a small village in red in 2008, has brought heavy burden on the Luxembourg gave its name to the ‘Schengen’ economy of the union as in the entire world. But agreements which aim a borderless zone in Eu- it has not been yet overcome completely. rope, gradually allow people to travel without Nowadays, winds of a new crisis blow on Eurozone. Currently, it is not clear when this new having their passports checked at the borders. In 1987, the Single European Act is signed. This crisis to be defeated and what kind of result can is a treaty which provides the basis for a vast bring for the union.

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f you're looking for a job or looking to hire, you need a smile break. Here are memorable interview moments: • A job applicant challenged the interviewer to an arm wrestle. • Candidate announced that her longterm goals were to replace the interviewer. • Applicant said if he was hired he would demonstrate his loyalty by having the corporate logo tattooed on his forearm. Unusual questions What is it that you people do at this company? Why aren't you in a more interesting business? Why do you want references? I know this is off the subject, but will you marry me? Unusual statements Once a week, I usually feel hot all over. I am fascinated by fire. I never get hungry. I would have been more successful if nobody would have snitched on me. I think I'm going to throw-up. No matter how badly your last job interview went, it probably wasn't this bad... • Said he was so well-qualified [that] if he didn't get the job, it would prove that the company's management was incompetent. • Stretched out on the floor to fill out the job application. THE ECONOMI$T

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Try not to become a man of success but rather to become a man of value.

Well!

What is your advise?

SUDOKU

CROSSWORD PUZZLE 1

• Wouldn't get out of the chair until I would hire him. I had to call the police. • Pulled out a Polaroid camera and snapped a flash picture of me. Said he collected photos of everyone who interviewed him. • An applicant came in wearing only one shoe. She explained that the other shoe was stolen off her foot in the bus. What job am I applying for, anyway?" "My resume might make it look like I'm a job hopper. But I want you to know that I never left any of those jobs voluntarily." "Sorry for yawning. I usually sleep until my soap operas are on." "I will definitely work harder for you than I did for my last employer." "I don't think I'm capable of doing this job, but I sure would like the money." I demand a salary commiserate with my experience." "Instrumental in ruining entire operation for a chain store." "Received a plague for Salesperson of the Year." "I am loyal to my employer at all costs.... Please feel free to respond to my resume on my office voice mail." "It's best for employers that I not work with people." "The company made me a scapegoat, just like my three previous employers." "You will want me to be Head Honcho in no time." "As indicted, I have over five years of analyzing investments."

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1 Sleep disorder Large computer co. Noah's boat _arts village Female deer Fox hole TV channel enhancer Chap Miner's goal TV award Tinge Make a payment Descendants Past Free (2 wds.) Bear or Berra High-school club TGNA in Turkish Useless Twitch Wax __ Unappreciated Light purple flower Vigorous Boxer Muhammad Day of the wk. Constellation Tulle American Football Conference (abbr.) Obscureness Bard's before Bed Rabbit

DOWN 1 Most basic 2 Legume 3 Apprehend 4 Swiss mathematician 5 Critical study 6 Lazily 7 Constrictor snake 8 Paramedics 9 Philippine dish with marinated chicken or pork 10 Old show 11 Leg joints 19 Shortsighted 21 Baseball glove 22 Part of a week 23 Self 24 Murk 25 Blots (2 wds.) 28 Executive director 30 Small particle 33 Energy unit 34 Not max 35 Metric weight unit 37 Breath mint 38 Recruit 40 Level off 41 Cargo vessel 42 Privileged 44 Asian country 46 Clique 49 Alien's spaceship 51 Elf 52 Kimono sash 53 Not (refix)

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5 ana-krs-serko:ana 03-orkde-tipotel-özgenç ki 25/08/11 4:07 PM Page 1

Made in Turkey Economic Newspaper, September 2011

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Industrial turnover up 25.7%

Austerity measures may echo in domestic businesses

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he Italian Senate has approved huge budget cuts to avoid a debt crisis risk. The austerity measures in the Mediterranean country may affect Turkish businesses as the two countries are carrying on strong industrial ties The economic future of Italy, a country that approved radical budget cuts on to resist Europe’s debt crisis, may hit Turkey’s businesses due to strong economic ties between the two countries, according to some commentators. The number of Italian companies doing business in Turkey reached 870 last year while there are 40 Turkish companies carrying on partnerships or investments in Italy. Excluding the energy business, Italy is Turkey’s third biggest trade partner. The Italian Senate gave initial approval for budget cuts during a session, Agence France-Presse reported. “The nightmare of one of

Europe’s founding states defaulting... has set off a strong and targeted reaction” from Italy’s parliament, which is approving the austerity budget in record time, according to business daily II Sole 24 Ore. But opposition leaders say Prime Minister Silvio Berlusconi, who has stayed away from the public eye since the stock market began plunging , has lost all credibility and should resign following the adoption of the austerity measures. The budget plan is aimed at slashing Italy’s budget deficit down to 0.2 percent of gross domestic product by 2014 from 4.6 percent last year. It also includes plans for a round of privatizations from 2013, new charges for health services and a quickened partial reform of pensions. The government is also reining in tax exemptions to raise revenues. The effects of an Italian debt burden and the new

austerity policies on Turkey would be quite different than the ongoing crisis in Greece, according to Cafer Sait Okray, the vice chairman of the Italy board in the Foreign the Economic Relations Board of Turkey, or DEİK. “There aren’t any [Turkish] industrial investments in Greece but some stores and restaurants. There are no such [Turkish] investments in Italy but there exists some industry investments,” Anatolia news agency quoted him as saying. Claiming that these investments would not be strongly hit by an Italian debt crisis, Okray said it was the right time for Turkish businesses to focus on the country “because some Italian companies may look for buyers due to the problems in their domestic market and Turkish companies may acquire them for cheaper costs.” The mutual trade between these countries was around $17 billion, he added, not-

ing that this figure may drop this year due to the austerity measures in Italy. According to DEİK figures, Turkey’s exports to Italy hit $6.5 billion in 2010 with a 10 percent increase from nearly $5.9 billion a year earlier. The country imported a sum of $10.2 billion of goods from Italy last year with a 32 percent increase from 2009. In the first four months of 2011, the mutual trade reached $7 million with a 29 percent increase from a year earlier. Investments increasing Interest from Italian investors in the Turkish market is also on the rise. Italy was the 13th country in the world in foreign direct investments, or FDI, last year. The Italian investments to Turkey added $289 million in 2010 with a 16 percent increase from a year earlier despite the ongoing effects of the global recession. Turkish businesses in Italy are rather small when compared with the other major European economies and they cluster

in the northern parts of the country. According to Okray, Italian industries are much stronger compared with Greece, Ireland or Spain, another European country teetering close to a debt crisis, according to a number of analysts. “[Italy] has big industrial bodies such as Fiat. Besides they have small and medium sized investments,” he said, naming the automotive industry as the backbone of the country. Italian companies would easily adapt to the conditions of a debt crisis, according to Okray. “This is why I see no risk in Italy for Turkish investments.” The main portion of Italian businesses in Turkey is in the manufacture and service sectors. Turkey’s Koç Holding, the biggest conglomerate in the

Turkish Economy Minister Zafer Caglayan: Turkey’s economy is as strong as stone Continued From Page 1 he Turkish economy is as strong as stone...its natural it would be affected by global problems because it's an open economy," he said. Caglayan, who was appointed in July to a newly estab-

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lished economics brief following the ruling AK-party's landslide victory in June's national elections, said Turkey's central bank was holding USD100 billion in foreign exchange reserves, which could help buttress the country from global shocks.

Turkish assets continued to be under pressure with Istanbul's benchmark stock index plunging as much as 5% in early trading, before paring losses to trade around 1.4%. The lira was lower against the dollar and the euro and bond yields rose,

while the cost of insuring Turkish debt rose to its highest level for almost two years. The across-the-board declines come after stocks sank 7.1% , the biggest drop in nearly three years, as investors shunned global risk and appeared to reject a

defense by the country's central bank governor of his monetary policy. Investors across emerging markets have been rattled by Europe's intensifying sovereign-debt woes and Standard and Poor's downgrade of the U.S. credit rating.

country, has strong ties with Italy. Fiat produces several models in the northwestern province of Bursa with Tofaş, a Koç subsidiary. Italy’s Unicredit is a 50 percent partner in the group’s Koç Financial Services. Some other Italian firms in the country are Iveco, Chicco, Merloni, De Longhi, Magnetti Marelli, Pirelli, Ermenogildo Zegna, Astaldi, Trevi, Caltagirone Group (Çimentaş), Banca Intesa, Banca di Roma, Instituto Bancario, Assicurazioni Generali, Barilla Alimentare, Menarini International, Omron Electronics, Inelli Plastik, Scavolini and Veneta Cucina. Some banking corporations such as Monte dei Paschi di Siena and Intesa also have branches in Turkey. Economy Minister Zafer Çağlayan

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n dust ri al turnover index in May 2011 increased by 25.7 compared with the same month in previous year and by 3.4% compared with previous month. In the sub sectors level of industry, mining and quarrying sector index increased by 30.2%, and manufacturing sector index increased by 25.6% in May 2011 compared with the same month of the previous year. According to Main Industrial Groupings (MIGs) Classification, the highest increase in May 2011 over the same month of the previous year realized in Energy. In Sub sectors of manufacturing industry the highest increase realized in manufacture of coke and refined petroleum products. When the change rates of industrial turnover index in May 2011 compared with May of 2010 inspected, the highest increase was in manufacture of coke and refined petroleum products by 42.8%, it is followed by manufacture of leather and related products by 38.2%. Industrial New Orders Index increased by 28.0% in May 2011. According to European Regulations, Industrial New Orders Index based on the year 2005=100, according to NACE Rev.2. increased by 28.0% in May 2011 compared with the same month in previous year and by 5.1% compared with the previous month. According to Main Industrial Groupings (MIGs) Classification, the highest increase in May 2011 over the same month of the previous year realized in Capital Goods. The highest increase in annual change rate of Industrial New Orders Index in May 2011 over the same month of the previous year realized in manufacture of fabricated metal products (Except Machinery and Equipment). When the change rates of Industrial New Orders Index in May 2011 compared with May 2010 inspected, the highest increase was in manufacture of fabricated metal products by 59.0%, it is followed by manufacture of machinery and equipment n.e.c by 45.5%.


