Made in Turkiye March 2022

March 2022 

No deviation from sustainable 

growth, food stocks sufficient 

FDI in Turkey 

hits $14.2B in 

2021 to exceed 

pre-pandemic 

levels 

Asignificant increase in the flow of 

foreign investments was witnessed 

in Turkey in 2021, in a rebound that 

even exceeded levels prior to the 

coronavirus pandemic, a senior official 

said . 

Foreign direct investments (FDI) 

surged 81% year-over-year last year to 

$14.2 billion, said Burak Dağlıoğlu, the 

head of Presidency Investment Office. 

“This figure is above the FDI inflows 

that came to our country since 2016,” 

Dağlıoğlu told Anadolu Agency. 

The figure is up from around $8 billion 

in FDI in 2020, marked by a global 

economic fallout from the pandemic. 

Dağlıoğlu said investments had 

dropped 18% in 2020, compared to a 

35% decline on the global level. 

Global FDI slipped to around $929 

billion in 2020, according to the 

United Nations Conference on Trade 

and Development (UNCTAD). But 

the flows strongly rebounded to an 

estimated $1.65 trillion in 2021, a 77% 

year-over-year surge, UNCTAD said 

last month. 

Turkey seems to have also surpassed 

the annual average of FDI inflow in the 

years before the outbreak, Dağlıoğlu 

said. Page 10 

Trade can be 

conducted in 

ruble, yuan, gold 

Conducting trade in national 

currencies was among the topics 

discussed during President Recep 

Tayyip Erdoğan’s phone call with his 

Russian counterpart Vladimir Putin, 

according to recently revealed details. 

In a phone call, Erdoğan told Putin that 

Turkey is ready to contribute to the 

solution of the Ukraine crisis through 

peaceful means as soon as possible. 

Meanwhile, according to the 

information obtained from ruling 

Justice and Development Party (AK 

Party) sources, the issue of trade 

payments between the two countries 

was also discussed. 

Sources say Erdoğan told Putin that, 

apart from the euro and dollar, trade 

between the two countries can be 

carried out using the Russian ruble 

and Chinese yuan. Page 10 

amid Ukraine-Russia war 

Treasury and Finance Minister Nureddin 

Nebati said inflation remained the economy’s 

major problem, reiterating the government’s 

determination to curb rising prices. 

Nebati also said there had been a temporary 

disruption in the food supply after Russia 

launched an invasion of Ukraine, but stressed 

that necessary steps were taken by the 

relevant ministries. 

“The biggest problem facing the Turkish 

economy at the moment is high inflation,” 

Nebati told the Ihlas News Agency (IHA). 

“We are aware of high inflation and are 

undertaking many studies to take it under 

control,” he added. 

The authorities have vowed to prioritize taking 

the necessary steps to fight rising prices, as 

Turkey’s pipeline network constitutes 

the most feasible option for natural gas 

transmission from the East Mediterranean 

to Europe, according to Oded Eran, a senior 

researcher at the Institute for National 

Security Studies (INSS) at Tel Aviv University 

and Israel’s former ambassador to Jordan and 

the European Union. 

“The various conflicts, including the 12-year 

rift between Turkey and Israel, prevented the 

exploration of this option and made Israel look 

for alternatives,” Eran told Anadolu Agency. 

However, he said the Russian-Ukrainian war 

and sanctions against Moscow have allowed 

the Turkish option to resurface and discussions 

between the presidents of Turkey and Israel 

could well kickstart the necessary evaluations 

“To contribute to the 

country’s export, we are 

planning to take active roles” 

global oil and grain prices surge due to Russia’s 

aggression of Ukraine. The government has 

also been monitoring possible risks to the 

of this option. 

Israeli President Isaac Herzog arrived in 

Ankara in the first such trip by an Israeli leader 

in more than a decade. 

President Recep Tayyip Erdoğan said he 

believed the “historic” visit will be a “turning 

point” in long-strained relations, and that 

Ankara was ready for cooperation in the 

energy sector. 

While acknowledging that the combined 

available gas quantities from Israel and Egypt 

are not in themselves sufficient to replace 

Russia as a supplier to Europe, Eran said they 

could help mitigate any abrupt shortages. 

Page 5 

Koçak announced the ‘Formula’ 

of new term exports with projects 

with high added value 

Turkish economy from the conflict. 

Russia and Ukraine account for nearly 80% of 

Turkey’s grain imports but Ankara has said it 

does not foresee supply shortages due to the 

war and that it could turn to other sources. 

“The stocks of our country in terms of food are 

at a sufficient level,” Nebati said, rebuffing 

reports claiming the opposite. “The reports 

that have been made consist of manipulation.” 

The soaring global prices have added further 

pressure on the economy – which imports 

almost all its energy needs – vulnerable to the 

global rise in oil, gas and grains prices. 

Turkey’s annual inflation jumped more than 

expected to a two-decade high of 54.4% in 

February, according to official data. Page 5 

Turkey best option for East Med gas transit to Europe 

Russians rush to open bank accounts 

in Turkey to protect savings 

Russian nationals in Turkey 

who left their country are now 

rushing to open bank accounts in 

Turkey to put their savings into 

the global system and finance 

their livelihoods, as both citizens 

and businesses struggle with 

international sanctions following 

the Kremlin’s invasion of Ukraine. 

Many Russians flocked to Turkey 

to escape compulsory military 

service, due to losing their jobs or 

expectations that the sanctions 

will get worse. 

Flag carrier Turkish Airlines (THY) 

currently conducts reciprocal 

Istanbul-Moscow flights five times 

a day as the airliner has not yet 

joined others in halting flights to 

the country. 

Turkey has also not yet joined the 

West on sanctioning Russia as 

Ankara continues its diplomatic 

efforts to de-escalate the Ukraine 

conflict, urging all sides to exercise 

restraint while maintaining its 

neutral and balanced stance. 

Since the beginning of the 

conflict, Ankara has offered to 

mediate between the two sides 

and host peace talks, underlining 

its support for Ukraine’s territorial 

integrity and sovereignty. Turkey’s 

neutral attitude makes the 

country a preferred destination 

for Russians who generally adopt 

the country as the first option for 

holidays, 

The Russian central bank 

has already limited money 

transactions abroad and has 

suspended forex sales against 

the ruble until Sept. 9. The 

lender has also put a $10,000 

limit on the amount that can be 

withdrawn from forex accounts 

in Russian banks, allowing 

amounts surpassing this to only 

be withdrawn in rubles. All these 

measures have been making it 

difficult for the Russian citizens 

leaving the country. 

Sources told that Turkish lira 

accounts benefit Russians in 

two ways. One is that they 

can maintain their livelihood 

in Turkey and the other is that 

they can open forex accounts 

after opening a TL account and 

subsequently, participate in the 

international system with their 

savings. The sources also added 

that the demand for Turkish bank 

accounts is expected to grow 

more since the expectancy that 

sanctions will worsen for Russia 

has been prevailing. 

Russians can send 

cryptocurrencies from any country 

in the world to any other country 

without entering the banking 

system. It is possible to convert 

the crypto money they buy from 

Russia in rubles to dollars and buy 

from the stock market in Europe 

or from global stock markets. 

However, this transaction is a 

little difficult in Turkey since 

crypto money platforms require a 

Turkish identity number. 

Companies face asset 

freeze threat as they 

leave Russia 

The “Evropeisky” mall in Moscow was once a 

symbol of a Russia integrated into the global 

consumer economy, with atriums named after 

cities like London, Paris and Rome. 

But now large parts of the seven-story shopping 

center have gone quiet after Western brands from 

Apple to Victoria’s Secret closed their Russian 

operations in the two weeks since the country 

invaded Ukraine. Hundreds of companies have 

similarly announced plans to curtail ties to Russia, 

with the pace accelerating over the past week 

as the deadly violence and humanitarian crisis in 

Ukraine worsens, and as Western governments 

ratchet up economic sanctions. 

Russian President Vladimir Putin responded 

by saying that if foreign companies shut down 

production in Russia, he favored a plan to “bring 

in outside management and then transfer these 

companies to those who want to work.” 

A draft law could allow Russian courts to appoint 

external administrators for companies that cease 

operations and are at least 25% foreign-owned. If 

the owners refuse to resume operations or to sell, 

the company’s shares could be auctioned off, the 

ruling United Russia party has said, calling it “the 

first step toward nationalization.” 

Page 10 

Golf Cosmetics, 

NEXT GENERATION 

COSMETICS

Economic Newspaper March 

2 Please mention 

2022 

“Made in Türkiye” when writing to advertisers 

Babies now to grow up with Yataş Mini 

Turkey’s innovative brand Yataş 

Bedding introduced its baby collection 

Yataş Mini, prepared with its expertise 

in sleep, at a press conference. At the 

meeting hosted by Selmin Gündoğdu, 

Marketing Director, Yataş Bedding, 

Pınar Sibirsky, Yataş Sleep Board 

experts 0-4 Age Sleep Consultant and 

Specialist Clinical Psychologist Fundem 

Ece and Dr. Dietitian Çağatay Demir 

also gave important information about 

sleep, health and nutrition. Commercial 

films prepared for Yataş Mini were also 

shown at the meeting. 

