Made in Turkey August 2018

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

EconomicNewspaper 

August 

2 Please mention 

2018 

“Made in Turkey” when writing to advertisers Monthly Economic Newspaper ww.img.com.tr 

Mehmet Soztutan 

Editor-in-Chief 

The Turkish economy 

sustains its dynamism 

Turkey heralds a new 

era, based on its presidential 

system. It should be noted 

that the Turkish economy 

sustains its strong position 

on the path of sustainable 

growth. Turkey has so far 

managed to weather the 

geopolitical risks. However, 

from the standpoint of 

exporters, it is hard to keep 

their competitive positions 

in the world market 

full of emerging players. 

As for business people of 

Turkey, they have recently 

shifted their operations to 

value-added products and 

brand names. Currently, the 

manufacturers have their 

own designs and brands in 

international markets. 

In evaluating the future 

export potential of the 

region using cross-country 

statistics, it is possible to indicate 

that Turkey has comparative 

advantage regarding 

labor productivity, labor cost 

and the share of capital in 

the value added, especially 

with respect to the mature 

producers in the world. 

Majority of the manufacturers 

compete in international 

markets and set high standards 

of export figures. 

It is evident that competition 

appears from all corners 

of the globe, customers 

Letters to the Editor 

turkey@ihlas.net.tr 

Growth forecast 

revised 

In its Interim Economic Outlook 

report, the Organization 

for Economic Cooperation 

and Development (OECD) 

has revised its upward for the 

Turkish economy. In its press 

release, the OECD declared 

that Turkey’s growth rate is 

estimated to have risen by 6.9 

percent in 2017 instead of 6.1 

percent as previously expected. 

The report estimates the 

Turkish economy to grow by 

5.3 percent in 2018 and 5.1 in 

2019, from 4.9 percent and 4.7 

percent, respectively. 

The International Monetary 

Fund (IMF) has also revised up 

its growth estimates for Turkey 

by 0.8 percent for 2018 and 

2019. 

M.Brick/Paris 

Democratization 

For less developed countries, 

globalization offers access 

to foreign capital, global export 

markets, and advanced technology 

while breaking the monopoly 

of inefficient and protected 

domestic producers. Faster 

growth, in turn, promotes poverty 

reduction, democratization, 

and higher labor and environmental 

standards. 

While globalization may 

confront government officials 

with more difficult choices, 

the result for their citizens is 

greater individual freedom. In 

this sense, globalization acts as 

a check on governmental power 

that makes it more difficult 

for governments to abuse the 

freedom and property of their 

citizens. 

M.Murp/Berlin 

Letter From 

The Editor 

demand more. To respond, 

manufacturers are reducing 

costs and increasing responsiveness 

through outsourcing, 

sourcing globally and implementing 

demand-driven 

strategies such as pull-based 

inventory management. 

Following the shift of the 

focus on customers, markets, 

products and competition 

from the local level to 

the global level, manufacturers 

and exporters of Turkey 

now position themselves 

globally. 

Therefore, Turkey offers 

significant opportunities for 

foreign investors with its 

geographically perfect position 

to function as a gateway 

between Europe, Middle 

East and Central Asia. The 

opportunities exist not only 

in the dynamic domestic 

market, but also throughout 

the region. 

Besides, in order to 

achieve the targets of ”Turkey 

2023”, exporters have 

a part to play by utilizing its 

resources and the competitive 

advantages to the fullest 

extent. 

We wish them lucrative 

trade. 

Dependencia theory 

Well, there was a kind of dependencia 

theory, which was 

very much left wing in its origins. 

There were some European 

intellectuals who fed into 

it, and the idea was that these 

poor, developing countries 

were so dependent on world 

marketplace, they were just 

being exploited by the center. 

[Raul] Prebisch talked about 

the center versus the periphery, 

which is another version 

of dependencia. But I think 

that there may be some vague 

notion, an element of truth 

behind this idea in the sense 

that markets are impersonal. I 

use the analogy of an elephant 

going through the jungle, and 

you’re a poor mouse. Now the 

elephant is not going to go after 

you. He is not against you; 

he couldn’t care less about you. 

G.Kron/ Frankfurt 

European Central 

Bank 

Mario Draghi, the governor 

of the Frankfurt-based European 

Central Bank, calls on 

eurozone governments to align 

their budgetary policies – a 

first step toward a tighter fiscal 

union. 

(ECB) chief Mario Draghi 

said the countries that use the 

euro must tether their economies 

more tightly to avoid a 

repeat of the debt crisis that is 

threatening the global financial 

system. He also hinted that the 

ECB may play a more pivotal 

role in the resolution of the 

crisis, but he insisted that the 

governments must first back 

proposals to align their budgetary 

policies. 

B.Mutde/ Milan 

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. 

In terms of sectors, housing came out 

on top corresponding to at least 13 percent 

($47.5 billion) of all projects carried 

out by Turkish builders since 1972. It 

was followed by roads, highways, tunnels 

and bridge constructions worth $47.4 

billion; trade centers worth $30.1 billion, 

power plants valued at $26.8 billion and 

airports at $25.9 billion. 

In terms of the regional distribution, 

Turkish contractors played a prominent 

role in the Commonwealth of the 

Independent States (CIS), the Middle 

East and Africa. The total amount of 

the projects carried out so far in the CIS 

It is time for Turkey 

to leap forward 

Ankara – Turkey to implement policies 

to narrow current deficit, industry and 

technology minister says. Turkey’s Industry 

and Technology Ministry will support 

research and development (R&D) and 

investments, the minister said. Turkey 

will also implement policies to reduce the 

country’s current deficit, said Industry and 

Technology Minister Mustafa Varank. “It 

is time for Turkey to leap forward, and it 

can come true through an economy that 

produces technology, uses this technology 

in its industry and makes the digital 

transformation in the industry,” Mustafa 

Varank stressed in a press release issued 

by the ministry. 

Turkey’s 

Economic 

Policy Council 

to work on 

sustainable 

economic 

growth 

Turkish contractors 

undertake projects 

reached $171.7 billion in terms of value, 

while it stood at $95.6 billion in the Middle 

East and at $65.9 billion in Africa. 

In terms of the distribution of Turkish 

contracting projects by countries, 

Russia ranked first with 19.6 percent of 

all projects, worth $71.8 billion. It was 

followed by Turkmenistan with a share 

of 12.9 percent share and projects worth 

$47.4 billion, and by Libya with a share 

of 7.9 percent and projects worth $28.9 

billion. 

Thanks to a vast number of projects, 

Turkish contracting companies have 

gained a strong footing in the global 

construction sector. While there were 

merely eight Turkish companies in the 

Engineering News Record’s (ENR) 

“Top 250 International Contractors 

List” in 2003, that figure rose to 46 last 

year, considering the total number of international 

projects undertaken within a 

year. Some 10 of these companies were 

listed in the top 100, and two – with revenues 

of $3 billion each – ranked among 

the top 50. 

In terms of the number of companies 

on the list, Turkey has ranked second 

only after China in the past five years. 

He added that uncertainty was to 

disappear following the June 24 elections, 

which would pave the way for investments 

in the short term, he noted. “The 

presidential system will allow to make 

quick decisions and effective coordination,” 

said Varank. Turkey’s industrial 

production continued to rise and climbed 

above expectations in May, he stated. The 

country’s industrial production surged 

6.4 percent in May from a year ago, the 

Turkish Statistical Institute said. “These 

figures showed that Turkey’s economy 

increased, led by the industrial sector in 

the second quarter of the year,” Varank 

underlined. 

He added that 94 percent of the country’s 

exports came from industrial production. 

The rise of industrial production also 

supports employment in Turkey, he said. 

The duties and authorities of the 

Economic Policy Council as determined 

by the decree will be to 

monitor and evaluate developments 

related to economic stability, conduct 

research on economic issues, monitor 

developments related to global and 

national economy and development 

issues, carry out research when necessary, 

formulate policy recommendations 

to identify and update procedures 

and principles for economic 

security and economic defense, monitor 

and evaluate revenue enhancing 

or expenditure reducing proposals 

and conduct impact analyses on those 

deemed appropriate if necessary. 

Among other things, the council 

will operate in the field of regional 

development to determine general 

policies and priorities at the national 

level, make suggestions, develop 

proposals to accelerate investment 

processes made by the public and 

worth $9.2B 

abroad 

Foreign trade 

deficit down 

nearly 9 pct 

Turkey’s foreign trade deficit dropped by 

8.87 percent to $5.5 billion in June, according 

to Customs and Trade Ministry provisional 

data released. 

Exports in June were about $13 billion, 

decreasing by 1.21 percent year-on-year, while 

imports dropped 3.62 percent to $18.5 billion 

in the said period. 

In January-June period this year, exports 

increased by 6.33 percent year-on-year, reaching 

$82.3 billion. In the last 12 months, exports 

climbed 9.2 percent to $161.9 billion. 

Foreign trade volume reached $31.5 billion 

in June year-on-year, decreasing by 2.64 

percent, while the import coverage ratio of 

exports rose to 70.2 percent. 

Motor land vehicles, tractors, bicycles, 

motorcycles and other land vehicles were the 

most exported products in June at $2.1 billion, 

followed by boilers, machinery, mechanical 

devices and appliances, nuclear reactors at 

$1.2 billion and iron and steel at $880 million. 

