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SYRIA - The land of beautiful, good-natured, heroic and generous people
Türkiye and Syria, two brethren countries, are determined to rebuild a stronger and
a high potential country after cleansing the ruins of the Ba’ath Party.
January 2025
A first in Türkiye:
The Chemical
Technology
Centre
inaugurated
Türkiye ready to contribute
to Syria’s economic recovery
and reconstruction by
providing expertise and
Offering a new ecosystem to the chemical
industry, the Chemical Technology Center
guides the future with an innovative structure
from accredited laboratories to an incubation
center.
support
A strategic step for the Turkish chemical
industry
Istanbul Chemicals and Chemical Products
Exporters’ Association (IKMIB) put into
service the Chemical Technology Center that
will shape the future of the sector within the
framework of the Vision 2030 strategy. The
center, which brings together accredited laboratories,
an incubation center and R&D
activities, will now carry out critical tests and
analyses in Türkiye.Page 5
Professional
skincare
solutions for
winter are now
easier with
COSMED!
The protection and care your skin needs during
chilly winter days are now within reach
with COSMED’s powerful formulas. From
moisturizing cleansers to retinol routines,
everything you need for healthy skin is right
here!
The cold winter season leaves our skin more
sensitive and dry. However, with the right
products, it’s possible to overcome these
challenges. COSMED, with its world-class
products recommended by pharmacists and
dermatologists, takes your skincare routine to
the next level during winter months. Page 5
Pastel Cosmetics
expands to new
markets in
Europe and Asia!
Pinkar Kimya reaches new heights in global
growth journey in 2024!
Pastel Cosmetics has recently started exporting
to Chile, one of Latin America’s key
emerging markets, and Myanmar, Asia’s
rising star. With these strategic moves, the
company has increased the number of countries
it exports to 48, reaffirming its commitment
to global expansion.
A Year of Major Breakthroughs for Pinkar
Kimya
The year 2024 marked a significant milestone
in Pinkar Kimya’s international market strategy.
Page 9
Türkiye is determined to extend support in rebuilding Syria
following the fall of the regime of Assad, President Recep
Tayyip Erdoğan pointed out. Erdoğan said Ankara will offer
all-encompassing support to Syria’s new administration as
the country rebuilds.
The Turkish
Ready-Wear Fashion
Industry: A Global
Success Story
The Turkish ready-wear fashion industry is a remarkable
success story, built on a strong foundation of craftsmanship,
innovation, and export potential. As the sector continues
to grow and evolve, it will undoubtedly further strengthen
Türkiye’s position as a global fashion leader, offering highquality,
stylish, and sustainable garments to consumers
around the world.
The Turkish ready-wear fashion industry has established
itself as one of the most dynamic and influential sectors in
the global fashion market. With a rich history in textiles and
a unique blend of traditional craftsmanship and modern
design, Türkiye has become a major player in the production
and export of ready-wear apparel. Page 11
Exports to ‘distant countries’
to reach $50 billion
Türkiye aims to boost its exports to the economies under the
Distant Countries Strategy to $50 billion by 2028, Trade Minister
Ömer Bolat has said. Among the 18 targeted countries
under the strategy are the U.S., Canada, Mexico, China,
South Korea, Japan, Australia, India and Brazil. Page 10
Türkiye sets target to
boost domestic energy
share to 63% by 2028
His remarks followed the comments by energy and transportation
ministers, who announced action plans, including
a Syria visit by an Energy Ministry delegation and assisting
the country in restoring key infrastructure including airports
and railways.
Turkish startup
ecosystem
attracts $4.7B
in investments
in 4 years
Türkiye’s technology startup ecosystem
has shown significant growth recently
and has attracted $4.7 billion in investments
in the last four years, according
to vice president of Türkiye’s Investment
Office, Bekir Polat. Polat evaluated the technology
ecosystem in an interview with
Anadolu Agency (AA) during a major
startup conference held in the Finnish
capital Helsinki, Slush 2024. Page 10
OECD forecasts
Turkish GDP 3.5
percent
Türkiye’s economic growth will ease to
3.5 percent in 2024 and 2.6 percent in
2025 as necessary macroeconomic stabilization
policies will slow domestic
demand, the Organization for Economic
Cooperation and Development (OECD)
said in its Economic Outlook report published
on Dec. 4. Page 4
Türkiye aims for 1.5
pct share of global FDI
by 2028
Türkiye is looking at ways to help Syria
close its power gap and strengthen its
infrastructure, according to a top energy
official, who says Ankara may also
work with the war-torn nation’s new
leadership on oil and natural gas.
Energy and Natural Resources Minister
Bayraktar revealed that Türkiye is working
on solutions to meet Syria’s urgent
energy needs, starting with electricity
imports and transitioning to infrastructure
development.
After backing the Syrian opposition
forces who toppled longtime dictator
Bashar Assad after a 13-year civil war,
Foreign tourist arrivals in Türkiye increased
by 7.03 percent year-on-year in
January-October to 47.3 million, according
to data from the Culture and Tourism
Ministry on Nov. 22.
Including Turks residing abroad, 54.6
million visitors came to Türkiye in the
first 10 months of 2024.
In October alone, the country hosted
5.45 million international holidaymakers,
marking a 9.25 percent increase
from a year ago.
Russians constituted the largest group
of foreign visitors, followed by Germans
and Britons, according to the ministry
data.
From January to October, the number
of Russians vacationing in Türkiye rose
by 7.1 percent from the same period of
last year to 6.25 million, accounting for
13.2 percent of all foreign tourist arrivals.
Syria needs everything to start a new beginning, Transportation
and Infrastructure Minister Abdulkadir Uraloğlu said,
adding that Türkiye has prepared an action plan for repairing
and rebuilding the war-torn country’s airports, bridges, roads
and railways. Page 8
Türkiye looks to repower
Syria, collaborate on oil, gas
Türkiye has emerged as one of the main
power brokers in its southern neighbor
and has vowed to help rebuild the
country.
