Made in Turkey May 2019

Page 1

Monthly Economic Newspaper

Istanbul Airport hosts record number of flights

May - 2019

Eximbank to provide TL loans for non-SME firms to boost exports

Istanbul Airport, which opened on Oct. 29, 2018, saw its busiest days yet on April 26 and April 28, handling 1,221 flights each. Once fully operational, Istanbul Airport will be the world’s largest in terms of the number of passengers. The airport has seen the number of flight increase steadily since it made the big switch from the now-closed Atatürk Airport early March. P8

Türk Eximbank, which provides loans in local currency to small and medium-sized enterprises (SMEs) exporting in Turkish lira, will from now on grant loans to non-SME companies as well. In a statement, Trade Minister Ruhsar Pekcan said significant efforts have been made in recent years to improve trade in local currencies. She pointed out that the share of the Turkish lira in exports rose from 4.5 percent in the first two months of 2018 to 4.8 percent in the first two months of this year. P8

Turkey determined to lower inflation and interest rates to targeted levels T

PLMA’s World of private label


MSTERDAM— More than 15,000 trade professionals from 120 countries are expected to attend PLMA’s 2019 “World of Private Label” International Trade Show that will be held at the RAI Exhibition Centre, 21-22 May

2019. Visitors include retailers representing supermarkets, hypermarkets, discounters, drugstores and department stores, as well as importers and exporters, manufacturers, consultants, sales agents and packaging and design experts. On the trade show floor, they have the opportunity to visit more than 2,600 exhibiting companies, the largest number ever. The exhibitors are manufacturers and suppliers of fast-moving consumer goods, including food and non-food products from more than 70 countries. P3

he Turkish economy has been tackling high inflation and interest rates over the last year and the country’s economic administration has, on numerous occasions, voiced its determination to use all necessary instruments to lower these digits. Inflation has been one of the most urgent issues for the country and the government is eager to sweep reforms to tackle issues, including inflation, financial structure, tax regime and agricultural production among others, while ensuring sustainable growth and development

Central bank committed to international norms in reserve calculations

Cosmetics industry met in Dubai Beauty World Me Fair


T BEAUTYISTANBUL 2019 Exhibition Designated Visitor Regions: Latin America and Africa


he reserves of the Central Bank of the Republic of Turkey (CBRT) have been a widely discussed issue recently, and the bank vowed to clarify the issue during the release of its quarterly inflation report. The CBRT is one of the most transparent central banks in the world, sharing its balance sheet on a daily basis and reserve data every week with the public. Murat Çetinkaya, the central bank’s governor, stressed the importance of maintaining a comprehensive briefing on the reserves during his speech. “The CBRT continues to share reserve data in line with the best practices in international markets. We also announce our balance sheet daily,” he said. “We also disclose data on subitems that affect the development of reserves on a regular basis. We set an example about transparency for the best practices in the world.” P8

Investment On Food Flavors By Seluz, Turkey’s Export Leader In Fragrance Sector

atin America and Africa have been primary regions for visitor promotions of BEAUTYISTANBUL since early 2018, coordinating direct visits to several exhibitions in Brazil, Chile, Costa Rica, Mexico, Panama; as well as Egypt, Kenya, Morocco, Nigeria, South Africa and Sudan. BEAUTYISTANBUL’s reach was not only limited to these countries in both Latin America and Africa, the team also actively collaborated with trade associations and government organizations to invite cosmetics and beauty professionals to Istanbul. The BEAUTYISTANBUL team

dedicated themselves to reach out to all beauty industry professionals throughout Latin America. In 2018 the first destinations were Costa Rica and Ecuador. Meetings were held with valuable business people from the region. These were followed by Panama 2018 exhibition where BEAUTYISTANBUL showed to all visitors and participants that it is the flagship event amongst all beauty fairs. Afterwards the beauty fair in Brazil was attended. P7

Seluz, the export leader in fragrance category in 2018 making a move to transfer their success to food flavor industry. The company continues its investments on route to increase domestic production and supply in the field of fragrances & flavors. P4

New master plan to boost tourism revenues by 50 pct


and complying with free market rules. President Recep Tayyip Erdoğan said the government is determined to reduce interest rates and inflation to targeted levels, stressing that the country will take all its steps under the framework of the principles of the free market system. “We are certainly determined to lower exchange rates, interest rates and inflation to targeted levels,” Erdoğan said, addressing the Turkish Union of Chambers and Commodity Exchanges (TOBB) in the capital Ankara.P9

Economy, security policies at forefront of the agenda


he 24th edition of Beauty World Middle East Fair, which brings together cosmetics, health and beauty product designers and packaging manufacturers, was held in Dubai on 15-17 April 2019. With Turkey’s National Participation in the fair Organization by İKMİB for the 15th time this year, 81 companies participated in a total of 108 companies, including 27 companies individually. Beauty World ME, which is the biggest fair of the region for 24 years, last year included 738 participants and 36 thousand 693 people visited the fair. T.C. Ambassador of Abu Dhabi Can Dizdar, T.C. Consul General of Dubai Mustafa Ilker Kilic, Dubai Commercial Attaches Ahmet Canlı and Hasan Onal, Abu Dhabi Commercial Counselor H. Isil Deniz, Chairman of IKMIB Adil Pelister, Vice Chairman of the Board of Directors of İKMİB Imer Ozer, Board Member of IKMIB Ugur Adiyaman and Audit Committee Member Kenan Baytas President of Aerosol Industrialists Association and IKMIB Sector Representative Suleyman Ozgur Ozturk visited the Turkish companies and wished them success.P7

Economy, security policies at forefront of the agenda


nergy and Natural Resources Minister Fatih Dönmez said that Turkey will be achieving a total investment of TL 8.75 billion in electricity distribution this year and next year. Speaking at the 12th Sectoral Meeting of Electricity Distribution Services Association (ELDER), Minister Dönmez said that they took important steps to liberalize energy markets and establish a competitive energy market.P15


May 2019

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Monthly Economic Newspaper

Private Label products continue to grow rapidly

M. İmer Özer: “We have manufacturers which can move fast in the face of dynamic, changing trends and are not forced to meet the consumer with innovative products. Export in Turkey are in a very advantageous position. First, we are geographically close to Europe. Our manufacturers have the capability and sufficiency to produce in European standards. On the other hand, we are close to potential markets such as Middle East, Russia and Turkic Republics, North and Central Africa, and being the biggest producer in this region, brings great opportunities in export for us. We expect Turkey’s private label sector will grow more and continue increasing in the coming years and achieve a strong position in exports. As PLAT Association, we will continue to stand by our companies in this process and lead the sector.” M. İmer Özer, Chairman of PLAT Association informs us about Private Label Association of Turkey, (PLAT) and private label sector

Could you briefly tell about yourself? After completing primary, secondary and high school in Kocaeli, I graduated from Baku State University Russian Chemistry Department. I started my business life in 2003 as a product manager at Koruma Temizlik AS. Then I assumed the Sales and Marketing Department. I have been working as the General Manager responsible for three plants at Koruma Temizlik AS since 2009 In 2014, I was elected as the Chairman of the Board of Directors of the PLAT Association. I am also a member of the Board of Directors of GEBKİM Foundation and the Vice President of IKMIB. As PLAT Association, can you briefly talk about your goals, target and studies? Our main objectives are to represent the companies that are active in the private label sector (Private Label) in our country, to strengthen the communication of our members, to guide the growth of the sector and to be proactive in the solution of the sectoral problems as well as to create social benefit with our projects. We currently have 174 registered members from our manufacturer. As PLAT Private Branded Products Manufacturers and Suppliers Association, we are bringing the retail sector to the Private Label Summit every year. The Private Label Summit, which we organized last year, was attended by over 1,000 people from national and local retail chains as well as producers and suppliers. Another aim is to realize projects that will benefit society. Within the scope of our “Denemeden Olmaz” (you never know till you try) project, we opened a science laboratory in a total of 12

schools in Kocaeli, Trabzon, Sanliurfa, Tunceli, Manisa, Aydin, Mugla and Sakarya. Also in 2019 we are working to bring the science lab for Turkey’s schools. How do you evaluate the development of private label products and the private sector, can you give information about the current state of the sector? We have companies that produce a wide range of products from food to cosmetics, personal care products to cleaning products, and the private label sector continues to grow every year with double digit growth figures. The increase in the confidence of the consumers in private label products and the increase in the quality perception bring our sector to the levels that it deserves. In the last few years, increase of the discount stores which are main sales point of private label products such as BİM, A101 and ŞOK their number of stores throughout Turkey gave impetus to the growth of the sector. In addition to the increase in the number of turnover and stores of discount markets, the turnover of Private Label products increases with successful operations of national chains such as Migros, Metro and CarrefourSA. When we look at Nielsen’s data, the first factor is that the price is more economical for the consumer to prefer a private label product. The number of people who think that the quality of the money they pay is also increasing. In terms of quality, our companies are really good points. Each of the PL products is produced in accordance with the standards by the biggest companies of the sector. Moreover, the markets are also supervising the manufacturers very strictly. We

brand product. In Europe, this figure is one-third’… We are at the very beginning of the road but we are growing faster than Europe. Considering the growth figures and the growth rate of our sector, we estimate that we will be able to catch the European average in the next 5 years.

