Crossing borders with foreign business in Turkey

17.12.2013

In particularly difficult economic times, such as those we are currently experiencing in Europe, the pressure rises to look for new markets with opportunities for development. One country that suggests itself for several reasons is Turkey.

At 2.08 to the dollar, the Turkish lira reached a new low last month. However, this could have a positive effect on exports, because it will make Turkish products cheaper abroad. Imports, on the other hand, will become more expensive. Indeed, the problem lies in the fact that the Turkish economy is mainly dependent on imports, in particular imports of oil, gas, machinery, and semi-finished goods.

The trade flows in Turkey have existed for decades. Anyone who is looking to conduct business in this country or even to expand there locally needs to make detailed enquiries beforehand. It is hugely important to understand the risks one faces when trading with Turkey, because you can only be prepared for and protect yourself against trading risks and their possible consequences if you are aware of them.

Although the Turkish economy is currently coming under fire, there are good opportunities for European exporters to gain a foot-hold on this promising market, since Europe is still Turkey’s most important trade partner.

If your company requires linguistic support with translations into or from Turkish, we are happy to help as a competent translation partner providing native translators.