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sia. The opportunities exist not only in the dynamic domestic market, but also throughout the region.

Hospitality and tolerance being the traditional cornerstones of the Turkish way of life, the country is open to foreign investors with many attractions to offer.

Large and growing domestic market

Mature and dynamic private sector

Leading role in the region

Liberal and secure investment environment

Supply of high quality and cost-effective labor force

Customs union with EU countries

Developed infrastructure

Institutionalized economy

Competitive tax system

Large and Growing Domestic Market

Turkey offers a huge and dynamic domestic market to foreign investors with a population of more than 70 million people and a GNP of about USD180 billion for 2002 (official target for 2003 is USD 210 billion). The population is younger than that of other European countries; approximately 63% of the population is below the age of 35, implying an intense dynamism in the economy. The number of households is expected to increase due to the young age profile.

The average GNP per capita is USD 2,572 for 2002 and expectation for 2003 is USD 3,000. However, this figure does not reflect the average purchasing power of the population, due to unevenly distribution of wealth in Turkey, in favor of the western part of the country. World Development Indicators database of the World Bank, as of July 2003, indicates that purchasing power parity per capita for Turkey is 6,120 dollars.

Turkish market is among the top ten most attractive of all the developing countries.

Mature and Dynamic Private Sector

The rapidly changing economic environment of the last 20 years has formed a ground for the Turkish private sector to mature in an increasingly competitive global arena.

Today, Turkish private sector enterprises compete in the world markets, not only as producers of goods at reasonable costs, but much more than that, as the manufacturers of products with unique quality under Turkish trademark. Nevertheless, it is not only the manufacturing companies that have deserved reputation for quality, whereas in many service industries, such as banking and tourism, Turkish companies have been prized with many awards for their excellence in terms of physical and technical infrastructure and delivering service.

The well-deserved reputation for Turkish goods and services increasing their shares in overall world production is mostly earned as a result of the transformation of the Turkish business structure from family-business to corporate identity. Today, the first 500 Turkish companies determined in terms of their turnover account for half of the total value added in Turkish industry, more than 10% of the Turkish GNP, and with and export volume constituting of 25% of total exports.

A further credit shall be given to Turkish small and medium sized enterprises, which have accounted for over 35% of total industrial output while the share of finance opportunities facilitated for these enterprises from the banking sector is relatively much lower.

The figures concerning the dynamism of Turkish private sector are the indications for the abundance of prospective Turkish partners for foreign investors