LONDON/ANKARA - International investment consultation organization Schroder Salomon Smith Barney (SSSB) forecast on Wednesday that Turkey will complete 2002 with 6.3 percent of growth.
According to economic analysis of SSSB, the growth rate of Turkey increased as exports climbed 16 percent annually. Thus, SSSB revised upward its Gross Domestic Product (GDP) forecast for year-end to 6.3 percent.
Turkish economy grew by 7.8 percent in the third quarter 2002 which comprises July, August and September months when compared with the same quarter of last year.
State Minister Ali Babacan had also said that the predictions about growth rate which is expected to be six percent in 2002 gained strength.
Oil executives from around the world are in Istanbul this week for talks with the Turkish government and the governments of oil-rich central Asian countries. The main topic for discussion is Turkey\'s role as a conduit for oil pipelines. But as Aaron Glantz reports from Istanbul, the real prize for the oil executives is just a few miles southeast in Iraq...
Speaking to the Financial Times yesterday, Michael Rogowski, head of the German Industrialists’ and Businessmen’s Association, said that it would soon release a statement detailing its support for Turkey’s European Union membership bid. In the leadup to this Thursday and Friday’s EU Copenhagen summit, voices in support of Turkey’s membership are on the rise. The German group had met with a delegation from its Turkish counterpart, the Turkish Industrialists’ and Businessmen’s Association (TUSIAD), during the latter’s lobbying tour for Turkey’s bid. The group is said to be favor of a fast track for Turkey’s membership, saying that further delays could harm the growing trade relations between Germany and Turkey
Turkey’s leading business groups yesterday launched a Europewide advertising campaign to promote the country’s EU candidacy amid last-ditch diplomacy ahead of a Thursday EU summit in Copenhagen. Business associations TUSIAD, TOBB and TURSAB said yesterday they had purchased advertising in some 40 daily newspapers of the EU’s 15 member states to push Turkey’s case. Each advertisement, to be run between December 8-10, carries a large photo of a leading politician in the newspaper’s country, along with a caption appealing for his support and listing Turkey’s achievements.
Denso Corp. (J.DNO or 6902) will begin selling in Turkey starters and alternators in January 2003, and producing thermal products in February 2004, to meet increasing demand for car air conditioning in Europe. The related unit was established July with an initial capital of about Y900 million and aims Y5 billion in annual sales in fiscal 2005.
The residents of Istanbul are very excited nowadays. They are awaiting Starbucks, the well known U.S. coffe shop chain to open its first cafe Istanbul. Since there are a significant number of Istanbulians who at least once visited the United States and know the legend, Starbucks is expected to make an easy entrance into the Turkish market. Shaya, a Kuwaiti company, which also introduced the clothing companies GAP and M.C.I. to the Turks, will now bring the coffee chain to Istanbul. Starbucks branded packaged coffee was already available in gourmet stores and had already become an elegant detail in rich Turkish kitchens. Details about location and size of the store are not made public yet.
No doubt Starbucks will be a melting pot for young and old, as well as rich and rich in Istanbul. Only two questions however remain to be answered: Will Starbucks Turkey will serve Turkish Coffee (which it currently does not in any other country) and how will the Turks react to the \"NO SMOKING\" signs...