In the January-June period this year, most exports 

came from motor land vehicles, tractors, 

bicycles, motorcycles and other land vehicles 

at $13.8 billion. 

Meanwhile, mineral fuels, mineral oils and 

products of their distillation became the most 

imported in June at $3.5 billion, followed by 

boilers, machinery, mechanical devices and 

appliances, nuclear reactors at $2.2 billion and 

iron and steel at $1.6 billion. 

The top three export destinations in June 

were Germany with $1.3 billion, the U.K. with 

$891 million and Italy with $817 million. The 

top three countries with the highest imports, 

on the other hand, were China with $1.84 

billion, Russia with $1.83 billion and Germany 

with $1.79 billion. 

private sector, develop policy recommendations 

for export-oriented 

production strategies, contribute 

to the formation of strategies and 

action plans to facilitate trade and 

develop policy recommendations 

to contribute to the country’s vision 

of the international financial center 

along with faster development of the 

interest-free finance system. 

In addition, it will identify and 

monitor systemic risks that may 

spread throughout the financial 

system and determine measures and 

policy recommendations needed to 

reduce such risks, express opinions 

on the creation and implementation 

of customs and internal trade policies 

and conduct research and studies on 

these issues, while also developing 

policy recommendations to determine 

procedures and principles for 

government grants.



2018 Please mention 

ww.img.com.tr 

“Made in Turkey” when writing to advertisers 


3 

Turkey is on the right track along with the 

new presidential government system 

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. 

“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. The President 

emphasized that Albayrak will strive to implement 

the necessary policies. “It is only 

possible for investors to carry out projects if 

they are enabled and both private and public 

banks will hopefully endeavor to provide the 

necessary climate for investors,” Erdoğan said. 

In relation to the new system regarding the 

ministries, Erdoğan stressed that the ministries 

should be strong and added, “It will be possible 

to have more than one deputy minister.” 

He underlined that in some ministries there 

might be three deputy ministers. There will be 

a decrease in the number of high-level administrators 

as one of the features of the new 

system is its simplicity, he added. 

Erdoğan announced Fuat Oktay as his sole 

vice president. However, Erdoğan stated in the 

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. 

future he might appoint a second vice president 

if necessary. He pointed to the previous 

success of Oktay in his post at the Disaster and 

Emergency Management Presidency (AFAD) 

and stated that he would reflect these in his 

new post as well. Referring to the re-appointment 

of Foreign Minister Mevlüt Çavuşoğlu, 

Interior Minister Süleyman Soylu and Justice 

Minister Abdülhamit Gül, Erdoğan stated that 

all three ministers have proven themselves in 

their posts. It was noted that prominent figures 

from various private sectors found a place in 

the Cabinet formed by Erdoğan who highlighted 

the previous achievements of each minister. 

According to the European Union acquis 

communitaire in 2014, a process to merge the 

General Staff to the Ministry of Defense was 

required, yet it did not take place. Erdoğan 

underscored that there are no obstacles to 

merging them. He stated that Hulusi Akar 

was appointed as the new national defense 

minister and immediately Turkish Land Forces 

Commander Gen. Yaşar Güler was appointed 

Chief of General Staff under a new presidential 

decree, as there should not be any vacancy 

in the Turkish Armed Forces during the 

process. 

According to the new system, nine separate 

councils will develop, supervise and coordinate 

relevant policy suggestions. The main priority 

will be a more effectively run government by 

delegating responsibility with authority. 

“There are councils and presidencies. The 

number of presidencies is 11, but it might 

increase,” Erdoğan said, adding the heads of 

some presidencies will be appointed following 

negotiations.He commented that there would 

be no confusion regarding the authorities of 

the councils. Erdoğan indicated that he would 

have a deputy in each of these councils who 

will preside over meetings when the president 

is absent. “The fields of these councils will be 

in line with that of ministries,” he said. 

“Four new offices are also being established 

to introduce a faster process in governance. 

Offices on human resources, finance, investment 

and digital transformation will be established 

to supervise the state’s human resources 

and institute the state’s digital transformation 

to adapt to the digital age and fight cyber terrorism” 

he noted. 

Regarding the finance office, Erdoğan said, 

“The office will be directly tied to the presidency 

and will focus on finding sources.” 

The duties and authorities of the Economic 

Policy Council, which was established within 

the new presidential governance system, 

were determined with 13 articles according to 

the first presidential decree published in the 

Official Gazette. The Council will develop 

policy recommendations for export-oriented 

production strategies to more quickly develop 

the interest-free finance system and contribute 

to the vision of Turkey’s international financial 

center. 

Turk Eximbank secures $550 

million loan from abroad 

Ankara – Turk 

Eximbank has secured a 

10-year-term $550 million 

credit from a foreign banks 

consortium, the bank announced. 

The consortium— 

Standard Chartered Bank, 

BNP Paribas, ING Bank, 

Societe Generale, Citibank 

N.A. and Mitsubishi UFJ 

Bank—is under guarantee 

of the World Bank’s 

member, the Multilateral 

Investment Guarantee 

Agency (MIGA), according 

to a press release. 

Turk Eximbank Chief 

Executive Officer Adnan 

Yildirim said due to the 

MIGA-guarantee 

loan, the bank 

received lowcost 

credit. “We 

met with leading 

financial institutions 

in the Gulf 

countries, Japan, 

the U.S., Hong 

Kong, Taipei, and 

Zurich during 

the last year to raise 

international fundings for 

Turk Eximbank,” he said. 

Within the scope of the 

loan, the bank will provide 

credits to Turkish exporters 

for up to 10 years. 

Turk Eximbank ranks 

second globally after South 

Korea’s Eximbank in 

terms of financing exports. 

Since its establishment 

in 1987, the bank has 

implemented international 

credit, guarantee, and 

credit insurance programs 

aimed at developing 

economic and political ties 

between Turkey and other 

countries. 

Turkey’s industrial 

production up 6.4 pct 

Turkey’s industrial production 

surged 6.4 percent in May, compared 

with the same month last 

year, the statistical authority Turk- 

Stat announced. 

Among all manufacturing indices, 

the highest increase year-onyear 

was recorded in high technology 

products with a 12.2-percent 

hike, official data showed. 

On a monthly basis, the country’s 

total industrial output fell 1.6 

percent in May, compared with 

April, the institute noted. The institute 

noted that the highest annual 

increase was seen in the electricity, 

gas, steam and air conditioning supply 

index -- up 12 percent -- among 

all sub sectors of the industrial sector. 

The manufacturing index, with 

a 6.5-percent hike, and the mining 

and quarrying index, with a 1.9-percent 

rise, followed. 

Computer/electronic/optical 

products index climbed 40.7 percent 

in May compared to the same 

month last year while manufacture 

of chemicals and chemical products 

rose 17.9 percent. 

On the mining and quarrying 

side, mining of coal and lignite 

index recorded the biggest rise -- up 

25.4 percent -- while the extraction 

of crude petroleum and natural gas 

index followed with a 17.9-percent 

hike. 

In industry, the production of 

non-durable consumer goods rose 

the most with a 8.6-percent annual 

increase, and capital goods and durable 

consumer goods saw 6.1 and 

5.8-percent year-on-year increases, 

respectively.





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Turkish firm to build 

Kosovo’s first wind farm 

Meeting of art with tailormade 

design: “Art Design” 

Art Design that has unseasonable line with 

its designs continues adding value to living 

spaces with its unmatched style since 1995. 

We talked Turgay Terzi, CEO of Art Design, 

about tailor-made design’s effects of the 

furniture sector. 

Can we know more about Art 

Design, which is one of the biggest 

representatives of Art Deco – that arose in 

France - in Turkey? 

Noticing the gap in the tailor-made design 

of the furniture industry we, as Art Design, 

decided to work in design field since 1995. 

We have been providing services to the four 

corners of the world with classic, elegant, 

modern and art deco designs. 

The energy company Güriş, 

which is considered to be one 

of Turkey’s leading renewable 

energy-based power producers, 

is establishing the first wind 

farm in Kosovo, which is with 

continuing efforts trying to 

reach the European Union’s 

(EU) renewable energy standards. 

Kosovo aims to meet a 

quarter of its energy need from 

renewable sources by 2020 to 

comply with EU standards. 

In the first wind farm of 

the country, nine 110 meter 

General Electric (GE) turbines 

will start operating in September. 

This plant is expected to 

meet 3 percent of the country’s 

energy needs. 

Tuncer Baltacı, Güriş 

project manager, said, “We 

will produce 110 million 

kilowatt-hours (kWh) a year, 

which is enough energy for 

10,000 residences.” 

Kosovo, which generally 

has 14 billion tons of lignite 

reserves, still provides 95 

percent of its energy from two 

older model coal power plants. 

Lignite is known as the dirtiest 

type of coal. 

Baltacı said that Kosovo 

should raise its share of wind 

energy by more than the 

planned 150 megawatts (MW). 

“[The Kosovo government] 

needs to define a new 

quota for us, so we can invest 

in a second project that will 

increase the capacity,” Baltacı 

said. 

“The wind here is very good, 

it is a very valuable resource 

and Kosovo needs it,” he 

added. 

No doubt continuing the success and 

carrying it to further steps is the work 

of a quality team. What are the working 

principles of Art Design, which delivers 

designs to many countries of the world? 

We are a company operating in the field 

of architecture. We don’t have products that 

stocked for we don’t make mass production. 

We work with a architectural team of 5 on 

our costumers orders. 