M. İmer Özer, Chairman of the Board, PLAT

can say that the weight of private label products will gradually increase in the retail sector. Trends show this. At the moment, the most important choice is the price, even though the brand loyalty, brand loyalty, which is the leader in the category of PL brands, the number will increase in the coming years. growth area in the private label market in Turkey, it is still very large compared with the EU. We are a promising sector. The share of private-brand products in the turnover of the total supermarket market is between 18 percent and 42 percent in Europe, with an average of 31.5 percent. In Turkey, this ratio (excluding alcohol and tobacco) has reached 19.9 percent. Therefore, there is a significant growth opportunity in this area. According to the latest figures, 1 Lira of 5 Lira is spent for the private

Private Label is growing day by day. How was the year 2018, what are your predictions for 2019 and beyond? In 2017, the turnover of private label products (Private Label), which had a turnover of TL 30 billion in 2017, reached 50 billion TL in 2018 with a record-breaking of around 70 percent. There is an increased demand for private goods in the face of high inflation and Turkey’s economic difficulties. Consumer turned to market-branded products, which are almost 50 percent cheaper than brand A. The increase in inflation caused a significant change in the consumer’s shopping habits last year. One of the factors that influenced the approach of private label products to 70 billion TL with an increase of 70 percent in 2018 was the fact that consumers looked at the price more than ever when they were shopping. According to Nielsen data, last year’s consumer price awareness increased from 69 percent to 91 percent. So now there is a mass of customers who do not buy a product without questioning the price. We can

interpret this as an important development for the retail sector in general. The first three private label product groups in Turkey were chosen the most in the last year; dairy products, paper products and oils, respectively, followed by non-alcoholic beverages and cleaning products. In 2018, the Private Consumption Packaged Goods Market (PHTÜ) showed a growth rate above the turnover growth of 18 percent. In 2019, we anticipate that the growth in the private label sector will continue and increase by at least 50 percent. We have manufacturers which can move fast in the face of dynamic, changing trends and are not forced to meet the consumer with innovative products. Export in Turkey are in a very advantageous position. First, we are geographically close to Europe. Our manufacturers have the capability and sufficiency to produce in European standards. On the other hand, we are close to potential markets such as Middle East, Russia and Turkic Republics, North and Central Africa, and being the biggest producer in this region, brings great opportunities in export for us. We expect Turkey’s private label sector will grow more and continue increasing in the coming years and achieve a strong position in exports. As PLAT Association, we will continue to stand by our companies in this process and lead the sector.

May 2019

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PLMA’s World of private label PLMA’s 2019 “World of Private Label” will bring more than 15,000 visitors to the RAI Exhibition Centre in Amsterdam, 21-22 May 2019


eatured on the trade show floor will be 61 national and regional pavilions. New pavilions this year include ones from Israel, Dubai, Egypt, Latvia and South Africa. This year’s event features the widest assortment of products ever displayed on the exhibition floor. There will be nearly 1,800 exhibitors of food and beverages, around 450 exhibitors of health and beauty items, more than 300 exhibitors of household products, and more than 300 exhibitors of housewares and DIY items. The trade show exhibits also reflect the latest consumer trends. There will be nearly 600 exhibitors of organic products, more than 250 exhibitors of vegan and vegetarian items, nearly 200 exhibitors of lactose-free products and 150 exhibitors of sugar-free items. There also will be more than 100 exhibitors in a number of specialty categories, including personal and leisure, pet food and pet accessories, ingredients and raw materials and packaging and related products. In addition, there will be nearly 250 exhibitors of kosher products and more than 200 exhibitors of Halal products. The theme for this year’s “World of Private Label” International Trade Show is “Listen to the Buzz”. It highlights the thousands of conversations that will be taking place on the trade show floor between retailers and exhibitors at the world’s largest private label exhibition. The “World of Private Label” exhibition area covers 15 exhibit halls in the RAI Centre, divided over three main complexes. RAI’s Europa Complex is devoted to food products, while the Holland Complex has exhibitors displaying non-food products. Park Complex accommodates both food and non-food exhibitors. A special trade show attraction is PLMA’s Idea Supermarket. It displays private label ranges of around 60 retailers in Europe, United States, Latin America, Africa and Asia. Also in PLMA’s Idea Supermarket area is

Mehmet Soztutan Editor-in-Chief

The policies found a positive response and have increased confidence, proved by the latest economic confidence index data, which maintained its upward trend in February and March. The index rose by 3.4 percent in April, on a monthly basis, according to the national statistical institute .

playing more than 600 products presented for the first time on the trade show floor. One day prior to the opening of the trade show, PLMA will hold a seminar program at the Forum Zaal at the RAI. There will be presentations by industry experts as well as the announcement of the winners of the 2019 International Salute to Excellence Awards.

Letter From The Editor

Turkey sustains its credibility

Following a turbulent period in the economy since the second half of last year triggered by developments in local and global markets, the Turkish Government has been implementing strong measures to ensure stabilization in Turkish markets. Determined to solve issues affecting the economy, Turkey has made significant progress with regards to balancing the economy.

a special display of the winning products of PLMA’s International Salute to Excellence Awards. The Awards give recognition to outstanding food and non-food private label products that have been introduced by supermarkets, hypermarkets, discounters, drugstores and specialty stores in the past year. Nearby is PLMA’s New Product Expo, dis-


The index reached 84.7 points in April, up from 81.9 points in March, according to Turkish Statistical Institute (TurkStat) data. According to Government officials, actions taken in the economy continue to increase the economic confidence index. Strong increase since January is also an indicator of a sustainable recovery, Even though the economy contracted in the last quarter of last year, it managed to post a positive growth rate. The balancing period in the economy continued in the first quarter of

this year, the initial indicators, including the capacity utilization rate and industrial growth, are trending positively. The Turkish manufacturing industry’s capacity utilization rate rose in April from the previous month, the Central Bank of the Republic of Turkey (CBRT) said. The exports-to-imports coverage ratio rose to 86.2% in the first three months of this year, up significantly from 66.5% in the same period last year. The country’s foreign trade volume reached $91.3 billion between January and March, down 11.4% annually, according to the data. Exports to EU countries, the country’s main trading partner, remained almost unchanged at around $21.3 billion. More than 50% of Turkish exports in the first three months of the year went to the EU. The Government aims to make the most of the four-year non-election period ahead, reiterating that economy and security will top the government’s agenda to focus on the most urgent economic issues. So, a bright future lies ahead for Turkey.


May 2019

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SELUZ, THE EXPORT LEADER IN FRAGRANCE CATEGORY IN 2018 MAKING A MOVE TO TRANSFER THEIR SUCCESS TO FOOD FLAVOR INDUSTRY. THE COMPANY CONTINUES ITS INVESTMENTS ON ROUTE TO INCREASE DOMESTIC PRODUCTION AND SUPPLY IN THE FIELD OF FRAGRANCES & FLAVORS. Turkey’s 2018 Export Leader in Fragrance Sector Founded in 2007 with 100% Turkish investments, Seluz, despite being a very young establishment, managed to have become one of the fastest-growing fragrance companies globally with the first fully integrated robotic fragrance production facility of Turkey and Middle East. “Since the very first day of our foundation, we have been continuing our investments with our vision that focuses on ‘global growth’ and ‘value-added products’ where creativity is a must... We continue to offer fragrance solutions for product groups under the main categories of fine fragrance, personal care and home care,” Murat Öztürk, CEO of the successful company that has become export leader in fragrance category at 2018 IKMIB (Istanbul Chemicals and Chemical Products Exporters’ Association) Stars of Exports Awards Ceremony, said. “In addition to our global growth and high penetra-

tion especially across the Middle East, we are proud to be Turkey’s export leader in fragrance sector in 2018. We owe this honor to our perfectionist and customer-focused philosophy, qualified human resources and high-tech investments,” he added. Export-Oriented Growth Target Seluz has invested more than $60 million in R&D and production center in Istanbul since its foundation and has two offices based in Dubai and Tehran within the scope of growth policies in the Middle East. With these two key centers in the market, Seluz ensures fast and high quality service to its business partners in the region. The company has increased its effectiveness in the European market with the “Creative Center” established in Zurich canton of Switzerland at the end of 2016, while supporting its creative work. Seluz, which has representative offices in Chile, Spain and Algeria and exports to Europe, America, Middle East and Asia, succeeded 70% export-oriented growth at the end of 2018. The company’s growth target for 2019 is more than 40%. Investments for Fully Automated Liquid and Powder Food Flavor Production Lines In 2017, Seluz began investing in food flavor sector, which draws over $150 million imported inputs annually in Turkey in order to increase domestic production and supply. Stating their confidence to transfer their success in fragrance sector to food flavors with the investment on the state of the art flavor facility in their Istanbul Headquarters, Öztürk added “We carry on our business with a high-tech Research & Development Center and fully automated liquid and powder food flavor production lines, focusing on R&D activities.” Creative Team, Multinational Senior Perfumers and Flavorists Thanks to its qualified human resources focused approach, working with a creative team led by 9 multinational senior perfumers who have in-depth global experience to handle fragrance design process and training passionate junior noses at Turkey’s first and only internal “Perfume Academy” Seluz, now brings the same approach to food flavor. A team led by 4 senior flavorists with high global experience carries out the design process of shisha and all other flavors. Having more than 1000 flavors in its exquisite shisha flavor library, Seluz continues to design new flavors, including subcategories of beverages, confectionery, dairy products, tobacco, oral care and bakery products, as well as shisha flavors with the aim of continuous creative development, and enriches its collections.

