British firms who invest in global outsourcing may be wise to focus on Turkey and its surrounding area as a gateway to lucrative emerging export markets.
The Republic of Turkey Prime Ministry Investment Support and Promotion Agency reports that Turkey has “structurally sound and resilient” underlying economic characteristics, built on a decade of growth in its gross domestic product.
With this in mind, Chris Gaunt, chairman of the British Chamber of Commerce of Turkey, says the country represents an opportunity for firms in the UK not only to do business directly with Turkey, but to reach its surrounding markets as well.
“Turkey’s business experience in dealing with Central Asian, Middle Eastern and North African countries is an invaluable asset for the British who team up with Turkish companies to reach these markets,” he explains.
“There exists a huge investment potential in Turkey,” he adds, while recognising the country’s “heritage of doing business all around the world”.
Many British companies have already benefited from Turkey’s expertise in international trade, with a healthy local market for global outsourcing of goods like specialist manufacturing components.
But with these relationships extending into the surrounding region as well, it could be smarter than ever to incorporate Turkey into your supply chain – both as a source of components, and as a destination for the export of finished goods.