Our priorities are tastes of customers and 

their needs when we are designing. After the 

orders are welcomed our team explore and 

research. Most of our costumers contact us 

by references. This advantage gives us the 

opportunity to work with customers who are 

familiar with our works and love our work. 

Making tailor-made designs 

necessitates special care and is a 

difficult job” 

How do you act when your customers 

insist on unreasonable demands such as 

higher capacity projects for inappropriate 

buildings? 

Making tailor-made designs necessitates 

special care and it is a difficult job. First of 

all we prepare our projects at 3D format and 

offer to our customers. This way we explain 

the reflection of inappropriate demands into 

reality with a clear way. Since our customers 

trust on our talent and experience they are 

convinced with the solution way that we offer. 

We make production drawing of all works 

we do. We keep the original copies of these 

drawings as one copy will be kept at the customer. 

We compare the finished works with 

the first original drawings. This is a method 

which can be used by both, ourselves and the 

customers to repair mistakes. 

How was Art Design born? 

Meaning literally art and design our brand 

name directly reflects the work we do. We 

decided to name “Art Design” because with 

the idea that we chose making tailor-made 

designs and this name could stay in mind 

around the world. 

When you consider your customer 

portfolio, can you say that your products 

attracted demand by lower revenue 

group? 

We are not working sales-oriented. Tailor-made 

design is always a costly work. We 

are working to keep customer satisfaction at 

maximum level by using high standard materials 

in addition to artwork designs. When 

these are considered the products naturally 

become costly. Since the lower revenue group 

faces difficulty to meet these costs they don’t 

usually demand our works. 

You had said that your domestic portfolio 

grows with reference-based demands. 

How does this affect on exports? 

We have foreign customers reaching us 

upon references. Our profit margin is higher 

in abroad. Wider homes offer us work at 

Turgay Terzi, CEO of Art Design 

more comfortable conditions. When you have 

bigger homes you work better and you may 

increase the number of furniture used in the 

project. 

Let’s talk about your works on developing 

products. What does Art Design do in 

terms of variety of your products and their 

compliance with technology? 

Our R&D team has been continuing its 

works actively. We are always after innovations 

since the day we were established. Our 

team has constantly been developing new 

designs and offering to our customers. There 

are demands welcomed from our customers 

and we are working to meet them. Besides, 

we have promotional projects. When we established 

Art Design, we didn’t have any idea 

of opening dealerships one day. We would believe 

that this idea might be risky for us since 

we were making tailor-made designs. Considering 

the demands of the customers today we 

have started our activities at this regard. 

The possibility of getting 

influenced from the 

fluctuations in the economy for 

us is a little possibility. We never 

halt our even at stagnant times 

and we continue activities with 

new projects” 

What are your expectations for next years? 

How was the first half of the current year 

for you? 

The volatility in the economic structure 

in Turkey influences us as all others. Our 

advantage is that our customers’ economical 

profile is high. High-revenue people don’t do 

savings at their private livings. This prevents 

us from being influenced too much from the 

economic volatilities when compared with 

other companies or sectors. 

The possibility of getting influenced from 

the fluctuations in the economy for us is a 

little possibility. We never halt our even at 

stagnant times and we continue activities with 

new projects. 

Are there raw materials that you import? 

Do you ever show your imported products 

to your domestic suppliers and inquire 

same quality products? 

We import raw materials of polish and 

sponge. We import our fabrics for better 

quality and variety from different countries. 

Even if we want this from domestic suppliers 

it will take a long time to get the same quality. 

It is difficult to establish the infrastructure, 

set up manufacturing line and reshaping the 

market. “There is nobody looking for job but 

there are a lot choosing the job. The sector 

needs quality intermediate staff.” 

How is the need for human resources in 

the sector? 

It is a gap in Turkey not to be able to train 

personnel on sectorial basis in recent years. 

The government should develop new policies 

in this issue. It is very important for the business 

high school and university graduates to 

improve and develop themselves. The number 

of university graduates who want to work 

in front of a computer has been very high. 

You cannot make them produce cabinets but 

it is a fact that you need cabinets, tables and 

chairs. There is a big need for intermediate 

staff. So, I don’t accept the idea of existing 

unemployment. There is nobody looking for 

job but there are a lot choosing the job. The 

sector needs quality intermediate staff. 

Can you pace with domestic competition? 

Of course the group who imitates our 

designs and redesigns them as their own 

products to produce at lower quality forces 

us. What differs us from them is our products 

are more durable and we offer unaccustomed 

after sale services. Since furniture is longterm 

consumer material, customers’ first 

priority should be durability. 

What are your expectations from the 

government? 

Our most important expectation is the decrease 

of VAT in order to remove the furniture 

item from luxury consumer goods group 

and considered among basic needs category. 

The decrease of VAT rate will clear the way 

of the sector. The government should also 

prevent the unregistered manufacturing. We 

also need attaching importance on business 

high schools to develop human resources and 

to train intermediate staff. 

Do you think the promotional works 

directed to abroad are enough? 

Our country has deficiencies at this regard 

but we notice some developments at this 

regard in recent years. The furniture industry 

has produced export surplus in last one or 

two years. This proves that the promotional 

works have been worked out. 

You mentioned that the furniture industry 

has produced export surplus in recent 

years. What do you attribute this to? 

It is important that we should develop 

equivalent products to those firms operating 

in superior segment. We differ from other 

companies by providing better quality services 

and by getting benefits of the geographic 

advantage of our country. If you work with 

trained people and keep your quality at higher 

standards your efforts will yield success. 

Turkcell joins global 

telecom blockchain 

consortium 

Turkey’s leading mobile 

network operator Turkcell has 

joined the world’s fast-growing 

blockchain consortium 

the Carrier Blockchain Study 

Group (CBSG), the operator 

announced. 

The U.S.-based company’s 

mobile network operator Sprint 

Corp., blockchain developer 

TBCASoft and Japanese mobile 

services provider Softbank are 

among the founders of the 

CBSG, according to a press 

release issued by Turkcell. 

Blockchain – a technology 

that records and verifies transactions 

safely based on cryptography 

– provide solutions in a 

number of areas, from money 

transfers to marketing. 

The consortium also includes 

leading telecommunications 

companies such as Axiata 

Group Berhad from Malaysia, 

the Philippines’ PLDT Inc., 

PT Telekomunikasi Indonesia 

International, the Viettel 

Group from Vietnam and the 

Kuwait-based Zain Group, the 

press release said. 

Kaan Terzioglu, Turkcell’s 

CEO said, “Due to blockchain 

technology, which gives the 

chance to transfer valuable digital 

assets via mobile networks 

safely, the digital economy will 

grow fast and new generation 

services will begin to show up.” 

The CBSG – founded in September 

2017 – aims to provide 

digital services, especially safe 

digital payment, authentication 

and internet of things (IoT) 

applications to its members and 

customers, according to the 

press release. 

The press release noted that 

the consortium also focused on 

a global money transfer system. 

Turkcell is a combined telecommunication 

and technology 

services provider, founded and 

headquartered in Turkey. Turkcell’s 

shares have been traded 

on the Borsa Istanbul (BIST) 

and New York Stock Exchange 

(NYSE) since July 11, 2000, it 

is the only Turkish company to 

be listed on the NYSE. Turkcell 

Group companies operate 

in nine countries – Turkey, 

Ukraine, Belarus, Northern Cyprus, 

Germany, Azerbaijan, Kazakhstan, 

Georgia and Moldova. 

The group reported TL 17.6 

billion ($3.84 billion) revenue in 

2017 with total assets of TL 34 

billion as of Dec. 31, 2017.




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Please mention 


5 

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. It was followed by Germany 

with 254,406, Ukraine with 153,961, the U.K. 

with 91,518 and Poland with 66,221 tourists. 

The number of tourists coming from 

Germany increased by 23.71 percent compared 

to the same period last year, while the 

number of tourists from Ukraine, the U.K. 

and Poland increased by 5.45 percent, 100.17 

percent and 165.34 percent, respectively. 

The tourism capital hit a new all-time 

daily high in terms of the number of foreign 

tourists coming to the town in one day on 

June 23, welcoming around 79,485 tourists. 

The number of tourists to Antalya reached 

nearly 4.89 million in the January-June 

period, according to the data. Around 4.65 

million of these were foreign tourists, while 

234,173 were local. 

The number of visitors to the city in the 

first six months of this year increased by 

40.18 percent compared to the same period 

last year when Antalya welcomed some 3.49 

million tourists. 

Russia again led the way among countries 

as around 1.87 million Russians came to 

Antalya in the first six months of this year, 

an increase of 38.52 percent compared to the 

same period last year, while 847,745 tourists 

came from Germany and around 310,699, 

239,360 and 153,554 tourists came from 

Ukraine, the U.K. and Holland, respectively. 

The number of tourists from Germany 

increased by 41.92 percent, while the num- 

ber of tourists from Ukraine, the U.K. and 

Holland increased by 9.57 percent, 71.07 

percent and 76.98 percent, respectively. Turkey 

also saw an all-time high in the number 

of tourists coming to the country in the first 

quarter as it welcomed about 5.1 million 

tourists, an increase of approximately 36 

percent compared to the same period the 

previous year. 