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40% of Seluz Employees are Employed in R&D Center The company, employing 40% of its employees in R&D center, develops new formulas and applications with its R&D team which keeps up with the latest technological advances, according to global and regional market trends and clients’ specific needs. Production Capacity The most special ingredients of nature and science are blended with fully automated and integrated processes at Seluz’s state of the art production facility, installed with highly automated robots. The flexible and large scale production robots and tanks allow Seluz to ensure rapid production and delivery of client demands from 25 kg to 5 tons in the fastest way. Seluz is confident enough to move the mountains in the region for fragrance and flavor sectors, and continues to design value-added products with an annual production capacity of 27.500 tons. As it delivers significant benefits to its business partners in order to add value to product development and all business processes, ensuring diversity within the competition. Inspired by the unprecedented gifts of nature and cultural richness, Seluz aims to go beyond the client expectations while continuing to bring the most special fragrances and flavors to life with innovative and creative approaches.


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May 2019

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A Turkish olive oil trademark that keeps growing with export in premium quality: “Riccolivo” Arnas Agro Products and Trade Company presents the most delicious and natural products to its consumers by combining 350 years of experience of Arnas Family with modern production technologies.


e made an interview with Behiye Teymur, CEO of Arnas Agro, about company’s foundation, works and its branded products. We got information about the importance of olive oil and position of our country in olive oil sector.

Could you please give us information about foundation of Arnas Agro? Arnas Agro is a business firm that was established with the purpose of offering most quality and natural products to its clients by combining Arnas Family’s experience of 350 years in agriculture sector with its experience in technology sector. Arnas family has a deep-rooted past of 350 years in Turkey’s south eastern region (Mesopotamia). Member of the family cultivated the lands they had in the region to raise agricultural products such as grape and almond that enabled them to be active in food and agriculture sectors for many years. As heirs of that family, we decided to establish Arnas Agro. We act under three trademarks. We produced three Olive Oil brands and Traditional world-Famous Turkish Coffee with modern methods. In addition to food production, we produce 100% natural hand-made soaps. Arnas Agro prepared its plans of development and branding in the best way and made a rapid enter into the sector along with its technological experiences and powerful past. Russia, The United State of America, Middle East and African countries are among the countries that are target countries for Arnas Agro established mostly for the purpose of export. Riccolivo is our brand of Premium Extra Virgin Olive Oil, Veraolive an The Mill are our brand of High-Quality Extra Virgin Olive Oil, The Soap Factory is our brand that produces handmade soaps and The Mill is our brand that produces

traditional Turkish coffee. These all brands are acting under trademark of Arnas Agro. Our Goal Is To Deliver Quality Products To Everyone Could You Please Talk Of Your Agricultural Products ? As Arnas Agro, We made a major part of investment in olive oil sector. At the same time as I stated above, we have The Soap Factory and The Mill brands. We have three brands for olive oil: Riccolivo, Veraolive and The Mill that are brands of Extra Virgin Olive Oil. We conduct activities of production and bottling in our facilities in Edremit county of Balikesir province. Activities such as management, coordination, organization activities and branding are conducted at our headquarter in Istanbul. Our olive oil are produced from olives raised in Edremit - Ayvalık regions located on hillsides of Aegean region’s Kaz Mountains that have the FOOD INGREDIENTS highest oxygen rate in the & TECHNOLOGIES world. Olives are handpicked MAGAZINE from their trees and brought to cold press facility as soon as possible for oil extraction. For this reason, olive oil has the lowest acid level. 100% Extra Virgin Olive Oil has an acid rate between 0,3-0,8. Year:Could 1 Issue: 1 You SEPTEMBER 2019

Please Talk Of Your Production And Sale Activities ? In our facilities in Edremit, we have a capacity of producing 4 million and 450 thousand bottles in a year. Physical structure of our facilities provides us with high opportunities thanks to technological equipment that we use. We can sometimes produce much more than INGREDIENTS the numbers IFOOD stated above, according to the demands & TECHNOLOGIES coming from our clients. We made a planning focused on export. InMAGAZINE each country to which we export, we have a representative who knows very well the


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dynamics of the country in question. We therefore can immediately meet the demands from 7 countries to which we have started Year: 1selling Issue: 1our products. One of the characteristics SEPTEMBER that makes 2019 different from the other brands is that more than 10 languages are spoken in our selling team. As a result of these works, we increase the number of the countries to which we export month after month. Turkey Olive Crop Got An Advantageous Position In 2018-2018 Season In proportionFOOD to world-wide in 2019, we harvested INGREDIENTS enough olive that will help us meet Turkey’s demand & TECHNOLOGIES in terms of olive. MAGAZINE For there was no sufficient rain in 2018, especially in Europe, the production of Extra Virgin Olive Oil is likely to decrease comparing to last year. The information that in İtaly there is a lack of raw material because of insect infestation has recently emerged. We can turn this situation into an opportunity in our country. What Kind Of Policies Does Turkish State Follow For Olive Oil Producers? What Would You Like To Say About That ? As a company, we are a member of TİM and DEİK. We always participate in meetings held in these institutions and agree with the decisions they make. We certainly have some expectations from our state. Reformatory applications are the most important ones of these expectations. We have products that are quality enough to export value-added products but FOOD INGREDIENTS we have to renew our image and restore trust. We are & TECHNOLOGIES subject to multiple-stage inspections and controls. DeMAGAZINE spite these processes, our each export file is reviewed from beginning to end , which leads us to lose time and slowdowns us in international arena. We think that conducting export, which is one of the most important income sources of the country’s economy, faster and easier will be more advantageous for all of us. Even when we need to send a bottle of sample to another country, as if we are conducting export, we have to complete many documents. We believe that in today’s increasingly globalized world, getting digital copies of those documents must be more facilitated. To refer to the other more important points, producers must be introduced to technological opportunities, farmers must be educated about how to harvest properly and glass bottle factories must take action as soon as possible to meet package need. Which Consumer Do Your Products Reach ? Being a producer and exporter company, we make both mass and sub-productions. With our Riccolivo, Veraolive, The Mill brands, we conducted export to 7 countries including Middles East and African countries in 2018. What Kind Of Certificates Do You Have For Your Products ? We have Halal Certificate for Middle East countries and Kosher Certificate for Israel. In addition to these certificates, European Certificate of Conformity supports the quality of our products. We also have quality certificates like ISO, HACCP. We Take Our Steps Firmly Would You Talk About How You Take Your Steps In Branding And How You Meet Your Staff Need?

We carry the genes of a family who maintains custom of a 350- Year Agriculture. As members of the same family, we together run our company that has synchronously been acting in technology, software and online publishing sectors for more than 15 years. We are experienced in terms of digital governance and planning and we combine the experience we have gained from there with our works in terms of export. We are taking our steps so firmly to existe in domestic market with our own brands. We meet our staff need in software and editorial areas by means of our subsidiary firms as inhouse. For our Riccolivo and Veraolive brands, we employed some employees to work in our olive oil production facilities and at sales department. We sometimes get professional services for works in branding. Could You Please Tell About Your Other Products ? Almost each company making olive oil production has olive oil soaps. As Arnas Agro Company, we established our brand of The Soap Factory. Our handmade soaps are made from organic oils in facilities under guarantee of The Soap Factory in Hatay city. These are only some of the soaps that we produce: Bıttım, daphne, goat milk, lavender, sulphur, rose petal, black cumin..etc. In domestic market Five-star hotels like Çırağan Palace are interested in our soaps. In foreign markets Chinese are the ones who are interested in our soaps most. Our soaps have already gotten into the shelves of leading supermarket chains such as Carrefour and T-Shop. As we expect, thesoapfactory. com, which is our online store, is one of the most areas where we make our sales. We have also The Mill Turkish coffee brand apart from our olive oil and soap brands. The Mill brand presents delicious traditional Turkish coffee in a modern style. Mardin mortar coffee, terebinth coffee and traditional Turkish coffee are among our coffee types. These coffees are produced in Turkey’s historical south eastern city of Mardin. The coffee grinded in modern machines loses its natural essence a little bit. Mortar coffee is one of the coffees produced with traditional methods by grinding coffee in a large mortar stone instead of modern machines. We put our Mortar Coffees, Turkish coffee with gum mastic and terebinth coffee, of all which are produced from first class beans on sale at , our online store. Is There Anything Else You Would Like To Lay Emphasis On ? Olive is very important for health. Promotional works must be given priority to inform public about how to experience a healthy life. State must have a policy to make olive oil more popular both domestic and abroad. We are the 4th biggest olive oil producer in the world. Olive oil is a product that adds value to our country. We need to bring olive oil to the place where it deserves to be. Turkey is in big richness. Producers and relevant institutions and organizations have to work together and produce projects to convey this richness to consumers. Serious steps have been taken in health field in recent years and the developments in food field have closely been monitored. Our process of branding will continue. In this process, we will never act against our principle of naturally and healthy production with all our products. Raising the level of our sector, contributing to our country’s export with value-added products will always be our focal point.