6 ana-Turkiye:ana 06 25/08/11 4:08 PM Page 1

Made in Turkey Economic Newspaper, September 2011

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TOBB to bridge Anatolia and Europe for SMBs Continued From Page 1 BIGEMs in 4 cities

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In a project planned to span 3 years with an 8.5 million Euros, Turkey-EU Business Development Centers (ABIGEMs) will be established in Sivas, Antakya, Batman and Van provinces. ABIGEM will provide information, training, consultation and project development services to all companies in these provinces in order to strengthen the competitive power of SMBs. At least 500 SMBs will receive consultation services as a result of the project. 50 training programs, with the participation of at least 250,000, will be conducted. Chambers’ ability to aid SMBs will be heightened, 30 entrepreneurship programs will be conducted with the participation of at least 300, 150 of which will be women. The number of ABIGEMs in Turkey will reach 19. Training for all echelons Another project aiming at strengthening the compliance ability of SMB workers to global economy and technological advances will provide training to employers as well as employees. The project, which will start at the end of this year and last for 2 years, will be conducted in Elazıg, Malat-

ya, Diyarbakir, Sanlıurfa, Trabzon, Kayseri, Van, Kastamonu, Sivas, Samsun, Gaziantep, Kars, Erzurum, Kahramanmaras and Batman. As part of the project, an analysis to gauge the needs for general and vocational training will be made. This analysis will act as a guide for the trainings. SMBs employees, employers and Chamber workers will take part in business trips to EU countries aimed at improving their knowledge and capabilities. As well as continuing to support SMBs, Training and Consultation Centers will be established at TOBB and in Kayseri, Gaziantep, Samsun, Elazıg and Kastamonu. The budget for the project will be 5 million Euros. 20 Domestic and Foreign Chambers will form partnerships As the third project, called ‘Turkey-EU Chamber Forum-’, bond between TOBB and EUROCHAMBRES and their roles in the EU admission process will be strengthened. This will allow the progress made by Turkey and the impact of it on the business world to be reviewed by the policy makers. The service capacity of chambers in Turkey will be improved. About 20 chambers in Turkey and their European counterparts will participate in joint projects. The projects will be granted 50,000 to 150,000 Eu-

TOBB Chairman Rifat Hisarcıklıoglu ros, starting September 2011 and ending in the year 2013. The budget for the project is 5 million Euros. The 3 projects and project costs The Contribution of Chambers to the Turkey-EU Civil Society Dialogue: Turkey-EU Chamber Forum 5,000,000Euros Improvement of the SMB Employee and Employers Adaptability Project 5,000,000Euros Extending the EU-Turkey Business Development Centers Network Project 8,500,000-Euros

Eti Mine aims $800 million worth of exports

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aising by 16th stop in the list of Turkish Exporters’ Assembly’s top 1000 Exporters list in 2010 increasing its export volume over the pervious year, Eti Mine Enterprises aim to export worth $800 million in 2011. Eti Mine Enterprises Executive Board President and Director General Orhan Yilmaz, in his speech said that they aimed sales worth $820 million in both domestic and market abroad. He said that their gross profit which was $88 million in 2002, reached by $283 million in 2010, adding that their profit would reach by $382 million in 2011. Despite programming 1.2 tons boron chem-

icals and equivalent product and 1.8 tons concentrated boron production, they achieved 1.4 million tons boron chemicals and equivalent product and 2.2 million tons concentrated boron production in 2010, Yilmaz said. He continued, “In 2011, we predict 1.9 million tons boron chemicals and equivalent production. In recent years, Eti Mine has increased its market share by 40 percent thanks to its pursuing investment policies and efficient marketing concept. Since 2005, it has been a world leader in its sector, as for in our country Eti Mine is the leading establishment by exporting more in the mi-

ning and chemical sector.” Yilmaz also noted that showing growth of the boron mine in the market of the Commonwealth States and Far East in recent time urged Eti Mine to accelerate marketing activities in those regions. He also noted, within that framework they had established marketing companies to realize sales suitable to the targets in the markets of Russia and China countries. “While exports were worth $34 million in 2002, increasing 11.3 fold, the exports reached by $387 million in 2010. As for 2011, we predict this figure to reach by $531 million,” Yilmaz concluded.

Turkish exports prosper more than ever

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urkish exports increased by 20 percent between July 1 and 20 – totaling $7.5 billion for the period – and the momentum is expected to continue, the country’s economy minister said in a press meeting with the Economy Reporters Association . “There is no rest for exports; [it’s] full speed ahead,” Economy Minister Zafer Çağlayan said. Turkish exports increased by 23.6 percent, totaling 73.2 billion dollars between Jan. 1 and July 20, the minister added. Trade figures show the forecasts of the medium term will be easily exceeded for 2011, the minister said. A lack of savings in the country is the main reason for the current account deficit, according to Çağlayan. “We are working to find a sustainable solution to the current account issue. We have identified six sectors which will be carefully inspected this year.” Turkey’s ever-growing current

account gap reached an annual $68.2 billion in May. The ministry has concluded analyses for the iron and steel, automotive and machine sectors and will go over chemicals, agriculture and food as well as textile sectors by year end, the minister said, noting that these six sectors alone contributed $30 billion imports of intermediary goods. A depreciating currency has been supportive of exports in the first half of the year, according to Özgür Altuğ, chief economist at BGC Partners. “Turkish exports became more competitive thanks to the lira depreciation, but the unrest in the [Middle

East and North Africa] region and EU’s debt crisis could affect Turkey’s export performance negatively in the coming period,” Altuğ said in a note to investors. Recalling a TİM survey conducted at the end of the first quarter, Büyükekşi said exporters wanted to see the U.S. dollar at 1.63 lira and the euro at 2.22 liras on average. “The current level is ideal for exporters,” he said. “And we have begun to see the results.” Since the start of April, the U.S. dollar advanced 6.7 percent against the Turkish currency. In the same period, the euro’s rise has been over 7 percent.

MUSIAD Chairman Vardan: Trade volume can enlarge more between Turkey and Iran

MUSIAD President Omer Cihad Vardan Continued From Page1 he visit which took place between the 24th and 27th of June 2011 hosted many sectors including construction, tourism, machinery, food etc. the visit provided the delegation the chance to meet different companies for business cooperation. The visit, with the participation of 60 MUSIAD

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members from all around Turkey, took place as a courtesy visit by the invitation of the Tabriz governor Dr. Ahmad Alireza Beigi. MU SI AD Pres i dent Omer Cihad Vardan, who led the delegation, gave a speech during the 3rd International Forum on Invest ment op por tu ni ti es. During his speech Vardan emphasized the increase in trade that could oc cur between Tur key and Iran, who have gained a lot of economic strength in the last 3 years, if the bar ri ers between the two countries are abolished. He further stated that Turkish businessmen are reluctant to invest and work in Iran due to tariffs, banking system and working visa regulations. ‘Provided that these regulations are eased’ he continues ‘Turkey would become one of the biggest trade partners for Iran.’ Vardan also pointed that, alt ho ugh Tur key has adopted the zero problem policy with its neighboring countries in its foreign policy, it is still not in the desired level. During their visit, MUSIAD added another Allied contact point to its list, making 101 allied contact points, after signing the MOU (Memorandum of Understanding) with Tabriz Chamber of Commerce and Industry.


8 ana-:ana 06-mgt-anadolukuzine- 25/08/11 4:15 PM Page 1

Made in Turkey Economic Newspaper, September 2011

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No chance to stains living on walls by this paint Enjoy cleanness that does not leave trace on walls with Dyojen

Marmomacc joins the “ADI Gold Compass W Award Collection”

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he world-leading event dedicated to the natural stone sector has for many years been a platform for cultural development through initiatives that have helped re-interpret the use of stone, thereby involving not only the world of architecture but also the world of design. President Riello: "Design as an innovative element for international competition". Verona – Marmomacc, the International Natural Stone, Design and Technology Exhibition, in taking an “ADI Gold Compass Special Mention” joins the collection of the oldest and most authoritative design award in the world. For the first time ever, an exhibition was a candidate for an award - set up in

1954 by Gio Ponti, a renowned Italian architect and designer, in order to highlight the value and quality of products characterized by Italian design, then in its early years. Yesterday evening, the head offices of Pelanda in the Macro Museum, Rome, saw Marmomacc 46 editions organized by VeronaFiere - receive the “ADI Gold Compass Special Mention” for having promoted stone culture through initiatives such as “Marmomacc Meets Design”, “Best Communicator Award” and “Biennial International Stone Architecture Award”, as well as Education. This recognition was the well-deserved conclusion of a course that began with the selection of Marmomacc by a jury of

experts as a pioneering company in training activity and design research involving stone materials for the ADI Design Index 2010, the annual publication bringing together the best Italian design put into production.

These cultural and educational initiatives helped Marmomacc reveal new applications for natural stone, thereby confirming its status as the most qualified cultural workshop focusing on trends in the world of architecture and stone design.

ould you think that we spend how much time to clean our homes at all? Every room, every thing, every de ta il require a different care. As much as being tiredness, it also takes our free time that we leave for ourselves, stains and d i r t which are not cleansed in any way. As technology advances, the solution, which facilitates our life, just comes near us. One of them the new paint of Dyo, Dyojen. If we call Dyojen a wonderful paint, we do not exaggerate it much. It is paint either healthy or environmentally

friendly and also being cleaned easily, does not keep dirt and stain. Moreover, its color choices have been selected with the tren di est co lors. What other, a man would like to get from a paint? Think, your girl that you love her much has used your walls as the canvas of a most valuable art work. In this case, being angry at her it would mean to sac ri fi ce a renowned artist of the future for the sake of cleanness. Furthermore, both you and she co uld be bothered. Or think wine stain on wall, it is one of the most powerful stains. So what is told for the dirty hands with ketchup that le a ve trac es on walls. From now on, ther e is Dyoj en for cleansing of walls. Dyo has offe red Dyoj en, a great innovation to ease our life. Dyojen does not like stains at all, does not ke ep them on it. The most strong and difficult stains such as wine, ketc-

hup, tea, coffee, crayons and lipstick on the walls which are pa in ted by Dyojen can be cleaned easily. Stains cannot be held on Dyojen and without exerting much effort stains move away easily. After cleaning stains on the nor mal paints, the shining, trace and bad view vanish via Dyojen. Due to featuring without smell, Dyojen is also a friendly paint to health and environment. Thanks to its fe a tu re, without waiting for warm weather you can paint your homes in four seasons. The

color spectrum of Dyojen has been composed of the most preferable colors. Looking as soft mat, Dyojen, during painting, provides remarkable saving in time. In addition, it has utmost durability against shock and scratches. So the quality of your paint can stay same during using period. As for Another feature of Dyojen is to shorten the painting period regarding being spread easily. In other words, it is not necessary to brood before days when home to be painted.