“We utilized our expertise in quality 

sleep at Yataş Mini this time” 

Pointing out the importance of sleep for 

babies and children in his speech at the 

meeting, Selmin Gündoğdu, Marketing 

Director, Yataş Bedding, said, “Both 

the physical and mental development 

of children who sleep regularly and 

soundly progress in a healthier way. 

Their memory is getting stronger. 

However, a good sleep environment 

is also necessary for a good sleep. As 

Yataş, we are experts in quality sleep! 

This time we used our expertise in a 

collection that will meet the sleep needs 

of babies and children, Yataş Mini. While 

Yataş Mini – Baby Mattresses provide 

a reassuring environment for the little 

ones, they also provide a peaceful 

sleep with fabrics suitable for sensitive 

skin structures. It properly supports 

the spine and physical development. 

Moreover, our beds also have LGA 

certificate, which is given only to 

products that meet high safety and 

quality standards. The German LGA 

certificate is given as a result of tests 

carried out against baby health, safety 

and all possible risks. In addition, all of 

our textile products are 100% cotton… 

Moreover, colorful and patterned 

like the world of children … Yataş 

Mini collection also includes different 

products such as breastfeeding pillows, 

changing mats, liquid-proof mattresses, 

and swaddles that will meet the needs 

of mothers and babies.” 

Babies don’t sleep “like a baby!” 

Pınar Sibirsky, Yataş Sleep Board 

experts 0-4 Age Sleep Consultant 

drew attention to the sleep problems 

experienced by babies at the meeting. 

Emphasizing that babies, unfortunately, 

do not sleep “like a baby” in real life, and 

that they both fall asleep very hard and 

wake up many times throughout the 

night, Sibirsky pointed out that faulty 

sleep associations, excessive tiredness 

or going to bed late, and the baby’s lack 

of a sleep routine cause sleep problems, 

“If your baby falls asleep with support, 

it’s normal for him to need the same 

support for waking up at night. So if you 

are rocking your baby to sleep, it means 

that your baby has associated rocking 

with sleep and needs to be rocked to 

sleep. Incorrect sleep associations are 

the most important cause of sleep 

problems in babies. Thoughts such as 

“the more tired he gets, the better he 

sleeps” or “go to bed late in the evening 

so he gets up late in the morning” are 

a well-known mistake. If the baby stays 

awake for longer hours than he can bear, 

his body secretes the stress hormone, 

and with the effect of this hormone, it 

is very difficult for him to fall asleep and 

wakes up very often during the night. 

It would be appropriate for babies and 

young children aged 0-4 to wake up 

around 7-8 in the morning and go to 

sleep at around 19-20 in the evening 

after having the appropriate amount of 

daytime naps for their age. If you relax 

your baby by applying routines suitable 

for his age before each sleep, his 

transition to sleep will be much easier. 

Turning on music before bed, looking 

out the window to wish good sleep to 

the animals and the sun/moon outside, 

closing the curtains, reading a book and 

a light dance before going to bed can be 

a good pre-sleep routine.” 

Touching on the importance of mattress 

selection for babies, Sibirsky gave the 

following information, “When choosing 

a baby bed, a firm or medium-hard 

mattress made of natural materials 

should be preferred, in which no 

chemicals that may adversely affect 

the health of the baby are used. Soft 

bedding can pose a risk by causing the 

baby’s head to be buried. In addition, I 

do not recommend using a pillow in this 

age group, as it may pose a health risk.” 

“Children should be separated by the 

age of 2-3 at the latest!” 

Mentioning the effects of sleep on a 

person’s psychology at the meeting, 

Expert Clinical Psychologist Fundem 

Ece, one of the Yataş Sleep Board 

experts shared important information 

about the autonomy period of children. 

Reminding that children are completely 

dependent on their parents from birth 

to 1.5 years of age, Ece underlined 

that the autonomous period that 

begins when the child turns 2 years old 

means independence, “In this period, 

parents have more difficulty in child 

development and get tired. Because the 

child begins to act independently, trying 

to discover himself and his limits. What 

he’s actually trying to do is create his 

own identity. It should not be forgotten 

that the stubborn behaviors seen in 

the child during this period are not a 

character trait, but a transition period 

given by age. 

Expert Clinical Psychologist Fundem Ece 

also drew attention to the fact that the 

beds should be separated at the age of 

two or three at the latest and a routine 

for sleeping in their own bed should 

be established. Stating that the bed 

separation process is difficult, Ece said, 

“The ideal solution to assist you in this 

process; You will spend time with your 

child. If you spend half an hour of quality 

time together after coming home from 

work, it will be much easier to make a 

bed.” 

In order to be at a healthy weight, 

you must also have a sleep pattern 

One of the experts of Yataş Sleep 

Board, Dr. Dit. Çağatay Demir gave 

important information about the 

relationship between obesity and 

sleep at the meeting. Reminding that 

childhood obesity has been increasing 

in recent years, Demir said that studies 

conducted in the last 10 years show 

that reduced sleep duration may 

increase the risk of obesity and weight 

gain. Demir said, “Health problems 

accompanying obesity include sleep 

disorder, metabolic syndrome and pre 

-diabetic conditions,” and stated that 

there is a relationship between reduced 

sleep duration and obesity. 

Stating that children who sleep in 

the same room with their parents in 

a prone position, wake up at night, 

experience restlessness and lack of 

attention during the day, and have 

adenoids, snoring and night sweats 

are more overweight, Demir made the 

following recommendations to prevent 

childhood obesity, “Take care of getting 

quality sleep. Provide a sleep pattern. 

Children should sleep at least 10 hours, 

adolescents at least 9 hours, and 

adults at least 7 hours. Having a sleep 

pattern is very important for being 

at a healthy weight. Teach children 

the importance of eating balanced 

meals with a variety of nutrient-rich 

items such as whole grains, fruits and 

vegetables, dairy products, legumes, 

and low-fat meats. Be a healthy role 

model and don’t buy unhealthy options 

like calorie-rich, sugary or salty snacks. 

Make healthy eating a lifestyle before 

your child does. According to experts 

at Harvard University, children eat more 

if they watch TV while they eat. He also 

notes that children with televisions in 

their bedrooms are more likely to be 

overweight than children with rooms 

without televisions. You can change 

the habit of looking at the screen while 

eating, by spending time at the same 

table with your child.” 

Yataş Mini, presented with the motto 

“Babies sleep and grow”, includes 

products with every detail carefully 

thought out for babies, from mattresses 

that provide spinal support according 

to age, to newborn and portable baby 

beds, from muslin covers to 100% cotton 

bedding sets. LGA® certified mattresses 

with high safety and ergonomics 

certificate in the Yataş Mini collection 

are produced in the most appropriate 

way for the baby’s anatomy, supporting 

the spinal development of babies who 

spend long hours in bed during the day. 

The Yataş Mini collection is available at 

Yataş Bedding and Enza Home stores, as 

well as on the website. 

3. Uluslararası Kozmetik, Güzellik, Kuaför, Ev Bakım 

Ürünleri, Private Label, Ambalaj ve Ham Madde Fuarı 

2021 yılında katılımcılarımız 

Fiziki fuarımız, Online Platform ve Online Bölgesel B2B 

toplantılarımızda 190 ülkeden alıcılarla buluştu. 

38 Ülke 

16 

13 - 14 - 15 Ekim 2022 

İKM - İstanbul Kongre Merkezi & İstanbul Lütfi Kırdar / Harbiye, İstanbul 

www.beauty-istanbul.com 

Ülke 

2 

Ülke 

28 

Ülke 

Bölgelere 

Göre Alıcılar 

39 

Ülke 

52 

Ülke 

15 

Ülke 

Etkinlik Türüne 

Göre Alıcılar 

Orta Doğu 

Afrika 

BDT 

Latin Amerika 

Avrupa 

Asya Pasifik 

K. Amerika 

A 

% 25 

% 20 

% 15 

% 15 

% 13 

% 11 

% 1 

Online 

Platform 

Zoom 

Toplantıları 

Fiziksel 

Fuar 

176 105 152 

Ülkeden Ülkeden Ülkeden 

TOPLAM 

190 

Ülkeden 

8.358 1.856 9.336 19.550 

Alıcı Alıcı Alıcı Alıcı 

AFGANİSTAN ALMANYA AMERİKA BİRLEŞİK DEVLETLERİ AMERİKAN SAMOASI ANDORRA ANGOLA ANTİGUA VE BARBUDA ARJANTİN ARNAVUTLUK 

ARUBA AVUSTRALYA AVUSTURYA AZERBAYCAN BAHAMALAR BAHREYN BANGLADEŞ BARBADOS BELARUS BELÇİKA BELİZE BENİN BHUTAN BİRLEŞİK 

ARAP EMİRLİKLERİ BİRLEŞİK KRALLIK BOLİVYA BOSNA HERSEK BOTSVANA BREZİLYA BULGARİSTAN BURKİNA FASO BURUNDİ CEZAYİR CİBUTİ CURACAO 