Türkiye was one of the first countries to
reopen its embassy in Damascus, while
its foreign minister and intelligence
chief both met with Syria’s de facto leader
Ahmed al-Sharaa there. Page 4
Over 47 million foreign tourists
visit Türkiye in 10 months
During this period, more than 6 million
German nationals visited the country,
up 6.4 percent year-on-year.
British tourists surged 17 percent annually
to 4.2 million, according to the
latest data. In the first 10 months of the
year, Türkiye also welcomed 2.76 million
Iranian and 2.45 million Bulgarian
visitors. Page 8
Revolution in Skin
Renewal with Bioderma
MATRICIUM
Economic Newspaper January
2 Please mention
2025
“Made in Türkiye” when writing to advertisers
Mehmet Soztutan
Editor-in-Chief
Letter From
The Editor
Being competitive
in Syria…
Türkiye’s role in post-Assad Syria has turned out to be crucial for
stability and regional prosperity. It is evident that a prosperous
and brand-new Syria would benefit the entire region. Türkiye
could provide Syria with access to regional and global markets for
trade, investment and economic partnerships.
Turkish ministries are poised to contribute to Syria’s economic recovery
and reconstruction by providing expertise and support in
their respective fields after the collapse of the regime, in close
collaboration with the authorities of the new interim government.
During the latest cabinet meeting, ministers are instructed to engage
in the initiatives in Syria within the scope of their areas of
responsibility.
Located at the intersection of Europe, Asia, the Middle East and
Africa, Türkiye’s geographical location and high-tech infrastructure
investments offer significant advantages for exporting industries
of Türkiye aiming at penetrating into Syrian markets more
than ever.
As known, offering high-quality products at affordable prices with
faster and reliable delivery, Turkish firms managed to establish
themselves as the most important suppliers during a period of regional
uncertainty and turmoil in the Middle East countries.
Actually, Turkish exporters put an emphasis to tackle the challenges
they face in integrating an innovation strategy with planning
and execution and moving at speed to stay ahead of the competition
in Syria.
We know that the Turkish business people wish to relentlessly invest,
manufacture and export for Syrian economy. They are particularly
involved in identifying, evaluating and selecting target
markets by trying to answer most urgent questions.
Being around the world for decades, we have a crucial part to play
through our diverse range of export- oriented publications in order
to convey messages of the Turkish exporters in an efficient
manner.
We wish lucrative trade for them and their Syrian partners.
THOUGHT OF
THE MONTH
Always listen to experts!
They’ll tell what can’t
be done and why. Then
do it!
When the man in the street says: “If it ain’t broke, don’t fix it,” the
lawyer writes:
“Insofar as manifestations of functional deficiencies are agreed
by any and all concerned parties to be imperceivable, and are so
stipulated, it is incumbent upon said heretofore mentioned parties
to exercise the deferment of otherwise pertinent maintenance
procedures.”
****************
In the USA, everything that is not prohibited by law is permitted.
In Germany, everything that is not permitted by law is prohibited.
In France, everything is permitted, even if prohibited by law.
In Switzerland, everything that is not prohibited by law is obligatory.
*********************
A junior partner in a firm was sent to a far-away state to represent a
long-term client accused of robbery. After days of trial, the case was
won, the client acquitted and released. Excited about his success,
the attorney telegraphed the firm: “Justice prevailed.”
The senior partner replied in haste: “Appeal immediately.”
***********************
How many lawyers does it take to change a light bulb?
“How many can you afford?”
It only takes one to change your bulb...to his.
Two. One to change it and one to keep interrupting by standing up
and shouting “Objection!”
Three. One to do it and two to sue him for malpractice.
Three. One to turn the bulb, one to shake him off the ladder, and
the third to sue the ladder company.
Three. One to sue the power company for insufficiently supplying
power, or negligent failure to prevent the surge that made the bulb
burn out in the first place, one to sue the electrician who wired the
house, and one to sue the bulb manufacturers.
Fifty four. Eight to argue, one to get a continuance, one to object,
one to demur, two to research precedents, one to dictate a letter,
one to stipulate, five to turn in their time cards, one to depose, one
to write interrogatories, two to settle, one to order a secretary to
change the bulb, and twenty-eight to bill for professional services.
How many lawyers does it take to screw in a light bulb?
None, lawyers only screw us.
You Might Be a Lawyer if...
• you are charging someone for reading these jokes.
• you believe that a forty words’ sentence is a short one.
• you have a daughter named Sue and a son named Bill.
• you can look at a contract and instantly tell whether it’s verbal
or written.
• your other car is a BMW.
• when you look in a mirror, you see a lawyer.
Responsible Editor:
Mehmet Söztutan
(mehmet.soztutan@img.com.tr)
Editors:
Assoc. Prof. Mehmet Ali Özbudun
Ayça Sarıoğlu
Dilara CİCA
Correspondent:
İsmail Çakır
(ismail.cakir@img.com.tr)
Marketing Manager:
Recep Arslantaş
(recep.arslantas@img.com.tr)
Arts Director:
Tayfun Aydın
(tayfun.aydin@img.com.tr)
Subscription:
Ismail Özçelik
(ismail.ozcelik@img.com.tr)
HEAD OFFICE:
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4 Economic Newspaper
Please mention
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January
2025
Türkiye looks to repower Syria, collaborate on oil, gas
OECD forecasts
Turkish GDP 3.5
percent
Continued From Page 1
“We must very rapidly provide electricity
to parts of Syria that do not have
electricity, with imports in the initial
phase, he was cited as telling a meeting
with Turkish media representatives.
In the medium-term, we also plan to
increase the set electricity power, the
production capacity there,” the minister
added.
“There is a need for everything in Syria.