Let’s transform Kenya into Konya

Turkish Ambassador to Nairobi Tuncer Kayalar; our correspondent Recep Aslantas; Turkish Attache Celal Gürbüz (From left to right)

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un cer Ka ya lar, Am bas sa dor of Turkey to Nairobi, the Republic of Kenya, calls for Tur kish bu si ness men, “Let’s turn Kenya to the city of Konya.” Tuncer Kayalar, Turkey’s Ambassador to Nairobi said that Turkish products high in quality have a big chance in Kenya, the heart of Eastern Africa. Kayalar said that the bu si ness men who will come to Kenya aiming investment and trade co-

uld enter among the biggest ones of the region in a short time. Turkey has come either in trade or in investment to a significant position in Africa. In recent years, stat ing that Ken ya has undertook an outstanding role in the Eastern Africa’s trade and investment, Kayalar has called for Turkish businessmen to invest in Kenya. Ambassador Kayalar signaled that Kenya would reach an important position in the next years in trade

and investment. We talked abo ut re la ti ons between Kenya and Turkey with Am bas sa dor Tuncer Kayalar. Q- Mr. Am bas sa dor, Would we know you shortly? A- I am ambassador in Kenya. Before, I worked as Foreign Trade Undersec re tary for 7 ye ars. Then I was assigned to this duty. It has been 1.5 years. Q- Would you tell us commercial and political relations between Turkey

and Kenya? A- Kenya is a gateway opening to Eastern Africa. When we said Eastern Af ri ca he re, basically there are 3 free trade areas. Comesa, East Africa Community and Southern Africa economic market. When you bring together these three trade areas, it means 700 million population and $1 trillion of GDP. Kenya is settled in the hub of these 3 free trade areas. So, trade, invest ment re la ti ons that will be developed with Kenya to cause to open to this entire region. We are in the effort with our all bu si ness men to ma ke Kenya a trade and investment center. In recent times, we have advanced remarkably especially holding fairs here. Expected rise in trade Last year, while trade volume between Turkey and Kenya was worth $100 mil li on, this ye ar we expect to increase more. Because, when we compare the first 5 months with the sa me pe ri od previous year, we see that there is an increase in the rate of 180 percent in trad e. This me ans the mutual trade would rise by over $200 million by the end of the year. Here there are our 2 important projects. One of them is the cus toms warehouse project where exporting goods which come from Turkey can be stocked and from here we would be able to deliver the goods first to Kenya and then to East Af ri can

Com mu nity. In thes e markets, after gaining a certain market share, we will pass to production of our exporting products on an Organized Industrial Zone that we will install. So we will enable to give these goods firstly to the Eastern Africa market and in the wide meaning to South African Community and Comesa markets. Q- In this case, can we say that Kenya will come to an important position in the world trade area in the upcoming days? A- We must direct both trade and idle capacity in the in vest ment are a in Turkey to the African countries. This condition is very crucial in terms of contributing to employment, prod uc ti on and exports as well. As Turkey, strengthening economically in these countries allows us to come into a mo re im por tant country situation in terms of political position, too. Customs duty easiness for businessmen Q- What kind of advantages Kenya provides for Turkish businessmen? A- There are various incentives of the Kenyan go vern ment for thos e would like to invest. First of these incentives is tax reduction for 10 years, also zero customs duty implementation for machi nery and equipment thos e who will ins tall factory here. Even there is various duty easiness for raw materials, which will be used in these factories. Also labors’ wages

being very low is a very big advantage for investment. Q- Do you promote Kenya so as to let its name known more? A- As of 2003 having $4 billion worth of trade volu me with the Af ri can continent, in 2009 trade volume reached by $1617 billion. This requires working for a long time. First be ing our SMEs, very good businesses have been done in the various countries of Africa; businesses have been undertaken in the context of trade and investment. We welcome developments of relations with appreciation. After this, we will be able to see the effects of works in a clearer way as well. Security is not a problem Security is very important for every country. Kenya is also very sensitive in the mater of security. But, Turkish businessmen have an anxiety whether Kenya is safety or not. How do you appraise this issue? A- Security matter basically has validity for the entire Africa. In Kenya, there are 250 thousand expats. If there is a problem in security this much expat could not live in Kenya. In this point it is ne ces sary to de ter mi ne this too; there are also places where not to exist as in every country. When someone goes outsi de at night, must be very ca u ti o us. Furt her more, I do not suppose

that being very different more from other countries. Q- Let’s inform our business men in this po int. How is Kenya secured? A- There is an advanced po li ce orga ni za ti on of Kenya. All homes, business places are secured by the private security firms. If the necessary attention is paid normally, humans can maintain their lives in this country. Textile facilities to be installed Q- Bu si ness men who wish to come to Kenya are cu ri o us abo ut the country. In Kenya which sector and products are needed? A- As the in vest ment areas in particular, investing in the construction sector has a great beneficial. Construction materials are very expensive. Explicitly, a mo no poly has been made up. For this re a son, the pric es are steadily rising. With the investments in the construction sector here a com pe ti ti on fac tor would be made up. Due to construction cost will plunge, demand for housing will be rising. As for the second important sector is textile. In the framework of the law which has a right for Kenya to export to America with zero customs duty, so we can also have right to export to America with free cos tu mes duty by our own textile fa ci li ti es he re. I think textile facility as the in-

teg ra ted fa ci lity. Ran ging from yarn production to ready-made gar ment, in the case integrated facilities to be set up; it would allow exporting both to the African and American markets. There are needs to these sectors I think it is necessary to get be ne fit from thes e advantages continuously. Apart from this, agricultural industry, in other words fo od industry, pac ka ging industry, I consider all of these sectors to be developed based on investment. Q- Do you suggest anything to bu si ness men who want to invest? A- I say this always. ‘Toget her, let’s transform Ken ya to Kon ya.’ Especially, we would like to see our Anatolian ti gers and SMEs he re. Via Turkish-Kenyan Busi ness Co un cil we can share our views. I see future of here very clear. After being constituted this business council as cor po ra te I think both trad e and in vest ment would rise top points by the mutual visits. Together let’s transform Kenya to Konya. Q- Do yo ur ac ti vi ti es will continue after this? A- Of co ur se. We are very extremely pleased re gar ding our bu si nessmen’s visit to Kenya. They also make us to remove our home yearning. We will evaluate Kenya together with our firms settled and institutionalized here.


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Made in Turkey Economic Newspaper, September 2011

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TOBB to bridge Anatolia and Europe for SMBs Continued From Page 1 BIGEMs in 4 cities

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In a project planned to span 3 years with an 8.5 million Euros, Turkey-EU Business Development Centers (ABIGEMs) will be established in Sivas, Antakya, Batman and Van provinces. ABIGEM will provide information, training, consultation and project development services to all companies in these provinces in order to strengthen the competitive power of SMBs. At least 500 SMBs will receive consultation services as a result of the project. 50 training programs, with the participation of at least 250,000, will be conducted. Chambers’ ability to aid SMBs will be heightened, 30 entrepreneurship programs will be conducted with the participation of at least 300, 150 of which will be women. The number of ABIGEMs in Turkey will reach 19. Training for all echelons Another project aiming at strengthening the compliance ability of SMB workers to global economy and technological advances will provide training to employers as well as employees. The project, which will start at the end of this year and last for 2 years, will be conducted in Elazıg, Malat-

ya, Diyarbakir, Sanlıurfa, Trabzon, Kayseri, Van, Kastamonu, Sivas, Samsun, Gaziantep, Kars, Erzurum, Kahramanmaras and Batman. As part of the project, an analysis to gauge the needs for general and vocational training will be made. This analysis will act as a guide for the trainings. SMBs employees, employers and Chamber workers will take part in business trips to EU countries aimed at improving their knowledge and capabilities. As well as continuing to support SMBs, Training and Consultation Centers will be established at TOBB and in Kayseri, Gaziantep, Samsun, Elazıg and Kastamonu. The budget for the project will be 5 million Euros. 20 Domestic and Foreign Chambers will form partnerships As the third project, called ‘Turkey-EU Chamber Forum-’, bond between TOBB and EUROCHAMBRES and their roles in the EU admission process will be strengthened. This will allow the progress made by Turkey and the impact of it on the business world to be reviewed by the policy makers. The service capacity of chambers in Turkey will be improved. About 20 chambers in Turkey and their European counterparts will participate in joint projects. The projects will be granted 50,000 to 150,000 Eu-

TOBB Chairman Rifat Hisarcıklıoglu ros, starting September 2011 and ending in the year 2013. The budget for the project is 5 million Euros. The 3 projects and project costs The Contribution of Chambers to the Turkey-EU Civil Society Dialogue: Turkey-EU Chamber Forum 5,000,000Euros Improvement of the SMB Employee and Employers Adaptability Project 5,000,000Euros Extending the EU-Turkey Business Development Centers Network Project 8,500,000-Euros

Eti Mine aims $800 million worth of exports

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aising by 16th stop in the list of Turkish Exporters’ Assembly’s top 1000 Exporters list in 2010 increasing its export volume over the pervious year, Eti Mine Enterprises aim to export worth $800 million in 2011. Eti Mine Enterprises Executive Board President and Director General Orhan Yilmaz, in his speech said that they aimed sales worth $820 million in both domestic and market abroad. He said that their gross profit which was $88 million in 2002, reached by $283 million in 2010, adding that their profit would reach by $382 million in 2011. Despite programming 1.2 tons boron chem-

icals and equivalent product and 1.8 tons concentrated boron production, they achieved 1.4 million tons boron chemicals and equivalent product and 2.2 million tons concentrated boron production in 2010, Yilmaz said. He continued, “In 2011, we predict 1.9 million tons boron chemicals and equivalent production. In recent years, Eti Mine has increased its market share by 40 percent thanks to its pursuing investment policies and efficient marketing concept. Since 2005, it has been a world leader in its sector, as for in our country Eti Mine is the leading establishment by exporting more in the mi-

ning and chemical sector.” Yilmaz also noted that showing growth of the boron mine in the market of the Commonwealth States and Far East in recent time urged Eti Mine to accelerate marketing activities in those regions. He also noted, within that framework they had established marketing companies to realize sales suitable to the targets in the markets of Russia and China countries. “While exports were worth $34 million in 2002, increasing 11.3 fold, the exports reached by $387 million in 2010. As for 2011, we predict this figure to reach by $531 million,” Yilmaz concluded.