ÇAD ÇEKYA ÇİN DANİMARKA DOMİNİK CUMHURİYETİ DOMİNİKA EKVADOR EKVATOR GİNESİ EL SALVADOR ENDONEZYA ERMENİSTAN ESTONYA 

ETİYOPYA FAS FİLDİŞİ SAHİLİ FİLİPİNLER FİLİSTİN FİNLANDİYA FRANSA GABON GAMBİYA GANA GİNE GRENADA GUADELOUP GUATEMALA GUYANA 

GÜNEY AFRİKA GÜNEY KORE GÜNEY SUDAN GÜRCİSTAN HAİTİ HIRVATİSTAN HİNDİSTAN HOLLANDA HONDURAS HONG KONG IRAK İRAN İRLANDA 

İSPANYA İSRAİL İSVEÇ İSVİÇRE İTALYA JAMAİKA JAPONYA KAMBOÇYA KAMERUN KANADA KAP VERDİ KARADAĞ KATAR KAZAKİSTAN KENYA KIBRIS 

KIRGIZİSTAN KIRIBATI KKTC KOLOMBİYA KOMOROLAR KONGO CUMHURİYETİ KONGO DEMOKRATİK CUMHURİYETİ KOSOVA KOSTA RİKA KUVEYT 

KUZEY MAKEDONYA KÜBA LESOTO LETONYA LİBERYA LİBYA LİTVANYA LÜBNAN LÜKSEMBURG MACARİSTAN MADAGASKAR MAKAO MALAWİ 

MALDİVLER MALEZYA MALİ MALTA MARTİNİK MAURİTUS MAYOTTE MEKSİKA MISIR MOĞOLİSTAN MOLDOVA MONSERRAT MORİTANYA MOZAMBİK 

MYANMAR NAMİBYA NEPAL NİJER NİJERYA NİKARAGUA NORVEÇ ORTA AFRİKA ÖZBEKİSTAN PAKİSTAN PANAMA PAPUA YENİ GİNE PARAGUAY PERU 

POLONYA PORTEKİZ PORTO RİKO REUNION ROMANYA RUANDA RUSYA SAINT KITTS VE NEVIS SAINT LUCIA SAINT VINCENT VE GRENADINLER SAN 

MARİNO SAO TOME VE PRENSİP SENEGAL SEYŞELLER SIERRA LEONE SINT MAARTEN SIRBİSTAN SİNGAPUR SLOVAKYA SLOVENYA SOMALİ SRİ LANKA 

SUDAN SURİNAM SURİYE SUUDİ ARABİSTAN SVAZİLAND ŞİLİ TACİKİSTAN TANZANYA TAYLAND TAYVAN TOGO TRİNİDAD VE TOBAGO TUNUS TURKEY 

TÜRKMENİSTAN UGANDA UKRAYNA UMMAN URUGUAY ÜRDÜN VENEZUELA VİETNAM YEMEN YENİ ZELANDA YUNANİSTAN ZAMBİYA ZİMBABVE

March 

Economic Newspaper 

2022 Please mention 


3 

Koçak announced the ‘Formula’ of new term 

exports with projects with high added value 

Tayfun Koçak, the Presidential Candidate of the Istanbul Chemicals and Chemical Products 

Exporters' Association (IKMIB), announced his projects before the elections on April 7. Koçak's 

projects include establishing marketing offices in 10 target countries, organizing fairs abroad, 

establishing an e-export department and a 'Chemistry Intelligence Center'. 

Tayfun Koçak, the Presidential Candidate of the Istanbul Chemicals and 

Chemical Products Exporters Association (IKMIB) 

The umbrella NGO of Turkey’s 

second largest exporting sector, 

with an export of 2.4 billion dollars in 

February, is preparing to elect its new 

president and Board of Directors in 

April. Tayfun Koçak, the Presidential 

Candidate of the Istanbul Chemicals 

and Chemical Products Exporters’ 

Association (IKMIB), announced his 

projects before the elections to 

be held on April 7. Koçak and his 

management team conveyed the 

details of the projects they would 

implement if they took office. 

Marketing offices in 10 target 

countries 

While stating that they volunteered 

to produce a solution against an 

administration where no one except 

the President had a say, where there 

was much less activity compared to 

previous periods and which blocked 

the way of the industry, Tayfun Koçak 

listed his projects as follows; 

“First and foremost, we will open 

offices for chemical industry studies 

in the United States, Panama, 

Chile, England, South Africa, Kenya, 

United Arab Emirates, Vietnam, 

Hong Kong and Indonesia, and then 

in additional countries that we 

will determine together with our 

members. Through these offices. We 

will examine rival products in the 

market, developments in the sector, 

communicate with potential buyers 

and share them with all our members. 

On the other hand, we will implement 

B2B organizations, the importance 

of which has increased in recent 

years, for each of our sectors, and we 

will organize an increasing number 

of organizations for each sector 

throughout the year. We will provide 

pre-financing in all our organizations, 

enabling our members to benefit from 

government support in advance, and 

applying special additional incentives 

for certain markets. In our opinion, 

it is not enough to introduce the 

general of our chemical industry and 

all other sub-sectors such as paint, 

packaging, construction materials, 

plastics, cosmetics, medical, once a 

year or at most with 2 foreign fairs 

and foreign delegations. That’s why 

we move on to ‘360°’ marketing. After 

determining our strategy and target 

markets together, we will make fairs 

and overseas delegations much 

more qualified. Instead of one-time 

and non-continuous activities, we 

will activate our communication by 

using foreign press, social media and 

different channels that have not been 

tried before. We produce in better 

quality and under more favorable 

conditions than our competitors, 

and together we will introduce our 

strength and Turkish Chemistry 

industry to the whole world.” 

‘Chemistry Intelligence Center’ 

Koçak’s new term targets include 

projects such as the ‘Exporter 

Relationship Management Platform’, 

the e-export department and the 

‘Chemistry Intelligence Center’. 

“Although we participate in 

international fairs in Europe, America 

and Asia in order to increase our 

exports and facilitate our entry into 

new markets, the lack of qualified 

fairs in different markets such as Latin 

America and Africa is a disadvantage. 

We will turn this situation into an 

advantage and by organizing our 

own fairs abroad, where we can 

introduce our exporters to new 

markets in more favorable conditions 

and more effectively. The ‘Exporter 

Relationship Management Platform’, 

which we call ‘EX-CRM’, is another 

project that will create added value 

for our industry. On the other hand, 

e-commerce is the shining star of 

today and is gradually increasing its 

share in all markets. However, we 

have many steps ahead of us, from 

technical regulations to the training of 

our members. First, we will establish 

a special unit for e-export, and then 

we will sign joint agreements with 

foreign e-marketplaces. We will try to 

use e-export in more of our companies 

by creating joint distribution points 

abroad. In our opinion, knowledge is 

the biggest deficiency. We know that 

most of our companies cannot get 

reports on foreign markets due to 

costs and cannot provide customer 

intelligence. It is thought-provoking 

that such reports are not shared with 

our members, while the Ministry of 

Commerce has granted the Exporters’ 

Unions the right to support to a great 

extent. We will not lose another 

4 years. We will have 50 sectoral 

country reports prepared every 

year by professional organizations 

competent in research and share 

them with our members.” 

Among the new term projects 

of IKMIB Presidential Candidate 

Tayfun Koçak is reviving the foreign 

relations of the sector; “Even though 

we are prideful to have an annual 

export volume of 25 billion dollars, 

it is equally sad that an association 

with a magnitude like IKMIB has no 

relationship with any foreign sectoral 

associations at the management 

level. We will quickly come together 

with all our sectoral associations to 

improve our foreign relations. We, as 

IKMIB, will be at the table where it is 

discussed. We have been constructing 

joint projects in cooperation with 

vocational schools and universities 

for qualified personnel, the need for 

which has increased in recent years. 

While solving our need for both blue 

and white collar personnel, we plan 

to improve the qualifications of our 

current personnel with the training 

of another important point for our 

sector. A critical issue of incentives. 

While there is a lot of support by 

our Ministry of Commerce for the 

development of exports and the 

promotion of Turkish products and 

brands, our members only benefit 

from the support of the fair, and they 

have problems in their applications 

by getting stuck in the procedures. 

we do not accept the We will both 

simplify the incentives and improve 

the application processes in a serviceoriented 

manner. As we reach 2022, 

we will move IKMIB, which still 

does not have an English version 

of the web page, to digital. With a 

communication infrastructure that 

includes mobile channels and where 

you can see all your applications 

through digital channels, we will 

serve both our members and buyers 

abroad more effectively.”





Golf Cosmetics, NEXT GENERATION COSMETICS 

With a wide product range and a private label production all over the world, Golf Cosmetics has a significant market share in the international market, 

especially in Europe, Middle East, Asia and Africa, has been carrying out the production of its own brands and of many “Private Label” brands. 

Can you tell us about yourself and 

the origin story of your company? 

