Turkey is Britain’s 23rd largest export market for goods and is a fast-growing economy. Diverse in landscape and culture, a great bridge between the Middle East and Western countries, Turkey is a commercially attractive gem for UK traders.
Recently, there has been a bigger focus on emerging markets like Turkey, Thailand and Mexico (to name a few). Growing markets such as these are really worth looking into, especially as they are excellent for sustainable growth and for establishing long-term trading relationships. And even though Turkey is still a growing market, it has already been tried, tested and approved…
The Confederation of British Industry (CBI) director general John Cridland and Trade and Investment Minister Lord Green led a trade mission to Turkey on 25 April this year, where delegates from 30 UK mid-sized companies met Turkish leaders to discuss openings in the market. With trade currently worth more than £9 billion and British giants such as Tesco, Vodafone and HSBC having established a strong presence there, Turkey is already an important trading partner for the UK. Yet there is still a noticeable absence of manufacturers.
However, this could be about to change as companies joining the trade mission included those from the manufacturing, construction, design and technology sectors, and many returned to the UK with signed deals or orders in the pipeline.
The signs are therefore encouraging, and with trade between the nations having already increased by 35 per cent between 2009 and 2011, it looks promising that Prime Minister David Cameron’s 2010 goal of doubling bilateral trade to £18 billion by 2015 could indeed be an attainable one.
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