Turkish exports prosper more than ever

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urkish exports increased by 20 percent between July 1 and 20 – totaling $7.5 billion for the period – and the momentum is expected to continue, the country’s economy minister said in a press meeting with the Economy Reporters Association . “There is no rest for exports; [it’s] full speed ahead,” Economy Minister Zafer Çağlayan said. Turkish exports increased by 23.6 percent, totaling 73.2 billion dollars between Jan. 1 and July 20, the minister added. Trade figures show the forecasts of the medium term will be easily exceeded for 2011, the minister said. A lack of savings in the country is the main reason for the current account deficit, according to Çağlayan. “We are working to find a sustainable solution to the current account issue. We have identified six sectors which will be carefully inspected this year.” Turkey’s ever-growing current

account gap reached an annual $68.2 billion in May. The ministry has concluded analyses for the iron and steel, automotive and machine sectors and will go over chemicals, agriculture and food as well as textile sectors by year end, the minister said, noting that these six sectors alone contributed $30 billion imports of intermediary goods. A depreciating currency has been supportive of exports in the first half of the year, according to Özgür Altuğ, chief economist at BGC Partners. “Turkish exports became more competitive thanks to the lira depreciation, but the unrest in the [Middle

East and North Africa] region and EU’s debt crisis could affect Turkey’s export performance negatively in the coming period,” Altuğ said in a note to investors. Recalling a TİM survey conducted at the end of the first quarter, Büyükekşi said exporters wanted to see the U.S. dollar at 1.63 lira and the euro at 2.22 liras on average. “The current level is ideal for exporters,” he said. “And we have begun to see the results.” Since the start of April, the U.S. dollar advanced 6.7 percent against the Turkish currency. In the same period, the euro’s rise has been over 7 percent.

MUSIAD Chairman Vardan: Trade volume can enlarge more between Turkey and Iran

MUSIAD President Omer Cihad Vardan Continued From Page1 he visit which took place between the 24th and 27th of June 2011 hosted many sectors including construction, tourism, machinery, food etc. the visit provided the delegation the chance to meet different companies for business cooperation. The visit, with the participation of 60 MUSIAD

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members from all around Turkey, took place as a courtesy visit by the invitation of the Tabriz governor Dr. Ahmad Alireza Beigi. MU SI AD Pres i dent Omer Cihad Vardan, who led the delegation, gave a speech during the 3rd International Forum on Invest ment op por tu ni ti es. During his speech Vardan emphasized the increase in trade that could oc cur between Tur key and Iran, who have gained a lot of economic strength in the last 3 years, if the bar ri ers between the two countries are abolished. He further stated that Turkish businessmen are reluctant to invest and work in Iran due to tariffs, banking system and working visa regulations. ‘Provided that these regulations are eased’ he continues ‘Turkey would become one of the biggest trade partners for Iran.’ Vardan also pointed that, alt ho ugh Tur key has adopted the zero problem policy with its neighboring countries in its foreign policy, it is still not in the desired level. During their visit, MUSIAD added another Allied contact point to its list, making 101 allied contact points, after signing the MOU (Memorandum of Understanding) with Tabriz Chamber of Commerce and Industry.


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Turkish Airlines named “Best Airline Europe” from over 100 different nationalities participated in this customer satisfaction survey. The Skytrax World Airline Awards Ceremony

Continued From Page 16 u ring the 10 month survey period, 18.8 million air li ne cus to mers

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took place in Paris, France and the awards were handed over to Turkish Airlines’ General Mana-

Turkish Airlines, THY, CEO, Temel Kotil

ger Temel Kotil by the CEO of Skytrax, Edward Plaisted. One of the fas-

test growing airline company, Tur kish Air li nes received several awards by Skytrax which is known as “Pas sen gers Choice Awards” and marked its name in the world aviation industry. The airline won Skytrax Award for the “Best Airline in Southern Europe” also in last year, as the airline achieved the same great success by winning the “Skytrax World Aviation Award 2009” known as the Oscar of Aviation industry. According to the Skytrax results of the evaluation 2010, Tur kish Air li nes has be en na med the “Best Airline in Southern Eu ro pe” and the best quality in economy class with the inflight service which is being served by Tur kish Do&Co. Meanwhile the air li ne marked its name on the 3rd place in the best airline companies in all Eu-

ro pe countries. Turkish Airlines (THY) CEO Te mel Ko til sa id that although being named the best airline in Europe is quite an honor, they have their sights set on becoming the top avia ti on com pany in the world. “THY was na med the best airline in Europe by Skytrax in late June. We, as THY, have also won many runner-up awards in various areas but prefer not to mention these as we don’t congratulate ourselves on coming in second. Our goal is to become the world’s best airline in the near future,” Kotil stated. In a poll where over 18.8 mil li on air li ne pas sen gers from 100 different nationalities voted, THY was awarded with the “Best Air li ne Eu ro pe” priz e by Skytrax, the world’s largest air li ne review si te, which re cognized the quality of

THY’s in-cabin service and the range of loca ti ons THY flies to. THY al so won the “World’s Best Premium Economy Class Airline Seat” and the “Best Airli ne So ut hern Eu ro pe” awards. Commenting on the Skytrax award, the head of THY said it was very important to be named Europe’s best airline since a large part of the company’s revenues and pas sen gers co me from Europe, adding that the award will have a positive influence on their mar ket shar e in the world avi a ti on sec tor. “We have already started to show off our award in many com mer ci als in Europe and on all of our planes. It would be very nice if we could increase our passenger numbers by 2-3 p e r cent. I think T H Y c a n

expect a 10 per cent ri se in its profits thanks to this award this ye ar,” Kotil noted. Kotil said Turkey’s national air carrier has grown, on average, annually by 20 percent and that they have increased their number of destinations, in Turkey and globally, to 171. He added that the company was a 3-star airline in 2006 but became a 4.5-star one in 2009. “Now, our next goal is to become a 5-star aviation company. Step by step, we will become the world’s best airline,” he recorded. Moreover, Kotil mentioned that cabin personnel has increased from 1,700 to 5,500, while the number of pilots has risen to 2,200 from 640 over the last couple of years, making the total employees at THY close to 8,000. In addition, THY’s daily flights consisted of just 400 in 2005, whereas it surpassed 1,000 this year. “Our new goal is to increase the number of daily flights to the 2,000 figure,” Kotil added.

The chairman of the Confederation of Businessmen and Industrialists of Turkey (TUSKON) Rizanur Meral, “Trade volume between Turkey and Chili can expand US$1 billion in a short time”

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able businessmen together. “Our aim is to achieve a trad e vo lu me of US$1 billion in three years,” Meral said during a seminar on “Free Trade Agreement: Opportunities for Bilateral Economic and Trade Relations” in Istanbul. About investment areas in Chile, Meral said there

were many in vest ment opportunities, particularly in agriculture, agricultu ral industry, textiles, ready-to-wear, construction materials, contracting services, tourism and food, and the country was anticipating Turkish businessmen. In his speech, at the meeting, Chile’s As sis tant Secretary of Agriculture

Alvora Cruzat stated the free trad e ag re e ment between Tur key and Chile entered into force on March 1, and brought 98 percent customs tax privilege in the first place. Cruzat defined Turkey as a gate opening to the Mideast and Asia. Turkey and Chile signed the free trade agreement

on July 14, 2009. At the end of the seminar, TUS KON and Chile’s Fe de ra ti on of Industry (SOFAFA) signed a memorandum of understanding MoU. With its almost population of 17 million, US$258 billion of Gross Domes-

tic Product (GDP) and US$118 billion of foreign trade, Chile is one of the biggest economies Latin America. Turkish exports to Chile amount to US$82 billion, and it imports go ods worth US$312 bil li on from Chile.

Mega Build Istanbul, Eurasia Building Materials Fair to be held on 8-11 Sept. 2011

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fruits of our meticulous research and efforts for organizing a fair that will go he ad to he ad with global giants and respond to international marketing needs of Turkish Building Materials Industry, which targets re ac hing $ 100 billion exports by 2023. The agreement between CNR and IM SAD, first phase of which will con ti nu e un til year 2017, targets making Istan bul one of the most important centers for global trade of

building materials.” MEGA targets for MEGABUILD The fair’s target in 2011 is to gather more than 1000 exhibitors and 50,000 professional visitors on an area of 120.000 sqm. In 2012, the area to be used will re ach 180,000 sqm. MEGABUILD 2011 is planned in a manner that it will use all 8 halls of CNREXPO. Accordingly, the halls are separated into different themes based on product groups. This arrangement is aimed at allowing professional visitors to make best use of their time within the exhibition area, and offering more business contact op-

por tu ni ti es to all exhibitors. Beginning from 2012, the fair area will reach 180.000 sqm with the addition of 6 new halls. The target is to take place among the top 3 construction fa irs aro und the world. “Rebuilding the World” with MEGABUILD

highlighted in particular the Ten-Year Program of Action adopted in 2005 and what has been achieved so far in implementing it in various fields, the revised Charter endorsed in 2008, and the change of the name and logo of the OIC, which was adopted at the 38th Session of the Council of Foreign Ministers (CFM) in Astana, Kazakhstan on June 28-30, 2011. The 38th CFM also saw the birth of the Independent Permanent Human Rights Commission of the OIC. Ihsanoglu stressed to the students that the OIC now stands to be a viable organization in the new map of the world that is shaping up. Over the next five days the conference will offer training in three areas, namely, a study of OIC, its history, functions and philosophy; the agenda items of the OIC which touch on the hot current issues of the Muslim world; and a practical simulation of the OIC Council of Foreign Ministers.