We will work on the infrastructure master
plan with the leaders there,” he said,
adding Türkiye could also send electricity
to Lebanon via Syria.
Currently, Türkiye supplies approximately
210 megawatts of electricity to
Syria, said Bayraktar. But the country’s
war-damaged infrastructure has an
existing capacity of only about 3,000
megawatts, according to 2022 data provided
by the minister.
He highlighted plans to work on increasing
this capacity.
Nearly 60% of Syria’s electricity is produced
from oil, with about 38% coming
from gas, according to Bayraktar.
Before the conflict, there was a 400-kilovolt
high-voltage network from Birecik
hydroelectric power plant, located in
the Southeastern Anatolia region, along
the Euphrates River, to Syria’s Aleppo.
However, Bayraktar said the status of
the segment beyond al-Rai town in Syria
remains unknown. EPEPBayraktar
said Ankara was working on using Syria’s
oil and natural gas resources for the
country’s reconstruction, as production
of both had significantly fallen during
the war.
“There are many topics that need to mature,
from forming an oil pipeline from
Syria to Türkiye, merging this with our
Iraq-Türkiye pipeline,” he was cited as
saying, adding Ankara and Damascus
could collaborate on oil and natural gas
in the near future.
In the early 2000s, Syria produced
600,000 barrels of oil per day. However,
output plummeted to as low as 30,000
barrels per day due to the war.
Separately, Bayraktar said Türkiye was
ready to cooperate with other countries
on energy in Somalia, where a Turkish
drill ship is carrying out hydrocarbon
exploration, added that “there are offers.”
NATO member Türkiye has ramped up
its presence and influence in Africa in
recent years, increasing trade nearly eightfold,
giving diplomatic and military
support to some countries, and inking
deals in various fields.
Bayraktar also noted Türkiye had signed
a new agreement with Niger for
three new gold mining fields in Agadez,
in addition to the ones the sides agreed
months ago.
In October, Türkiye inked a cooperation
agreement with Niger on mining, after
having signed a similar cooperation
deal with the West African nation on oil
and gas in July.
Under the deal, Türkiye’s Mineral Research
and Exploration Directorate was
granted authority over three gold mining
fields, protected by Niger security
forces, and planned to start production
there soon. Bayraktar designated 2025
as a crucial decision year for nuclear
energy. He underscored the need for
two additional large conventional nuclear
power plants in Türkiye, alongside
the Akkuyu that is under construction
near the Mediterranean port city of
Mersin.
The $20 billion, 4,800 megawatts (MW)
Akkuyu plant will bring Türkiye into the
small club of nations with civil nuclear
energy.
The country plans to launch trial production
of the first reactor next year. The
remaining three reactors are expected to
come online by the end of 2028.
Türkiye plans a second plant in the Black
Sea province of Sinop and a third in
the northwest region of Thrace. The goal
is to reach 7,700 MW of nuclear generation
capacity by 2035, Bayraktar said.
Eventul target is to have 15,000 MW
of nuclear capacity. Türkiye looks to
complement these with up to 5,000 MW
of small modular reactors (SMRs).
Bayraktar revealed that production at
the vast gas reserve in the Black Sea is
expected to exceed 9 million cubic meters
by the first quarter of 2025.
The Sakarya gas field, which has been
discovered gradually since August 2020,
is believed to contain 710 billion cubic
meters (bcm) of gas.
The current output meets the gas needs
of approximately 2.9 million households,
said Bayraktar.
The daily production is expected to reach
20 million cubic meters by 2026. That
is aimed to eventually be lifted to up to
45 million cubic meters, according to
Bayraktar.
“Over 40 new wells will be drilled by
2028,” he said.
Bayraktar also said works on establishing
a natural gas hub in Türkiye were
ongoing. The plan was first floated by
Russian President Putin in 2022 after
the Nord Stream pipeline explosions.
Russia seeks to replace lost sales to
Europe, supporting Ankara’s long-held
desire to function as an exchange for
energy-starved countries. Bayraktar
also expressed optimism about what he
said were significant cooperation opportunities
with the new Trump administration
in the gas sector.
He mentioned receiving offers related to
Black Sea gas and welcomed these proposals.
Türkiye’s liquefied natural gas (LNG)
storage facilities are over 90% full, and
half of the contracted deliveries from
Iran have already been received, said
Bayraktar.
He assured that there is no risk for this
winter.
Highlighting 2024 as a record year for
solar and wind energy, Bayraktar announced
plans to establish over 6,000
megawatts of new installed capacity.
He added that the energy storage market
has also grown to 33,000-34,000 megawatts,
with ongoing discussions with
China and other countries,
Bayraktar also mentioned discussions
with France on offshore wind farms
and potential collaborations with other
countries.
Continued From Page 1
However, exports should increase on the back
of an improvement in the external environment
and a continued revival of international
tourism, it added.
Turkish GDP growth is projected to rebound
in 2026, reaching 4 percent as the effects of
the stabilization policies ease, according to the
Paris-based organization.
In its interim report published in September,
the organization’s GDP expansion forecast to
Türkiye was 3.2 percent.
The Turkish economy grew by 5.1 percent in
2023.
OECD, meanwhile, raised its 2025 global
growth forecast to 3.3 percent but warned of
the risk of protectionist measures to spark inflation
and slow the economy.
Just weeks before Donald Trump returns to
the White House with pledges to slap tariffs
on U.S. trading partners the OECD cautioned
that “greater trade protectionism, particularly
from the largest economies” poses a “downside
risk” along with geopolitical tensions and high
public debts.
“Increases in trade-restrictive measures could
raise costs and prices, deter investment, weaken
innovation and ultimately lower growth,”
the OECD warned in its report.
Further increases in global trade restrictions
would add to import prices, raise production
costs for businesses and reduce living standards
for consumers, it added.