The Culture and Tourism Ministry announced 

that Turkey welcomed nearly 11.5 

million foreigners in the first five months of 

2018. The ministry said that the figure rose 

by 30.8 percent on a yearly basis, up from 8.8 

million in January-May last year. In 2016, 

some 25.3 million foreigners visited the 

country, in the midst of a tourism slowdown 

after the Gülenist Terror Group’s (FETÖ) 

defeated coup, but the sector improved in 

2017. 

Turkey hosted over 32 million tourists 

last year, earning $26.5 billion, according to 

the official data. Turkey expects 40 million 

foreign tourists this year, according to private 

sector representatives and officials. The 

Turkish government has set the country’s 

2023 targets as 50 million tourists and $50 

billion in income. 

Erin Motor grows 

without slowing down 

Established with the 

purpose of becoming 

a one hundred 

percent domestic 

producer firm with 

its original design 

and engineering 

power, Erin Motor 

combines its knowledge, 

accumulation 

and experience 

originated from its 

family companies 

with technology and 

R&D. 

Established with 

the power generated 

by Şahin Metal, 

which was established 

in 1989, Erin 

Motor, a 100% 

Turkish Brand, has 

caught up the world 

standards with its 

production in industrial 

diesel motors, 

moto-pumps, marine motors 

and generators. 

Taking pulse of the automotive 

aftermarket industry 

for almost 30 years and 

maintaining its bright past 

that started with Şahin Kalıp 

in 1970s and Şahin Metal, 

which was established in 

1989 in order to produce 

for the automotive supplier 

industry, the group brand is 

targeting to be a 

number one of 

the firms need 

both industrial 

diesel motors and 

generators with its 

Erin Motor. With 

10,000 hours service 

life, the new generation 

motors force its borders by 

putting forward its claim in 

the sector. Offering regular 

control and test area with its 

remote-control feature, Erin 

Motor’s unmanned test chamber, 

running 24/7 at its factory 

in the district of Esenyurt, has 

been in a qualification to be 

an example for a lot of firms.





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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. 

TEI, which launched the mass production 

of the PD155 engine developed within the 

framework of ANKA-S Engine Modification 

Project and delivered the first nine engines 

to Turkish Aerospace Industries Inc. (TAI), 

successfully carried ANKA to the sky with 

the first engine upon the completion of 

its aircraft integration studies. The PD155 

engine successfully performed flight tests at 

different altitudes and speeds after verification, 

ground and taxiway tests. 

One of the first prototypes of the PD170 

engine, which was completely developed by 

TEI engineers within the scope of Operational 

UAV Engine Development Project, 

was delivered to TAI. The integration of 

PD170 engine into ANKA continues. 

TEI General Manager Mahmut Akşit 

said in the PD155 project, they developed 

an engine equivalent to ANKA’s existing 

engine, adding that they accomplished this 

by converting a commercial engine into a 

military instrument. 

Noting that ANKA realized its first flight 

with this engine in February, Akşit said 

since the numbers are not too high, the 

transformed engines in the UAV sector are 

quite common, informing that a commercial 

engine is converted into a military engine 

that can operate at 30,000-40,000 feet in 

this regard. “The engine performing the 

first flight was converted from a commercial 

engine. It can exactly provide requirements 

of ANKA’s existing engine,” Akşit said. 

“It performed the first flight and even the 

second longer flight successfully. Our TAI 

team will continue to test the engine under 

different conditions. We took this engine 

under mass production. We delivered nine 

units last year.” 

Aksit said the TEI-designed PD170 

engine is more powerful than the current 

155-165-horsepower engine and that it can 

generate power over 170 horsepower. Akşit 

stressed that its altitude ability doubled 

the critical altitude of the existing engine, 

pointing out that the current engine has a 

critical altitude of 10,500 feet, while this new 

generation engine can go up to 20,000 feet. 

Highlighting that the engine can go up 

to 20,000 feet at full throttle without losing 

power, Akşit recalled that most operating 

altitudes are between 20,000 and 25,000 

feet. “This new generation engine has not 

made its first flight. It is a diesel engine that 

can easily take ANKA up to 40,000 feet and 

also increase the cargo capacity of this vehicle. 

The first engine was delivered to TAI 

in November 2017, and integration work 

started,” he continued. “I predict that within 

a few months the first flight will take place 

once the integration work is completed. We 

are expecting it around mid-summer. We 

are planning to go into the serial production 

before the end of this year. We will deliver 

the first five engines this year.” 

Santa Farma now 

offers Turkish medicine 

to more than 40 

countries 

Santa Farma, one of Turkey’s 

local companies, targets 

to sell its products to over 40 

countries in different regions 

by the end of 2018. 

As one of Turkey’s pharmaceutical 

firms that have a 

long-standing background, 

Santa Farma has started to 

reap the fruits of its R&D 

projects and production 

investment in 2017 and increased 

its sales by 85 percent 

with entering new markets 

and launching products. Rapidly 

increasing the number 

of its business partners and 

expanding to new export 

markets, Santa Farma aims 

to sell its products to more 

than 40 countries in various 

regions from Africa, Asia, 

the Balkans and Russia, to 

South America and to the Far 

East by the end of 2018. The 

company targets to be the export 

champion of all Turkish 

pharmaceutical companies in 

2024, the date which is also its 

80th anniversary. 

Erol Kiresepi, Chairman 

of the Executive Board and 

CEO of Santa Farma, said: 

“Our family is expanding 

just like our targets. We have 

added more than 200 employees 

in our family in 2017 and 

now we are a family of 990. 

We plan to employ 100 more 

in 2018.” 

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 

polire- 

cies and reforms 

quired 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 stabilizing 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. 

He added that the “utmost priority” in 

the upcoming period would be fighting 

inflation. “We will take steps to bring 

inflation down to single digits in the 

shortest possible time and eventually 

match our target,” he said. 

With regards to the strong monetary 

policy emphasis he announced. Albayrak 

said that strong monetary policy means 

action shaped toward the primary goal 

of the price stability, adding that fighting 

inflation tops the priority areas in terms 

of macroeconomic stability. 

A more predictable and stable 

macroeconomic outlook 

in Tur- 

key could 

clearly 

be 

established 

by achieving low 

inflation rates, and that 

it would be essential for 

the central bank, whose main 

objective is to provide price stability, 

to implement its monetary policy in a 

strong manner. 

In June, consumer prices in Turkey 

rose 15.39 percent, compared to the 

same month last year, the Turkish Statistical 

Institute (TurkStat) announced in 

July. 

As noted in the country’s medium-term 

program (MTP) introduced 

last September, inflation is targeted to 

converge to 5 percent through the end 

of 2020. 

“In the new period, we will be supporting 

the central bank’s implementation 

of a more predictable, simple and 

determined monetary policy in line with 

the objectives,” Albayrak continued. 

“As the government, we will support 

the monetary policy by removing the 

structural obstacles that may limit the 

effectiveness of these policies as much 

as possible and strengthening the policy 

coordination.” 

Replying to a question on 

the real sector’s unpaid bank 

debts, Albayrak said that the 

banking sector’s performance 

is one of the strongest sides 

of the Turkish economy, noting 

that the sector’s 

capital 

adequacy ratio stands at 16.4 percent, 

well above the world average. 

Albayrak said the finance sector 

operates in a transparent framework in 

line with international rules and practices 

and has been audited by the Banking 

Supervision and Regulation Agency 

(BDDK) and independent auditors in 

accordance with international rules. 

“The restructuring demands of some 

well-known firms, which have been 

reflected by the public, constitute the 

basis for this question that you have led 

regarding the investors. However, the 

restructuring transactions cover maturity 

extensions in line with the cash flows 

of the credit periods required by the 

banking sector and are generally not 

common,” Minister Albayrak said, highlighting 

that the institutions are conducting 

the necessary studies for financial 

stability. 

The treasury and finance minister 

underscored that the fiscal discipline will 

continue without compromise and the 

ministry 

will 

carry out 

structural 

reforms that will 

ensure the compliance of costs 

with the budget. 

The fiscal discipline will effectively 

continue in accordance with the budgetary 

goals of the Medium-Term Plan. 

“The government has a high capacity 

to devise a problem-solving framework 

with a holistic approach,” the Minister 

stressed. 

The coordination of real sector 

firms, financial corporations and public 

sector will ensure sustainable and stable 

growth, Albayrak said. 

“The macroeconomic goals will be 

achieved thanks to the economic policies 

to be implemented with resolution and 

consistency. The harmony of economic 

policies will be kept at a maximum. With 

the coordination of firms and financial 

sectors, the interest of local and foreign 

investors will grow,” the Minister said. 

Albayrak, also the head of the treasury, 

further highlighted that cooperating 

with all the actors and stakeholders in 

international financial markets, the ministry 

will increase the entry of external 

capital to Turkey and diversify resources




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7 

Turkey establishes Halal 

Accreditation Agency 

Turkey has established a new 

halal certification body, the Halal 

Accreditation Agency (HAK). The 

HAK, established with a presidential 

decree , will strengthen Turkey’s 

central position in the field 

of halal certification and accreditation. 

It will allow the country to be 

a gold standard in terms of rulemaking, 

take steps moving forward 

and capitalizing on the growing 

global halal market. The agency, in 

the form of a public entity, will be 

responsible for accrediting halal-compliance 

evaluation institutions 

and ensure their operations 

are in compliance with national 

and international standards. 

HAK will also operate to ensure 

the acknowledgment of the documents 

prepared by the halal-compliance 

evaluation institutions on 

national and international platforms. 

