トルコ特集
Message from Ambassadors

Turkish Economy Keeps onGrowing as Turkey-Japan
Strategic PartnershipExpands
A. Bülent MeriçAmbassador
Republic of Turkey

aving recently arrived in Tokyo as the newAmbassador of the Republic of Turkey, it is my great
pleasure to address the readers of JOI’s “Kaigai Touyushi”
to share some of the key aspects of the Turkish economy
as well as Turkey-Japan economic relations.

HTurkish economy has achieved an outstanding performance with its steady growth over the last 10 years.
Sound macroeconomic strategies, prudent fiscal andmonetary policies and structural reforms have resulted inhigh rates of growth and increased confidence in theTurkish economy. Based on the strengthened macroeconomic fundamentals, the economy grew with an averageannual real GDP growth rate of 5% between 2002 and2013. Accordingly, Turkish GDP rose to 820 billion
USD at the end of 2013 from its 2002 level of 231 billion USD. Concurrently GDP per capita soared to 10,800
USD from 3,500 USD in 2002. As such, the Turkish
economy is the 16th largest in the world and the 6thlargest in Europe. Definitely, political stability andmacro-economic prudence have been essential throughout such a sustainable growth.
According to the OECD, Turkey is expected to be thefastest growing economy among the OECD members
during 2012-2017 and 2018-2030 with 5.1% and 4.3%
respectively. Despite the fact that the economic growth
was 2.2% in 2012 due to the deteriorating economic outlook of our main trade partners especially in Europe, theTurkish economy expanded by 4% in 2013.
The current account deficit, which still remains the mostchallenging aspect of the economy with 8% of GDP in2013, is expected to be reduced to 6.4% in 2014 and will22014.5

be further lowered over the upcoming years throughmacro-prudential measures taken recently. The General
Government Gross Debt to GDP contracted to 36% at
the end of 2012 from 74% in 2002. Hence, since 2004,
Turkey has been meeting the 60% threshold for public
debt stock to GDP as set out by the Maastricht criterion
for EU monetary union. Similarly, the budget deficit decreased to 1.2% of GDP, which is also lower than theMaastricht criterion for the budget deficit of 3%.
Implementation of strict regulatory and supervisory regulations on banks and financial institutions provided abuffer against external shocks. Turkey became the only
OECD member country which did not bail out a single
bank after the 2009 global financial crisis. Turkish economy proved resilient against the turmoil of global economic downturn.
sed on structural reforms, the investment climate inTurkey has been improved to attract Foreign Direct
Investment (FDI). Legislation on investment was streamlined along global standards. At present Turkey has amore foreign capital-friendly legislation and transparent
regulatory system. FDI legislation is based on the principle of equal treatment for domestic and foreign investors. Turkey grants all rights, incentives, exemptions,and privileges available to national businesses to foreignbusinesses on a most-favored-nation (MFN) basis.
Turkish law accepts binding international arbitration ofinvestment disputes between foreign investors and thestate. 100% foreign ownership is permitted (except inRadio & TV Broadcasting). Foreign investors are free torepatriate their capital and profits. Turkey's legal system
protects and facilitates acquisition and disposal of property rights, including land, buildings, and mortgages.

Bトルコ特集Private persons of foreign nationality and foreign companies can buy property in Turkey.
The outcome of the investor friendly policies was significant: Turkey attracted 112 billion USD worth of investment during the 2002-2013 period. Currently more than
30,000 companies with international capital are registered in Turkey. Despite a decline in FDI inflows worldwide as a result of the global economic crisis, capital
flows to Turkey was 19.5 billion USD in 2009, 8.4 billion USD in 2010, 15.7 billion USD in 2011, 12.4 billion
USD in 2012, 12.7 billion USD in 2013. These figures
are set to increase as Turkey intends to invest 110 billion
USD in the transportation sector and 130 billion USD in
the energy sector over the next ten years.
In a bid to diversify the pattern of its foreign trade,Turkey has also opened up to non-traditional markets
such as Africa, Latin America and East Asia. Turkish exports increased more than three times since 2002 andreached 152 billion USD in 2013. A thorough examination of our foreign trade statistics indicates that Turkey
has successfully diversified its trade destinations all overthe world.
023 will mark the centennial of the Republic ofTurkey. 2023 vision of Turkey is based on the main
goal of making Turkey one of the top ten economies of
the world. Accordingly, per capita income is expected tocatch 25,000 USD while the total exports to exceed 500
billion USD by 2023.

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In realization of such an ambitious vision, Turkey-Japaneconomic, commercial and business relations will definitely prove instrumental and integral. These relations

will also have key importance to sustain the “StrategicPartnership” which was announced during Prime
Minister Abe’s visit to Turkey in May 2013.
Turkey-Japan Strategic Partnership is the manifestationof the common political will of both Governments todeepen and diversify bilateral relations as well as international cooperation. This political will has been further
consolidated with the second visit of Prime Minister Abeto Turkey in October 2013 and Prime Minister Erdogan'svisit to Japan in January 2014.
ver these reciprocal visits within a short period oftime, important and far-reaching decisions weretaken by the two leaders, i.e. the signing of theIntergovernmental Agreement for the Nuclear Power
Plant Project in Sinop/Turkey; the establishment ofTurkey-Japan Science and Technology University andthe commencement of official negotiations for a comprehensive Economic Partnership Agreement within 2014.

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Definitely, the prospective EPA between Turkey andJapan will constitute a sound and fertile basis for ourbusiness, investment and commercial relations to flourish in terms of volume, depth and diversity, thus bringing the whole big potential into use.
Finally, I would like re-emphasize the fact that Turkey’s
economic achievement has primarily been based on stability, confidence and predictability. These three mainelements will remain unchanged and unshakable inTurkey.
With these thoughts, I greet the readers of “KaigaiTouyushi” with my warmest sentiments.

JOI 特別会員『トルコ大使館商務部』の ご紹介
トルコ大使館商務部は、トルコ経済省の所轄であり、最も古い海外事務所のひとつとして1960年代から東京にオフィスを構えています。日本・トルコの経済関係の重要性を鑑み、2013年には一等商務参事官のもと、スタッフを 6 名に増強しました。両国の貿易・投資・経済関係のさらなる発展のため、トルコ企業および日本企業への情報提供や、ビジネスセミナー、トレードミッション、展示会を開催しています。お気軽にお問い合わせください。

Musa DEMIR, CHIEF COMMERCIAL COUNSELLORTEL: 03-3470-6723 E-mail: tokyo@economy.gov.tr
URL: www.musavirlikler.gov.tr

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