Made In Türkiye October 2024

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Economic Newspaper 8 Please mention “Made in Türkiye” when writing to advertisers October 2024 Türkiye offers a series of challenging investment opportunities in line with the “Invest in Türkiye” program Continued From Page 1 “This shows the interest in the Turkish economy. The fact that this interest increased significantly compared to the previous year shows that we are on the right track,” Şimşek said. Şimşek traveled to Kuwait for talks with officials, including Finance Minister and Nura Suleiman al-Fassam and CEO of the Kuwait Investment Authority Ghanem Suleiman al-Ghenaiman. Şimşek was also scheduled to attend an investors meeting in Kuwait before heading back to Türkiye. Türkiye's policy turnaround has reduced economic imbalances and revived confidence, the International Monetary Fund (IMF) said as it concluded an Article IV consultation. Headline inflation has fallen as tighter financial conditions are weighing on domestic demand, the IMF said. "Market sentiment has sharply improved, with domestic and foreign investors shifting into lira-denominated assets while lower commodity prices, buoyant exports and reduced gold imports have strengthened the current account, supporting a large improvement in both the gross and net reserves position," it further noted. Türkiye has been implementing a tight monetary and fiscal policy since last year to address some of its key imbalances, including the current account deficit and foreign exchange reserves, and to curb inflation. The fund in the statement said that "a decisive shift" in economic policies over the past year has tightened Türkiye’s overall policy stance, adding that the Central Bank of the Republic of Türkiye (CBRT) "has brought the ex ante real policy rate into positive territory while reducing regulatory complexity." The Turkish central bank lifted its key rate by 4,150 basis points since last June to contain elevated inflation, which in September dove below its policy rate for the first time since 2021. The annual inflation rate dipped to 49.4% last month from nearly 52% in August and sharply when compared to 75.45% in May. Apart from the Turkish central bank hiking the rates to 50% from 8.5%, the government raised taxes and some fees to boost income, while implementing fiscal measures to balance risks in the economy. Under the authorities’ "gradual policy adjustment," inflation is expected to further decline, the IMF said, projecting that "contractionary ex ante real policy rates, moderating wage growth, and more contractionary fiscal policy in 2025 are expected to reduce inflation to 43% this year and 24% in end-2025." "Disinflation and improved confidence will support a narrowing of the current account deficit to about 2% of GDP (gross domestic product) and reserves to around 100% of the IMF’s adequacy metric," it also said. The fund expects the Turkish economy to expand by 3% this year and 2.7% in 2025, while it sees the growth rate recovering toward 4% in the medium term. Moreover, the fund said that tax and expenditure measures "underpin efforts to restore fiscal prudence and the commitment to stronger incomes policies has strengthened credibility." It also noted that the country's credit default swaps (CDS) spreads are now "at about half their mid-2023 levels." Risks around the baseline are significant and "tilted to the downside," the fund said. The International Monetary Fund called for continued tight, data-driven monetary policy in Türkiye "until inflation converges to target" as they commended the authorities for the decisive policy tightening since mid- 2023. "Directors called for continued tight, data-dependent monetary policy until inflation converges to target levels. They agreed that the central bank should stand ready to tighten further if needed to ensure that the path of disinflation stays on track," the IMF said. The Turkish central bank held rates steady since March and according to recent polls is expected to maintain the current rate unchanged at the upcoming meeting. The bank in its September committee meeting reiterated that "it remains highly attentive to inflation risks." "The tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range," it said. The Turkish packaging industry prospers more than ever Continued From Page 1 In addition, new packaging formats are improved according to the quality, size and appeal of products. Growth in population and living standards, rapid urbanization, diversification of consumer goods, nd increase in exports – mainly in consumer products, have all resulted in higher demand for packaging products. The Turkish packaging industry has grown rapidly over the past 15 years and has now become a huge sector. The growth of the sector reflects changing shopping habits, particularly in large cities, due to the presence of supermarkets, department stores and hypermarkets. Increased advertisement of consumer products, attractive point-of-purchase packaging and the boom in sales of canned and frozen food, apparel, and disposable medical supplies, all of which require specialty packaging, and especially the increase in exports are other factors for the expansion of the packaging sector. Packaging consumption in Türkiye has increased rapidly following the world trends. As the retail market has expanded rapidly, the sales of packaged products to the final consumer has increased. This development has resulted in intensive studies on packaging forms and more rational packaging. In the last five years, the average growth rate of the Turkish packaging industry has been 6% per year, and it is estimated to remain the same in the coming years. Türkiye produces all types of packaging materials and products such as paper, cardboard, wrapping film, tape, plastics, glass, metal and wood. The need to arrange the product for packaging according to its physical and chemical properties has led to different ways of utilizing the main materials by processing them with new technologies. In other words, the flexibility of the materials has increased with regard to protection capabilities and shelf life. There are about 3000 companies manufacturing various packaging materials in Türkiye. Most of the companies are medium and small sized companies, but there are also a few large companies. Around fifty packaging manufacturers are among the largest 1000 companies in Türkiye. The companies in the sector show very good performance in terms of quality and production capacity. Companies in the packaging industry are mostly located in Istanbul, Izmir, Bursa, Ankara, Konya, Kocaeli, Gaziantep, Adana, Kayseri and Manisa. The packaging sector is wellorganized under the Exporters’ Unions and sectoral associations. TÜRKMENİSTAN AŞKABAT TÜRK İHRAÇ ÜRÜNLERİ FUARI 2024 11. TÜRKMENİSTAN TÜRK İHRAÇ ÜRÜNLERİ FUARI TÜM SEKTÖRLERİN BULUŞMA NOKTASI! 