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BEAUTYISTANBUL 2019 Exhibition Designated Visitor Regions: Latin America and Africa BEAUTYISTANBUL 2019, the international exhibition for cosmetics, beauty, hair, private label, packaging and ingredients will welcome its professional guests on 2-3-4 October 2019, in Istanbul, Turkey. The show will bring together 400 exhibitors from 40 countries along with over 8.000 professional buyers and distributors from more than 120 countries.

the international expo in Sudan was attended. It provided a great opportunity to reach out to the African market and invite industry professionals to attend BEAUTYISTANBUL. It was followed by the beauty fair in South Africa, a prime destination for Sub-Saharan market. Beauty fair Kenya was another location where BEAUTYISTANBUL team met industry professionals. The international fair in Ivory Coast, a developing market open to a variety of businesses was visited. It was followed by a revisit to South Africa for the international trade show. Promotion activities continued with fairs in Tanzania and Benin. Later meetings with business people from Nigeria were arranged. Mozambique international fair was another great opportunity to generate attention from Sub-Saharan businesses. Afterwards the international fair in Togo was also visited. Apart from visits, BEAUTYISTANBUL also had several stands at exhibitions in countries such as Egypt, Morocco and Nigeria. In 2019 BEAUTYISTANBUL will also have a stand at an upcoming event in Kenya. BEAUTYISTANBUL once again showed how much it values the African market, especially Sub-Saharan Africa, and the potential business opportunities that it brings. Promotion activities have gathered great interest at each destination and BEAUTYISTANBUL is well known to be the highlight event of the industry. The booths and variety of visits throughout the region have made BEAUTYISTANBUL 2019 a valued destination for all agents,

most exclusive buyers to offer rewarding business opportunities to the participants of BEAUTYISTANBUL 2019. In addition to the hosted buyer program, as a result of the intensive promotion activities that our team has conducted, around 11.000 buyers from all over the world have already confirmed their attendance to BEAUTYISTANBUL 2019 with 900 being from Latin America and 2.000 from Africa. These confirmations have come via online registration, call center and onsite confirmations. Over 150.000 industry professionals were reached by our team via onsite meetings,

traditional media means; digital marketing tools such as e-mail, social media, and programmatic media campaigns. BEAUTYISTANBUL also set up a call center which includes native Arabic, English, French, Russian and Spanish speakers to actively communicate with potential visitors and invite them to the 2019 exhibition and to Istanbul. Hope to see you at BEAUTYISTANBUL on October 2 – 3 – 4 2019 in Istanbul, one of the world’s most attractive cities! – T. +90-

o2o ( 365 Days Online Matchmaking ) + B2B + Trade Fair for Cosmetics, Beauty, Hair, Private Label, Packaging, Ingredients


October 2 - 3 - 4, 2019

ICC - Congress Center, Taksim - Istanbul Concurrent Events Tel: +90 212 2229060


+90 533 4843030


e Event On

All-in -


he team’s endeavors continued with the expo in Mexico. Bolivia expo was another location where promotion activities were effective and much interest was attracted. BEAUTYISTANBUL returned to Brazil to strengthen relations with local manufacturers and buyers alike. Colombia was an important destination to reach out to professional visitors. The salon fair in Chile and international fair in Cuba were two events following one another in which the team met a variety of industry professionals. BEAUTYISTANBUL had a booth at Panama 2019 exhibition just like 2018, proving the attention and importance attributed to the Latin American market to bring high profile visitors to Istanbul. Agents, buyers, distributors and professional visitors from all around the continent once again have become aware of the fruitful opportunities that BEAUTYISTANBUL offers to source new products from a large variety of manufacturers and grow their businesses with new partnerships. The booth took special interest from the participants and buyers actively interacted with our team to get more information about BEAUTYISTANBUL 2019. The African journey of BEAUTYISTANBUL team started on a strong note at the end of 2017 attending meetings with valuable business people from Chad, Senegal, Sudan and Tunisia. 2018 started with a visit to the international fair in Mali. Afterwards

buyers, distributors, manufacturers and professional visitors of the region. The exclusive “Hosted Buyer Program” that will host nearly 1000 buyers from all around the world has two exclusive target regions for this year: Latin America and Africa. The goal is to bring buyers from rising markets of the beauty industry to Istanbul which is a global meeting point for all buyers and manufacturers in addition to adding Latin America and Africa to its visitor profile to offer new regions and markets for regional companies. Accommodation and even travel incentives will be provided to the


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May 2019

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Monthly Economic Newspaper

Central bank committed to international norms in reserve calculations

The fluctuation in reserve figures is not exceptional. It is not specific to the recent period, and it is not unusual. Fluctuations might occur in our foreign exchange reserves,” Çetinkaya said. “One of the most decisive factors in these fluctuations is the fact that various liquidity instruments we offer to banks are used by our banks in different densities depending on market developments,” he explained in detail and noted that the central bank conducts reserve communication through

gross reserves. He expressed that the central bank is committed to raising its foreign reserves. Even though short-term volatility in reserve data is observed due to cyclical developments and monetary and exchange rate policy implementations, the central bank predicts that international reserves will maintain their upward trend in the upcoming period, he noted. Recalling that the bank’s reserve adequacy indicators are defined through total reserve assets, he continued: “Considering the tendency of households and firms to structurally choose foreign currency deposits in the banking sector, it is important to consider not only official reserves, but also the foreign currency assets of the banking system and companies in assessing the adequacy of the country’s foreign assets kept in the face of external liabilities as a whole.” Moreover, the positive course of export and tourism revenues as well as the balancing process in the current account are expected to lead to significant improvement in reserve adequacy indi-

cators. As a result, although short-term volatility is seen in reserve data due to cyclical developments and monetary and exchange rate policy implementations, it is predicted that international reserves will maintain their upward trend in the upcoming period. Indicating that significant rises could be seen in the upcoming months despite the periods of decline, Çetinkaya said, “Here, the critical point is: We recommend that it will be better to look at trends and the medium term with a distinction of broad reserve qualification metric.” Çetinkaya also touched on swaps, continuing, “While using these instruments, we know their impacts on reserves; however, we do not deploy such instruments like swaps to make an effect on the reserve quality.” The market squeeze at that time was a step taken to support market stability and effective functioning in the face of the big gap between offshores and offshore interest rates and the market anomaly.

Qatari lender QNB to offer real estate consultancy services in Turkey


atar National Bank (QNB) has agreed with a Turkish company to provide real estate consultancy services in Turkey. QNB, the largest financial institution in the Middle East and the North Africa region, has signed an agreement with Turkish real estate company Realty World Turkey to provide real estate consultancy services to its customers in the Turkish market. Under the agreement, the main focus will be on Istanbul, Bursa, Ankara, Antalya, Izmir and Yalova, which take the lead in

investors’ preferences. According to the Trade Ministry’s official website, Realty World serves in the region with 160 consultancy offices and 1,500 real estate agents, while QNB offers cross-border housing loans in Qatar, the U.K., France, Lebanon, Turkey and Jordan. QNB Group operates on three continents and 30 countries with its subsidiaries and affiliates. In the first quarter of the year, QNB’s net profit reached $980 million, up by 4 percent compared to the same period of the previous year. The total assets of the bank

were $242 billion, up 6 percent from March 2018. The Qatari lender entered the Turkish market in June 2016 when it acquired Turkey’s Finansbank for 2.7 billion euros ($3.04 billion). Founded in 1987 by businessman Hüsnü Özyeğin, Finansbank was acquired by Greece’s largest bank National Bank of Greece (NBG) in August 2006 before it was sold to QNB. As of October 2016, the bank was named QNB Finansbank.

Eximbank to provide TL loans for non-SME firms to boost exports

Pekcan said Türk Eximbank has continued to provide TL loans to exporting SMEs with affirmative interest rates compared to market figures. She added that the bank channeled Turkish lira sources to SMEs in August 2017 and provided additional credit support of about TL 10 billion to SMEs, including TL 2.1 billion in 2017 and TL 7.7 billion in 2018, adding the said support will continue to increase in 2019. The trade minister said that

Türk Eximbank’s loan facility in Turkish lira was planned to be diversified and increased by taking into consideration the importance and growing potential of trade in local currency in the upcoming period. On providing loans in the local currency to non-SME companies, Pekcan said: “For this purpose, the current Turkish lira loan program for SMEs exporting in the local currency will continue.” She said for non-SME companies, on the other hand, a

previously announced loan program will be put into operation as of April 22, 2019. The loan will have a one-year maturity period and a sixmonth interest rate payment based on the Central Bank of the Republic of Turkey’s (CBRT) daily weighted average funding rate. “We believe this opportunity will contribute to the development of trade in local currencies,” said Pekcan.

Istanbul Airport hosts record number of flights The new airport hosted its first scheduled flight on Oct. 31, 2018, with just five flights a day. It served 1,221 aircraft and 201,031 domestic and international passengers on April 26. A total of 607 aircraft landed at Istanbul Airport on April

26 with 101,727 passengers on both domestic and international flights, while 99,304 passengers also used Istanbul Airport on 614 domestic and international departures from the airport. On April 28, Istanbul Airport served passengers on 606 domestic

and international arrivals. On the same day, a total of 615 aircraft departed from Istanbul with 102,300 domestic and international passengers, reaching a total of 201,952 domestic and international passengers.