“I was born in Malatya in 1972, moved 

to Istanbul for high school education 

after completing primary school in 

my home city. After then, I entered 

the business life simultaneously 

here and founded my first family 

company, Ünver Luxury Hardware, in 

Istanbul Tahtakale in 1990. Between 

1990 and 2008, I gained significant 

experience in the commercial field 

with numerous import and export 

activities. In addition, as chairman of 

the Board of Directors of Unver Group, 

I incorporated Golf Cosmetics in 2008. 

Currently, serving as chairman of the 

Board of Directors of Golf Cosmetics.” 

Your product categories are divided 

into Personal Care, Home Care, Auto 

Care and Contract Manufacturing. 

Can you detail your product range 

for us? 

“We produce both as our own brand 

and as a contract manufacturer the 

personal care product, the home care 

products and the car care products, 

that all the production processes of 

which we make in our own facilities. 

In personal care category, we produce 

deodorant, body splash, liquid soap, 

shaving foam, hair spray, shampoo, 

Eau De Cologne. 

In home care category, we produce 

all types of air fresheners (alcohol 

or water based with different cans 

styles), reed diffuser and some 

gas products for gardens such as 

lighter gas, butane propane gas mix 

cartridge, insecticide, furniture polish 

and so on. 

In car care category, we produce auto 

silicone and tire polisher.” 

You are a company with an 

understanding of “value for 

employees”. Could you tell us about 

your Human Resources Policy? 

“Work processes are always carried 

out in accordance with the rights 

of the employees and the laws. Our 

employees and us remain true to 

the principles of honesty regarding 

our mutual responsibilities. Since we 

believe that our business will improve 

with the employees’ feedback, we are 

open to all opinions and criticism. In 

our company, everyone's opinion is 

considered important and taken into 

account. 

Most importantly, a friendly working 

environment is provided where 

employees can work comfortably but 

unselfishly. 

We invite all those who wish to add 

value to our company and adopt 

our HR policy to be included in the 

application process through our 

career form.” 

What kind of production approach 

does “Golf Cosmetics” adopt? 

“As Golf Cosmetics we ensure the 

continuation of the production and 

the variety; we adopt as the most 

basic policy of our company to protect 

our common future and to ensure the 

sustainable production by making it 

more liveable. Thus, we can explain 

our understanding of sustainability 

firstly by protecting the environment 

and by supporting the social and the 

economical developments.” 

What do you think about sustainable 

production as a company? Do you 

have any work on this subject? 

“We care sustainability in production. 

Our health and a liveable world 

perception is getting more and more 

threatened every day due to the 

increase of the carbon emissions and 

the environmental waste with each 

passing day. Therefore, we as Golf 

Cosmetics, support the use of thinned 

tin and recyclable plastics with our 

understanding of minimum waste 

in the production. Thanks to this we 

reduce our annual carbon footprint at 

a level of 15%. 

Beside the environmental supports, 

contributing to the economy in a 

“right” way is one of the building 

blocks of our sustainability policy. In 

this context, the income transparency, 

innovation, and R &D are prioritizing 

the energy and the waste savings and 

we are trying to do our best to work 

for the welfare of the society. 

Golf Cosmetics, which always is 

focused on people, continues 

to contribute devotedly to the 

employment in the country with 

the intention to contribute in every 

respect to the social developments 

in the society and by observing the 

business ethics-compliance and 

the employees’ rights within the 

company.” 

What about your export activities? 

When you consider the upcoming 

periods, do you have any new 

strategies for export? 

“We have been continuing our 

export activities in 4 continents and 

50 countries for about 15 years. In 

order to reach different countries, 

we provide physical and tenth 

participation in various fairs and 

export delegations in both EUROPE 

and the MIDDLE EAST. 

Recently, in our factory, which we 

have expanded and developed, by 

offering competitive prices to our 

customers with our state-of-the-art 

production tracks our major goal is to 

grow and spread our export volume. 

In addition, in our new factory, 

we want to add high value added 

products such as skin care to our 

product range and we would like to 

serve the whole world with our own 

brand and contract production.” 

How do you evaluate your current 

position in the market? 

“With our 15-year relationship, I 

believe we have strong exports, 

especially in the Middle East and 

North Africa. Recently, our goal is 

to expand to Europe and United 

States with the high demands and 

to increase our export volume there 

exponentially every year.” 

Mehmet Soztutan 

Editor-in-Chief 

Letter From 

The Editor 

THE ECONOMIST 

Challenges and 

opportunities 

Turkey hopes the conflict between 

Russia and Ukraine will end 

as soon as possible as fears grow 

over the fallout of the crisis. As 

known, Turkey shares a maritime 

border with Russia and Ukraine 

and has good ties with both. 

It cooperates closely with Russia 

in energy, trade and defense. It has 

deep trade links with Ukraine as 

well. Besides, both markets are 

among the country’s most important 

tourist sources. Of course, 

the duration and size of the war 

are important from the stand 

point of this undesired geopolitical 

tension on our economy. 

Actually, sustaining a stable growth 

process despite a series of external 

shocks, increasing employment, 

securing the fiscal discipline, narrowing 

the current account deficit 

and as a result, strengthening the 

economic stability are the major 

priorities of the Turkish Government. 

Commitment to sound economic 

policies since 2003 has placed the 

Turkish economy in a good position 

to embark on a sustained 

path of growth. Progress has been 

achieved in improving public finances, 

restructuring the financial 

sector, improving the business environment 

and reforming the public 

sector. In addition, the reforms 

of the last decade, together with 

the strengthening of the macroeconomic 

policy framework during 

that period, provide the necessary 

foundations for Turkey to reach its 

goal of becoming a high-income 

economy. 

Turkey is an attractive location for 

foreign investment because of its 

emerging role as a springboard for 

foreign companies coupled with 

joint ventures initiated by Turkish 

partners. 

Turkey’s own emerging potential 

and its market attractiveness 

arise mainly from the sustainable 

growth and development path 

launched by the Government. 

For this reason, Turkey closely 

monitors developments in global 

economy and implement policies 

in line with its medium-term economic 

program. 

The Government focuses on policies 

to increase private sector’s 

investments, direct international 

investments and exports. 

Nevertheless, it is hard to keep its 

competitive position in the world 

market full of emerging players. 

Thus, manufacturers have shifted 

their operations to value-added 

products and brand names more 

than ever. Currently, many of 

Turkish manufacturers have their 

own designs and brands in international 

markets. 

As known, Turkey, being the oldest 

of our publications, conveys the 

messages of the Turkish exporters 

for years by participating in 

a series of international fairs and 

exhibitions. 

We wish Turkish business people 

and their partners lucrative trade. 

Business is business… 

Responsible Editor: 

Mehmet Söztutan 

(mehmet.soztutan@img.com.tr) 

Editors: 

Assoc. Prof. Mehmet Ali Özbudun 

Ayça Sarıoğlu 

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How has French revolution affected 

world economic growth? 

Too early to say.. 

Well!!!





5 

No deviation from 

sustainable growth, food 

stocks sufficient amid 

Ukraine- Russia war 

Continued From Page 1 

Nebati stressed the government ramped up support to get the rise in 

food prices under control, recalling the recent tax cuts. 

To soften the impact on households, the government last month cut 

tax on basic goods to 1% from 8% and subsidized a significant amount 

of electricity bills. It also announced a value-added tax (VAT) cut on 

electricity used for residential and agricultural irrigation purposes to 

8% from 18%. 

It also introduced a set of measures to reduce surging power bills, including 

readjusting the level under which higher electricity tariffs for 

households and some businesses using more energy kick in. Nebati 

stressed that the fight against inflation should include all stakeholders 

of the economy. 

“The support of all our stakeholders in the fight against inflation is certainly 

very important. We also expect support from legal entities ... in 

order to complete these steps we have taken,” he noted. 

“We will continue our efforts in the coming period with the participation 

of all our stakeholders to reduce the inflation rate.” 

He also noted authorities were closely following whether recent steps 

were reflected on market shelves. 

“Companies are closely audited and examined by the teams established 

within the scope of our ministry,” Nebati said. “Harsh measures are 

being taken on a legal basis against companies that impose exorbitant 

prices and engage in stockpiling.” 

Meanwhile, the budget balance of the Turkish government registered a 

surplus of nearly TL 70 billion ($5.1 billion) in February, according to 

data from the Treasury and Finance Ministry. 

February’s reading was three-fold compared to the same month of last 

year, the data showed. Turkey’s budget revenues more than doubled, up 

126% year-over-year to TL 270.6 billion ($20 billion) this February. The 

budget expenditures reached TL 200.8 billion in February, also jumping 

108% from a year ago. Excluding interest payments, the budget balance 

saw a surplus of TL 113.4 billion last month. Tax revenues reached 

TL 180.3 billion and interest payments were TL 43.7 billion in the same 

period. The average United States dollar-Turkish lira exchange rate in 

February was around 13.62, while 1 dollar traded for 13.57 Turkish liras 

on average in the first two months of 2022. In the January-February 

period, the budget balance ran a surplus of nearly TL 100 billion, versus 

a deficit of TL 984 million in the same period of last year. 

Budget revenues totaled TL 446.6 billion in the first two months of 

2022, while expenditures stood at TL 346.8 billion. The budget balance, 

excluding interest payments, saw a surplus of TL 157.7 billion in January-February. 