The 0.1 percentage point increase in its 2025
global growth forecast, to 3.3 percent, was primarily
due to stronger U.S. growth.
Both France and Germany saw their 2025
growth forecasts cut by 0.3 percentage points,
to 0.9 percent and 0.7 percent, respectively, as
the countries face political crises amid mounting
fiscal pressure.
5 Economic Newspaper
Please mention
“Made in Turkey” when writing to advertisers
January
2025
A first in Türkiye: The Chemical Technology
Centre inaugurated
Professional skincare solutions for
winter are now easier with COSMED!
Continued From Page 1
Great support and 5 years of preparation
The center, which was realized with the
support of the Ministry of Trade and
with the contributions of the Ministry
of Industry and Technology, draws attention
with its 7 thousand square meter
closed area. The Chemical Technology
Center, which was completed after
a detailed five-year planning process,
will be a meeting point where innovative
projects will be developed.
Minister Bolat: “It will add speed to
our exports”
Delivering his speeches at the opening
ceremony, Minister of Trade Prof. Dr.
Ömer Bolat emphasized the contribution
of the center to exporters and said,
“The chemical industry has a huge share
in the world economy. This center
will provide time and cost advantages
to our exporters and support the great
goals of the sector.” Bolat pointed out
that 39 tests conducted abroad will be
carried out in Türkiye for the first time.
Minister Kacir: “It will bring a new
breath”
Minister of Industry and Technology
Mehmet Fatih Kacır expressed
the contribution of the center to the
country’s economy and innovation
ecosystem in the following words: “This
investment of 165 million liras will play
a critical role in R&D and technology
development infrastructure. Providing
16 billion liras of support, the chemical
industry will achieve even greater success
with this center.”
Pelister: “We are building the future
of the industry”
IKMIB President Adil Pelister stated
that the center is the result of a 5-year
vision study and used the following
expressions: “The Chemical Technology
Center will save time and cost by
performing the tests that have been carried
out abroad until today in Türkiye.
We will make an annual contribution of
12.5 million dollars to the current account
deficit.”
Innovations that the Chemical Technology
Center will bring:
-An important infrastructure in the
field of chemistry with 209 different test
capacities.
-Accredited laboratories that will reduce
dependence on foreign countries.
-Support for start-up projects with the
incubation center.
-Contribution to the current account
deficit and cost advantage.
Thanks to the Chemical Technology
Center, the Turkish chemical industry
is moving forward with more confidence.
This innovative ecosystem will increase
the country’s export potential and
offer solutions that will set an example
for the world in technology.
Continued From Page 1
Moisturize and Protect Your Skin
Cold weather disrupts the skin’s moisture
balance. That’s why gentle, moisturizing
cleansers are essential during the
winter. COSMED’s dual-phase cleanser,
“Atopia Cleansing Oil”, deeply cleanses
makeup and sunscreen while restoring
the moisture your skin needs. When
paired with “Day to Day Gentle Cleansing
Gel,” this oil-based cleanser provides
impeccable cleaning and protection
for your skin. Enriched with hemp seed
oil, it helps maintain your skin’s moisture
balance.
Powerful Solutions for Wrinkles and
Blemishes
Winter is the perfect time to incorporate
retinol into your skincare routine.
However, it’s crucial to use methods
that minimize skin sensitivity. COS-
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offers effective care while reducing
irritation.
The first step is to apply “Multi-Function
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peptides with moisturizing properties,
to provide your skin with the hydration
it needs.
Next, use the encapsulated “0.5% Retinol
Serum”, designed to minimize irritation
while delivering anti-wrinkle and
anti-blemish benefits.
Finally, seal it all in with “4C Cica Cream,”
containing four components of
centella for soothing and repairing effects,
offering full protection against the
harshness of winter.
Show your skin the care it deserves this
winter with COSMED’s powerful products!
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that both moisturizes and repairs,
your skin will be healthier and more
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Economic Newspaper January
8 Please mention
2025
“Made in Türkiye” when writing to advertisers
Türkiye ready to contribute to Syria’s economic recovery
and reconstruction by providing expertise and support
Continued From Page 1
Türkiye is expected to play a pivotal role in
rebuilding Syria’s economy following the fall
of the Assad regime, experts opined, while
representatives of some Turkish sectors anticipate
they could leverage their expertise and
contribute to employment and production in
the war-torn country.
In line with this, Turkish authorities have also
signaled readiness for involvement in reconstruction,
including in energy and key infrastructure
in its southern neighbor, deprived by
years of conflict.
Türkiye has recently reopened its embassy in
Damascus and its intelligence chief and foreign
minister have met with Syria’s new de-facto
leader Ahmed al-Sharaa recently.
Syria has five airports, two of which have recently
become operational, Damascus and
Aleppo, Uraloğlu said at a news conference in
Ankara, noting that the airports still require
significant improvements.
Damascus Airport handled approximately
100,000 trips, while Aleppo managed between
50,000 and 60,000, Uraloğlu said, adding
that a Turkish team checked airports and discovered
that there is no radar system.
“There is an air radar application that we use
on our mobile phones. Imagine, they were
trying to manage it from that mobile phone
application,” he said.
Computers from the 1990s are still used at
these airports, and there are no proper X-ray
devices, detectors or anything else, he explained.
He added that the runways are seriously aging
and that the first flight to Damascus and
Aleppo was entirely on the pilots’ initiative,
in other words, without any system and under
visual conditions.
“So our friends made a determination, and
then we have put forward an action plan,” he
said.
The minister said Türkiye will take action to
revive Damascus Airport in the first phase.
“There are parts of the railways that go from
Türkiye to Hejaz; they have not been operated
for a long time. We will quickly identify them
and take a position to ensure the integrity of
the railroad up to Damascus in the first place,”
he said.
“We sent passenger trains there in 2009-2010.