May 2019

EconomicNewspaper Monthly Economic Newspaper

New master plan to boost tourism revenues by 50 pct

Turkey’s tourism sector is positioned as a strategic industry that could help reduce the country’s current account deficit, particularly at a time when the Turkish lira has significantly depreciated. Accordingly, the Culture and Tourism ministry has revised its targets for 2023 from “50 million tourists and $50 billion in tourism revenue” to “70 million tourists and $70 billion.” Turkey welcomed 39.5 million foreign visitors last year, a 21.84 percent increase year-on-year, according to the Culture and Tourism Ministry, while the national statistical body revealed that the country’s tourism income surged 12.3 percent to $29.5 billion.Talking to the Turkish language daily, Sabah, Culture and Tourism Minister Mehmet Ersoy said in order to reach the target of $70 billion in revenue, it is necessary to focus on qualified tourism, accommodation capacity and qualified tourists. He stressed their project on producing the Tourism Master Plan continues in this context since per capita spending of tourists should be increased by 50 percent in order to achieve the new goal. He pointed out that the Tourism Master Plan has been prepared to

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extend the duration of the tourism season and increase per capita spending. He said that faith tourism will be one of their priorities in this regard. “We are aware of the potential of our country in this matter and we are setting new routes for faith tourism in order to make full use of it. In this area, we will determine the target market and the masses of visitors and carry out market-specific promotional activities.” He identified gastronomy as another one of their priorities. “We want to become a center of attraction by revealing the richness of our country’s gastronomy, especially for the high-income group we are trying to reach in the new period,” Ersoy said. Noting that the development of health tourism in terms of medical health is carried out within the Ministry of Health, he said in the priority regions determined in the thermal tourism centers, planning works for the establishment of Cure and Rehabilitation Centers, are underway for the purpose of developing points of attraction that will allow the use of geothermal resources for therapeutic purposes. He further argued that these would spread tourism across 12 months and increase diversity, adding that they expect these works and projects to increase Turkey’s tourism revenues, as well as per capita spending.


Assoc. Dr. İsmail Küçüker Trained Polish Doctors New trend in beauty: Holistic touch to face Facial volume deficiencies, wrinkles, jawline contouring, dark circles under eyes, all of them have a personal treatment option in aesthetic surgery. Besides, with non-surgical options... Plastic Reconstructive and Aesthetic Surgeon Assoc. Dr. İsmail Küçüker also took part in the workshop of Teoxane in Poland where approximately 150 plastic surgeons, dermatologists and medical aesthetics specialists participated. Dr. İsmail Küçüker shared his experiences on midface and under-eye light filling in the workshop and gave information about the latest applications for looking well-groomed and younger.

Plastic Reconstructive and Aesthetic Surgeon Assoc. Dr. İsmail Küçüker, who works in Cadaver Workshops operating under the umbrella of Seltek Aesthetics training program (SİMGE), said that new trends in the world are related to jawline contouring and emphasized that sharp and non-sagging jaw lines are increasingly being demanded, so there is a significant increase in the demand for the gonion, and jaw-line fillings. Treatments for eye-catching results Assoc. Dr. Ismail Küçüker specified that as collagen and elastin fibers in the skin wear off and the amount of hyaluronic acid begin to decrease, volumetric losses occur in certain areas of the face. He continued saying that “As a result, skin sagging occurs due to wrinkles and loss of elasticity. Filling application, which is a good solution for loss of elasticity and fat loss of the face, may be recommended. Specially designed for reshaping the faces with higher deformation rates,

Ultimate provides volume in the subcutaneous tissues allowing the cheeks, zygoma area, face oval shape and jaw area to gain volume. In such way, it makes an apparent corrective effect on the deformations in the skin and creates visible differences. With high volume rendering capacity, it provides attractive results and perfect reshaping of the face. Dermal fillers with resilient hyaluronic acid (RHA) technology provide a noticeable improvement in filling deep facial wrinkles such as nasolabial folds, the two skin folds that range from each side of the nose towards the corners of the mouth and accordion lines. Thanks to its high-density structure, it treats both volume loss and dermal de-

formities in the application area. Emphasizing that dynamic wrinkles can be prevented by taking precautions on time, Dr. İsmail Küçüker said “The filler

used for filling wrinkles, skin pits or moderate nasolabial lines, wrinkles on the mouth region and forehead, was developed for moderate wrinkles in all over the face including glabellar lines and nasolabial folds and wrinkles in the cheek region. It offers a safe and effective treatment with its highly pure HA structure and monophasic properties. Thanks to its soft structure, it provides a natural look and feeling even in superficial applications. It can be easily applied by physicians with the easily shaped field corrective effect. Provides a soft and natural look and feeling thanks to its particle-free structure”. To remove dark circles under eyes: Light padding under the eyes Having emphasized that eye area is one of the fastest aging areas on our face and that the under-eye bags reflect our age, fatigue and energy due to various factors, Dr. İsmail Küçüker also said: “The under-eye bags and circles are either structurally present or may occur with aging, insomnia, irregular lifestyle, alcohol and smoking. With aging, the bone structure of our face shrinks, fat loss occurs and naturally the under-eye area moves backward in this case. As a result, bags and circles occur under our eye area. The Under Eye Light Filler developed especially for this area ensures a safe correction and reconstruction

of the under-eye area. Thanks to the restructuring complex inside, it increases the quality of skin around the eyes and has an effect on dark circles. The effect of the Under Eye Light Filling applied to rejuvenate the eye area may last up to 18 months. For Under Eye Light Filling, often one session may be sufficient. Only a small portion of patients may require a touch-up after one month”. Most preferred, Kiss lip plumping lipstick Dr. İsmail Küçüker, who specified that Kiss Lip Filler is used quite often in lip enhancement, reshaping and contouring, said “The lips can be either structurally thin, or may lose volume due to hormonal activity, traumas, and the decrease in the tissue-supporting structures. Lip aesthetics is one of the most popular and demanded applications nowadays and it is a lip filling process performed with the purpose of having aesthetic and plumpy lips. Kiss is a new formulation specially developed for the sensitive region around the lips. They are durable and have a much longer life with high cross-links. With this filling, you can redetermine the lip contour, increase the volume, reshape the lip corners, and moisturize the lips. And he added that lips can maintain this condition for up to 12 months after the application”.




Economic Newspaper

May 2019

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Stars of exports in chemistry were awarded

Organized by the Istanbul Chemicals and Chemical Products Exporters’ Association (IKMIB) every year to honor and encourage its member firms in the chemical industry for their export success, the fourth edition of the IKMIB Export Stars Award Ceremony was held in Istanbul. 84 companies were awarded in the top 3 of 28 categories in 2018 IKMIB Exports Stars Award Ceremony.


ast year, the chemical sector, which had a large share in the breaking of the export record of the Republic’s history with 168.1 billion dollars, realized 17.4 billion dollars export in 2018. IKMIB, Turkey’s based chemical industry is one of the important players in the export growth strategy, industry representatives were rewarded with the highest amount of exports in 2018. In 2018 IKMIB Exports Stars Award Ceremony, which was organized for the fourth time this year, the companies won 84 awards in 28 categories in the sub-sectors and product groups of chemistry. Hosted by IKMIB Chairman Adil Pelister at Raffles Istanbul Zorlu Center; Ismail Gulle, Chairman of Turkish Exporters Assembly, S. Armagan Vurdu, General Secretary of the Istanbul Minerals

and Metals, CSO and President of the Association, representatives of IKMIB Board members and the sector joined award ceremony. Providing an important input to Turkey’s locomotive industries, chemical industry stands out with 16 sub-sectors. IKMIB, representing approximately 7 thousand export companies in different sub-sectors of chemistry from plastic to cosmetics, from medicine to rubber, from medical to dye, has rewarded successful companies. In March 2019, 1 billion 830 million dollars increased by 17.4 percent compared to March last year. The chemical industry, which has been exporting, has reached the highest level of exports ever on a monthly basis. The chemical industry increased its exports by 19.6 percent in the three months of this year compared to the previous year, reaching about 5 billion dollars.

2018 IKMIB Export Stars Awarded Companies

“Personal care products” 1. Evyap International 2. Erte Cosmetics 3. Coster Aerosol Valf


1. Procter and Gamble Consumption Goods 2. ABC Detergent 3. Hayat Kimya

“Color Cosmetics” 1-Erkul Cosmetics 2-Kosan Cosmetics 3-Tanalize Cosmetics


1- Seluz Fragrance & Flavor Company 2-Erdogmus Fragrances 3- Gulcicek International Fragrance Company

“Shoe Polish and Furniture Paints”

1. Başarlar Hırdavat Pazarlama 2. Espa Plastic 3. Evo Dis Ticaret


1. Colgate Palmolive Household & Consumer Products 2. Evyap International 3. Dalan Kimya

“Construction Plastics” 1. Fırat Plastic Rubber 2.Ege Profil 3. Subor Pipes

Economic Newspaper

May 2019 Monthly Economic Newspaper

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Tech firms of Borsa Istanbul enjoy highest profit rise since 2008


echnology companies traded on the Borsa Istanbul generated the highest profit in 2018. Accordingly, among the main sector indices traded on Borsa Istanbul, technology companies raised their profit by 50.53 percent in 2018. The companies operating in the industry sector saw an increase of 30.18 percent in profit, followed by the financial sector at 9.71 percent, while the companies operating in the services sector decreased in value by 21.46 percent. Last year, the financial sector took the lead in profit with TL 58.7 billion, followed by the industrial sector that generated TL 31.7 billion in profit last year.