The ideal 

companion for 

fun moments: 

Nutzz Popcorn 

family! 

Peyman welcomes spring with gourmet 

flavors that will double your snacking 

pleasure. Members of the Nutzz Popcorn 

family; Classic, Peanut & Almond and Hot 

Pepper & Tomato raise the bar for flavor. 

Peyman, the innovative brand of the nuts 

industry, continues to flavor the most 

popular classic snacks with gourmet touches. 

Popcorn, the delicious accompaniment 

of long conversations, turns into an 

extraordinary snack suitable for all tastes 

with Nutzz’s different and rich sauces. 

The Nutzz Popcorn family, which brings 

together the tastes that we all love with 

corn and brings together traditional popcorn 

with innovation, also accompanies the snack 

pleasure in the spring months. 

With Nutzz Popcorn family members Classic, 

Peanut & Almond and Hot Pepper & Tomato, 

conversations will be longer, watching 

movies, meeting nature and friends will be 

more fun. 

Turkey best option for East 

Med gas transit to Europe 


Herzog’s visit is seen as a step towards moving 

from a period of strained ties to improved bilateral 

relations. 

Erdoğan stressed that “our common goal is 

to revitalize political dialogue between our 

countries based on common interests and respect 

for mutual sensitivities.” 

He underlined the importance of energy security 

in the wake of the recent regional developments 

and called for cooperation in energy 

projects. 

“I think this is an opportunity to revive the 

cooperation on the topic of energy that began 

before,” he added, referring to the activities 

of Turkey’s drilling and seismic ships in the 

Mediterranean and the Black Sea. 

Israel has held previous talks on gas exports 

to Turkey, which did not come to fruition. 

Eran questioned the political and economic 

feasibility of a joint gas pipeline project between 

Turkey and Israel, given the risks in the 

politically charged region. 

“The various commercial players involved 

will have to be ensured against political risks 

in a region fraught with several conflicts and 

they will have to be guaranteed that there 

will be a timely return on their investments. 

These are complicated issues and there are no 

easy answers to several political hurdles,” he 

warned. 

But he was more optimistic about Turkey’s 

role as a link between the East Mediterranean 

and North Africa, which he deemed the best 

regional options for the development of solar 

energy. 

He also encouraged cooperation between 

Turkey and the East Mediterranean gas-producing 

countries to promote blue hydrogen as 

an energy bridging resource, which would be 

beneficial in the 30 to 40-year window from 

now to a full transition to renewables. 

Blue hydrogen is derived from natural gas 

through the process of steam methane reforming 

(SMR). 

Michael Tanchum, a nonresident fellow in 

the Economics and Energy Program at the 

Washington-based Middle East Institute, also 

echoed the commercial viability of transporting 

Israeli gas to Turkey for domestic use and 

continuing the well-established export trade 

to Europe. 

Erdoğan has said previously the two countries 

could work together to carry Israeli natural 

gas to Europe, reviving an idea first discussed 

more than 20 years ago. 

Gas supplies from the Mediterranean could 

ease European dependence on Russian gas, 

following Russia’s invasion of Ukraine and 

subsequent calls from European leaders to reduce 

the continent’s reliance on Moscow. 

Plans for a subsea pipeline that would carry 

Israeli gas from the Eastern Mediterranean to 

Europe via Greek Cyprus and Greece to Europe, 

excluding Turkey, have stalled after the 

United States expressed misgivings in January, 

citing concerns over its economic viability 

and environmental costs. 

Erdoğan had said the U.S. pulled its support 

because the project makes no economic 

sense, reiterating his view that such a project 

“cannot work without Turkey.” 

Tanchum expressed confidence that political 

obstacles could be overcome to build a new 

gas pipeline. 

“Technical issues related to building a subsea 

pipeline are also likely manageable. With 

events in Ukraine focusing a sense of urgency 

on natural gas, combined with Turkey’s recent 

rapprochement efforts with Israel and other 

Middle Eastern actors, the previous political 

obstacles could be resolved,” he said. 

Tanchum recommended that the transportation 

of green hydrogen, which is derived from 

renewable energy sources without carbon 

dioxide as a by-product and considered the 

greenest option, could be realized through 

an Israel-Turkey pipeline. He also suggested 

that renewable energy generated in Israel and 

neighboring countries, like Jordan, could be 

sent to Turkey. 

“In this manner, the pipeline could also be the 

start of developing wider cooperation in the 

Eastern Mediterranean for the regional-level 

approach to the development of renewable 

energy resources.”





“Our main motto is qualified exports” 

Being among the top 5 exporters with its exports for the last 10 years, Aksan Kozmetik 

continues to make a difference in its field. Stating that the company is in constant 

development, Zafer Kutanoğlu, Chairman of the Board of Aksan Kozmetik, shared the new 

developments about the company with our readers. 

Zafer Kutanoğlu, Chairman of the Board of Aksan Kozmetik 

Could you inform us about the 

activities of Aksan Kozmetik? 

“Aksan Kozmetik is an industrial 

company which started its activities 

by being established in Hadımköy, 

Istanbul in 2008, and exports to 95 

countries on an area of 30 thousand 

square meters today, and 50% of 

which is female employees. Export 

is our most important item, we 

operated export-oriented until 

2020. As of 2022, we opened up to 

the domestic market in cooperation 

with Düzey Pazarlama, one of Koç 

Holding’s subsidiaries.” 

What about your product range? 

“As Aksan Kozmetik, we produce our 

Deep Fresh, Savon de Royal, Comfort 

Love, Ultra Fresh, L’Unique Paris, Bebe 

Royal and Savon de Luxe brands in our 

30 thousand square meter integrated 

production facility in Hadımköy, 

Istanbul, in accordance with Sedex, 

ISO and GMP quality standards. We 

are one of the companies with the 

highest liquid filling capacity in Turkey. 

We also manufacture complementary 

products such as ear buds, plastic 

caps, pet bottles, cotton wicks in our 

integrated facility. 

Within the scope of Deep Fresh, 

we have a wide range of products 

from hygiene products to baby 

care products, from personal care 

products to micellar products, from 

pet products to the new probiotics 

line. At Savon de Royal, we produce 

luxury solid soaps with Pearl, Touch, 

Provence, Savon Pur, Tropical, Nature, 

Olive Oil lines. Our Comfort Love 

products consist of baby, personal 

care and home care products. 

We have reached 100 thousand 

tons per year in liquid production 

of general and personal cleaning 

products, 220 million packages per 

year in wet wipes production, and 50 

million units in pet bottle production.” 

Can you tell us about your export 

activities? 

“Today, we export to 95 countries in 

6 continents. We are among the top 

5 exporters with our exports for the 

last 10 years. We are constantly in 

development. Our biggest export 

market is Europe, followed by Latin 

America and Russia. This year we 

opened our first branch in Romania, 

we will open a showroom and office 

in London in the coming months. 

Another leg will be in Panama. The 

most important reason for us to 

choose London is that England is the 

showcase of the world… That’s why 

we had to be visible in England, so we 

decided to open an office in London, 

thinking that we could manage our 

European footprint through London. 

Panama, on the other hand, is one 

of the world’s strategic countries… 

We can say that Panama, the center 

of North and South America, is the 

cornerstone of trade. Panama is a 

gateway to America for us.” 

How did the pandemic process 

affect Aksan Kozmetik? 

“We established our new factory at 

the beginning of 2020. Thus, while 

we were a team of 150 people at 

the beginning of 2019, we reached 

500 people in 2020. We made our 

investments by foreseeing growth 

before the pandemic, and our growth 

doubled with the pandemic. The 

pandemic, especially in antibacterial 

products, made it easier for us to 

reach our business goals. When cases 

emerged in China in January 2020, 

our products began to spread all over 

the world, while targeting China. 

The outbreak of the pandemic in our 

country also enabled Aksan Kozmetik 

to operate in the domestic market. 

With the pandemic, Deep Fresh and 

Savon de Royal have reached a certain 

level of sales volume and consumer 

recognition in the past 2 years, 

and they will become accessible 

throughout Turkey in February with 

the cooperation of Düzey Pazarlama. 

With the momentum that Düzey 

Pazarlama will bring to us, we foresee 

100% growth in 2022 compared to 

the previous year.” 

What does the Russia-Ukraine war 

mean to you? 

“Russia and Ukraine are among the 

big customers of Aksan Kozmetik. 

Russia’s share in our exports was 

around 10%, and Ukraine’s share 

was also at this level. Therefore, we 

are experiencing the serious effects 

of the war. We are not able to send 

products, especially since Ukraine, 

where we have agreements with large 

chains, is under fire. Another effect 

of the war is the uncertainty of our 

receivables from Russia, and Russia’s 

removal from the swift system has 

negatively affected many brands 

like us doing business with Russia. 

China’s CIPC or Russia’s own system 

can be used for money transfer, but 

these processes are not mature yet. 

Not only from Russia, but also from 

Ukraine, the flow of finance was cut 

off due to the war. Our expectation 

is that both countries can sit down 

and agree, otherwise we will lose the 

Ukrainian market. 

