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TURKISH ECONOMY / Laws and Regulations
Turkey: An Investment Opportunity

Economic Outlook

Foreign Trade

Foreign Investment

Free Trade Zones

Banking and Capital Market

Frontier Formalities


Laws and Regulations
Turkey: An Investment Opportunity

Turkey has a unique geographic location. It is strategically located having the Commonwealth of Independent States bordering to her north and the northeast, Iran to the east, and Iraq and Syria to the south. Its land on the European continent borders with Bulgaria and Greece. Her proximity to these countries provides her with excellent access to world markets.

In Turkey developments in foreign capital investment occurred in the early fifties. During this period, with the formation of rapid development strategies and international economic cooperation, the Foreign Investment Law No. 6224 was enacted. Due to the structure of the economy at that time, foreign investment entries were limited.

Since the 1980's the Turkish government has followed liberalized, outward oriented, economic policies. There were rapid changes in the economic and social structure of Turkey. Deregulation of interest rates, establishment of organized markets for money, foreign exchange, stocks and securities, liberalization of capital movements, reforms in the banking sector etc., were just some of the changes.

Following these measures, protectionist economic policies were abandoned and a comprehensive economic stabilization and liberalization programme was implemented. The three major objectives of this new programme were:

i- minimizing state intervention,
ii- establishment of a free market economy;
iii- integration of the Turkish economy with the world economic system.

One of the major policy decisions was the adoption of a liberal and flexible foreign investment policy. As a result of the changes in the Foreign Investment Law, the investment climate was made more efficient and suitable for potential investors. The Turkish Lira became almost fully convertible and the implementation of Foreign Investment Law No. 6224 guaranteed the transfer of capital gains, fees, royalties and dividends (and in the case of liquidation), the transfer of paid up capital, freely. In addition, Turkey provides a well-secured environment for foreign capital by being a party to several bilateral and multilateral agreements. In this context, investment protection and double taxation agreements have been signed between Turkey and with 16 and 20 countries, respectively.

Since the mid-1980's international investors have been playing an increasingly prominent part in the Turkish economy. As a result, Turkey has become a more attractive country for foreign investors.

The infrastructure for industrial operations has considerably improved, especially in the western part of the country. Presently, seven Free Trade Zones are operational and another five are under construction. There are also about 20 Organized Industrial Zones throughout the country which offer attractive conditions for establishing industrial operations. Turkey is conveniently connected to Europe by excellent air, sea and land links.

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