The services sector amounted to TL 6.7 billion in profit. Companies in the technology sector generated the least profit in this period. Profit generated by the companies involved in the technology sector remained at TL 2.7 billion last year. Among the subsector indices, on the other hand, the transportation sector generated the highest profit for its investors with 249.79 percent, followed by the metal main industry at 57.01 percent, the insurance sector at 48.73 percent and the companies involved in the mining sector at 45.07 percent. Meanwhile, companies traded in the non-me tal mineral product index raised their profits by 34.29 percent,

followed by textiles and leather at 28.18 percent, metal goods and machinery at 22.92 percent, real estate investment trusts at 15.92 percent, holdings and investments at 15.86 percent, the food and beverage sector at 14.03 percent, the banking sector at 5.51 percent, the financial, leasing and factoring sector at 2.67 percent, and the chemicals, oil, and plastics sector at 2.12 percent. Among the sector indices, the communications sector experienced the highest decrease in the period with 79.78 percent. The companies operating in the communications sector were followed by the construction sector at 38.25 percent, investment trusts at 28.27 percent, the commercial sector at 26.77 percent and the IT

Cosmelan treatment should be done in winter Used in the treatment of the melasma and the dark spots caused by exposure to sun in sensitive skins, “cosmelan” treatment should be applied in winter months.

the melanin amount in the skin, took part in suppressing the pigmentation and also suppressed the mechanism that triggers dark spot formation on the skin. Dr. Pınar Koç said the treatment gave positive results in a single session for the surface and medium-level spots in particular.


n this method of blemish treatment which does not require anesthesia, the cosmelan is applied after the oil layer on the epidermis of your skin is totally removed. Esteworld Hair Transplant and Plastic Surgery Health Group Dermatology Specialist Dr. Pınar Koç said cosmelan method was applied in the treatment of melasma and the dark spots in sensitive skins caused by exposure to sun, adding that the cosmelan helped reduce

Dr. Pınar Koç gave the following information about the application of cosmelan: “First of all, the application should be carried out in winter. The person should come with a rested skin without any makeup. There is no need for an injection or anesthesia. The skin is cleaned, and the oil layer on the skin is removed totally using a special solvent. Then, the cosmelan mask is applied thickly on the entire face (excluding the circumference of the eyes and lips). The person is allowed to go home with the mask on the face after an observation period of 15 minutes. The mask is kept on the face for about 8 to 10 hours, and it is flushed with plenty of water at the end of this period.

The person comes for control after 15 days. The home practice starts. There is a blemish-suppressing cream in this treatment, which should be used by the person for a long time. It should be used for about 1 to 1.5 years. Never lose control! Dr. Pınar Koç added that the person should come for control after one month of the application, and these controls would continue in the following months, as the specialist should also monitor the reduction of the dark spot on the face of the person thanks to the use of the follow-on cream. “A brilliant and fresh skin emerges at the end of the cosmelan blemish treatment. It is an effective and safe method when it is applied to the right patient groups,” she said.

sector at 12.08 percent. Among the subsector indices, companies operating in the banking sector generated the highest profit in this period, reaching TL 36.2 billion. Companies in the banking sector were followed by the holding and investment sector at TL 15.8 billion and the metal main sector at TL 10.9 billion. Having announced a total loss of TL 84.5 million in 2017, companies engaged in forestry, paper and printing generated TL 502.5 million in profit last year. The small and medium-sized enterprises (SME), which announced TL 17.6 million in profit in 2017, lost TL 2 million last year. Companies in the electricity sector, which made a profit of around TL 999 million in 2017, maintained a downward course in 2018, suffering a loss of TL 1 billion. The loss of the companies operating in the tourism sector rose from TL 31.2 million to TL 89.2 million in 2018.


External assets at over $243 billion in February

Turkey’s external assets totaled $243.6 billion as of February, the country’s central bank announced. External assets went up 4 percent since the end of 2018, while liabilities against non-residents surged 3.3 percent to $606.5 billion, said the Central Bank of the Republic of Turkey (CBRT). “The NIIP [net international investment position], defined as the difference between Turkey’s external assets and liabilities, posted minus $362.9 billion at the end of February 2019, in comparison to minus $353.1 billion observed at the end of 2018,” the bank said in a statement. Showing a snapshot in time, the NIIP – which can be either positive or negative – is the value of overseas assets owned by a nation, minus the value of domestic assets owned by foreigners, including overseas

assets and liabilities held by a nation’s government, the private sector and its individual citizens. Reserve assets increased 7.6 percent to reach $100.1 billion, while other investment categories totaled $91.1 billion, up 2.3 percent. “Currency and deposits of banks, one of the subitems of other investments, recorded $47.9 billion indicating an increase of 7.3 percent compared to the end of 2018,” the bank noted. Direct investment – equity capital plus other capital – at the end of February rose by 4.5 percent to $141.8 billion versus the end of last year. Lenders’ total external loan stock slipped to $79 billion last February, down 3.1 percent compared to the end of 2018. “Total external loan stock of the other sectors recorded $105.5 billion decreasing by 1.3 percent,” it added


May 2019

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IKMIB - Istanbul Chemicals and Chemical Products Exporters Association organized national participation in Beauty World Middle East Fair held on 15-17 April, 2019 in Dubai, United Arab Emirates.

Cosmetics industry met in Dubai Beauty World Me Fair

Turkey National Participation was held for the 15th time for Beauty World Middle East Fair. A total of 108 Turkish firms found the opportunity to introduce their products to the world.

“Middle East market offers an important opportunity in our cosmetics sector export” IKMIB Chairman of the Board Adil Pelister stated that they participated with 108 companies this year for Beauty World Middle East 2019 Fair and said, “As IKMIB, we organized the national organization for Beauty World ME, one of the most important fairs in the Middle East that brings cosmetics and beauty world together. This year 81 of our 108 companies and 27 national participation, including individual was represented Turkey. 1,761 square meters, including the Turkey Pavilion at the fair we participated in a total of 3,030 square meters with our individual company, our newest company, had the opportunity to present their products with the latest technology. Our exports to the cosmetics sector are increasing every year. In 2018, exports of cosmetics sector increased by 3 percent to 1 billion 140 million dollars. Iraq, Iran, Britain, Russia, Germany, France, Holland, Saudi Arabia, the United Arab Emirates and Israel ranked the top ten countries we export in 2018. The Middle East market offers an important opportunity in our cosmetics sector. Beauty World ME Fair is a fair that grows every year and starts to hold a big place in the world. In this respect, we recommend that our companies evaluate the fair activities well. I hope that our participating companies will form new collaborations.”

May 2019

EconomicNewspaper Monthly Economic Newspaper

Turkey determined to lower inflation Humor and interest rates to targeted levels year, 8.2 percent next year and 5.4 percent in 2021. Murat Çetinkaya, the bank’s governor, said at a news conference that the inflation rate will fluctuate between 12.1 percent and 17.2 percent throughout the end of this year. He noted that interest rate hikes remained an option if inflation unexpectedly jumps.


urkey’s annual inflation rate stood at 19.71 percent in March, slightly up, 0.04 percentage points, from 19.67 percent in February, according to the Turkish The country’s inflation rate target is 15.9 percent this year, 9.8 percent in 2020, and 6.0 percent in 2021. The Central Bank of the Republic of Turkey (CBRT) kept the country’s year-end inflation forecast at 14.6 percent this

At its policy-setting meeting, the central bank left its key interest rate unchanged at 24 percent. “We project the inflation rate will stabilize at 5 percent in the medium term under a tight monetary policy stance and enhanced policy coordination,” he said. Çetinkaya also noted that taking into account hikes in unprocessed food and Turkish lira-denominated import prices, the improvement in the underlying trend of inflation under a tight monetary policy stance consistent with the targeted path, the widening of the output gap

and downward revisions to the administered price hikes offset these upward effects. “Assumptions for food prices inflation have been revised upwards due to realized inflation figures in the first quarter of the year that were significantly above the historical averages as well as to risks arising mainly from accumulated cost pressures,” he said. The bank increased its food inflation forecast to 16 percent for 2019, up from 13 percent in the previous report, Çetinkaya noted. Food inflation next year is expected to reach 11 percent, he said. Treasury and Finance Minister Berat Albayrak announced a new reform package for the implementation of necessary actions to ensure compliance with free market rules, tight fiscal policy, sustainable growth, a fairer tax regime and the coordination of monetary policy with fiscal policy. Inflation was named among the top priorities the reformation efforts will

concentrate on. Minister Albayrak underscored that in order to mitigate food inflation the government will carry out structural reforms in agricultural policy. He said they will be launching a National Unit project in agriculture, which will be the most important structural reform in this area. Furthermore, President Erdoğan said “all indicators show that the country is entering an upward trend.” After concluding the last in a series of elections this March, the president said the government is leaving the period of election campaigning behind to focus on action. Following local, parliamentary, and presidential elections that have taken place since 2018, Turkey is set to enjoy over four years without elections. Erdoğan underlined that the government is concentrating on structural reforms to strengthen the private sector

THE ECONOMIST What is the real problem?


If you do not conquer self, you will be conquered by self.

When the man in the street says: “If it ain’t broke, don’t fix it,” the lawyer writes: “Insofar as manifestations of functional deficiencies are agreed by any and all concerned parties to be imperceivable, and are so stipulated, it is incumbent upon said heretofore mentioned parties to exercise the deferment of otherwise pertinent maintenance procedures.”

Publisher: ISTMAG Magazin Gazetecilik İç ve Dış Ticaret Ltd. Şti. Adına sahibi H. Ferruh Işık Responsible Editor: Mehmet Söztutan (

**************** In the USA, everything that is not prohibited by law is permitted. In Germany, everything that is not permitted by law is prohibited. In France, everything is permitted, even if prohibited by law. In Switzerland, everything that is not prohibited by law is obligatory.

