Zaman – Turkey’s increasing influence and growing cooperation with new export markets in the Middle East, Africa and Asia are forecasted to increase the country’s exports by 12 percent on average until 2020, according to HSBC Global Connection’s latest Turkey Trade Forecast Report.
Surpassing the global export growth forecast of 8 percent, Turkey is also listed among the top six countries with a positive trade sentiment in the HSBC Trade Confidence Index with 122 points, higher than the global index average of 112.
Dated October 2013, the report points to Turkey’s industrial machinery, iron-steel and chemicals sectors, all of which are predicted to see increased demand from customers in the Middle East, Africa and Asia in the coming years.
The report praises the country for becoming an investor magnet in recent years, thanks to a growing economy, robust macroeconomic framework and an attractive tax regime. Turkey’s young population, advantageous geographical location and a qualified workforce are also points of attraction for foreign investors.
Turkey’s exports have reached USD 112 billion dollars in the first 9 months of the year with a year-end target of USD 153.5 billion. The country aims to reach USD 500 billion exports by 2023, the 100th anniversary of the Republic.