There is infrastructure there, but only in certain
regions,” the minister said.
The approximately 1,750-kilometer (1,085-
mile) Hejaz Railway was built by Ottoman
Sultan Abdulhamid II to connect Istanbul,
Mecca, Medina, Yemen and Damascus. It began
operating in 1908.
The railway, which contributed to the region’s
development, was built for religious, military
and political purposes.
The line had been providing Hajj pilgrims
with a safe route.
Pointing to counterterrorism operations,
he said, “Whether in the internal dynamics
in Syria, the M4 and the M5 highways have
always been discussed.”
“In other words, a highway can have such an
impact on the politics of a country.”
Türkiye is dealing with these roads, but Ankara
has already done a lot of work, particularly
on highways, the minister said.
The M4 highway connects the capital, Damascus,
and Aleppo, while the M5 highway links
the Mediterranean city of Latakia to Aleppo.
The 450-kilometer M5 is a strategic highway
in southern Syria, close to the borders with
Jordan and Türkiye. The highway links the
country’s largest provinces: Damascus, Homs,
Hama, Aleppo and Idlib.
It was a vital economic route for the country,
particularly connecting the industrial hub
Aleppo. The 120-kilometer M4 also runs through
the M5. Half of the M4 spent a long
time in the war zone. “I can say that we have
done a lot of work there and repaired many
destroyed bridges,” the Turkish minister underlined.
The minister also said Syria is 20-30 years
behind Türkiye in terms of communication,
noting that cell phones are not used at many
points.
Uraloğlu pledged that, “We will make the necessary
determinations about these, and we
will try to realize them as the ministry, as I
said; everything is needed there.”
He said even though Syria was not able to
print its own money, Russia has been printing
for it. “Right now, many countries in Africa
are in a similar position; some developed
countries are printing their money. At this
point, Türkiye will support this.”
He acknowledged Syria’s strategic location as
a gateway to the Mediterranean but noted that
its ports are underdeveloped.
“We will most likely make determined efforts
to make specific investments there.”
“Of course, a Maritime Jurisdiction Agreement,
probably, so that we can protect our interests
in the Eastern Mediterranean and the
Blue Homeland; our relevant institutions will
take a position there when the day comes.”
Türkiye had previously prepared a similar agreement
with Libya.
The delimitation of maritime jurisdiction
areas is critical given the presence of hydrocarbon
resources in the Eastern Mediterranean,
as well as the presence of Syria, Lebanon,
Israel, Egypt, Libya, Greece, the Turkish Republic
of Northern Cyprus (TRNC) and the
Greek Cypriot administration, in addition to
Türkiye.
Although the TRNC issue remains unresolved,
the Greek Cypriots signed maritime
boundary agreements with Egypt in 2003,
Lebanon in 2007 and Israel in 2010, disregarding
the equal rights of the Turkish Cypriots.
The Agreement on the Delimitation of Maritime
Jurisdiction in the Mediterranean, signed
on Nov. 27, 2019, by Türkiye and Libya, is significant
because it protects the two countries’
rights in the Eastern Mediterranean.
“In terms of trade,” the minister said, Damascus
and Syria have a history. “We will do our
best to revive it.”
Stating that such an agreement will increase
the effectiveness and competence of both Syria
and Türkiye, he said, “At the point of oil
and hydrocarbon exploration there, taking
into account international law, we will share
or expand all kinds of authority as two countries.”
“Of course, first of all, an authority needs to
be established there. Look, the salaries of the
civil servants there need to be paid.”
He also said there is a plan for armed groups
to lay down their arms.
“This will definitely be on the agenda, but it
would not be very accurate to say that it is today’s
agenda.”
Referring to the Iraq-Türkiye Development
Road project, the minister said, “The first
phase of Iraq’s Fav Port will be commissioned
in 2025, and port activities will begin.”
The Development Road is an important trade
route that would connect Iraq and Türkiye via
railways, roads, ports and cities.
The 1,200-kilometer railway and highway will
connect the Great Faw Port, which aims to be
the largest port in the Middle East.
With the Iraqi Silk Road, an alternative route
to the Suez Canal is being built to facilitate
faster and more efficient trade.
Only negotiations between the regional administration
and the central government about
where it will pass in northern Iraq are ongoing,
he stated, adding, “We are currently following
up.”
The minister explained that the issue is being
discussed from management to financing and
operations.
“There are things that need to be done in Türkiye;
we are planning them. Approximately
2,092 kilometers of railway will pass through
Türkiye,” he said.
Approximately 1,900 kilometers of highway
will also be part of the project, he added
Over 47 million
foreign tourists
visit Türkiye in
10 months
Continued From Page 1
The number of Ukrainian tourists visiting
Türkiye in January-October exhibited
an annual increase of 13.3 percent to
848,342.
Istanbul remained the top destination
for foreign visitors. The megacity welcomed
15.8 million tourists in the first 10
months, corresponding to a 33 percent
share in total arrivals. The Mediterranean
province of Antalya received 15.2 million
foreign tourists. More than 4 million
foreigners visited the northwestern province
of Edirne. People from the neighboring
countries, mostly from Bulgaria,
travel to Edirne for shopping purposes.
Tourism Minister Mehmet Nuri Ersoy
recently said that the end-of-year target
for visitors was revised to 61 million
from a previous 60 million. Türkiye’s
tourism revenue increased by 6.6 percent
to $46.9 billion in the first nine months
of 2024 from a year ago.
The government initially aimed at $60
billion in tourism revenues for 2024.
Istanbul will host a major tourism event
on Nov. 26-27, the Turkish Tourism Investors
Association (TTYD) announced.