TUSKON Chairman Rizanur Meral

MEGABUILD, a giant cooperation in construction industry Giant Cooperation in Construction Industry IMSAD & CNR EXPO hit the button for MEGABUILD. IMSAD and CNR, the most broad-based represen ta tive of Building Industry that is Turkey’s le a ding export sector and the lea ding trade fair organizer in Turkey respectively, hit the button for MEGABUILDEurasia Building Materials Fair. “We are now having the

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he Secretary General of the Organization of Islamic Cooperation (OIC) Prof. Ekmeleddin Ihsanoglu gave the keynote speech at the International Conference of the First International Model of the OIC (IMOIC) on July 12 at Sabanci University on the outskirts of Istanbul, Turkey. The conference is organized by the Islamic Conference Youth Forum for Dialogue and Cooperation (ICYF-DC), an affiliate institution of the OIC, and in coordination with the Turkish Foreign Ministry and the Center of Civilization Studies and Dialogue of Cultures (CCSDC) of Cairo University. The IMOIC aims to bring awareness of the work of OIC to Muslim students, who came from over 30 countries to participate in this first international conference of IMOIC. In his speech the Secretary General gave a general overview of the history, objectives and functions of the OIC. He

New border gates planned to open between Turkey and Iraq

“Trade volume between Turkey, Chile can increase to $1 billion”

he chairman of the Con fe de ra ti on of Businessmen and Industrialists of Turkey (TUS KON) sa id that trade volume in Turkey and Chile could grow to US$1 billion in a short time. Rizanur Meral said two countries could achieve that goal, if they get reli-

OIC Secretary General opens the First International Model of the OIC

A project for the future Bu il ding on the great strides ma de by the industry in the last twenty years, MEGABUILD takes aim at grabbing a bigger slice from the global pie of construction industry, which continues its growth. Aimed at becoming the most popular national and international construction

industry rendezvous in Turkey, MEGABUILD aspires to gather all the links of the industry’s supply and distribution channels. With this added-value potential it will generate, the fair will be a priority event in agendas of building material producers, wholesalers and retailers, as well as of architects, contractors and investors.

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he Turkish Undersecretariat of Customs stressed the importance of opening new border gates between Turkey and Iraq as the trade volume and motor vehicle traffic increased enormously in recent years. In a written statement released, the Turkish Undersecretariat of Customs said that the Turkey-Iraq New Border Gates Joint Working Group held its first meeting in Ankara with the participation of Customs Undersecretary Ziya Altunyaldiz and a high level official of the Iraqi Foreign Ministry Dr. Walid Shiltagh. According to the state-

ment, the two sides at the meeting agreed on the necessity to open new border gates as the trade volume exceeded US$7.4 billion and motor vehicles traffic reached a figure of 1.6 million. At the meeting, the two sides decided on establishing a “Joint Technical Committee” that would increase the capacity at the Habur-Ibrahim Halil Kara Border Gate by building new bridges and bringing down the load of the existing bridges. The “Joint Technical Committee” will evaluate the Turkish-Iraqi border and decide on new locations for new border gates, the statement also said.


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Number of tourist rises 15 pct in H1 in Istanbul

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n the first half of this year, 3 mil li on 563 thousand 885 tourist visited Istanbul, increasing 15 percent.

According to the data from Istan bul Cul tu re and To u rism Directorate, totally 3 million 563 thousand 885 people visi-

ted Is tan bul in H1 as 378 thousand 380 tourists in Jan., 431 thousand 481 in February, 556 thousand 113 in March, 694 thousand 959 in April, 729 thousand 860 in May and 773 thousand 92 tourists in June. According to this, in the first half of 2011, the number of tourist in Istanbul increased 15 pct over the same period last year. As for 2010, in the same period 3 million 93 thousand 488 tourists visited Istanbul. The 3 million 396 thousand 311 preferred airline, as for 167 thousand 574 tourists who ca me to Is tan bul pref er red maritime line.

In H1 of 2011, the 144 thousand 230 tourists came to Karakoy port for daily visit. When regarded to the nationality of tourists, Germans ranked first with 12.2 pct. this was followed by Rus si ans with 6.8 pct, Americans with 5.5 pct, French with 5.2 pct, British with 4.8 pct, Italians with 4.6 pct, Iranians with 4.3 pct, Dutch with 3 pct, Spanish and Japanese with 2.2 pct, Ukrainians with 2.1 pct, Azerbaijanis with 1.9 pct, South Koreans with 1.8 pct, Turk men with 1.7 pct and Australians with 1.6 pct. Istanbul Culture and Tourism Manager Ahmet Emre Bilgili said, increasing tourist num-

Selimiye Mosque and its Social Complex on World Heritage List

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he United Nations Educational, Scientific and Cul tu ral Orga ni za ti on (UNES CO) ad ded Turkey’s Se li mi ye Mosque and its Social Complex on the “World Heritage List”. The square Mosque with its single great dome and fo ur slen der mi na rets, dominates the skyline of the former Ottoman capital of Edirne. Sinan, the most famous of Ottoman architects in the 16th century, considered the complex, which inc-

ludes madrasas (Islamic schools), a covered market, clock house, outer courtyard and library, to be his best work. The inte ri or de co ra ti on using Iznik tiles from the peak period of their production tes ti fi es to an art form that remains unsurpassed in this material. The complex is considered to be the most harmonious expression ever achieved of the Ottoman kül li ye, a group of buildings constructed aro und a mosque and managed as a single ins-

titution. A total of 35 nominations, inc lu ding na tu ral, cultural and mixed proper ti es are be ing reviewed by the Committee, which is holding its 35th ses si on at UNES CO Headquarters in Paris. UNESCO’s decision came after several meetings. The World He ri ta ge Com mit te e, res pon sib le for the imp le men ta ti on of the World He ri ta ge Con ven ti on, comp ri ses representatives of 21 co-

unt ri es, elec ted by the Stat es Par ti es of the World Heritage Convention for four years. Each ye ar, the Com mit te e adds new si tes to the List. To date, the World Heritage List numbers 911 prop er ti es of “outs tan ding uni ver sal va lu e,” inc lu ding 704 cul tu ral, 180 na tu ral and 27 mixed properties in 151 Stat es Par ti es. The World Heritage Convention has been ratified by 187 States Parties to date.

ber in 15 percent is the result of promotion works of Istanbul that carried out in 2010. Pa ral le ling the he igh te ned qualification and quantity is al so im por tant, Bil gi li sa id, “Except bordering cities, the social and political events, uprising in our surroundings and the Mideast countries are not determinative in terms of Istanbul. Strengthening of our country, ga i ning stab i lity steadily in the re gi on and emerging safety element to the front are the factors that enable Istanbul to continue in this rising. It is a common wish all of us that tourism to bring peace in addition to its commercial function.”

Flour export expands

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onya Commodity Exchange Market’s Council Chairman Huseyin Cevik said that Turkey ranks second as the foremost flour exporting country after Kazakhstan in the world. “This year abundant product in Turkey will lead to the positive effect in flour exports, too,” Cevik said. Cevik also noted that Turkey exports flour to 112 countries across the world. The countries such as Iran, Iraq, Syria and the Far East and African are the countries that Turkey exports more. Last year, exporting 2 million 200 thousand tons flour, Turkey will export flour more than that of last year in 2011. “Having changed purchasing wheat scales enabled the Turkish Grain Board (TMO) to get high in quality wheat, so this has reflected to the quality of flour and Turkey exports high in quality flour,” Cevik said. Cevik also said that this year abundant harvest in wheat has reflected positively to the flour prices. In his statement, Cevik said that a very productive season has been enjoyed in wheat production, harvesting much raw material allowed flour prices reduce. Last year, having experienced low production in some areas in the world first being in Russia and then European Union, Kazakhstan, Ukraine and Australia led to prices up. This year, flour prices will make people’s face smile.


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Made in Turkey Economic Newspaper, September 2011

Ban Ki-moon: Global aid for trade efforts vital for boosting development

UN Secretary-General Ban Ki-moon

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ecretary-General Ban Ki-moon appealed to donors to maintain their support for “Aid for Trade” efforts to help developing countries, especially the poorest, accelerate development and benefit from global economic growth. Aid for Trade is an initiative launched by the World Trade Organization (WTO) six years ago to help developing countries, particularly the least developed, develop the necessary trade-related skills and infrastructure to

carry out and benefit from WTO agreements and to expand their trade. “Aid for Trade reflects the international community’s commitment to help developing countries participate actively in the world economy and to ensure that these countries can also gain from world growth,” Mr. Ban said in his remarks to WTO’s Third Global Review of Aid for Trade, held in Geneva. He said that Aid for Trade is a crucial building block of the global partnership

for development, and applauded the international community’s efforts to mobilize resources under this category. Today Aid for Trade accounts for as much as one-third of official development assistance (ODA). “However, all is not well,” Mr. Ban pointed out. “As we all know, this is a time of economic uncertainty. Budgets are tight. But difficult fiscal conditions are no excuse for letting up our efforts; they underscore the need for collective action.” Noting that the annual rate of increase for Aid for Trade has slowed sharply, he urged the donor community not to fall short of the present level of Aid for Trade. “Going forward, it is also essential to ensure that the Aid for Trade does not displace existing development assistance,” he added. The Secretary-General also stressed the need to pay attention to the unique needs of the least developed countries (LDCs) and make sure they are not left behind. Also, he emphasized the need to fully utilize the potential for Aid for Trade to advance food and nutrition security. “In all our efforts, let us

remember that meeting our development goals is ultimately about building self-sufficiency and helping people help themselves,” he stated. “Together, let us advance our shared goal of ensuring that the international system works best for those who need it most.” Mr. Ban also noted that in an age of integration and interconnection, initiatives such as Aid for Trade have to be looked at along with other interlinked issues such as climate change, food crisis, global health and gender empowerment, as well as other development objectives, including the antipoverty targets known as the Millennium Development Goals (MDGs). Next year’s UN conference on sustainable development, to be held in Rio de Janeiro in June, will provide an opportunity to do just that, said the Secretary-General, who has made sustainable development the world body’s top priority for this year. Sustainable development was also a topic of talks held today between Mr. Ban and Micheline Calmy-Rey, the President of Switzerland. They discussed the work of the S e c r e t a r y - G e n e r a l ’s

High-Level Panel on Global Sustainability, of which the President is a member, and Mr. Ban was pleased to hear that the Panel’s work is progressing, his spokesperson said. The panel, set up last August, is tasked with finding ways to lift people out of poverty while tackling climate change and ensuring that economic development is environmentally friendly. They also discussed assistance to the new nation of South Sudan, Swiss support for peacebuilding initiatives in Africa and Haiti and the Swiss role in various mediation efforts. The two-day Global Review of Aid for Trade, which opened on Monday, is aimed at assessing what has been achieved since the initiative was launched in Hong Kong in 2005. The forum brings together senior officials from the WTO, the World Bank, the Organization for Economic Cooperation and Development (OECD), the UN Industrial Development Organization (UNIDO), as well as dozens of international trade organizations, nongovernmental organizations (NGOs), and private corporations.