Operating under the Trade Ministry, 

it will be the only institution 

that would provide halal accreditation 

services in Turkey. The agency 

will also offer halal accreditation 

services for halal-compliance auditing 

firms in and outside Turkey, 

as well as determine and implement 

benchmark and measures 

regarding halal accreditation. 

The agency will represent Turkey 

at international and regional 

accreditation associations and organizations. 

It will also take part in 

their boards or serve as the center 

of such institutions. Turkey’s HAK 

will sign bilateral and multilateral 

agreements and establish networks 

and relations with other halal accreditation 

bodies worldwide. 

The agency will also carry out 

necessary scientific and technical 

surveys on halal accreditation and 

organize events to boost its importance. 

The HAK will have a board 

as its decision-making mechanism, 

consisting of five members, an 

advisory council and a general 

secretariat. The board of directors, 

which will be the decision-making 

body of the institution, will 

consist of a total of five members, 

including the president and four 

members. Members of the board 

of directors will serve for three 

years. The member of the board of 

directors may be reassigned once 

their office terms expire. 

The advisory board will consist 

of the representatives from 

the Trade Ministry, Presidency of 

Religious Affairs, Banking Regulation 

and Supervision Agency 

(BDDK), Capital Markets Board 

(SPK), Development and Support 

of Small and Medium-sized Enterprises 

Administration (KOSGEB), 

Turkish Accreditation Agency, 

Turkish International Cooperation 

and Development Agency 

(TİKA), the Turkish Standards 

Institute (TSE), Scientific and 

Technological Research Council 

of Turkey (TÜBİTAK), Council of 

Higher Education (YÖK), Turkey 

Exporters Assembly (TİM), Union 

of Chambers and Commodity 

Exchanges of Turkey (TOBB), Foreign 

Economic Relations Board 

(DEİK), Association of Turkish 

Participation Banks (TKBB), 

Turkish Capital Markets Union 

(TSPB), Turkey Insurance, Reinsurance 

and Pension Companies 

Association, Turkey Tradesmen 

and Artisans Confederation, 

Union of Turkish Chambers of 

Agriculture (TZOB), Turkey’s 

Independent Industrialists and 

Businessmen Association (MÜ- 

SİAD), Turkish Industrialists and 

Businessmen Association (TÜSİ- 

AD), Turkey Hoteliers Association 

(TÜROB) and a number of other 

organizations. 

The body’s service units will be 

the Halal Accreditation Directorate, 

the International Relations 

Directorate and the Personnel and 

Support Services Directorate. It 

was also reported that offices may 

be established abroad for the international 

operations of the institution. 

In 2010, Turkey took some 

important steps regarding halal 

certification within the framework 

of the Organisation of Islamic 

Cooperation (OIC). Regulations, 

including the Halal Food Standard 

and the Halal Accreditation Standard, 

were approved by the OIC, 

leading to the establishment of the 

Standards and Metrology Institute 

for Islamic Countries (SMIIC), 

which is headquartered in Turkey. 

It currently has 35 members. 

Halal accreditation bodies 

enforce halal standards according 

to Islam in and outside Muslim 

countries. They also aim to protect 

the growing number of halal consumers 

and facilitate international 

trade. 

Global trade in halal products 

and services is currently valued at 

around $3.9 trillion. 

Humor 

Anybody going slower than you 

is an idiot, and anyone going 

faster than you is a maniac. 

Three people are stranded 

on a small island. One 

is a physicist, one is a circus 

strongman, and one is 

an economist. After a few 

days of surviving on fruit, 

they discover a cache of 

canned food, and they 

have to decide how to 

open it. The physicist says 

to the strongman “Why 

don’t you climb that tree, 

and smash the cans down 

on the rocks, and burst 

them open?” 

The strongman says, “No, 

that would spatter the 

stuff all over. I can open 

the cans with my teeth!” 

The economist says “First, 

we must assume that we 

have a can opener.” 

A man takes a balloon 

ride at a local country 

THE ECONOMIST 

Do you have any bumpersticker? 

fair. A fierce wind suddenly 

kicks up, causing 

the balloon to violently 

leave the fair and carry 

its occupant out into the 

countryside. The man has 

no idea where he is, so he 

goes down to five meters 

above ground and asks a 

passing wanderer: “Excuse 

me, sir, can you tell me 

where I am?” 

Eyeing the man in the 

balloon the passer-by says: 

“You are in a downed red 

balloon, five meters above 

ground.” 

The balloon’s unhappy 

resident replied, “You 

must be an economist.”an 

engineer.”an accountant.”a 

consultant.”a mathematician.”a 

tutorial writer.”a 

sales representative.” 

No....! 

THOUGHT OF THE 

MONTH 

“How could you possible 

know that?” asked the 

passer-by. 

“Because your answer is 

technically correct but 

absolutely useless, and the 

fact is I am still lost”. 

“Then you must be in 

management”, said the 

passer-by. 

“Thats right! How did you 

know?” 

“You have such a good 

view from where you are, 

and yet you don’t know 

where you are and you 

don’t know where you 

are going. The fact is you 

are in the exact same position 

you were in before 

we met, but now your 

problem is somehow my 

fault!” 

Actions speak better than the 

bumperstickers!!!





“Made in Turkey” when writing to advertisers Monthly Economic Newspaper ww.img.com.tr 

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. 

Having taken important steps of 

being an energy hub in the region with 

the Trans-Anatolian Natural Gas Pipeline 

(TANAP), which recently brought 

Azerbaijani gas to Turkey, and the oilgas 

explorer vessel Fatih, Turkey is now 

establishing a natural gas energy stock 

exchange. With the natural gas market 

actively commissioned, an important step 

will be taken towards the pricing of natural 

gas at accessible markets and Turkey’s 

goal of becoming a regional natural gas 

trading hub. 

The Energy Market Regulatory Authority 

(EMRA) has recently updated the 

Organized Natural Gas Wholesale Market 

Operation Procedures and Principles 

(PUE), which can be regarded as the rules 

of trade in the natural gas stock exchange, 

are an important step in the direction of 

Turkey’s goal in becoming a natural gas 

trade center in the region. 

The natural gas stock exchange, called 

the Natural Gas Continuous Trading 

Platform (STP), was launched virtually 

on April 1, 2018. During the virtual 

application, the system was heavily tested 

by natural gas supply license holders. In 

addition, under the supervision of EMRA, 

scenario studies were carried out with Petroleum 

Pipeline Corporation (BOTAŞ) 

and Turkey’s Energy Stock Exchange 

(EPİAŞ) and contracts were drafted. In 

accordance with the purpose of the virtual 

application, some problems encountered 

during these studies and other issues identified, 

necessitated the revision of some 

of PUE’s articles. BOTAŞ, EPİAŞ and 

market players’ views were taken, and the 

issue was taken to board in order for the 

stock market to operate in a healthy and 

smooth manner. 

With this last amendment, the rules of 

trade and the rights and obligations of 

the parties that will carry out transactions 

in this platform will be clarified in order 

to ensure that the stock exchange, which 

will commence formal operations on 

September 1, 2018, can operate smoothly. 

The platform, to be operated by EPİAŞ, 

will be used by natural gas suppliers and 

exporters who want to trade natural gas, 

as well as BOTAŞ to supply natural gas to 

balance the transmission system. The trading 

on the stock exchange will be 24 hours 

a day, 365 days a year, and also provide 

the foundation for the Daily Reference 

Price (DRP). 

Beware travelers: How 

to avoid cyberattacks 

on holiday 

Taking incredible holiday 

photos are no big deal thanks 

to smartphones but posting 

them on social media is a little 

bit trickier. If you happen to 

take too many pictures and 

want to post them all, this 

means that your internet quota 

is doomed to dry out soon. To 

prevent this, most of us use the 

Wi-Fi services provided by the 

hotels or restaurants we are in. 

But is it safe? 

Don’t forget that if you 

don’t take precautions, it is 

easy to be a target of cyberattacks. 

However, it is possible 

to dodge attacks from hackers 

with a few easy tricks. First, 

avoid downloading a travel app 

from an unauthorized source. 

Nowadays, people prefer to 

book their holidays and even 

flights via various travel apps 

on their Android or IOS devices 

but it is important to download 

these apps from a reliable 

source, preferably from their 

official pages. Second, try to 

avoid turning your Bluetooth 

on unless it is necessary. Also 

be sure to connect only to 

secure Wi-Fi connections. 

Usually, most unknown, open 

Wi-Fi sources work as baits to 

lure smartphones and laptop 

users to steal their information. 

Be sure to use a virtual 

private network (VPN) and 

do not click on the websites if 

you are not 100 percent sure of 

their authenticity. Moreover, 

turn off the location services 

on your phone or other devices 

if you do not want to be traced 

by malware. 

EU 

wants to 

cooperate 

with 

Turkey on 

regional 

problems 

The EU’s foreign policy 

chief said that the 

bloc would increase 

cooperation with 

Turkey on problems 

related to regional 

dynamics. 

Federica Mogherini 

said they will eleborate 

on how the 

EU and Turkey can 

coordinate better”on 

Syria and Iraq. 

Mogherini said she 

spoke with Turkish 

Foreign Minister 

Mevlüt Çavuşoğlu 

early on Oct. 16 to 

touch on “many 

strategic topics” such 

as counter-terrorism 

and the Cyprus issue. 