The Tourism Investment Forum (TIF)
2024 will bring together international
investors, financial firms, hotel brands,
innovators and real estate developers,
among others, to explore investment opportunities
in Türkiye, according to the
association. TIF is expected to attract
over 1,000 participants representing
nearly $10 trillion in the global tourism
ecosystem. Key discussions will focus on
strategies shaping the future of travel and
tourism investments, financing, emerging
trends, luxury and lifestyle brands,
cultural and artistic initiatives, wellness
and medical tourism.
9 Economic Newspaper
Please mention
“Made in Turkey” when writing to advertisers
January
2025
Pastel Cosmetics expands to new markets
in Europe and Asia!
Continued From Page 1
By entering Primor, one of Europe’s leading retail
chains, Pastel Cosmetics has strengthened its presence
in the Spanish market. At the same time, the
company has expanded its reach to Chile and Myanmar.
With these developments, Pastel Cosmetics has
grown its export network to 48 countries, showcasing
its determination to maintain global growth
momentum.
Pinkar Kimya reaches new heights in global
growth journey in 2024!
Pastel Cosmetics has recently started exporting to
Chile, one of Latin America’s key emerging markets,
and Myanmar, Asia’s rising star. With these strategic
moves, the company has increased the number of
countries it exports to 48, reaffirming its commitment
to global expansion.
A Year of Major Breakthroughs for Pinkar Kimya
The year 2024 marked a significant milestone in
Pinkar Kimya’s international market strategy. By entering
Primor, one of Europe’s leading retail chains,
Pastel Cosmetics has strengthened its presence in
the Spanish market. At the same time, the company
has expanded its reach to Chile and Myanmar. With
these developments, Pastel Cosmetics has grown its
export network to 48 countries, showcasing its determination
to maintain global growth momentum.
New Markets, New Opportunities
With over 80 years of industry experience and a
forward-thinking vision, Pinkar Kimya continues to
stand out through effective strategic planning. Company
representatives highlighted the importance of
this expansion with the following statement:
“Entering emerging markets like Myanmar and
establishing a presence in Europe’s leading retail
chains are significant milestones in our global objectives.
Pastel will gain recognition in these new
markets with its commitment to quality and accessibility.”
Consumer Trends and Innovation-Driven Production
The cornerstone of Pastel Cosmetics’ success lies in
its innovative approach to product development and
its ability to closely monitor consumer trends. Its extensive
color range and dynamic product collections
demonstrate a strategic approach that anticipates
and meets the expectations of global consumers.
2025 Goals: Focus on the Far East and Africa
Pastel Cosmetics aims to further expand its presence
in the 48 countries it currently operates in. Its
2025 goals prioritize exploring new markets in Latin
America, Africa, and the Far East. With a flexible
service model tailored to local market dynamics and
a broad product portfolio, the company is committed
to earning consumer trust worldwide.
Quality and Trust: The Core Values of Pastel
Pinkar Kimya, with its Pastel and Show by Pastel
brands, continues to lead the cosmetics industry.
Innovative products supported by its Product Development
and R&D departments, combined with
marketing teams that consistently follow trends, enhance
brand loyalty.
By combining its global strength with high-quality
products and a customer-focused service approach,
Pinkar Kimya aims to reach even more consumers
worldwide.
Revolution in Skin Renewal with Bioderma MATRICIUM
Bioderma is making a significant breakthrough in
skincare with MATRICIUM, a product inspired by
the skin’s natural renewal process.
A New Era in Skin Renewal: MATRICIUM
Over time, the skin loses its elasticity due to aging
and environmental factors. After medical aesthetic
procedures, the skin requires support for healing and
renewal. After 14 years of research, Bioderma has developed
MATRICIUM, a product that enhances the
skin’s natural healing process and supports recovery.
Inspired by the skin’s own nature, MATRICIUM stands
out as an innovative solution offered by Bioderma,
which continues to provide products for the needs of
babies, children, and adults alike.
MATRICIUM supports collagen production in the
skin and helps with renewal due to its antioxidant
capacity. This formula supports the skin’s natural renewal
process, providing a healthy skin appearance.
MATRICIUM, which increases collagen synthesis in
the skin and has anti-aging effects, nourishes the skin
with amino acids and peptides while simultaneously
strengthening the skin barrier. This special product
provides hydration with hyaluronic acid, while maintaining
the integrity of the skin matrix with mineral
salts and vitamins.
Application and Results
MATRICIUM is recommended for individuals aged
25 and above and is suitable for all skin types. It provides
essential support for the skin’s healing process after
medical aesthetic procedures such as peels and laser
treatments. It also offers an effective solution for acne,
rosacea, and sensitive skin issues.
Dermatological tests show that MATRICIUM reduces
the appearance of fine lines and wrinkles by 85% in
users, increases skin brightness* by 90%, and improves
skin hydration* in 100% of users. Additionally, 80% of
users reported skin renewal**, and 85% experienced
strengthened skin barriers**.
*Test conducted with 20 healthy women aged 25-65 with sensitive
skin under dermatological control over a 28-day period,
China, 2017
**Test conducted with 20 healthy women aged 25-65 with sensitive
skin under dermatological control, China, 2017
Türkiye sets target to
boost domestic energy
share to 63% by 2028
Türkiye’s Ministry of Energy and Natural Resources has set a target
to increase the share of domestic resources in electricity generation
to 63% by 2028 as part of its 2024-2028 Strategic Plan.
The plan, which outlines a roadmap for sustainable energy security
and addresses the country’s unique energy needs, aims to
enhance domestic production and reduce dependency on foreign
energy sources.
The plan aims to generate 270 billion kilowatt-hours of electricity
annually from domestic resources by 2028.
It also targets increasing the installed capacity of solar power
plants to 33,100 megawatts and wind power plants to 19,300 megawatts.
Additionally, the plan envisions bringing 4,800 megawatts
of nuclear energy capacity online.
Other objectives in the plan include raising daily domestic crude
oil production to 210,000 barrels, natural gas output to 42.5 million
cubic meters, and increasing natural gas storage capacity to
12 billion cubic meters. It also targets annual mining exports to
reach $10 billion.