Editors: Prof. Dr. İsmail Kaya Assoc. Prof. Mehmet Ali Özbudun Ayça Sarıoğlu Pınar Özkan Recep Arslantaş Advertisement Manager: ( Art sdirector:

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Chief Accountant:

Mustafa Aktas (


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le rce Yüz

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of trial, the case was won, the client acquitted and released. Excited about his success, the attorney telegraphed the firm: “Justice prevailed.” The senior partner replied in haste: “Appeal immediately.” *********************** How many lawyers does it take to change a light bulb? “How many can you afford?”

A junior partner in a firm was sent to a far-away state to represent a long-term client accused of robbery. After days


A psychotic thinks that two and two are five. A neurotic knows two and two are four -but he hates it.


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It only takes one to change your his. Two. One to change it and one to keep interrupting by standing up and shouting “Objection!”

house, and one to sue the bulb manufacturers. Fifty four. Eight to argue, one to get a continuance, one to object, one to demur, two to research precedents, one to dictate a letter, one to stipulate, five to turn in their time cards, one to depose, one to write interrogatories, two to settle, one to order a secretary to change the bulb, and twenty-eight to bill for professional services. How many lawyers does it take to screw in a light bulb? None, lawyers only screw us. You Might Be a

Lawyer if... Three. One to do it and two to • you are charging someone for sue him for malpractice. reading these jokes. Three. One to turn the bulb, one to shake him off the ladder, • you believe that a forty and the third to sue the ladder words’ sentence is a short one. company. • you have a daughter named Three. One to sue the power company for insufficiently supplying power, or negligent failure to prevent the surge that made the bulb burn out in the first place, one to sue the electrician who wired the

Sue and a son named Bill. • you can look at a contract and instantly tell whether it’s verbal or written. • when you look in a mirror, you see a lawyer.

Turkey aims to hit $182B in exports in 2019


urkey is eyeing a $182B export target in 2019, President Recep Tayyip Erdogan said. Addressing the 4th Commercial Counselors Conference, Erdogan said: “We aim for an export figure of $182 billion in 2019 and $500 billion in 2023.”

Seçkin Firma


Turkey has broken “historic records” for 17 years in almost every area, the president told the meeting at the Presidential Complex in the capital Ankara. Erdogan said his government aims to transform Turkey into an economy that records a foreign trade surplus. “We are determined to catch an economic growth above 5 percent again in 2021,” he said. Turkey aims to reach economic growth of 2.3 percent this year, 3.5 percent in 2020, and 5 percent by 2021 under its new economic program announced last September.

Trade surplus with EU at 877M euros in February

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urkey’s exports to the EU exceeded its imports by 877.6 million euros ($992 million) in February.

According to February data from the EU and the Eurozone’s international trade published by the European Statistical Office (Eurostat), the EU’s total exports reached 156.3 billion euros in February, with imports amounting to 159 billion euros. The EU gave a trade deficit of 2.7 billion euros in this period. The Eurozone totaled 183.3 billion euros in February exports and 165.4 billion euros in imports, thus giving a trade surplus of about 17.9 billion euros. According to Eurostat data, Turkey reached 6.5 billion euros in exports to EU countries in February and around 5.7 billion euros in imports, which gave a trade surplus with the EU of 877.6 million euros in February. Meanwhile, in the first two months of the year, Turkey had a total trade surplus of 2.7 billion euros with the EU.


May 2019

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Monthly Economic Newspaper

Economy, security policies at forefront of the agenda


ne of the most-emphasized points in the aftermath of the March 31 municipal elections has been the government’s resolution to expedite the implementation of the economic agenda in coordination with the relevant public bodies and the private sector. President Recep Tayyip Erdoğan, Treasury and Finance Minister Berat Albayrak and other members of the economic administration and representatives of the business world underscored the importance of the 4.5 year election-free period to accomplishing much-needed reforms to ensure sustainable development and growth.In his address at an international labor conference held by the Confederation of Public Servants Trade Unions (Memur-Sen) in the capital Ankara, President Erdoğan also drew attention to the coverage of the Turkish economy and politics by the international media, which he described as biased. In reference to an article by the British newspaper the Financial Times, President Erdoğan said: “We are cognizant of the fact that the underlying cause of this anti-Turkey campaign is the principled stance we have displayed on the issues of Syria, Palestine, Yemen and Egypt as well as our sensitivity concerning rising Islamophobia. Those attacks further escalate as we raise our voice against global injustices.” “News reports against us multiply as we

highlight the double standards regarding the fight against terror and the issue of refugees,” President Erdoğan underscored, citing the lack of coverage and attention of the Western media on Turkey’s refugee policies and fight against terrorism. The Financial Times reported that the Turkish central bank had bolstered its foreign reserves with short-term lending in what analysts worried was a way to overstate its buffer against any new lira crisis. The article received criticism for being biased and citing anonymous resources, which are described as former employees of the central bank. “Unfortunately, some quarters in the West, using all their media tools, are trying to say our economy has collapsed,” Erdoğan said. In his speech, President Erdoğan underscored the economy and security-focused agenda ahead. During the 4.5 years heading toward 2023, the primary goal is to fortify the economy, sustain growth performance based on technology and export and increase employment. “A 4.5 year-long continuous period of action now lies ahead of our country,” the president noted, adding: “As the 82 million citizens, we should make the most of this period. We should leave behind election debates and focus on our true agenda, first and foremost the economy and security. It is now time to once again cool the hot iron, shake hands, hug each other

and reinforce our unity and solidarity. Our target in the upcoming 4.5-year period is to enhance our people’s prosperity as well as to achieve Turkey’s goals for 2023 by preserving the security-freedom balance and eliminating threats against our country.” Reports by the Financial Times, Reuters and Bloomberg on Minister Albayrak’s meeting with investors in Washington also drew criticism from the Turkish government.As part of International Monetary Fund (IMF) and World Bank spring meetings, Treasury and Finance Minister Albayrak had a very busy agenda as he met representatives of international financial institutions and investors. His Washington program began with one-on-one investor meetings. First with high-level executives of global funds such as Eaton Vance, Carlyle Group, Alliance Bernstein, Blackrock, Bluebay Asset Management, PIMCO and Goldman Sachs Asset Management, which manage over $8 trillion in assets. He addressed all the questions from his counterparts, especially with regards to the new structural transformation package. While foreign investors showed great interest in meeting, the reports by Reuters, Bloomberg and the Financial Times did not reflect all the aspects of the meetings and cited a couple of anonymous resources without verifying or confirming their facts with the subjects of the articles. In producing a biased view of the Turkish economy, these news outlets initially implied that the country would not be able to overcome the currency crisis and foreign investors would refrain from investing. However speaking to reporters, the head of the IMF’s European department, Poul Thomsen, said despite some issues in the Turkish economy, “We shouldn’t exaggerate the difficulties Turkey

is facing.” “Turkey implemented some important measures, including in monetary policy, over the last six months,” Thomsen added, stressing that a tight monetary policy was needed to curb inflation. He also said the IMF and Turkey were not holding any official or secret talks outside their cooperation. The president emphasized the significance of putting the interests of Turkey and Turkish citizens above politics and said, “We, the 82 million citizens, should set aside our differences of political opinion and act jointly as the ‘Alliance of Turkey’ on issues that concern our country’s survival.” This is, he added, was the only way to resolve the problems of public servants, workers, farmers, industrialists and merchants.To communicate its commitment of sweeping reforms to the markets, Turkey released a reform package on April 10. From banking to insurance, the reforms will delve into all areas of the financial sector and contribute to reinforce the capital structure of private and public lenders. The Treasury will issue TL 28 billion worth of government debt securities to make state banks’ balance sheets robust. A venture capital fund for the energy industry and a real estate fund will be established to manage bad loans in these two sectors.In addition to the financial sector, the second area for reform efforts will concentrate on inflation, which soared as high as 25 percent in October 2018 and retracted to 19.71 percent in March. With a view to mitigating food inflation, the government will carry out structural reforms in agricultural policy.Turkey’s reforms in the upcoming period will also be implemented in the judicial sphere to boost a strong investment environment that ensures investor confidence in Turkish markets

Letters to the Editor Turkey’s warnings Turkey’s Foreign Ministry rejected EU foreign policy chief’s statement on Turkey’s intended hydrocarbon drilling activities in the Eastern Mediterranean. In a written statement released , the Foreign Ministry rejected High Representative of the EU for Foreign Affairs and Security Policy Federica Mogherini’s remarks urging Turkey to reconsider plans to start exploratory drilling for oil and gas off Cyprus, noting that Turkey will carry out the drilling in line with its legal rights stemming from international law. Furthermore, the Foreign Ministry noted that the Greek Cypriot administration has been irresponsibly risking the security and stability in Eastern Mediterranean by disregarding the rights of Turkish Cypriots and rejecting cooperation despite Turkey’s warnings.

solution to the influx of refugees heading to the union. According to the deal, Turkey was promised a total of 6 billion euros in financial aid, which was initially designed to be given to the country in two stages and be used by the Turkish government to finance projects for Syrian refugees.Visa-free travel for Turkish citizens was also promised to be provided under the agreement. Lastly, the customs union was also promised to be updated in accordance with the deal. In exchange for these promises of the EU, Turkey took the responsibility of discouraging irregular migration through the Aegean Sea by taking stricter measures against human traffickers and improving the conditions of more than 3 million Syrians living in Turkey. Despite significant developments in the control of migration traffic, the EU could not deliver on its commitments stated in the deal.