The meeting of the 

foreign ministers, 

known as the Foreign 

Affairs Council, will 

also have discussions 

over the Iran nuclear 

deal and North 

Korea’s missile tests, 

Mogherini added. 


Publisher: 

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9 

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. 

We spoke to Adil Pelister, 

Chairman of IKMIB about 

exports and developments 

in the sector. 

What kinds of innovations are 

expected in the sector on the matter 

of export after Adil Pelister took the 

chair of IKMIB? 

Since its establishment in 1991, Istanbul 

Chemical and Chemical Products 

Exporters’ Association (IKMIB) has been 

working to diversify export products and 

gain competitiveness in products in order 

to protect the professional ethics and 

solidarity of exporting Turkish companies 

in the chemical sector and to increase 

exports. As a new management team, 

we also organize a number of activities 

to protect the interests of our members 

who are affiliated with our Association, 

to establish strong connections in the 

international arena and to help our firms 

enter into new markets. 

Our goal is, by effectively solving the 

problems of our firms, to provide them 

for the support they need both on financial 

matters and investment and new market, 

to be a bridge between state and our 

firms, and, by contributing to production 

and branding activities, to support them 

reach the highest level in export. 

In this direction, firstly, due to the 

market potential, we are planning to 

make the chemical sector more effective 

in potential countries such as the United 

States of America, China and other Far 

East countries. We aim to have Turkish 

chemical sector, which is, in Turkey, on 

the third seat in exporting among the 

other sectors, rise to the second rank. As 

a matter of fact, our sector reached to the 

position of the second exporting sector 

in June 2018. Among the subjects give 

priority are the innovative projects such 

as decreasing the limit of green passport 

to 100 thousand dollars, establishment 

of a private visa office for our exporters, 

realizing exporter’s easy access to finance, 

put the national container line project 

into practice, and localization thrust. 

What is the effect of increase in 

exchange rate of dollar on export 

figures and chemical products in the 

first half of the year? 

Our chemical sector depends on imports 

in terms of raw material at the rate 

of 70 percent, whereas even plastic and 

rubber sectors are dependent upon imports 

in terms of rat material at over the 

rate of 90 percent. The most used currencies 

in the global trade are the Dollar and 

the Euro. From this point of view, we can 

say that the fluctuations in our country especially 

in the recent period in Dollar and 

Euro exchange rate have had a negative 

effect on the costs of our exporter firms 

trading in this foreign currency. 

Did these exchange rate increases 

cause a drop in production? Even if it 

did not happen, what measures did 

the producers take? 

Although the increases in exchange 

rates negatively affect the costs for our 

sector that provides the raw material 

from abroad in production, it is possible 

to prevent the exchange rate risk by realizing 

foreign trade operations in Turkish 

Lira instead of foreign currency units. 

Trading in local currencies has a positive 

effect on both sides. Today, Turkey 

does business with many countries such as 

Russia, India, China, South Korea, Indonesia, 

Mexico, Brazilin local currencies. 

When we look at export figures, we see 

that there is an increase in exports made 

with these countries. 

“Our goal is to make a big 

contribution to 2023 export 

targets of Turkey with Digital 

Export Platform” 

You had mentioned previously the 

project “Five Pieces of Gold”, at what 

phase is that project? 

We started to work on all our other 

promises, especially the green passport 

issue. We have initiated our initiatives fast 

at our TIM chairman and Administration. 

In order to increase our exports and 

reach our 2023 targets, we need to orientate 

our SMEs to exports more. Because 

many of our firms which are already on 

certain levels have already substantially 

completed their institutionalization, they 

know how to export and are be able to export 

to many countries in the world. Also 

most of our big firms are also eligible for 

obtaining green passport. 

However, the vast majority of our 

SME-sized companies still suffer from 

difficulties in exporting and finding new 

markets. Those who have started exporting 

cannot attend foreign trade fairs and 

similar business trips because they have 

passport and visa problems. 

Our goal is, by ensuring the owners of 

SMEs, which have reached 100 thousand 

dollar annual exporting volume in 3 years 

consecutively, or their one the manager 

who is authorized signatory to get 

the right of green passport, 

to eliminate 

their travel restrictions 

and to 

help them find 

new markets. 

Thanks to 

that, we 

believe 

that we 

can also 

ensure 

that they 

can export 

more. 

Besides, 

while we 

declare our 

“Digital Export 

Platform” promise, 

we have 

foreseen 

that our 

new 

govern- 

men- 

tal 

management 

system will 

not remain 

indifferent to the ver- 

satile 

digital transformation in the world. 

As a matter of fact, both the statements 

made by our Ministry of Industry and 

Technology to speed up the studies on 

this matter and the Digital Transformation 

Office established at the presidency 

of the republic have justified our vision. 

Our goal here is, by embracing digitalism, 

which started with Industry 4.0 and 

leaped into the area of finance with digital 

money, to catch up the digital transformation 

in the world and accelerate 

it and help our country’s exports reach 

2023 targets. In this area, we will work 

more closely with our TIM management 

together with our government. 

“We expect a big participation in 

China International Import Expo 

2018” 

There was a high level of 

participation in the Private Label fair 

in Amsterdam. What level of national 

participation do you expect in a big 

fair like the one in China? 

As for private-label products sector, 

we arranged Turkey National Participation 

Organization this year as 10th time 

to “PLMA’s World of Private Label” international 

trade fair, which is held every 

year. This year, 94 Turkish companies, 

47 of which are as national participation 

and operating on cosmetics, personal 

car, cleaning, plastic household goods, 

packaging and food sectors, took part in 

this fair, which has been holding for over 

30 years. We are delighted to have such a 

high level of participation. 

As İKMİB, we support our exporters 

with our national participation organizations 

in order to enable our firms to 

get new ideas and to make cooperation 

links. Overseas fairs offer very important 

opportunities in terms of introducing the 

products of our exporters, their brands 

and making new cooperation. We anticipate 

that participation in the “China 

International Import Expo 2018” fair, 

which will take place in Shanghai, China 

between 5-10 November 2018, will also 

be on high level in this respect. 

Our studies have been continuing to 

promote the fair, which so far 41 firms 

have applied to, to Turkish exporters and 

to 

increase 

participation. 

The fair in 

question is extremely important not only 

for our exporting firms, but also for the 

promotion of Turkey. The Chinese festival 

will be organized for the first time and 

we regard it as an important opportunity 

for our country. The investment possibilities 

and trade opportunities in Turkey will 

be introduced to the visitors on the booth 

with 136 m2, whereas Turkish culture will 

be promoted. 

Could you tell us at which level 

Turkey Exporters Assembly figures 

are, compared to the figures made 

according to provinces? 

According to Turkey Exporters Assembly 

(TIM) data, exports rose 11.8 percent 

in July and reached 14.11 billion dollars. 

In the dispersion of the said exports, 

Istanbul takes the first place with 6 billion 

dollars. The top ten cities are Istanbul, 

Bursa, Kocaeli, Izmir, Ankara, Gaziantep, 

Sakarya, Manisa, Denizli and Hatay. 

Where are we in the world on exports 

R&D studies? 

Today, the way of being able to exist 

in domestic and foreign trade, where 

competition is intense, is done by R & D. 

While R & D investments and studies, 

which are the biggest factor in the growth 

of the country’s economies, have come to 

the forefront in developed countries, in 

developing countries, although not at the 

desired level of industry, R & D investments 

in Turkey continues to grow each 

year. 

Researches show that R&D investments 

develop innovative and high-tech 

products and increase exports. R&D 

expenditures of developed countries are 

on average 2.5 to 3 per cent of the Gross 

Domestic Product (GDP), while the 

proportion of developing countries is less 

than 1 per cent. 

According to the latest explained data 

of Turkey Statistical Institute (TSI), Turkey’s 

gross domestic R & D expenditure 

has risen to 24 billion 641 million TL in 

2016 with an increment of 19.5 percent 

by increasing 4 billion 26 million TL, 

compared to the previous year. The ratio 

of gross domestic R & D expenditure to 

GDP is 0.88 percent in 2015, and rose to 

0.94 percent in 2016. 

As we can see from the figures, 

Adil Pelister, 

Chairman of IKMIB 

Turkey’s R&D allocation ratio 

remains under the world 

average. It is of utmost 

importance that 

government promotion 

should 

be given by our 

government 

through 

tax reductions 

and 

low-interest 

investment 

loans to 

R&D 

activities. 

It is necessary 

that 

our firms 

invest more 

in R&D 

researches by 

making use of 

these supports, 

and their work 

needs to be made widespread 

in our country. 

Could you mention about 

protectionism problems that our 

exporters face in the world market? 

The concept of protectionism, which 

was emerged from the politics of localization 

and balancing economics of the 

countries, has changed dimension in 

recent years due to political relations of 

the countries. Especially after the recent 

US-China crisis, we are facing the risk 

that this understanding of protectionism 

spread in waves by being accepted also by 

other countries. Exporters may encounter 

some embargoes against Turkish 

products. 

Protectionist policies of neighboring 

countries such as Iraq, Iran, Algeria, 

Egypt (import prohibitions, additional 

customs tax, etc.) affect our exports 

negatively. 

What would you like to say about 

being handled innovation and design 

by exporters, and investment in 

brand and R & D? 

The role of exports in Turkey’s growth 

and increase in the level of welfare is 

huge. Innovation, design and branding 

factors come to the forefront in terms of 

competing with the countries and increasing 

exports by entering into new markets. 