Automotive exports up 16 percent in H1 of 2011 In the first six months of the year, $9,4 billion worth of exports achieved by the automotive sector

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urkey’s automotive sector achieved $9,4 billion worth of exports, increasing 16 percent in the first half of 2011. According to the data of Automotive Manufacturer’s Association (OSD) that compiled from the Uludag Exporters’ Union (UIB) and Central Anatolian Exporters’ Union (OAIB), in the first 6 months of 2011, the total exports of automotive industry expanded 16 percent to $9,4 billion compared with the same period preceding year. Being worth $2 billion 612 million in H1 of 2010, the total automotive supplier industry exports, in the same period this year, reached by worth $3 billion 416 million. In this period, automobile exports reali-

zed as $3,4 billion, increasing 1 pct. Production raised 14 pct In the first half of 2011, the total automotive production expanded 14 percent over the same period last year. Produced 417 vehicles, which accounted for 67 percent of the total production, were exported. Depending on the domestic market sales, the commercial vehicle production increased 145 pct in big trucks, 42 pct in vans, 37 pct in small trucks, 35 pct in buses and 17 pct in pick-ups in the first half of 2011, respectively. 2011 Jan.-June, automobile production became 336 thousand. Tractor production in the same period increased 64 pct to 24 thousand.


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Children loves Funtik S

tar Plastic Company produces mini water dispensers for children to offer a healthy solution to the polluted environment of the world to provide pure water for children. Very elegantly designed, the mini dispensers developed by Star are called “Funtik”. Funtik is not only for water. The sweethearts can fill it with milk or any other healthy drink and enjoy more than the insistence of their mothers. With Funtik, mothers are very happy, too, for they don’t have to insist their sweethearts to drink milk. Funtik has more: it has types such as Funtik Ayicik (Funtik baby bear), Funtik Kedicik (Funtik kitty), Funtik Ordek (Funtik duck), and Funtik Mini Dispenser for adults.

Mini Water Dispensers, with 2 liter-capacity, are decorative items for kids’ rooms, too. They have nine color combinations. These lovely products are not only for kids but also for adults. You can place in on your worktable or in bedroom for more hygiene water because it is covered and doesn’t get dusty. Star Plastic Company is a leading and innovative company operating in the bathroom accessories, too. It is successfully in business since 1992. It produces over 100 kinds of products in its factory located in Bayrampasa, Istanbul. Star’s main products are bathroom accessories, mirror sets, cheval glasses, bathroom corner sets, toilet seats ad home/kitchen tools. Working with the customer-

focused principles the aim of the company is to develop all of its production and product portfolio. The company’s officials assure that their products are healthy and the Funtik Mini Water Dispensers

are produced by the permission of the Ministry of Agriculture and Rural Affairs without including any unhealthy additives. The sizes of mini and love dispensers are 47 cm height by 13 cm width.

Chairman of Daimler AG, Dieter Zetsche

Turkey’s five companies in A world’s biggest steel producers

Mercedes-Benz celebrates 25th anniversary in Aksaray

total of Ç230 million has been invested in the plant to date. An additional Ç130 million to be invested over the next five years

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ive Turkish companies have been named among the world’s biggest steel producers. Turkish companies Erdemir Group, Habas, Icdas, Diler Group and Colakoglu Metalurji were included in the world’s leading steel & metal markets publication Metal Bulletin’s “Biggest Steel Producers List” for 2010. A total of 116 companies from all over the world took place in the World Bulletin’s list. Erdemir Group has ranked

47th in the list with its steel production achieving 7.1 million tons, while Habas took at the 72nd stop with a production of 4.4 million tons, Icdas positioned as the 76th with its production of 3.6 million tons, Diler Group was at the 108th place with its production around 2.3 million tons and as for Colakoglu Metalurji ranked at the 110th stop with its steel production of 2.1 million tons. According to the experts, the number of Turkish steel firm would rise in the parallel of steel

production and current steel producers to climb up in the upcoming years. ArcelorMittal from Luxembourg; Hebei Steel, Baosteel and Wuhan from China; and Nippon Steel from Japan topped World Bulletin’s annual list. In the list 57 Chinese steel firms took place. Metal Bulletin, first introduced in 1913, is a leading source of steel and metal markets news and prices. The bulletin is published as a weekly paper magazine, with breaking news alerts, daily email news

wraps, live news and prices web-site, as well as the

option of online real-time prices.

World’s biggest health center to be built up in Ankara by 2014

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orld’s biggest health center will be constructed in the capital city Ankara. Turkey’s capital Ankara will be a home to the world’s biggest health center. Executive Board Chairman Kazim Turker of Turkerler Holding, which will construct Etlik Integrated Health Campus in Ankara, announ-

ced that the campus would be similar to Cleveland health center in Ohio, the United States, adding that the center would accept patients from foreign countries too. Etlik Integrated Health Campus will be completed by the end of 2014, said Turker, noting that the campus would employ 10,000 people.

Turkerler Holding won the tender for the construction of the campus together with Italian Astaldi. Turker said that the campus would be built on an area of 1,400,000 sq meters. He also recorded that the campus would be constructed with an investment of 2.4 billion Turkish Lira (one USD equals 1.62 TL).

He noted that Dr. Sami Ulus Child Hospital, Diskapi Yildirim Beyazit Training & Research Hospital, Diskapi Children’s Hospital, Zekai Tahir Burak Maternity Hospital, Ulucanlar Ophthalmic Hospital, Ulus State Hospital and Dr. A.Y. Ankara Oncology Training & Research Hospital would also be moved into the new campus.

The project will be built by the PublicPrivate-Partnership (PPP) model; Turker said 100 surgery departments would be in the Ankara Etlik Integrated Health Campus and will be served by the stateof-the art technological devices and equipment. T u r k e r l e r Constructions Co. Inc was established

in 1993 and despite of the short period from establishment date, quality resulting from their care and fastidiousness in their projects has made their name a reputable brand in construction sector. It has subsidiaries in renewable energy production, natural gas distribution, textile, informatics and oil sectors.

Bulut Construction celebrates its 26th anniversary with new projects

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ulut Construction celebrated achieve ment of its projects without making any con ces si on from quality and comfort by holding a night at Guney Restaurant. at the night in his speech

Temel Bulut, Chairman Bulut Construction

told the in te rest that shown to their campaign called “Buy home with da ily 10 TL”, Bu lut Construction Executive Board Chairman Temel Bulut said; “We have set out to let thousands people to get home by aiming strong, high in quality, tech no lo gi cal, com for tab le and so ci al life as suitable for every budget. The interest in our projects has been the proof in re ac hing our aim. Thanks to installment sales daily by 10 TL even though those, who think it is not possible to buy, have owned a home. This is the most beautiful happiness for us. We will continue to make their faces smile that want to own a home

with our latest project, Evviva Gümüfl City, by maintaining our campaign “Buy the home with a da ily ins tall ment 10 TL”. Temel Bulut noted that they would expect the construction sec tor to emerge forefront and indi ca ting ther e was re markable need for housing in Istanbul, he said that they have new projects to meet need of houses. Numerous invitees from all media establishments joined the night which presentation offered by Ece Erken. Also music per for mer Sü rey ya ad ded color to the night and pastry in the model of Ev vi va Li fe Cen ter Project was offered.

Dr. Dieter Zetsche, Chairman of Daimler AG, said: “We have outstanding prospects in Turkey. Our trucks and travel coaches have been the market leaders in this country for many years, and we want to continue to substantially increase sales in the years ahead.” The Mercedes-Benz plant in Aksaray, Turkey, is celebrating its 25th anniversary. The facility began producing trucks in 1986. At a ceremony held to commemorate the anniversary, WolfDieter Kurz, President and CEO of Mercedes-Benz Turk, welcomed Dr. Dieter Zetsche, Chairman of Daimler AG; Andreas Renschler, Daimler Board of Management Member responsible for Daimler Trucks and Buses; and 250 invited guests at the plant in Aksaray. In his speech, Dr. Zetsche talked about the dynamic nature of the Turkish market. “We have outstanding prospects in Turkey,” he said. “Our trucks and travel coaches have been the market leaders in this country for many years, and we want to continue to substantially increase sales in the years ahead.” Dr. Zetsche went on to say that “Our Turkish bus and truck plants are among the most advanced commercial vehicle manufacturing facilities in the world, and they are an essential part of Daimler’s global production network.” Andreas Renschler, the Daimler Board of Management Member responsible for commercial vehicles, also pointed out how correct it was 25 years ago to decide in favor of the investment in the city of Aksaray. “The facility in Aksaray is now a key pillar

of Mercedes-Benz Trucks. Over the past 25 years we have invested a total of Ç230 million in the plant, and we will invest an additional Ç130 million in the facility in the coming years.” The Aksaray truck plant is the most important industrial facility in the region and its biggest employer. “Through our plant and competitive products, we are continuing to contribute to the development of the Turkish automotive industry and the region,” said Wolf-Dieter Kurz while talking about the plant’s success. “Our most valuable asset in all of this is our highly qualified and motivated employees.” The great importance of training and qualification at Mercedes-Benz Turk is demonstrated by the plant’s donation of Ç180,000 to the Aksaray vocational school. Dr. Zetsche presented the check to the governor of the city of Aksaray. The money will be used to build and furnish a state-of-the-art training workshop for car mechanics and electronics specialists. The Mercedes-Benz plant in Aksaray Mercedes-Benz Turk was established in Istanbul in 1967 and began producing buses for the Turkish market in 1968. The Aksaray plant began truck production in 1986. Today the plant’s product range encompasses Atego, Axor, and Unimog trucks, to which the Actros was added in December 2010. Since its establishment, the Aksaray plant has manufactured 140,000 trucks. The facility currently employs around 1,600 men and women. Mercedes-Benz Trucks has a 38-percent share of the Turkish market, making it the undisputed market leader in the country’s heavy-duty truck segment. Turkey is the world’s thirdlargest sales market for MercedesBenz Trucks.