Seven main goals have been outlined in the plan, including ensuring
sustainable energy supply security, reducing dependency on
foreign energy, transitioning to net-zero carbon energy, enhancing
safe and sustainable mining, and increasing national and international
effectiveness in energy and mining markets.
It also emphasizes supporting local technology development in
energy and natural resources.
Specific measures include strengthening the national electricity
grid, expanding renewable energy capacity, improving energy efficiency,
and promoting green hydrogen and renewable gas value
chains.
The plan aims to enhance the mining sector, focusing on critical
minerals and ensuring mining activities are conducted safely and
sustainably.
The ministry plans to increase integration with international energy
and mining markets to boost trade and improve investment
opportunities.
Technology development and R&D in energy and natural resources
will be prioritized, emphasizing localizing equipment and
technology.
The ministry will strengthen its institutional infrastructure, improve
governance at affiliated agencies, and enhance digital transformation
and cybersecurity capabilities. It also aims to bolster
disaster and emergency response capacities.
meridyenfuarcilik meridyenfuarcilik +905393892395
www.meridyenfair.com
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Meridyen Fuarcılık
meridyenfuar
Economic Newspaper January
10 Please mention
2025
“Made in Türkiye” when writing to advertisers
Turkish startup ecosystem attracts $4.7B in investments in 4 years
RECEP ARSLANTAŞ
COORDINATOR
recep.arslantas@img.com.tr
Türkiye’s
role in Syria’s
reconstruction
Türkiye’s ties of friendship and
brotherhood are coming to the
fore in Syria’s reconstruction
process. Turkish exporters, especially
in the cosmetics sector,
have made it a priority to support
the Syrian people. Türkiye,
which embraced Syrians who
had to leave their country years
ago, is now ready to do its part
in the reconstruction process.
As Syrians leave for their country
through the border gates,
they are shown Türkiye’s contribution
to the reconstruction of
Syria. Türkiye is determined to
stand by its friend and brotherly
country Syria in the future as it
has done in the past. This solidarity
further strengthens the
ties between the two countries.
Until February 2025, see you in
the February 2025 issue of our
Made in Türkiye export newspaper.
Recep ARSLANTAŞ
Coordinator
Türkiye aims for 1.5 pct share of global FDI by 2028
Continued From Page 1
“In the 2011-2021 period, our startups
received approximately $810
million in investments. However,
when we look at the last four years,
especially if we take into account the
first nine months of 2024, when an
investment of $700 million was received,
an investment of $4.7 billion
came to Türkiye,” Polat remarked.
He noted that as the Presidency Investment
Office, they aim to present
Türkiye’s technology startup ecosystem
in different environments, such
as Slush while also recalling the participation
at the recent Web Summit
in Lisbon.
“We want to somehow explain both
Türkiye’s developed ecosystem with
all its players and the public incentives
given. These events have another
importance. When we look at
the world recently, the investments
coming from technology initiatives
have a serious meaning in terms of
employment, growth and other inputs
in the economy,” he explained.
“We also hope that our Turkish entrepreneurs
will get more of this share,”
he added.
Furthermore, he pointed out at some
key opportunities and value propositions
that investors need to bear
in mind such as the strong growth
of the Turkish economy in the last
two decades, a young and talented
workforce, a strong entrepreneurial
culture as well as unique location.
He also noted that Türkiye has seven
unicorns (the term used for startups
Trade Minister Ömer Bolat announced
plans to increase the country’s share of
global foreign direct investment (FDI)
to 1.5 percent by 2028, building on significant
growth in recent years.
“Our share in foreign investments globally
was 0.2 percent in the past. We increased
it to 1 percent by 2002, and our
goal is to reach 1.5 percent by 2028,”
Bolat said at the parliament’s plan and
budget commission.
The minister’s comments come as recent
data from the International Investors
Association (YASED) shows that FDI
in Türkiye reached $7.67 billion in the
first three quarters of 2024, an 8 percent
year-on-year increase.
Bolat highlighted the country’s economic
progress, noting that FDI in Türkiye
totaled just $1 billion between 1950-
1980, rose to $15 billion from 1980 to
2002, and surged to $271 billion between
2003 and 2024.
“While the number of foreign investors
in Türkiye was 5,600 until 2002, it has
now grown to 83,000 direct investors,”
Bolat added, emphasizing the country’s
improving investment climate.
According to YASED, citing Turkish
Central Bank figures, equity capital inflows
accounted for $4.33 billion of the
total FDI between January and September
2024. The wholesale and retail trade
sector led with $932 million, representing
22 percent of equity inflows.
Real estate investments from foreign
exceeding $1 billion in value), while
adding “that there are many unicorn
candidates in the country.”
“We are working tirelessly to cultivate
more ‘Turcorns,’” Polat added,
referring to a term used for Turkish
unicorns.
He also recalled the recent investment
strategy for the period between
2024 and 2028, emphasizing that
sustainability, green transformation
and digital transformation, which
have become very important recently,
are at the center of this strategy.
Polat, who noted that while meeting
with international investors, they
saw many young talents from Türkiye
working in many companies and
rising to higher levels, stated that
young people believing in Türkiye’s
buyers remained a significant contributor,
bringing in $2.2 billion during the
nine-month period.
The Netherlands emerged as the leading
source of FDI, responsible for 19
percent of total inflows, followed by
Germany at 12 percent and the United
States at 11 percent.
Bolat also noted improvements in Türkiye’s
trade balance, reporting a decrease
of $27.5 billion in imports and
a $35.5 billion reduction in the foreign
trade deficit. The current account deficit
for January–September 2024 stood at
$5.3 billion, a significant improvement
from previous figures.