Today, shipping products to overseas 

countries is very high due to energy 

and logistics costs. For example, we 

can send a container of product to 

Venezuela for 16 thousand dollars. 

Our products are not value-added 

products. If our unit prices come to 

the bands of 5-6 dollars, logistics and 

so on. details are not considered, 

but since our products are at the 1-2 

dollar level today, we have to think 

about all the details.” 

What are your expectations for the 

sector in 2022? 

“Turkey is a country at the center of 

geopolitical risks… There is constant 

activity in its neighbors. While there 

is activity in these countries, efforts 

to gain a share in different markets 

come to the fore. Therefore, first of 

all, you should sell to countries that 

have reached prosperity in order to 

increase the price of the product. 

It is necessary to carry out B2B 

business meetings, participation in 

fairs, and trade delegation visits with 

these countries. In order to become 

a brand in these countries, it is 

necessary to get professional country 

support, Turquality, etc. so that you 

can become a brand in the target 

country. Thus, the products exported 

in the chemicals sector will become 

qualified and the contribution of 

these products to the economy will 

increase.” 

IKMIB elections are approaching, 

what are your thoughts? 

“The unions under the umbrella of 

the Turkish Exporters’ Association 

will hold elections at the beginning of 

April and determine their new boards 

of directors. We are candidates for 

the new management with the team 

we formed under the chairmanship 

of Tayfun Koçak. Our main motto is 

qualified export, and also to increase 

unit prices in exports, to teach 

exporters the details of exports and 

to increase the volume of exports 

by back to back. We are building a 

strong team, each name in the team 

consists of names that can touch the 

members in their own industry. Each 

of us will work to increase exports. 

In the current administration, 2 out 

of 51 people are women, but we are 

building an administration that can be 

touched by the hand of women.”





“The leather and footwear industry to be the strongest supplier 

of Russia and Ukraine” 

Güven Karaca, Vice President of Istanbul Leather and Leather Products Exporters’ Association (IDMIB), emphasized that Russia and Ukraine are critical markets for the 

leather and shoe industry. Karaca said, “We are currently experiencing order cancellations from the region. More importantly, we cannot collect the money for the products 

we send to Russia. In my opinion, after this war is over, we will be the most important supplier country of the two countries. As long as we get through this period with the 

least damage. The importance of alternative markets has once again come to light with the Russia-Ukraine war.” 

Güven Karaca, Vice President of Istanbul Leather and Leather 

Products Exporters’ Association (IDMIB) 

The war between Russia and Ukraine will cause the export sectors 

to revise their target figures in the first half of the year. The 

two countries are important export markets for the leather and 

leather products sector, which closed last year with 1 billion 726 

million dollars of exports. The top three countries to which the 

sector exports the most in January are; Germany, Russia and Italy. 

Güven Karaca, Vice President of Istanbul Leather and Leather 

Products Exporters’ Association (IDMIB), said, “Today, we realize 

the importance of alternative markets once again. We see that 

our exports to the European region have increased significantly 

since the plane crisis we experienced with Russia 7 years ago. The 

war we are currently experiencing affects not only our industry 

but also world trade. We are experiencing order cancellations 

from the region. Moreover, we cannot collect the money for the 

products we send to Russia. In my opinion, we will be the most 

important supplier country of the two countries after this war is 

over. Let’s get through it with the least damage. If we can exist in 

every region of the world where there is consumption, we will be 

much less affected by the crises that suddenly appear in a region. 

We have the power and potential to expand the scale. As long as 

we produce collective solutions to the current problems of our 

industry.” 

Full support from the Leather and Footwear industry 

Istanbul Leather and Leather Products Exporters’ Association 

(IDMIB), the umbrella NGO of the Leather and Leather Products 

industry, will elect its new president and management in April. 

Güven Karaca, who is currently the Vice President, held a press 

conference where he detailed his projects with the participation of 

important associations and companies of the sector. The meeting 

was attended by Burak Uyguner, President at Turkish Leather 

Industrialists Association, Gürkan Gözmen, President of the 

Turkish Leather Confectioners Association (TDKD), Cemal Aydın, 

President of Saddlery Industrialists’ Association (SSD), Yavuz 

Boynukısa, President of Fur Industrialists’ and Businessmen’s 

Association (KSIAD), Turgay Yetişgin, President of Leather 

Technologists, Technicians and Chemists’ Association (DETEK), 

Oğuz İnner, Executive Council Leader at Karyoka Shoe, İlhan 

Kuşeli, Executive Committee Leader at Qusheri Shoe, Metin Kütük, 

Executive Committee Leader at Metin Shoe, İmdat Çalışkan, 

Executive Board Leader at Damla Shoes and İsmail Turgut, 

Chairman of Turgut Kardeşler Board Leader. 

“We want to get a bigger share of the global cake” 

Detailing his projects in general terms, IDMIB presidential 

candidate Güven Karaca said, “The global size of the Leather and 

Leather Products sector is 200 billion dollars. Our share of this 

big cake is currently below 1 percent. Our first target in the short 

term is export. To get a bigger share of this cake by expanding our 

markets. My team and I are willing to work for shoes, saddlery, 

leather, fur and apparel and sub-industry manufacturers of these 

sectors.” 

Carbon Neutral OIZ for zero waste target 

Karaca said that their medium and long-term goal is to increase the 

number of companies that prove their competence in the fields of 

sustainability and social compliance, adding that the production 

in the Carbon Neutral OIZs they plan to establish will mainly be 

made with renewable energy sources, and that the wastes of the 

companies producing in these regions will also be used. stated 

that it will be evaluated with the energy production facilities to be 

established. According to Güven Karaca, the future of the industry 

depends on the realization of this project. 

The lion’s share is for management 

Stating that they act with the understanding of ‘Unity to the Goal’, 

Karaca said, “We do not negotiate for seats in management. Our 

working group consists of 48 people. If we take office, we will 

determine the names that will take place in the management with 

common sense. I would like to express this point clearly: We will 

give the most representation right to our shoe industry, which has 

signed an export of 1 billion dollars, in the board of directors we 

will form.”





9 

“Disinfectants alone are not good enough” 

Stating that although we all think of disinfectants when it comes to hygiene, but such products will not have much effect without 

cleaning, Hediye Taşkın Eryılmaz, Chairwoman of the Board, Unifab Chemicals, said, “Contrary to popular belief, it is not possible to 

provide disinfection without a good cleaning, this idea is wrong. Viruses and bacteria cannot be destroyed in this way.” 

Hediye Taşkın Eryılmaz, Chairwoman of the Board, Unifab Chemicals 

“Disinfectants alone are not 

good enough” 

Pointing out that the 

importance of disinfection 

and cleaning has increased 

with the swine flu in 2010, and 

that these concepts should 

now be in every part of our 

lives with the corona virus, 

Hediye Taşkın Eryılmaz said, 

in this sense, as a company, 

they play an important role in 

order to ensure disinfection in 

schools, factories and public 

institutions and organizations. 

She added, “We need to clean 

our schools, factories or public 

institutions well. Then we can 

reduce the number of viruses 

and bacteria to the lowest with 

disinfectant. Disinfectants are 

produced to kill both viruses 

and bacteria. However, if you 

do not do a good cleaning, do 

not wash your hands regularly, 

regularly clean your school, 

factory, public buildings, 

disinfecting will not protect 

you. Because a good cleaning 

first reduces the number of 

germs and bacteria before 

disinfectant, then a good 

disinfection is done, and then 

sterilization is done, which is 

used in hospitals and operating 

rooms. A good cleaning and 

good disinfection is a must 

as we are experiencing an 

extraordinary situation right 

now.” 

Eryılmaz, who makes specific 

suggestions and examples for 

virus and bacteria cleaning, 

said, “For example, let’s say 

there are 40 million germs, 

bacteria and viruses in an 

environment where no 

cleaning is done. You can 

reduce this to 5 million with a 

good cleaning. After that, you 

can reduce it to 500 thousand 

or 100 thousand with a good 

disinfection. But it is not 

possible to completely destroy 

viruses and bacteria, because 

they move much faster than 

we do. That’s why we have 

to try to provide ourselves a 

livable environment.” 

“Children should be conscious 

of cleanliness” 

Underlining that cleanliness 

in schools is extremely 

important, Eryılmaz said that 

only disinfecting buildings 

would not work. In this sense, 

Eryılmaz stated that it is 

a must to give cleanliness 

awareness to all children 

starting from kindergarten 

and that children’s hands 

should be washed at least 5 

times a day and continued 

as follows, “First of all, our 

parents and teachers should 

ensure that our children’s 

hands are washed regularly. 

Education should be continued 

by keeping the distance, and 

it is more appropriate to call 

it 3 times a day, or even 5, we 

need to wash our hands and 

then provide protection with 

hand disinfectant. Classrooms 

must be disinfected every 

day with a floor-surfaceenvironment 

disinfectant 

before starting the training. 

Otherwise, we have no chance 

to prevent viruses and bacteria 

from outside. Because we 

are carriers and air is also a 

carrier, so the tables, chairs 

and door handles need to be 

disinfected every day before 

the classrooms start training 

regularly. It is necessary not 

to open the classrooms for 

education without providing 

this protection. In this sense, 

we have been trying to provide 

free products to 100 public 

schools every year within the 

framework of the ‘We Take 

One Step’ (in Turkish Bir Adım 

Attık) campaign since 2010. 