The 3rd Kenya Building Materials Exhibition in Dec. 2011

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hen the latest developments are taken into consideration in Kenya and as the exports center in Eastern Africa, Kenya Building Materials Exhibition is an opportunity for the firms in the construction sector. Being held by Turkel Fair Organization Inc., the 3rd Kenya Building Materials Exhibition will be meeting with visitors on December 2-5, 2011 at the Kenya International Conference Center’s Tsavo salon. Having held its second edition in 2010, over 60 participants from allover the world joined the fair. Kenya, Turkey, Egypt, Italy, China, South Africa, Japan and United Arab Emirates were in the participant countries. This fair has provided opportunity for the exhibition of very miscellaneous product and services in the building and construction sector, the official of the fair said. The fair had been a mediation to constitute a great business volume by bringing some 4000 importers from Eastern Africa’s business circles, trade firms, investment agents in the region, producer firms, academicians, chambers of commerce and the foremost firms of the sector.

This year, besides aforementioned countries, participators from other countries such as Iran and sectorial diversity expected to increase. Why Kenya Kenya is the biggest economy with the GDP over $29 billion in Eastern Africa. Generally, when economic relations are inspected between Turkey - Kenya, our exports increased 323 percent in the last two years, in a short time our exports to Kenya would rise by 500 million. Products to be exhibited at the fair are as follows Construction Materials Construction Chemical Pane and door Systems Electric and Illuminating Heating and Cooling Systems Sanitary Installation Bath and Ceramic Products Marble Wall Covering Materials Floor Covering Materials Construction Machines Garden Design and Landscape Covered Area Panel Systems Interior Decoration


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FAIRS & EXHIBITIONS

13 Made in Turkey Economic Newspaper, September 2011

TURKEY-KENYA ECONOMIC RELATIONS UP

The 3rd Turkish Trade Fair expected to herald new horizons H

a ving held by Turkel Fair Orga ni za ti on Inc. on June 22-25, 2011 the third edition of the fair was organized at Kenya International Conference Center. The le a ding 36 firms from Turkey joined the fair and an achievement was shown beyond forese e a bi lity with so me 9200 visitors. The 3rd Tur kish Trad e Fair brought together the Turkish participants, impor ters, fo re ign trad e

com pa ni es, prod u cer firms, chambers of commerce and leading firms of the sector. The par ti ci pant firms exhibited products in various sector such as automotive, machinery, food, cleaning materials, kitchen equipment, textile, ready-made clot hing, cos me tics, car pet and shoe. The firm owners from all the related sectors, senior administrators, purcha sing ma na gers and 9200 people who are in-

terested in the issue visited the fair within four days. 80 percent of the vi si tors re gar ded that were prof es si o nal vi si tors. The common view of all

Chemical sector becomes the export champion in the first six months of the year

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xport in chemical sector increased by 41 percent between January - June, which meant a record hard to break. Thus, the sector was marked with the highest increase in export level. Chemical sector which increased its export by 40.28, that is, $1.466.000.000 in June now aims to become the leader by outperforming automotive, which is the current leader. Chemistry, the driving force of export, has had an outstanding performance in 2011 so far. Chemical sector members, increasing their export level in an unprecedented manner, had a great achievement as they outperformed all the other sectors with an increase of 41.17 percent. While chemical export became as high as $8.278.000.000 in the first six months of the year, top ten countries to which chemical sector made the majority of export, were Egypt, United Arab Emirates, Germany, Iraq, Malta, Syria, Greece, Italy, Russia, and Holland respectively. Iraq, Syria, Egypt, and United Arab Emirates continued to be significant for the sector as its latest markets.

It was remarkable that chemical industry, which reached $1.466.000.000 in June, made the majority of export to Greece in monthly basis. Our chemical export to Greece increased by 487 percent in the previous month in US$. Greece was followed by Iraq, Malta, Saudi Arabia, Germany, Russia, United Arab Emirates, Holland, Northern Cyprus, and Romania. Murat Akyüz, Chairman of Istanbul Chemicals and Chemical Products Exporters’ Association (IKMIB), stated that chemical sector outperformed all the sectors with an increase of 41 percent in the first half of the year and that such increase signified a record for export activities. Pointing out the fact that it was a significant achievement, Akyüz expressed that they expected the rapid increase would go on in the second half of the year as well. IKMIB Chairman, underlining that they were not far from their year-end target, that is, $ 15.500.000.000 given the increase in export of the sector, stated that the increase in chemical export would generate a positive

effect on other sectors in the following months. Export in chemical sector in the first six months of the year 2010-2011 January - June 2009 Difference (%) January - June 2010 January - June 2011 Commodity Group Value ($) Value Value ($) Value ($) Glycerin vegetational products 427.240 233,92 209.334 698.998 Mineral fuel oils 844.192.693 77,47 1.567.379.303 2.781.670.203 Inorganic chemicals 247.100.635 31,23 453.104.948 594.624.027 Organic chemicals 143.472.835 28,68 237.305.513 305.359.420 Pharmaceutical products 217.020.905 14,45 252.988.744 289.546.435 Fertilizers 49.690.109 63,90 73.369.791 120.255.710 Paint, varnish, ink 195.707.579 11,12 272.037.187

the participators and visitors are that the fair has constituted a good base to make up new canals and in the direction of new business possibilities can be made up, too.

Countdown for CONFAIR International Building and Construction Industries Fair

Murat Akyüz, President of the Board of İstanbul Chemicals and Chemical Products Exporters Union (IKMIB)

302.300.021 Volatile oils, cosmetics 187.501.189 12,71 233.126.088 262.752.379 Soap washing preparations 295.199.106 10,72 327.279.004 362.361.817 Glues, binders 31.889.668 41,86 43.922.107 62.309.258 Gunpowder, explosive substances 7.738.212 12,33 9.009.231 10.119.719 Photograph cinema products 4.649.575 41,09 6.894.686

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9.727.557 Various chemical substances 120.735.854 26,21 159.371.625 201.135.302 Plastics and plastic products 1.466.996.253 30,13 1.808.706.145 2.353.659.624 Rubber, rubber materials 287.626.848 48,56 418.311.692 621.439.355 Processed amianths 1.023.557 73,63 958.829 252.838 General Total 4.100.972.259 41,17 5.863.974.229 8.278.212.662

ne of the foremost trade partners of Turkey, Iran, which has 75 million population, rising its urbanization proportion and market potential, is hosting CONFAIR International Building and Construction Industries Fair this year, too. At the fair that is being held in the capital city of Tehran, Iran, on July 2629, 2011, the outstanding firms of building sector are going to show off with their products. Confair - rising its success of graphic every year and as well as has a heightening graphic between Turkey and Iran, feeding commercial relations - accepted one of the most important organizations being held directed towards the construction sector and known the biggest fair of the Mideast. Product groups having a great spectrum in building, construction machinery, building equipment and materials, the fair features an outstanding importance to develop business partnership with Iran in terms of the Turkish participants. Last year, the fair, which was held in Tehran, was established on an area of 51,000 sq

meters and hosted 1313 firms from 35 countries. In addition to Turkish participators and from China, Iraq, Denmark, Germany, Iran, Belgium, Afghanistan, India and many European countries participated in the fair. Tehran International Permanent Fair Ground,” was visited by over 300.000 people

within four days. This year with the 30 active halls, it is expected that number of visitors will increase more. The 11th TEHRAN CONFAIR International Building and Construction Industries Fair can be visited at Tehran Fair Center on 26-29 July, 2011.


14 ana-:ana 06-mgt-anadolukuzine- 25/08/11 4:21 PM Page 1

Made in Turkey Economic Newspaper, September 2011

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Domestic demand and customer satisfaction up

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STANBUL Robust economic growth has strengthened trust in Turkey’s private market while consumer satisfaction increased in the country during the first quarter of 2011 in comparison to the same period last year, according to an index revealed. Consumer satisfaction hit 76.2 percent in the first quarter of the year compared with 75.1 percent in the same period in 2010, Hamdi Doğan, the head of the Turkish Society for Quality, or Kalder, said in a press conference in Istanbul. Turkey’s leading GSM operator, Turkcell, Vodafone Turkey, BP, İşbank, Yapı Kredi Bank and Domino’s Pizza ranked among the top performers in customer satisfaction, according to Turkey’s Customer Satisfaction Index, or TMME, which was compiled by Kalder.