04 - 06 ARALIK 2024 CEZAYİR CEZAYİR COSMETICA 2025 Cezayir’in en büyük kozmetik ve teknolojileri fuarı 15 ülke +250 katılımcı 20.000 ziyaretçi ULUSLARARASI KOZMETİK & TEKNOLOJİLERİ FUARI 22 - 25 OCAK 2025 CEZAYİR CEZAYİR 54 YILLIK BAŞARI İLE BÜYÜK TİCARİ BULUŞMA 55. FIA 2025 ULUSLARARASI GENEL TİCARET FUARI HAZİRAN 2025 MERİDYEN İLE DÜNYA’YI KUŞATIN... İhracat Düşünüyorsanız Hemen Yerinizi Ayırın! meridyenfuarcilik meridyenfuarcilik +905393892395 meridyenfuar Meridyen Fuarcılık meridyenfuar www.merdyenfar.com
9 Economic Newspaper October Please mention “Made in Turkey” when writing to advertisers 2024 The Eurasia Packaging Istanbul Fair attracts great interest as usual Continued From Page 1 While increasing number of companies attending the exhibition has led to the enlargement of the exhibition area. The exhibition that is the first and the top among the exhibitions that are held every year in Eurasia region, is the main platform that reflects the most current and comprehensive situation of the Turkish Packaging Industry. The event will be co-locating with the 18th Food-Tech Eurasia, a significant stakeholder in the packaging industry, focusing on food and beverage production and processing technologies. Eurasia Packaging Istanbul Fair, renowned as the region’s most prominent commercial platform, will once again feature tailored-made turnkey packaging solutions ranging from packaging products, packaging and food machinery, along with printing and converting technologies. Turkish and international brands will showcase their latest innovations during this four-day event, which will be held simultaneously with the Food-Tech Eurasia Fair. This year’s fair will draw industry professionals from a wide range of sectors, including food and non-food industries, cosmetics, textiles, e-commerce, and furniture. It will serve as an effective commercial platform, highlighting the sector’s strengths, innovative capabilities, and commitment to sustainability, attracting tens of thousands of visitors from both Türkiye and abroad. A Gateway to International Markets Located at the crossroads of various regional economies, Istanbul offers a strategic advantage for companies looking to expand their trade volumes and enhance their brand visibility. The fair will provide a unique opportunity for exhibitors to connect with buyers from a diverse array of industries across Central and Western Europe, the Balkans, Russia, the Caucasus, Central Asia, the Middle East, and Africa. With over 1,200 local and international companies and company representatives, the fair will span 14 halls and cover an area of 120,000 square meters. Strong Support to the Fair The 29th Istanbul Eurasia Packaging Fair is organized by RX Tüyap in collaboration with the Turkish Packaging Manufacturers Association (ASD) and is supported by several key industry associations. Notable supporters include the Ministry of Commerce of the Republic of Türkiye, the Packaging Machinery Producers Association (AMD), the Label Manufacturers Association (ESD), the Flexible Packaging Industry Association (FASD), the Carton Packaging Manufacturers Association (KASAD), the Metal Packaging Industries Association (MASD), the Corrugated Cardboard Industrial Association (OMÜD), and the Rigid Plastic Packaging Manufacturers Association (SEPA). Following a successful 2023 event that welcomed visitors from over 120 countries, this year’s fair is expected to attract tens of thousands of professionals from across the globe, including over 16,000 international visitors. With more than 1,200 companies and company representatives set to participate, the event aims to exceed last year’s attendance of 90,000 visitors. Concurrent Event: Food-Tech Eurasia Running concurrently with the Eurasia Packaging Fair, the 18th Food-Tech Eurasia Fair will provide insights into the latest developments in food and beverage processing technologies. As a key event for the food and beverage processing industry, and a crucial stakeholder in the packaging sector, Food-Tech Eurasia is the go-to event for those seeking reliable suppliers and solution partners. The fair will feature a wide array of machinery and equipment solutions, including those for chocolate, confectionery, and pastry production, meat and dairy technologies, cold chain and storage equipment, food safety, processing and filling technologies, packaging production, and logistics solutions. Attendees will have the opportunity to explore the latest trends in food and beverage technology, innovative solutions, sustainable practices, and turnkey solutions in food safety. A Highlight of the Fair: Packaging Design and Innovation Street The Istanbul Eurasia Packaging Fair will not only showcase a wide range of packaging products, from traditional to innovative packaging, but also introduce the Packaging Design and Innovation Street. Located in the Foyer of Halls 3 and 4, this special section will feature innovative startups presenting effective, and sustainable packaging designs tailored to various industries, including food, textiles, automotive, and e-commerce. Industry representatives seeking cutting-edge packaging solutions will find the latest trends and designs in this dedicated area.
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