Companies that produce innovative and 

high-tech products are taking part at the 

forefront of the world market. It is possible 

for the market to be able to create 

new designs and produce productions 

with high value added only with research 

and developments activities. When we 

look at the countries with the greatest 

economies of the world, we see that these 

countries have reached their current positions 

as the result of R & D activities. 

Achieving sustainable exports and 

boosting the unit kilogram value of exports 

are significantly dependent on R & 

D and innovation power. In this regard, 

as IKMIB, we support our exporters 

with both design competitions that we 

organize and activities such as R & D 

Project Market. Giving importance and 

priority to R & D will take our firms a 

step forward. 

After Turkey’s PIC/S membership, 

what changes are expected in 

Turkey’s pharmaceutical market? 

The International Pharmaceutical 

Inspection Cooperation / Scheme (PIC / 

S), an association established by authorities 

that administer drug registries around 

the world, is known as the most respected 

and valid institution recognized on 

this field. Turkey’s PIC / S membership 

became effective from January 1, 2018. 

In this way, the technical barriers which 

prevent the drugs produced in Turkey 

from globalizing were also largely eliminated. 

The inspections made by Turkey 

Pharmaceuticals and Medical Devices 

Agency (TITCK) are accepted worldwide 

and also quality and safety of the drugs 

produced in Turkey are registered. We 

expect this to reflect favorably on prices 

and increase exports of pharmaceuticals. 

What are the effects of the economic 

and political developments taking 

place at the regional and global level 

on the sector? 

The economic and political developments 

that have taken place at the regional 

and global level directly and indirectly 

affect our sector. In particular, if that the 

chemical industry is dependent on abroad 

by 70 percent in terms of raw materials is 

taking into consideration, it is necessary 

for our firms to increase market diversity 

and invest in R & D and branding in 

order to be affected at a minimum level 

through these developments in the world. 

On the matter of raw material sources, 

especially in terms of plastic raw materials 

used in construction plastics and 

automotive industry, serious investment 

is needed for establishing petrochemical 

plants in our country. 

When the domestic and abroad 

problems faced in international trade 

and common problems of chemical 

sector are taken into account, with 

which solutions are these problem 

can be overcome or eliminated? 

In the chemical industry, which is 

dependent on abroad in the production 

of raw material, our sector will play an 

important role in financing deficit of 

Turkey with the supports of our State and 

increase in domestic production. Therefore, 

it is necessary to create a center 

of attraction in the field of petrochemicals, 

to establish new companies and to 

commence production. If the planned 

investments in petrochemicals start up, 

we anticipate that, our chemical exports 

will be over 20 billion dollars after 2019. 

However, our exporters may have 

difficulty in accessing financing, we are 

preparing an action plan, as the voice of 

our sector, to extend the deadlines for 

our exporters to reach direct financing. 

We are also working with relevant 

institutions and individuals on solutions 

to the problems of our sector, such as 

facilitating visa procedures and limiting 

the lower limit for green passports to 100 

thousand dollars. 

Sectoral clustering is also important 

in terms of firms moving together, taking 

advantage of state support for common 

needs. In this regard, we support our 

firms, which operate in chemical sector, 

with sectoral committee meetings we 

organized, as IKMIB, and various R & D 

projects. 

What happens in the second half of 

2018 on the next road map? (Fairs, 

new projects, etc....) 

First of all, until the end of 2018, 

among the fairs and delegations which we 

will arrange national participation organization 

both at home and abroad are; 

10-14 October 2018 COSMEET Home, 

Cleaning and Care Sector and Cosmetics 

Sector Procurement Delegations- Istanbul 

/ Turkey, 

21-25 October 2018 Qatar Sectoral Trade 

Delegation- Doha / Qatar 

5-10 November 2018 China International 

Import Expo- Shanghai / China, 

12-15 November 2018 Medica 2018- Dusseldorf 

/ Germany, 

14-16 November 2018 Cosmoprof Asia 

2018- Hong Kong / China, 

25-28 November 2018 Athens Sectoral 

Trade Delegation 2018 - Athens / Greece 

is located. 

Along with these, we bring together 

our exporters at sectoral committees, 

which we have formed, and try to find 

solutions to their problems with common 

sense. As the chemical sector, we have set 

2023 target as$ 50 billion. We can list the 

topics standing out in the road map that 

we have set for reaching the 2023 targets 

as follows: Updating of the Customs 

Union Agreement with the EU in favor 

of Turkey, guaranteeing the supply of raw 

materials with new formulas, investment 

in specific special chemicals, sectoral clustering 

and the creation of scale synergies 

in R & D. We will continue to follow our 

efforts without slowing down so that our 

chemistry sector will come to a better 

point.





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Turkey’s 

automotive 

Turkey ranks third in halal 

tourism market by raising its 

share by 20 pct in 2017 

exports to Europe 

reach new heights 

The Turkish automotive industry, 

which picked up some recent losses in 

the domestic market, has seen a rise in 

exports – exceeding $16 billion in the 

first half of the year – with more than 80 

percent going to European countries. 

According to the Automotive Distributors’ 

Association (ODD) and Turkish 

Exporters’ Association (TİM), the Turkish 

automotive and light commercial 

vehicle industry contracted 11.92 percent 

in the first half of the year compared to 

the previous year. The industry, however, 

recorded $16.4 billion in exports with 

a 14.5 percent rise compared to the same 

period of last year. In accordance with 

these figures, the automotive exports 

constituted 20 percent of Turkey’s total 

exports in the first half, which exceeded 

$80 billion. Meanwhile in the first half of 

2017, automotive exports stood at $14.3 

billion. 

The automotive sector’s exports to 

the European Union and other European 

countries in the first half of the year 

increased by 15 percent and hit $13.6 billion, 

making up 80.5 percent of Turkey’s 

$16.4 billion automotive exports in the 

first half of the year. Europe was followed 

by the Middle East for the Turkish 

automotive industry. Car sales to Middle 

Eastern countries rose by 2.2 percent, 

reaching $805.1 million. With exports 

over $2.4 billion, Germany was the biggest 

market for Turkish manufacturers. 

It was followed by Italy with $1.8 billion 

and France with $1.7 billion. The U.K. 

ranked fourth in Turkey’s automotive 

exports with $1.4 billion. Accordingly, 

automotive sales separately to Germany, 

Italy, France and the U.K. each exceeded 

$1 billion. In contrast, sales to the 

U.S. dropped by $159 million and stood 

at $463 million. Automotive sales to Iran 

and Denmark also fell by $51 million $22 

million respectively while the decrease 

in exports to Ireland was at $19 million. 

Turkish automotive industry’s exports 

to Syria also saw a $15 million fall in 

the first half of the year.In 2017, the 

total automotive production increased 

by 13 percent to 1.7 million compared 

to 2016, while automobile production 

reached 1.1 million with an increase of 

18 percent, providing the sector with the 

highest levels in both total automotive 

and automobile production, according to 

Automotive Manufacturers Association 

(OSD) data. 

With these figures, both total automotive 

and automobile production reached 

their highest levels in Turkey. In 2017, 

total automotive exports increased by 17 

percent and automobile exports by 24 

percent compared to the previous year. 

In this period, total exports amounted 

to 1.3 million units, followed by automobile 

exports with 921,000 units. Thus, 

80 percent of the total production in 

the automotive industry was exported. 

According to the Turkish Exporters 

Assembly (TİM) data, total automotive 

industry exports maintained the leading 

position in 2017 with an 18.2 percent 

share in exports. 

Taking steps to develop alternative 

tourism following the 

challenging periods in 2015 and 

2016, the Turkish tourism sector 

ranked third in the world by 

increasing its share of the halal 

tourism market by 20 percent in 

2017, Yunus Ete, the chairman of 

World Halal Summit Council and 

Asel Group, said. 

“Turkey ranks third in the 

market right after Malaysia and 

Indonesia,” Ete said. 

He said that world halal 

tourism, which is expected to 

reach $300 billion in volume by 

2023, includes many countries 

from Spain to New Zealand in 

addition to the Muslim majority 

halal destinations like the United 

Arab Emirates (UAE), Turkey 

and Malaysia. 

Pointing to the rapidly increasing 

number of guests hosted by 

Turkey in halal tourism, Ete said 

Turkey increased the number of 

guests hosted in halal tourism, 

welcoming three million visitors 

last year, stressing that it is still 

far below its potential. “If we can 

get 10 percent of this market, we 

will have a serious jump in our 

tourism income.” 

Ete stated that parallel to the 

growing awareness in the halal 

market, investments made in this 

area also gained momentum. 

“Spain is investing heavily in the 

Andalusian region, accelerating 

its efforts to bring in halal-concept 

new hotels. It quickly began 

to stand out in this area,” Ete 

continued. “Along with the 

increasing number of Muslims, 

Halal travel is increasingly becoming 

a more profitable sector 

for future investments.” 

Ete suggested that with Turkey 

becoming a major halal travel 

destination and surpassing other 

Muslim tourist destinations in 

the Mediterranean region was 

a sign of the country’s popularity, 

while Turkish hoteliers have 

begun to focus on this new segment 

as compared to traditional 

tourism, after noting the intense 

consumer demand. 