“Domestic demand rises together with customer satisfaction,” Doğan said at the meeting, noting that Turkey’s customer satisfaction survey results were 0.6 percent higher than the official customer satisfaction survey results of the United States in the same period. “As the country’s economy grows rapidly, more companies attribute more importance to customer satisfaction,” he added. In the bottled gas sector, BP was the top company, scoring 84 percent in the customer satisfaction survey, followed by Milangaz, İpragaz, Aygaz and Total Gas. Among mobile phone companies – excluding smart phones – Nokia ranked top with 80 percent customer satisfaction, followed by Nokia, Samsung, Sony Ericsson, Siemens and Motorola, according to the survey. “Soon smart phones

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“Many of them are small chains or small shops, which prevents them from being ranked in the survey.” İşbank’s Maximum Card and Yapı Kredi Bank’s World Card topped the credit cards list with a 74 percent customer satisfaction rating in the first quarter of the year, according to the survey. The pair was followed by Card Finans, Axess Card and Bonus Card.

will be included in the survey conducted each quarter of the year,” Doğan said. Among the fast food brands, Domino’s Pizza ranked as the top company in customer satisfaction at 79 percent, according to the survey followed by Burger King and McDonald’s. Noting that Turkish fast foods were also favored by Turkish customers, Doğan said,

MEDIUM

EASY

B M O E A D I S C O S P S E U N P R O L L

Turan Machinery aims to show quality Turkish goods to entire world

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e are a young firm that was established by the foremost names of the sec tor in 2009. Our prod uct groups are constituted of two main items as heating systems (Baypa) and clean water fitting parts (Turan machinery) working in the sector,” an official of the firm said. Turan Machinery operates as machinery at the Istanbul Kurtkoy Indust ri al Zo ne on an are a of 14000 sq meters; in the heating group activity is maintained at the Istanbul Beylikduzu Industrial Zone on an area of 7000 sq meters. “In ad di ti on, as Ba tu group, we ma na ge our ship ping from our de pot installed on area of 1200 sq meters in the district of Kurt koy. Currently, we, as Baypa and Turan Mac hi nery, export to over 50 countries

FIENDISH

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basically in Asia, Af ri ca and Eu ro pe,” the official said. As for the export target, the firms aim to show Turkish made goods’ quality to the entire world, raising steadily the current amount.

“ W e think that any part ner firm working with us have not finished its relation to date is a proof that shows our sensitivity in the customer satisfaction. We try to join all the fairs related with our sector in both domestic and international. In every fair, we learn new things and know new people. Not only for the 2011, generally, our company’s philosophy is to advance a step ahe ad every day,” the offi ci al concluded.

Germany, France agree deal as euro summit looms

G Istanbul Food-Tech 2011 aims to enliven the region

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s tan bul Food-Tech 2011 - the 6th Food and Beverage Technology, Food Safety, Additives and Ingredients, Co o ling, Ven ti la ti on, Storage Systems and Logistics Fair provides a market opportunity that must not be missed. The event will be organized by TU YAP Fa irs & Exhibitions Organization Inc. with the support of Turkish Food Safety Association and will be held between 15th and 18th of September, 2011 at the Tuyap Fair, Convention and Congress Center. Istanbul Food-Tech 2011 will be co-located with Eurasia Packaging Fair Istanbul 2011, 17th Interna ti o nal Pac ka ging Industry Fair - another

successful event by TUYAP - that continues to grow in terms of exhibitors and helps promote the manufacturing strength of Turkey in the pac ka ging industry and the resulting synergy will provide a significant opportunity for small and medium businesses to estab lish their brands alongside large-scale and es tab lis hed ma nu fac tu rers. The events will take place in 12 halls with a to tal in do or are a of 98,000 square meters and exhibiting area of 48.000 square meters and more than 40,000 professional visitors are expected to attend. Among the categories to be represented in the food and beverage industri-

es are; Be ve ra ge and Liquid Food Technology, Milk and Dairy Technology, Meat Technology, Ba kery and Con fec ti o nery Technology, Cereal and Dried Bean Products Proc es sing Tech no logy, Fo od Sa fety, Hygiene and Quality Cont rol Technology, Food Additives and Ingredients, Cooling, Ventilation, Storage and Lo gis tics Tech no logy. Special section DEMAK; Mill Mac hi nes, Equipment and Related Industry will take place in Is tan bul Food-Tech 2011 Fair. Our international promotion efforts will focus on regions that Turkey has close economic, commercial, social and cultural

ties, including its neighbors, the Balkans, Black Sea and Caucasian countries, Europe, West and Central Asia, Middle East and North Africa. Also included in the efforts are the Americas, South Africa, East Asia and AsiaPacific countries as new market opportunities. It is our goal to enliven the region as well as the domestic market. Therefore, Istanbul Food-Tech 2011 will be promoted ac ross the country throughout the year, with spec i al emp ha sis on provinces with a large number of retail outlets, including Istanbul, Kocaeli, Gaziantep, Bursa, Izmir, Kon ya, Ka ra man, Ankara, Adana and Antalya.

ermany and France broke their deadlock over a new bailout for Greece ahead of an emergency eurozone summit aimed at saving the euro from the worst crisis in its 12-year history. German Chancellor Angela Merkel and French President Nicolas Sarkozy, the eurozone's key players, agreed on a "common position" after late-night talks in Berlin just hours before the summit in Brussels, the French president's office said. European Central Bank president Jean-Claude Trichet took part in the meeting. Officials refused to provide any details but the Franco-German agreement will lay the groundwork for negotiations between the eurozone's 17 leaders after weeks of debate over how to put a lid on the year-long debt crisis. On the eve of the

summit, the European Commission president Jose Manuel Barroso issued a dire warning that failure to find a solution could have global repercussions. "Nobody should be under any illusion -- the situa-

tion is very serious," Barroso warned. "It requires a response. Otherwise the negative consequences will be felt in all corners of Europe and beyond." French Foreign Minister Alain Juppe also warned of the stakes involved: "We absolutely must find a solution in order to end international speculation and stabilise the eurozone... If this eurozone collapses it would be a disaster." Nervous financial markets awaited the outcome of the summit following several tumultuous days, with debt crisis contagion threatening to engulf Italy and Spain, the eurozone's third and fourth-largest economies. Merkel had unsettled markets by downplaying expectations that the Brussels get-together would result in something "spectacular" to end Europe's problems in one fell

swoop. "The summit could provide the last chance for eurozone policymakers to get a grip on the region's debt crisis," said

the research firm Capital Economics. "Anything other than a very decisive response could see the situation become irretrievable," it said. The European Union and the IMF provided last year a 110-billion-euro bailout to Greece that has proved insufficient. Since then, Ireland and Portugal received their own multibillion-euro rescues. Berlin has been at odds with the ECB and Paris over Merkel's demands for private investors to shoulder some of the bill for the second Greek rescue, which will be the eurozone's fourth bailout. There are concerns that any change to the terms of outstanding Greek sovereign bonds could prompt rating agencies to declare Athens in default, with potentially dramatic consequences. Several options are now on the table, including a Greek bond swap to cut the country's debt by 90 billion euros

and a special bank tax to raise another 50 billion euros, said a source familiar with the discussions. The swap plan would offer financial incentives to Greece's private creditors, banks, insurers and other investors, in order to encourage them to exchange holdings maturing over the next eight years for new 30-year bonds. The idea would be to give Athens time to revive its economy and clean up its public finances while reducing a debt mountain, which has reached 350 billion euros. The new rescue package would also include loans from eurozone nations and the IMF to the tune of 71 billion euros, with longer maturities and more affordable interest rates, the source said. A senior panel advising the German government said it supported a bond buy-back, along with a substantial "haircut" on Greek debt. Merkel's spokesman said only she had "taken note."


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Made in Turkey Economic Newspaper, September 2011

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USA Secretary of State Clinton meets with the Turkish business world

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s part of her Turkey visit, USA Secretary of State Hillary Clinton met with the President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) M. Rifat Hisarciklioglu, Turkish Industrialists and Businessmen Association (TUSIAD) President Umit Boyner, Independent Industrialist and Businessmen Association (MUSIAD) Presi-

dent Omer Cihad Vardan, All Industrialists and Businessmen Association (TUMSIAD) President Hasan Sert, TOBB Women Entrepreneurs Council President Aynur Bektas and Coca Cola Turkey President Galya Molinas at the Conrad Hotel in Istanbul. At the meeting, discussion made due to the need for prioritizing to be given to the development of relations

with North Africa after the Arabian Spring as well as Turkey-USA relations. Also, possibilities of conducting joint projects in third countries were assessed. TOBB President Hisarciklioglu informed about the projects which have been developed by the initiative of “Partners for a New Beginning - Turkey” to USA Secretary of State Clinton. TUSI-

AD President Boyner, MUSIAD President Vardan and TUMSIAD President Sert also expressed their views on the subjects. Stating that she has paid special attention to the project titled, ‘Partners for the New Beginning’, Clinton said that she was observing the developments diligently. “It is evident that Turkey has an advanced civil society”

Prior to meeting Clinton, the business world representatives made a presentation for the USA Undersecretary of Foreign Affairs Robert Hormats on the activities aimed in development of entrepreneurship in Turkey. Speaking after the presentation, Hormats said; “When Turkey’s economic development level, the projects’ contents and the target mass are taken

into consideration, it is seen that Turkey has an advanced civil society. Turkey is an example country for the development of entrepreneurship for the Islamic world, especially North Africa and the Middle East. The two sided working area of USA and Turkey should not be limited for the two countries; it should be also included in the third countries.

Turkish Airlines, THY, CEO, Temel Kotil

Turkish Airlines named “Best Airline Europe”

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urkish Airlines has been also na med as the winner of the categories, “Best Premium Economy Seats” and “Best Air li ne So ut hern Eu ro pe” by Skytrax. Ac cor ding to the results of the evaluati on 2011, Tur kish Air li nes has be en chos en as the win-

Turkey bids to host 2020 Olympics

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rdogan said that they attached a great importance to the olympic spirit that made a great impact on world peace. Turkish Prime Minister Recep Tayyip Erdogan said

that Turkey would bid to host 2020 Olympic Games. Premier Erdogan held a press conference in Istanbul and said that they gathered to announce Turkey's bid for 2020 Olympics. "We are excited,

because we believe that we will reach our goal this time. We are a candidate for the Olympics," he said. Erdogan said that they attached a great importance to the olympic spirit that made a great impact

on world peace. The 2020 Summer Olympics, officially known as the Games of the XXXII Olympiad, will be a major international sports and cultural festival, celebrated in the tradition of the

Olympic Games. The International Olympic Committee has begun the selection process for the

host city. The host city will be elected in Buenos Aires on September 7, 2013 at the 125th IOC Session.

ner of the 3 categories by Skytrax which is a world recognized brand associated with air travel excellence in the 21st century, prov i ding unique expertise to the world air li ne and air port industry through the most prof es si o nal Au dit and Ser vi ce

Benchmarking prog rams of Product and Service Quality. Turkish Airlines wins “Best Air li ne Eu ro pe”, “Best Premium Economy Seats” for its Comfort Class seats and “Best Airline Southern Europe” at the World Air li ne Awards. Page 9

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