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Made in Turkey August 2018

Made in Turkey August 2018

Made in Turkey August

Monthly Economic Newspaper Turkish contractors undertake projects worth $9.2B abroad Turkish contractors have undertaken foreign projects worth $9.2 billion in the first half of 2018, pushing the all-time total to over $366.5 billion. According to the Trade Ministry, Turkey’s overseas contracting services sector, a key part of the country’s service exports, has undertaken some 9,375 projects in 120 countries since 1972. The projects were valued at $366.5 billion as of June 2018. In the first half of the year, Turkish contractors undertook a total of 84 projects that cost an estimated $9.2 billion. P2 August 2018 Turkey’s tourism capital Antalya welcomes more than 2M Tourist paradise Antalya welcomed more than 2 million tourists in June, including 1.94 million foreigners and 68,710 local tourists, according to Provincial Directorate of Culture and Tourism data. The city hosted about 1.506 million tourists in June of last year. In terms of nationalities, Russians topped the list in June with 826,963 Russians visiting the city, an increase of 28.55 percent, while Russian tourists accounted for 42.56 percent of all visitors. P5 ww.img.com.tr Turkey plans to export unmanned aerial vehicle engines Committed to end its external dependence on unmanned aerial vehicle (UAV) engines, Turkey aims to export engines in the near future. TUSAŞ Engine Industries, Inc. (TEI), Turkey’s center in aerospace engines, is getting ready to reap the fruits of the projects conducted on the UAV engines. P6 Bursa produced 2,041 vehicles per day in first half of year, 79 pct of them exported In Bursa, which hosts automotive giants OYAK Renault, Tofaş and Karsan, 2,041 vehicles were produced per day in the first half of the year, with an average 1,606 vehicles (78.69 percent) exported. Bursa-based Tofaş, OYAK Renault and Karsan reached 43.57 percent (367,401 units) of total production of 843,193 units excluding tractors (367,401 units) in the January-June period of this year. They also reached 42.02 percent (289,124 units) of total exports of 688,081 units in the January-June period of this year. P11 President Recep Tayyip Erdogan was sworn in and officially completed his re-election run on a historic day as Turkey steered into a new era with the presidential system. IKMIB continues its efforts for 2023 targets Istanbul Chemical and Chemical Products Exporters’ Association (IKMIB) strengthens its cooperation activities to help its member companies to obtain leadership positions at global markets. P9 Turkey is on the right track along with the new presidential government system, especially with the new economic team, President Recep Tayyip Erdoğan told journalists accompanying him on his first official visit abroad, after being re-elected on June 24. It is time for Turkey to leap forward P2 “Turkey is on the right track. The flow of credits given by international financial institutions to investors that invest in Turkey is clear evidence of that. In fact, we have procured the financial needs of the Çanakkale 1915 Bridge from those institutions. There is no difficulty on that matter. We will handle our own.” Erdoğan said on his way from Azerbaijan to Northern Cyprus, two countries Turkish presidents traditionally visit when they are first elected. Touching upon Turkey’s new economic team, Erdoğan highlighted the features of the team and stated that all members of the economic team are well suited to their positions. “Our new Minister of Treasury and Finance Berat Albayrak has both practical and theoretical expertise as well as an academic background in finance and the private sector. I also believe in him to put the economy in order successfully,” he added. P3 The Central Bank launches robust monetary policies to ensure price stability Berat Albayrak, the first Treasury and Finance Minister in the new presidential governance system, elaborated on the monetary and fiscal policy that is set to be implemented. Albayrak assured the markets that the independence of the Central Bank of the Republic of Turkey (CBRT) and its decision-making mechanisms cannot be the subjects of speculation. He added that the bank will carry out the policies required by market conditions. In addition to the implementation of policies and reforms required by market dynamics, the Minister stated that coordination with international financial actors and stakeholders will increase the flow of diversified external resources into Turkey. Minister Albayrak said that the capacities of the CBRT will be widened by opening the clogged structural channels for sta- bilizing prices and cutting down inflation and strengthening policy coordination. “The policy in the new period aims to render the central bank more effective than ever,” he said. P6 Turkey establishes Halal Accreditation Agency P7 Turkey’s automotive exports to Europe reach new heights Turkey’s natural gas stock exchange to begin trading Turkey, which has emerged as a leader in the energy sector, has completed its work to establish a natural gas energy stock exchange that will start trading operations on Sept. 1. Aiming to become a natural gas trading hub with this step, Turkey will also play an active role in pricing. P8 P10

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