Turkey suffered a major recession in 1999. The importance of Turkey should also continue to grow with the confirmation of EU candidate status and the political and economic benefits this should bring.
Electricity shortages mean that there is scope for power sector investment.
The privatisation programme in Turkey was launched over a decade ago and was originally among the most far reaching of any emerging market. In the early nineties the process faltered, mainly due to political and constitutional difficulties. Steps are being taken to privatise Turkish Airlines, the petro-chemicals company Petkim, the remainder of the oil refiner Tupras and the iron and steel producer Erdemir. Most major UK contractors have liaison offices or representation in Turkey. There are over 5,100 foreign capital firms active in Turkey of which 330 are British, making us Turkey's sixth largest investor.