Recent changes in the European landscape, including the entrance of Bulgaria and Romania into the European Union, has prompted Conversis, to examine the growth of possible international investment within the region.One particular country of interest in the region is Turkey, the bridge between the East and West.
MD and CEO, Gary Muddyman, said, "In an ever-changing Europe and Western Asia, no country has gone through more economic and social changes in the last five years than Turkey."Because it straddles both Europe and Asia, Turkey serves as a bridge between East and West, presenting many advantages and potential opportunities to businesses wishing to expand into this region of the world."
Since a devastating financial crisis in 2001, economic reform in Turkey has reduced inflation from 54 percent to single digit numbers and investor-confidence and foreign investment has increased while unemployment has decreased.Turkey has continued to slowly open its markets by reducing government controls on foreign trade and investment and by privatising many publicly-owned industries.
The state still plays a major role in banking, transportation and communications, but pressure from the International Monetary Fund (IMF) and World Bank is accelerating efforts at reform.While Turkey's traditional economy has centered around agriculture and industry, the information technology market is rapidly growing, reaching £2.3 billion in 2004, according to Conversis' recently released 'Cultural Commentary: A Closer Look on Turkey'.
According to the report, experts predict that small and medium-sized enterprises will increasingly invest in IT as Turkey has become the natural crossing point between European and Middle Eastern IT businesses.Muddyman continued, "Turkey's geographical position makes it an excellent base for economic activities throughout the region and the country is emerging as a powerful cultural and political focal point.
"Increasing privatisation and openness to foreign investment make Turkey an attractive business environment."
Turkey's social climate is also continuously changing as it looks for admittance into the European Union. Their government has reformed its human rights policies, including abolishing the death penalty.The government also appears to have become more tolerant of individuals freedom of expression.
Check out 12ahead, our brand new platform
covering the latest in cutting-edge digital marketing and creative technology from around the globe.
12ahead identifies emerging trends and helps
you to understand how they can apply to modern-day companies.
We believe 12ahead can put you and your
business 12 months ahead of the competition. Sign up for a free trial today.