Export Britain

As a high-value manufacturer, Turkey is appealing for British investors

According to BCCT chairman Chris Gaunt, all current economic dynamics point to a promising future for Turkish investment in the UK, British investment in Turkey and for partnership and trade between companies from the two markets.For instance, while Turkey is not a low-cost, low-price provider in the area of manufacturing, it offers a high-value production and great capabilities. Turkey’s set of similar characteristics makes it especially appealing for British investors.Bi-lateral yearly trade volume between the UK and Turkey has reached 16 billion dollars – nearly 65% of which consists of exports from Turkey to the UK.

28 07 2015

Already bridging economic relations between Turkey and the UK for more than a hundred years, the activities of the British Chamber of Commerce in Turkey (BCCT) have been gaining further speed during the last two years.

BCCT has now been a strategic partnership of UKTI (United Kingdom Trade & Investment) for a year and a half. Closer cooperation with UKTI and a renewed persona has empowered the Chamber to further improve and expand its value-added services for the benefit of companies looking to engage in commercial activities between the two countries.

According to BCCT chairman Chris Gaunt, all current economic dynamics point to a promising future for Turkish investment in the UK, British investment in Turkey and for partnership and trade between companies from the two markets.For instance, while Turkey is not a low-cost, low-price provider in the area of manufacturing, it offers a high-value production and great capabilities. Turkey’s set of similar characteristics makes it especially appealing for British investors.Bi-lateral yearly trade volume between the UK and Turkey has reached 16 billion dollars – nearly 65% of which consists of exports from Turkey to the UK. UK stands out as one of Turkey’s most important trade partners (3rd largest export and 11th biggest import partner).

Second largest foreign investor in the Turkish market in 2014 with investment amounting to around 1 billion USD, the UK is looking to increase exports and foreign direct investment into Turkey, especially in the area of energy, renewables, and information and communication technology (ICT).

Cooperation of British and Turkish companies provides benefits for both sides Chris Gaunt pointed out that the Chamber provides consultancy services for British SMEs that are interested in the Turkish market, and that more than 300 companies have contacted the Chamber for such services in the last eighteen months. He also stated that local strategic partnerships are the best starting point for such companies, and that BCCT encourages British companies to get involved in such collaborations. When local know-how and local best practices are combined with British firms’ capabilities in innovation, technology, design and R&D, results are very successful. 

An initiative by Beko, a Turkish home appliances and white goods manufacturer with a successful track record especially in Europe and a member of BCCT, is a good example for an existing such partnership: the company has recently partnered with two UK universities for R&D in order to accelerate innovation for the company’s consumer electronics business. Gaunt said that Chamber’s priority is to continue to build awareness about Turkey’s intrinsic value and to encourage strategic partnerships that would stimulate innovation and domestic R&D. In the last eighteen months, BCCT has moved to new offices that better fit its purpose and has put together a highly capable and experienced team to deliver quality services for UK companies looking to conduct business in Turkey and vice versa.

Turkish investments in UK are increasing Investment from Turkey to the UK has also increased since the last year. Y?ld?z Holding, the Turkish conglomerate that had previously acquired Godiva Chocolatier seven years ago, also has recently purchased United Biscuits, UK’s biggest biscuit manufacturer, for around 2.8 billion dollars. This significant commercial step stands out as the first major investment from Turkey to the UK, and sets a brilliant precedent for Turkish companies that are interested in the UK as an investment market.

About the British Chamber of Commerce in Turkey:
The British Chamber of Commerce in Turkey (BCCT) have been a commercial and cultural bridge between the United Kingdom and Turkey for 128 years. BCCT is the second oldest British Chamber abroad in the world. Since 2013 the chamber and the UKTI (United Kingdom Trade & Investment) are strategic partners and work for improving the trade between Turkey and UK. They develop projects to improve the commercial relations between the two countries and create new business opportunities. This initiative offers opportunities to British and Turkish companies and also Central Asian countries for collaborating and creates a convenient, sustainable environment for British companies, investors and shareholders in Turkey. BCCT delivers information, support and networking services to companies and organisations in both the UK and Turkey. In addition on behalf of BCCT members the chamber builds a relationship with the chambers of commerce in the UK and the Ministry of Commerce. BCCT is the member of Council of British Chambers of Commerce in Europe (COBCOE). www.bcct.org.tr

Media Contact: Sevgin Özer – Net PR – [email protected] / 0533 306 9168

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