“Türkiye is steadily increasing its share
of world trade. We have raised our share
in goods exports to 1.08 percent and in
services exports to 1.35 percent,” Bolat
said, adding that total exports of goods
and services have reached $375 billion.
The minister attributed the growth in
foreign investment to Türkiye’s economic
and political stability, legal framework
and overall economic growth.
“Foreign investors wouldn’t come here
just for our looks. They come because
of our economic policy, political environment,
and growth potential,” Bolat
remarked.
potential will take the country to the
next level.
“Our country, with its 85 million
population in its region, an average
age of 33 and a half, an educated,
young, qualified and sophisticated
production power, is actually, as investors
sometimes say, ‘the biggest
economic power and regional power
between Germany and China.’ And
of course, this is not enough. We
have bigger goals. Hopefully, as a
country, we will be working together
to rise to higher levels in many areas,”
he concluded.
Exports to ‘distant countries’
to reach $50 billion
Continued From Page 1
About two-thirds of Türkiye’s total exports go to countries
that are relatively close to Türkiye, according to a report by the
Trade Ministry, which noted that Türkiye’s average export distance
remains below the world average.
Distant countries account for 62 percent of the world’s population
and contribute to 64 percent of global GDP.
Türkiye’s goods exports to those distant countries averaged $20
billion between 2018 and 2020, according to the ministry.
Under the Distant Countries Strategy, Türkiye is seeking to
extend its average export range from 3,065 kilometers to the
global average of 4,744 kilometers and also to gain a foothold
in distant major markets.
Singling out the U.S. as Türkiye’s important ally and trade partner,
Bolat noted that the trade has been growing fast between
the two countries in the last five years.
The trade volume of goods and services between the two nations
reached $40 billion in 2023, the minister said, adding that
the U.S. was Türkiye’s second export market.
As part of their U.S. strategy, Bolat said that they identify potential
export products on a state-by-state basis.
Türkiye has a share of 2.9 percent in world logistics exports,
the minister also said, noting that they aim to increase logistics
exports by $50 billion in the medium term
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Economic Newspaper January
11 Please mention
2025
“Made in Türkiye” when writing to advertisers
The Turkish Ready-Wear Fashion Industry: A Global Success Story
Continued From Page 1
This sector not only fuels the economy
but also strengthens Türkiye›s position in
the global fashion scene, showcasing its
innovative design, quality manufacturing,
and ever-growing export capacity.
A Strong Foundation in Textiles
Türkiye’s textile heritage dates back
centuries, and this history has laid the
groundwork for the country›s booming
fashion industry. The combination of a
skilled labor force, advanced technology,
and a strong infrastructure has made
Türkiye a hub for textile production.
The ready-wear fashion industry
benefits from a robust supply chain that
includes everything from yarn and fabric
manufacturing to garment production,
making it an integral part of Türkiye›s
industrial landscape.
Innovation and Design at the Forefront
In recent years, Turkish ready-wear
brands have increasingly embraced
innovation, making a significant mark on
international fashion. Turkish designers
have developed a reputation for their
innovative talents, blending Western and
Eastern influences while maintaining
high-quality standards. These designs
appeal to a broad international audience,
offering stylish and contemporary
collections that are suitable for diverse
tastes and climates.
The rise of fashion designers and brands
in Türkiye reflects a shift towards more
homegrown, locally designed products.
Many Turkish fashion houses focus on
providing a unique blend of modern
trends, luxury, and functionality,
allowing their works to stand out in
a competitive global market. This
innovation, along with an emphasis on
sustainability and ethical production, has
gained the attention of fashion-conscious
consumers around the world.
Export Success
Türkiye›s ready-wear industry has
become one of the country›s most
important export sectors. As of recent
reports, the fashion industry contributes
billions of dollars to the Turkish economy,
with major markets including Europe,
the Middle East, and North America.
Turkish-made garments, including
denim, knitwear, and outerwear, are
highly sought after for their quality,
design, and competitive pricing.
The country’s strategic location between
Europe and Asia allows it to act as a bridge
for global trade, facilitating easy access
to both Western and Eastern markets.
Major Turkish cities, such as Istanbul,
Bursa, and Izmir, are key hubs for
garment manufacturing, with a growing
network of factories that meet the global
demand for ready-wear apparel.
Türkiye’s participation in international
trade fairs, like the Istanbul Fashion
Week and the textile and fashion fairs in
Milan and Paris, continues to bolster its
global presence. These platforms provide
Turkish designers and manufacturers
with opportunities to showcase
their collections, forge new business
partnerships, and increase their export
reach.
The Role of Technology and
Sustainability
The integration of technology into
Türkiye›s ready-wear industry has been
another critical factor in its success.
Cutting-edge machinery and automation
processes have enhanced production
efficiency, reduced waste, and improved
garment quality. Turkish manufacturers
are now adopting innovative techniques
such as 3D garment design and
automated cutting to stay competitive in
a rapidly evolving market.
In addition, sustainability has become
a major focus. As the global fashion
industry increasingly turns toward ecofriendly
practices, Turkish manufacturers
are embracing sustainable production
methods, using organic materials, and
reducing environmental impacts. Several
Turkish fashion brands are gaining
recognition for their commitment to
sustainable practices, making Turkish
ready-wear a popular choice for
environmentally conscious consumers.
Challenges and Opportunities Ahead
Despite the many successes, the
Turkish ready-wear fashion industry
faces challenges that include rising raw
material costs, fluctuating currency
exchange rates, and competition from
other emerging markets. However, these
challenges also present opportunities
for innovation, particularly in terms
of producing value-added products,
enhancing digital capabilities, and
expanding the presence of Turkish
brands on global online platforms.
Looking ahead, the Turkish ready-wear
fashion industry is poised for continued
growth. With its rich textile heritage,
skilled workforce, and commitment to
innovation and sustainability, Türkiye is
well-positioned to remain a key player in
the global fashion market.
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