“As a company, we are 

sensitive to the environment” 

In conclusion, Eryılmaz warned 

about the environmental 

pollution that will increase with 

the consumption of cleaning 

and disinfectant products, and 

emphasized that companies 

should produce concentrated 

products. Emphasizing that 

otherwise, plastic waste will 

pose an even greater threat 

to our future, Eryılmaz said, 

“Since 2006, as Unifab, we have 

started activities to produce 

industrial hygiene products, 

maintenance protection 

chemicals and disinfectants. 

However, while doing this, we 

are very careful to protect our 

environment and our world, 

and we produce concentrates 

in order to minimize plastic 

waste. For example, you 

bought a can of product, if 

you mix it with 50 units of 

water, we will use 50 times 

less cans, that is, you will not 

throw 50 cans into nature. 

At the moment, we want to 

leave a livable world with less 

chemicals and products that 

pollute the environment. The 

way to do this is to raise the 

awareness of the society by 

producing the right products 

and not allowing any under 

the counter products. We also 

contribute to this by producing 

concentrated products. As 

a company, we have been 

sensitive to the environment, 

people, air and environmental 

pollution since the day we 

were founded, and we are 

advancing on this path with a 

very determined manner.” 

cleaning 

with unifab 

products 

SECTOR GROUPS 

Industrial Food 

Power Plants 

Rubber Industry 

Military Facilities 

Automotive 

Tourism 

Farming 

Municipality 

Logistics 

Machine 

Hospital 

Aviation 

Build 

School 

Public 

Transportation





FDI in Turkey hits $14.2B in 2021 

to exceed pre-pandemic levels 


Output shift 

The country last year particularly came to the 

fore as many companies announced plans to 

move part of their production to Turkey to 

minimize problems with global supply chains 

and increased shipping costs. 

Straddling Europe and the Middle East, Turkey 

says it is well placed to benefit from changes 

to global supply chains. And its strategic 

location and strong manufacturing base are 

seen as a plus. 

The disruptions to the global economy 

during the pandemic upset supply chains 

across continents, leaving the world short 

of a plethora of goods and services from car 

parts and microchips to container vessels that 

transport goods across the seas. 

“Our country is strengthening its position 

in global supply chains and international 

investors are increasing their assets in Turkey,” 

said Dağlıoğlu. 

U.K. top investor 

Some 60% of the FDI in 2021 came from 

Europe, he noted, with Asia accounting for 

24% and Americas for 16%. 

The United Kingdom was Turkey’s number one 

investor last year, he noted, followed by the 

United States, the Netherlands, Switzerland, 

the United Arab Emirates (UAE), Germany, 

Luxembourg, South Korea, Japan and Ireland. 

“Wholesale and retail trade, manufacturing 

industry, information and communication 

technologies, financial services and 

transportation-storage activities were 

among the sectors that received the most 

investment,” Dağlıoğlu said. 

“The wholesale and retail trade sector 

consisted of investments in our successful 

technology startups operating in this area,” 

he added. “Looking at the sub-divisions of 

manufacturing, which is another important 

sector in investments, we see that the 

production of transportation vehicles, 

chemicals, computers, electronics and optical 

equipment, food and beverage products 

stood out.” 

Mergers and acquisitions (M&A) in Turkey 

totaled TL 42.6 billion in 2021 in addition to 

the seven privatization transactions that 

totaled TL 95 billion, the Competition Board 

(RK) said last month. 

Most deals took place in the electricity 

production and distribution sector, followed 

by the plastic packaging production sector, 

the board said. Dağlıoğlu said there were 

309 M&A transactions in 2021, 50% of which 

constituted purchases of stocks in local 

companies by foreign entities and envisaged 

an investment of around TL 22 billion. 

“Turkey is attracting significant investments 

from global players thanks to its 

entrepreneurial business culture, young 

and tech-savvy population, talented pool 

of engineers and competitive products and 

services,” he said. 

“Our ecosystem received about $1.6 billion 

in 294 investment rounds in early-stage 

investments. With this amount, Turkey 

became one of the 10 most invested European 

countries,” he added. 

“International investors participated in 44 

of the 294 investment rounds, while they 

accounted for 89% of the overall investment 

amount.” 

“Startups that are rapidly growing their 

scale in areas such as e-commerce, financial 

technology, gaming, logistics technologies, 

life sciences and deep technologies will 

complete significant investment rounds in the 

coming years,” Dağlıoğlu noted. 

Turkey aims to lift its share in global FDI to 

1.5%, according to the government’s Foreign 

Direct Investment Strategy Document for 

2021-2023. 

The country’s share in global FDI rose to some 

1% in 2020, while it was around 0.6% the 

previous year. 

Companies face asset freeze threat as they leave Russia 


Chris Weafer of Macro-Advisory, a consultancy 

specializing in Russia, said the Russian government 

“is adopting a carrot-and-stick approach to foreign 

business,” with talk of nationalization balanced out 

with government help for those who stay. A key reason, 

Weafer said, is the Kremlin’s desire to avoid mass 

unemployment. 

“When it comes to social pressures or potential public 

backlash, what they understand, I guess, is that people 

will not take to the streets because they cannot buy 

a Big Mac,” Weafer said. “But they might take to the 

streets if they have no job and no income.” 

White House press secretary Jen Psaki criticized “any 

lawless decision by Russia to seize the assets of these 

companies,” saying that it “will ultimately result in even 

more economic pain for Russia.” 

“It will compound the clear message to the global 

business community that Russia is not a safe place to 

invest and do business,” she said in a tweet, adding that 

“Russia may also invite legal claims from companies 

whose property is seized.” 

Even before its latest invasion of Ukraine, Russia was 

already trying to domesticize its food supply following 

sanctions it had placed on the European Union in 2014. 

With little to no fresh food imported from those trading 

partners, Russia put greater focus on domestic food and 

importing from friendlier countries like Turkey. 

Companies like French foods giant Danone, which is 

suspending capital investment in Russia but continuing 

production there, are “essentially Russian companies” 

with local staff and supply chains and can function more 

Trade can be conducted in ruble, yuan, gold 


“We can do it with gold,” he was quoted as suggesting. 

Moscow is likely to seek alternatives as Western 

sanctions have removed several Russian banks from 

the SWIFT international payments network. Russia 

could in theory try to replace SWIFT's communications 

system that keeps international trade flowing 

smoothly. During the conversation, Erdoğan brought 

up the issue of the 30 ships loaded with sunflower 

oil raw material and wheat en route to Turkey 

currently waiting in the Sea of Azov, the sources 

said. Meanwhile, after phone call between Erdoğan 

and Putin, the Directorate of Communications said 

in a statement that “Russia's attack on Ukraine was 

discussed, Turkey-Russia relations were evaluated.” 

Stressing that an urgent general cease-fire would not 

only alleviate humanitarian concerns in the region 

but also provide an opportunity to seek a political 

solution, Erdoğan reiterated his call to "pave the way 

or less autonomously of the foreign owners, Weafer 

said. 

But keeping businesses operating in Russia – even with 

government intervention – will not be easy. That’s 

because the conditions that led foreign companies to 

leave Russia are still in place: international sanctions, 

disruption to the supply chain and pressure from 

customers in Europe and North America. 

The auto industry has been particularly hard hit by its 

reliance on foreign-made electronics. Even companies 

that have stayed in Russia like French carmaker Renault, 

the majority owner of Russian producer Avtovaz, have 

had to suspend production temporarily. 

Without imports, businesses like furniture maker Ikea or 

many fashion retailers can’t function, and will likely have 

to leave the Russian market altogether, Weafer said. 

Some foreign companies suspending their Russian 

operations, like McDonald’s and cigarette producer 

Imperial Brands, have made a point of saying they will 

continue to pay staff even while their workplaces are 

closed. That can’t last forever, and Weafer predicts 

companies will need to decide by the end of summer 

whether to resume operations or leave entirely. 

One voice pushing back against confiscating foreign 

firms’ assets is billionaire metals tycoon Vladimir 

Potanin, who compared it to the Russian Revolution of 

1917, when Communists took power. 

“It would set us back 100 years to 1917 and the 

consequences of a step like this one – global distrust 

in Russia by investors – would be felt by us for many 

decades,” he said in a statement on the social media of 

his company, Nornickel. 

for peace together." 

Maintaining its neutral and balanced stance, Turkey 

continues its diplomatic efforts to de-escalate 

the Ukraine conflict, urging all sides to exercise 

restraint. While Ankara has opposed international 

sanctions designed to isolate Moscow, it also closed 

the Bosporus and Dardanelles under a 1936 pact, 

allowing it to prevent some Russian vessels from 

crossing the Turkish Straits. 