M. Rins/Berlin Peace process The Eastern Mediterranean island has been divided since 1974, when a Greek Cypriot coup was followed by violence against the island’s Turks, and Ankara’s intervention as a guarantor power. Negotiations over Cyprus resumed after a 2004 U.N.-backed Annan Plan to reunify the Turkish Cypriot and Greek Cypriot communities. The status of the island remains unresolved in spite of a series of discussions that resumed in May 2015. There has been an on-and-off peace process over recent years, with the latest failed initiative having taken place in Crans-Montana, Switzerland under the auspices of guarantor countries Turkey, Greece and the U.K.


G. Krone/Paris Financial aid Ankara and Brussels signed an agreement in 2016 to find a

Steve Wozniak’s bitcoins Apple co-founder Steve Wozniak had some bitcoins stolen from him, The Economic Times in India reported. “I had seven bitcoins stolen from me through fraud,” Wozniak said at the Times’ Global Business Summit. “Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy. And it was from a stolen credit card number so you can never get it back.” At today’s price of around $10,200 a bitcoin, Wozniak’s stolen cryptocurrency are worth roughly $71,400. The American inventor remains a supporter of the cryptocurrency, which he initially bought at $700 each as an experiment, according to The Times. M. Rige/ Istanbul

Turkish fruit juices sweeten the mouth of the world I believe that their success will continue in the following years.”

Our fruits turn into added value

Declaring that the export increase in the fruit juice sector, the Turkish producers of fruits produced in the value added to the evaluation of the ground that indicates the aircraft, Ucak said, “Our fruit production season is certain. Our fruit juice sector raises our risk of not converting our fruits into value added in the season and increases the added value that the sector achieves in total by processing our fruits.”


he world’s mouth is sweetening Turkish juices. Turkey’s exports of fruit juice grabbed 30 percent export growth rate in the amount of $ 279 million in 2018 and was the star of the export of fruit and vegetable products in the industry. Fruit juice exports in 2017 was $ 214 million. As Turkey exported fruit juice to 150 countries, fruit juice exports rose to the first

rank by exporting water and carbonated drinks and crossing the export of pickles in 2018. Turkey’s highest value-added export items located in the total exports of fruit and vegetable products sector; It increased by 11 percent in 2018 from 1 billion 415 million dollars to 1 billion 564 million dollars. As juices and sodas sector in fruit and vegetable products sector gained 255 million 278 thousand dollars in exchange for giving partner summit in Turkey, while Turkey’s foreign currency earned from exports pickles; It was recorded as 221 million 67 thousand dollars. Exports of tomato paste and sauces amounted to $ 184 million, while exports of frozen vegetables and fruits increased by 21 percent to $ 157 million. While exports of canned foods and roasted vegetables were represented with $ 142 million, we earned $ 95 million in foreign exchange from dried vegetables. Our export of alcoholic beverages is 94 million dollars; It reached $ 88 million. Hayrettin Ucak, Chairman of the Aegean Fresh Fruit and Vegetable Exporters’ Association, stated that fruit juice exports have increased from 15 percent to 18 percent in the fruit and vegetable products sector. Stating that they export fruit juices from apple juice, pear juice, mixed fruit juices to grapefruit juice, orange juice to tomato juice, tropical fruit juice to cherry juice, Ucak said, “In 2018, Turkish fruit juice exporters signed a great success story.

Americans preferred our fruit juice most

Turkey exported fruit juice to 135 countries in 2017, the number of countries we export fruit juice rose to 150 in 2018. The country which preferred Turkish fruit juice most was the United States with $ 73.7 million. Netherlands imported 37.5 million dollars of the Turkish fruit juice, while Italy preferred 16.5 million dollars of Turkish fruit juice. These countries were followed by Spain, Germany, England, Libya, France and South Korea.

May 2019

EconomicNewspaper Monthly Economic Newspaper

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Turkey, Germany seek closer cooperation in renewable energy


urkey and Germany are aiming for closer cooperation in renewables, energy storage and efficiency, and have set up four bilateral working groups to achieve this aim. The Turkish-German Energy Forum provides a platform for dialogue and cooperation in the field of renewable energy, energy efficiency, energy infrastructure and regulations. Sector coupling is also a target area for cooperation in which the use of renewables-generated electricity is destined for sectors other than the power sector, for example, in the buildings, industry and transport sectors. To further explore opportunities for bilateral energy expansion,

Turkish Energy and Natural Resources Minister Fatih Dönmez and German Federal Minister for Economic Affairs and Energy Peter Altmaier met in Ankara for the second Turkish-German Energy Forum in October last year to sign a letter of intent to enhance the Turkish-German energy partnership. During the 5th Berlin Energy Transition Dialogue, Germany’s Deputy Economy and Energy Minister Thomas Bareiss, who has been appointed as a special envoy for Turkish-German energy partnership, said that when he met with Turkey’s Deputy Energy and Natural Resources Minister Alparslan Bayraktar, both acknowledged the strong

energy partnership between Turkey and Germany. “To this end, we have agreed to establish four bilateral working groups and to include the private sector and other stakeholders of both countries to learn from each other,” Bareiss said. The working groups will cover concrete topics like the promotion of the offshore wind energy market, new enabling technologies like energy storage, and energy efficiency, he explained, and added that he sees a lot of potential for know-how transfer in the field of conventional power plants, like coal-fired plants, and in the increase of safety for nuclear power. “We tried to find common pro-

jects, for example in infrastructure, in energy efficiency and in renewables in Turkey. Turkey has very good conditions for renewables, especially in wind, PV [photovoltaic] and also hydropower. It has better conditions than Germany, and therefore, it is good for German companies to also invest in Turkey,” Bareiss explained, referring to companies like electric utility companies, EnBW and RWE. After hitting 31 percent of renewable electricity production in August 2018, Turkey’s authorities took concrete investment steps to revise its renewables target for 2023. The revised plan targets the supply of 65 percent of energy needs from domestic and renewable

sources by this date. Bareiss noted that Germany is one of Turkey’s most important trading partners, a testament of which is seen in the increase in bilateral trade over the last three to four years, and with around 7,500 German companies currently active in Turkey. However, in 2018, bilateral trade slightly decreased to 32.5 billion euros ($36.5 billion) compared to the previous year. In 2017, bilateral trade reached $36.4 billion, a rise of 2.7 percent from 2016. The German deputy minister has urged the expansion of trade through finding common ground in decreasing reciprocal custom tariff barriers.

German, Dutch, Italian firms to invest in OIZs in Yalova


erman, Dutch and Italian firms will be investing in ship and clothing specialized organized industrial zones (OIZs) in the northwestern province of Yalova’s Çiftlikköy district, an official said. The industrial zones, established on a 4 million meter square area, are projected to employ around 20,000-22,000 people. The Ship Specialized Organized Industrial Zone (GİOSB) and Eurasia OIZ, a clothing specialized industrial zone, have been reported to have started receiving demand from abroad. “So far, sale process of 28 parcels of 91 parcels at GİOSB has been completed. Currently eight to nine projects are in the licensing phase. They will be starting the construction of the facilities this year. Three out of 28 firms are foreign companies. We have German, Dutch

and Italian companies. Demands from abroad has begun to arrive.” said Eurasia OIZ Allocation Affairs Coordinator, Muharrem Çay. The GİOSB is established on a

parcels of land or lots, of which 91 belong to GİOSB and 101 belong to Eurasia OIZ. Çay remarked that infrastructure work began last May and said they continued at full speed.

“Some of the companies have already launched construction. As of the end of the year, 10-12 companies will commence operations at the OIZ,” he added. So far, agreements with some

1.5 million square meters area, while Eurasia OIZ is found on a 2.5 million square meters area, Çay was quoted as saying that the two zones consist of 192

Noting that the first phase is expected to be completed by the end of the year, he said so far, about a quarter of the total area has been allocated and sold.

10 firms have been signed at the Eurasia OIZ, Çay said. One of the Turkey’s leading ready-towear clothing firms, LC Waikiki has acquired a 400,000 meter

square area to establish a grand facility for which construction has been launched, according to Çay, who noted that the firm will be putting into operation the first phase of 110,000 square meters area by year-end. Çay said that they expect an investment of around TL 2.5 billion in the next 4-5 years, including TL 1 billion from the GİOSB and TL 1.5 billion from the Eurasian OSB. “Currently, the first phase of the investment continues. We will continue the project stage by stage in two year periods. Some 20,00022,000 jobs are expected to be produced.” In fact, according to Çay, the whole situation is projected to bring migration to Yalova. He noted that Yalova has an advantage in terms of location, as it is just a 45-minute drive away from millions of people within the triangle of Istanbul, Kocaeli and Bursa

Turkey to invest TL 8.75B in electricity distribution He also recalled that they allocated an investment budget of TL 30 billion, including TL 18 billion in the private sector and TL 12 billion in the public sector, in the 2016-2020 period to renew both transmission and distribution infrastructure with the aim of providing world-class services in Turkey. Dönmez further explained that they set very clear targets and success criteria to enhance service quality for distribution companies and carried out surveys in this regard. “We have invested TL 12.3 billion in the last three years. Our three year planned target was 55 percent. We scored 63 percent at this rate,” he continued. “Hopefully, we will achieve our goals by realizing a total investment of TL 8.75 billion this year and next year. On the transmission side, we realized investment of approximately TL 3.4 billion in 2018 with a realization rate of 119 percent. We expect another investment of TL 2 billion in 2019.” On the other hand, Energy Market Regulatory Authority (EMRA) Chairman Mustafa Yılmaz stated that in 2018, the distribution companies invested TL 3.5 billion with a realization of about 14 percent of the maximum projected three-year investment amount.

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