TECHNICAL SPECIFICATIONS 

Model No 

Input Power max 

Vacumm 

Rated Voltage 

Air Flow 

Water Suction Capacity 

Pump Power 

Pump Pressure 

Extra Basin Volume 

Waste Basin Volume 

Container Dust Capacity 

Dust Bag Capacity 

IP Code 

Gross Weight 

Size 

: 114H 

: 1300 W 

: 1950 mmH2O 

: 220-230 V AC, 50/60 Hz 

: 200 m 3 /h 

: 1,5 L/S 

: 26 W 

: 2,5 bar 

: 7 L 

: 8,5 L 

: 5 L 

: 5 L 

: IPX4 

: 13,5 kg 

: 410x510x593 mm 


Model No 


Vacumm 

Rated Voltage 

Air Flow 

Water Suction Capacity 

Pump Power 

Pump Pressure 

Extra Basin Volume 

Waste Basin Volume 

Container Dust Capacity 


IP Code 

Gross Weight 

Size 


Model No 


Vacumm 

Rated Voltage 

Air Flow 


IP Code 

Gross Weight 

Size 

: 114R 

: 1300 W 

: 1950 mmH2O 

: 220-230 V AC, 50/60 Hz 

: 200 m 3 /h 

: 1,5 L/S 

: 26 W 

: 2,5 bar 

: 3,5 L 

: 6 L 

: 5 L 

: 5 L 

: IPX4 

: 11,5 kg 

: 385x485x485 mm 

: 114L 

: 1300 W 

: 1950 mmH2O 

: 220-230 V AC, 50/60 Hz 

: 200 m 3 /h 

: 5 L 

: IPX4 

: 8,5 kg 

: 390x418x440 mm 

BOSB, Mermerciler Sanayi Sitesi 7.Cd. No:12, 34524 Beylikduzu, Istanbul/TURKEY 

Phone: (0212) 875 35 62 pbx - Fax: (0212) 875 36 64 www.iea.com.tr 

Istanbul to host int’l 

automotive engineering 

conference 

The movers and shakers of 

the global automotive industry 

will attend the “International 

Automotive Engineering Conference” 

(IAEC’18) being held 

for the third time in Istanbul. 

According to the written 

statement released by the 

Uludağ Automotive Industry 

Exporters’ Association (OİB), 

the conference will be held at 

Swissotel The Bosphorus from 

Nov. 1-2 to discuss future automotive 

trends and address the 

latest developments in automotive 

electronics and software. 

Preparations for the event 

jointly organized by the OİB, 

the Automotive Industry Association 

(OSD), the Automotive 

Technology Platform (OTEP), 

the Vehicles Procurement Industrialists 

Association (TAYSAD) 

and the Association of American 

Automotive Engineers (SAE) 

are underway. 

The event is designed to 

facilitate discussion about the 

necessary steps to be taken by 

the automotive industry in engineering 

in the current dynamics 

of the sector while taking into 

account the opinions of international 

specialists from a technical 

point of view. 

Topics include: “New Developments;” 

“Software Security 

and Block Chain;” “Regulations 

and Tests for Smart Vehicles;” 

“Adaptive Platform for Smart 

Vehicles;” “Impacts of Developing 

New Technologies on the 

Automotive Industry;” “Future 

of 5G and Communication between 

Tools;” “Future of Electronics 

in Vehicles;” “Artificial 

Intelligence in Vehicles;” “Technology 

and Ethics;” “Domestic 

Entrepreneurship Strategies in 

Automotive;” and “Impacts of 

Developing Technologies and 

Innovative Initiatives on the 

Automotive Sector,” and will be 

addressed in the third edition 

of the event under the theme 

“Present and Future of Automotive 

Electronics and Software.”




ww.img.com.tr 




11 

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. 

Ford Otosan closed the first half of the 

year as the sector leader in production 

and exports, followed by OYAK Renault 

and Tofaş, respectively. 

According to data compiled from 

Uludağ Automotive Industry Exporters’ 

Association (OİB) and Automotive Manufacturers 

Association (OSD), production 

of the Turkish automotive industry, 

which totaled 869,162 units, excluding the 

tractors, in the January-June period of 

2017, dropped by 3 percent to 843,193 in 

the same period this year. 

Ford Otosan, which produced 198,600 

vehicles, closed the first half of the year 

as the sector leader by providing close 

to one quarter of total production (23.5 

percent) by itself, followed by OYAK 

Renault with 189,006 vehicles and a share 

of 22.41 percent and Tofaş with 175,138 

vehicles and a share of 20.77 percent. 

Toyota, on the other hand, came fourth 

with 129,644 vehicles and 15.37 percent 

share, while Hyundai Assan ranked fifth 


share. In the city where another Bursa-based 

company, Karsan, produced 

43.5 percent (367,401 units) of the total 

production with 3,257 vehicles, 85 vehicles 

were produced per hour, amounting 

to 2,041 vehicles per day. 

The exports of the automotive industry 

decreased by 3.7 percent to 688,081 

units compared to last year in the January-June 

period when 714,283 units in 

were produced, not including tractors. 

In exports, Ford Otosan led the way with 

165,131 vehicles, holding 24 percent of 

total exports, in the first half of the year, 

followed by Bursa-based OYAK Renault 


share, Tofaş with 140,191 vehicles and 

20.39 percent share, Toyota with 117,469 

vehicles and 17.07 percent share and 

Hyundai Assan with 98,346 vehicles and 

14 percent share. 

In Bursa, which realized 42.02 percent 

of total exports in the first half of the 

year with Karsan’s 1,714 units of exports, 

an average of 67 vehicles were exported 

per hour, amounting to 1,606 vehicles per 

day. 

German tour operators 

say bookings for Turkey 

almost doubled 

The number German 

bookings for summer holidays 

in Turkey this year has almost 

doubled compared to 2017, 

German tour operators have 

said. “In 2018, we see Turkey’s 

comeback,” German Travel 

Association (DRV) spokesperson 

Kerstin Heinen told. She 

added that bookings and sales 

revenues for summer 2018 have 

almost doubled. A record 5.5 

million German tourists visited 

Turkey in 2015, but the number 

dropped to 3.9 million in 2016, 

and 3.5 million in 2017, largely 

due to political tensions between 

Ankara and Berlin, and 

conflicts in countries neighboring 

Turkey. 

Heinen stressed that this 

year Turkey has again become 

one of the most popular holiday 

destinations for German 

tourists. Despite the impressive 

figures, however, the peak 

numbers of 2015 are yet to be 

reached, she noted. Europe’s 

largest holiday operator TUI 

Group also recorded a significant 

increase in summer 2018 

bookings to Turkey. “Turkey 

has again become one of the 

most popular holiday destinations 

for German tourists. It is 

currently in the third place,” 

TUI spokesperson Susanne 

Stunckel has said. With a thaw 

in Turkey-Germany relations, 

tourism professionals expect 

that Turkey’s overall target of 

40 million tourists this year will 

be achieved, with the major 

contribution of the rising number 

of German tourists that is 

expected to reach 7.5 million. 

German tour operators have 

welcomed Turkey’s move to lift 

a two-year-old state of emergency 

but noted that it would 

not make an immediate impact 

on the figures, as the main 

season is running already. 

Turkey’s sectoral confidence 

rises to 91.9 points in July 

Confidence in Turkey’s services, 

retail trade, and construction 

sectors rose in July compared to 

the previous month, the Turkish 

Statistical Institute (TurkStat) 

announced. 

The services sector index rose 

0.7 percent to 91.9 in the month, 

from 91.2 in June. According to 

TurkStat, this resulted from an 

increased number of managers 

evaluating the business situation 

as improved and demand-turnover 

as up over the past three 

months. 

The retail trade confidence 

index was up 3.1 percent monthon-month 

to reach 97.3 in July, 

from 94.4 in the previous month. 

The uptrend came from an 

increased number of managers 

expecting an improvement in 

business activity/sales over the 

next three months, TurkStat 

said. 

Auto market aims over $30B 

for exports in 2018 

Turkey’s automotive industry 

exports will exceed $30 billion 

in 2018, the CEO of the Uludağ 

Automotive Industry Exporters’ 

Association (OİB) said. 

“We had aimed for $29 billion 

[of exports] in 2018. If we look 

at the data for the first half of 

the year, we reached an export 

level of $16.4 billion. 

“This shows us that we will 

exceed far beyond our aim. We 

will exceed over $30 billion,” 

Baran Çelik told. Çelik said 

The construction sector 

confidence index also rose 2.4 

percent to 77.1 points in July 

from 75.3 in June. This rise 

“stemmed from an increased 

number of managers evaluating 

current overall order books as 

above normal for the season and 

expecting an increase in total 

employment over the next three 

months,” TurkStat said. 

Sectoral confidence indices 

range from 0 to 200, indicating 

an optimistic outlook when 

above 100, but a pessimistic outlook 

when below 100, according 

to TurkStat. Meanwhile, consumer 

confidence in the Turkish 

economy also soared 4 percent 

to 73.1 in July, TurkStat reported. 

TurkStat is due to announce 

Turkey’s economic confidence 

index on Aug. 

$16.4 billion of exports in 2018 

were an “all-time record” for the 

first half of a year. 

He said Turkish automotive 

sector’s exports reached $28.5 

billion in 2017, adding that the 

sector will break a record in 

2018. According to the Turkish 

Exporters’ Assembly (TİM), automotive 

was the leading sector 

with $2.5 billion exports in June. 

The sector’s exports increased 

by 1.9 percent compared to the 

same month the previous year.

FLY HIGH 

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Made in Turkey August 2018

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