NATO ally Turkey borders Ukraine and Russia in 

the Black Sea and has good ties with both. Since 

the beginning of the conflict, Ankara has offered 

to mediate between the two sides and host peace 

talks, underlining its support for Ukraine’s territorial 

integrity and sovereignty. Having recently called 

Russia’s invasion an unacceptable violation of 

international law, Turkey has carefully formulated 

its rhetoric not to offend Moscow, with which it has 

close energy, defense and tourism ties. 

3 rd International Exhibition for Cosmetics, Beauty, Hair 

Home Care, Private Label, Packaging and Ingredients 

October 13 - 14 - 15, 2022 

ICC - Istanbul Congress Center & ICEC - Istanbul Lutfi Kirdar / Taksim, Istanbul 

Now in 

2 

Venues 

Tel: +90 212 2229060 | 

+90 533 4843030 | info@beauty-istanbul.com





11 

“To contribute to the country’s export, we are planning to take active roles” 

Answers by Bülent Konca, Assistant General Manager of Sales and Marketing at 

MG International Fragrance Company for the Lifescience magazine: 

Could you tell our readers about 

yourself and your background? 

I was born in 1977 in Istanbul. I 

graduated from the Department of 

Business Administration at Kocaeli 

University. I started my business 

life in 1998 at the same time as my 

university education. After working 

as Deputy Finance Manager at Kobra 

Defence Technologies between 2001 

and 2002, our paths crossed with 

Gülçiçek Family. After working as Sales 

Representative and Director of Sales 

and Marketing at MG International 

Fragrance Company, I have been 

working as Deputy General Manager 

of Sales and Marketing. Today as it was 

in the past, I continue to take active 

duties in the sectoral NGOs for our 

industry’s development. I continue 

my duty as Aerosol Industrialists’ 

Association (ASAD) Supervisory Board 

Member, Cosmetic Manufacturers 

and Researchers Association (KÜAD) 

Vice President, and Private Label 

Products Industrialists and Suppliers 

Association (PLAT) and Gebze 

Chamber of Commerce Professional 

Committee Member. 

What would you like to tell us about 

your firm? What are the criterias of 

your success policy? 

As MG International, we determine 

our business policy through combining 

our deep-rooted history with our 

industrial experience by bringing 

high-quality manufacturing, reliable 

and sustainable business models, 

and new technologies together. Our 

human and environment-oriented 

approach reflects on our customers 

whom we call business partners. We 

continue to work as a big family from 

the past to the future, and when we 

present the whole of our corporate 

policy joined with our high capacity 

of manufacturing, this enables us to 

walk confidently towards the future 

with our socially responsible identity. 

Which industries do you cater to? 

What are your product types? 

Since its establishment as 

an international fragrance 

manufacturing company in 1961, MG 

International Fragrance Company has 

been a well-established organization 

with a pioneering identity in the 

industry with its innovation capacity 

in manufacturing and its environment 

and human-friendly approach. Today, 

we supply fragrance and fragrance 

ingredients to more than 55 countries 

and more than 2,000 manufacturers 

in Turkey and abroad. Our company, 

among the largest top 650 industrial 

companies of Turkey, manufactures 

over 200 thousand fragrance 

formulations and 280 different 

ingredients, by using more than 4,500 

raw materials. We are working with 

well-known brands in Turkey and 

abroad operating at the cosmetics, 

personal care, hygiene, household 

cleaning, and tissue product groups 

with our fragrances and fragrance 

ingredients. 

Last year, the effects of the global 

pandemic were felt intensely and 

these effects still continue. How 

were your firm effected and which 

measures did you take? 

The pandemic process which had a 

negative impact on the world in 2020 

maintained its effect also in the last 

year. Nonetheless, last year also saw 

growth in Turkey’s economy and 

the chemical industry. The end of 

restrictions and shutdowns allowed 

the economy to return to its normal 

course. With the transitioning to the 

new-normal flow of life, shopping 

habits began to return to their old 

order. The realization of sectoral 

fair organizations all over the world 

under physical conditions has created 

the opportunity to meet our business 

partners and new potential market 

customers in person. While the 

chemicals and cosmetics industry 

grew in accordance with these 

dynamics, as MG International 

Fragrance Company, we ended the 

year by increasing our production 

quantity in line with our goals. As 

all these downsides motivated all 

manufacturers to export, we, too, 

shaped our new term plans in view of 

these data. 

What is the importance of R&D for 

MG International? Could you tell us 

about R&D projects you carried out 

recently? 

R&D departments are indispensable 

for a large-scale company in 

fragrance production. R&D work 

constitute a large part of our 

production processes. Besides, as 

MG International, we are proud to 

gain the status of R&D Center for 

the very first R&D laboratory of the 

industry. With our new technological 

works and innovation capacity in our 

laboratories, which gained the status 

of R&D Center in 2017, we are proud 

of leading the industry’s future, 

fragrance technologies, human 

resources, and innovative solutions in 

production. 

As MG International how would 

you describe your approach to 

technology? How would you define 

the position and importance of 

technology in the sector you cater 

for? 

Since 2015, we have been producing 

in the world’s first integrated 

fragrance production facility with 

the highest production capacity 

under one roof constructed in Gebze 

Organized Industrial Zone. In line 

with our fragrance industry and 

the demand, we keep on growing 

every day, and today, our facility size 

is over 50 thousand m2. We have 

preserved our pioneering identity in 

the industry with our high technology 

and innovation capacity in our robotic 

system 28km long pipeline integrated 

facility. We prioritize our customers’ 

expectations in the fragrance industry 

and technological innovations in line 

with market trends, reflect them in 

our production and strive to present 

innovative projects to our customers. 

Could you tell us about a social 

responsibility project your firm 

initiated or pioneered if there is 

any? 

We are aware that steps should be 

taken with a holistic approach for 

the growth of Turkey’s industry. In 

this respect, we act with human and 

environment-friendly approaches, 

keeping in mind we are responsible 

for the future, and carry out strategic 

corporate projects as such. In this line, 

we determine our corporate strategies 

parallel to the UN’s Global Action 

Plans and Sustainable Development 

Goals (SDGs) and collaborate with 

associations, foundations, and 

companies that comply with SDG 

targets. Currently, besides our 

membership to Ethics and Reputation 

Association (TEID), Temiz Deniz 

Association (TURMEPA), we support 

public benefit organizations such as 

Turkish Education Foundation (TEV) 

and TEMA Foundation via fonds. For 

Bülent Konca, Deputy General Manager of MG International Fragrance Company 

instance, our Blue Detectives project 

that we carry out with TURMEPA and 

is planned to be completed in May 

2022 is still in progress. The project 

we carry out for raising awareness 

among primary education students 

and students of vocational high 

schools still continues. For investing in 

the future of the industry, we support 

students’ education and contribute 

to progress with fonds, corporate 

collaborations, etc. 

What measures do you take 

while manufacturing for a more 

sustainable world? How would 

you describe MG International’s 

approach to sustainability in this 

context? 

Since 1961, we are investing in the 

tomorrow by maintaining our human 

and environment-friendly approach 

and aiming for a sustainable future. 

We mind the planet’s vulnerabilities 

while manufacturing with our 

sustainable business models and 

update our production processes. 

Thereby, we ensure the efficient use 

of local resources with sustainable 

opportunities in the production 

of new raw materials and we are 

reaching higher levels of economic 

productivity through innovation in 

manufacturing for the diversification 

of raw materials for high valueadded 

essential oils. Additionally, 

we are striving for reducing our CO2 

emissions with our high technology 

capacity and carrying out production 

minding ecosystem balance by 

protecting biodiversity with effective 

use of raw materials for reinforcing 

our environmentally-friendly identity. 

Could you tell us about your 

objectives for the coming years? 

What innovations lie ahead for the 

coming years? 

We will continue our investments 

planned for the upcoming year. 

We aim to reach higher economic 

productivity levels by diversification 

of ingredients technological 

improvement, and innovation in the 

industry. We are planning to take part 

in effective duties for contributing to 

Turkey’s export. 

İKMİB has an election on April 7, 

so the time is coming. What are 

your thoughts on this issue as the 

elections approach? 

Yes, we are excited for the İKMİB 

elections that will take place on April 

7th. This year there is a very high 

interest to the elections and I believe 

that our country has huge potentials 

to increase exports during this period. 

I believe that our expertise, sincere 

approach and of course our motivation 

as decicated citizens of our country 

are good assets for contributing to 

the qualified product increase and 

changing market dynamics in Turkish 

exports. I am very proudful for taking 

place as one of candidate members 

of the Board of Directors of İKMİB. 

With the sectoral export experience 

that I gained in 20 years as Deputy 

General Manager of MG International 

Fragrance Company, I have a great 

will to support our presidential 

candidate Mr.Tayfun Koçak. I am very 

thankful to Mr.Koçak and our team 

mates, with whom we acted together 

in the election process with strong 

common sense. We hope that our 

elections will have democratic results 

with will be the best for Turkish 

exporters. It is our greatest desire to 

work hard, to bring solutions to the 

pending issues of exporters and to 

move forward with targets for the 

future of Turkish exports. All our 

efforts are for our country, to have 

large scale production, to raise our 

brands globally and to be proactive 

and effective for the growth of our 

industry. We are together on this path 

too!

Made in Turkiye March 2022

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