Emerging major economy

Tap Türkiye’s major domestic market with a digitally savvy young population driving business opportunities in the country.

Gateway to the region

Türkiye provides direct access to the European market of almost one billion consumers, while offering proximity to the Middle East and North Africa, and Central Asia.

Sourcing and manufacturing hub

Türkiye is a strategically located hub for MNCs to manufacture and export to the regional markets.

Key opportunities

  • Information & communications technology

  • Infrastructure

  • Energy

  • Waste & water management

  • Manufacturing

Key Oppotunities in Turkiye - 1

Türkiye’s strong economic growth, government initiatives, young and tech savvy demographics and cost competitive skilled talent have boosted their information & communications technology (ICT) industry.

Türkiye’s ICT industry has almost doubled since 2014 and reached a market size of US$27 billion in 2019. This growth is contributed by electronic communications, followed by telecommunication equipment, software, hardware, and services. The industry employed 143,000 people and generated a total export of US$1.1 billion to the European Union (EU), and Middle East and North Africa (MENA) regions.

The ecosystem is supported by 84 technoparks/tech development zones (TDZ), 1,118 R&D centres and over 1,100 academicians in ICT, with strong support from Turkish government to build capabilities in key areas such as Artificial Intelligence (AI), Internet of Things (IoT), big data, cyber security, and energy storage to build capabilities. The government also established a digital transformation office to lead digital transformation in the country and drive new technologies.

Türkiye’s tech savvy and young population also fuels this industry’s developments. Out of its 83.6 million population, 77 million are mobile phone users and 60 million are social media users. The high mobile phone penetration allows deeper customer engagement and 5G tech transition.

This tech adoptive nation attracts many tech companies to Türkiye. As Europe’s biggest credit and debit card market, there are many opportunities for fintech solutions. Türkiye is home to more than 1,200 companies in the tech industry including local and international players such as Cisco, ZTE, Microsoft, Huawei, SAP, Amazon, and Visa.

In 2021, Türkiye entered the billion-dollar investment league after US$1.3 billion was invested into 129 Turkish startups. Türkiye produced five unicorns, including Trendyol (e-commerce fashion platform), Hepsiburada (e-commerce platform), Peak Games (gaming), Getir (delivery app), Dream Games (gaming). This startup ecosystem is another driver for technology development in Türkiye.

Key Oppotunities in Turkiye - 2

Türkiye’s growing economy offers opportunities in infrastructure, mainly in energy, healthcare and transportation.

To achieve the goals of Türkiye’s 2023 Vision, various economic, social and infrastructure improvements are underway. The total value of public-private partnership contracts reached US$134 billion during the 2003-2020 period, according to the Investment Office of Türkiye.

There are also opportunities in smart city development. Türkiye’s first Smart City Strategy and Action Plan was prepared by the Turkish Ministry of Environment and Urbanization covering the years 2019-2022. Many Turkish cities have smart city applications, offering growth opportunities for Singapore companies in smart energy, smart transportation, smart environment, and smart security projects.

According to the Engineering News-Record (ENR), there are 44 Turkish companies in the list of the best 250 international contractors in the world, putting them in the second position after China. You can partner with Turkish contractors, who have successfully completed big projects globally, and increase your presence especially in Central Asia, Middle East and Africa.

Key Oppotunities in Turkiye - 3

Türkiye has grown to become one of the fastest growing energy markets in the world, with demand for electricity increasing at an annual rate of 6% between 2009 and 2023.

An estimated US$130 billion in investments is needed to meet Türkiye’s rising energy demand within the decade.

The Turkish government is encouraging investors to step up and implement renewable energy projects, offering incentives for investment proposals involving renewable sources of power generation.

Key Oppotunities in Turkiye - 4

Over 30 million metric tons of waste is produced annually in Türkiye and most of it ends up at municipal waste storage facilities or landfills, prompting the European Bank for Reconstruction and Development to launch a US$125 million Near-Zero Waste initiative in 2015.

The Near-Zero Waste initiative has funded up to 12 investments spanning waste recycling and biomass facilities. Some key cities are running out of space due to rapid construction coupled with high rates of population growth. Istanbul has already begun constructing zero-emission waste-to-energy plants to meet this need. A 70 MW-plant is the latest project which will be the largest in Europe when it comes online next year.

Proper wastewater treatment is still not widespread in Türkiye. Under the Wastewater Treatment Action Plan, existing plants and sewer systems will be renovated, and new sewer systems will be built.

With development plans in the pipeline, you can tap the new opportunities that arise in waste and waste water management.

Key Oppotunities in Turkiye - 5

With a highly skilled labour force in the manufacturing and export sectors, Türkiye is the preferred choice for many international brands when it comes to production resources.

Türkiye's large production base, access to high quality raw materials and competitive prices make it a prime sourcing destination. In 2021, the country exported US$225 billion worth of goods which include motor vehicles, trailers, basic metals, machinery and equipment, textiles, apparel, fur, food products and beverages, metal products and furniture. Many MNCs such as Toyota, Ford, Hugo Boss, and Nestle have identified Türkiye as their production hub.

Venture into this market and seize the opportunity to access the local as well as the Middle Eastern and European market.

Learn about Türkiye’s business hub

Learn about business hubs in Turkiye

Istanbul is the financial and cultural centre of Türkiye. Its strategic location at the crossroads of Europe and Asia makes it an ideal spot for many local and international corporations to set up their headquarters.

Ways for you to start in Türkiye

Kickstart your internationalisation journey

Plan ahead by understanding your readiness to expand overseas, and explore resources for your business.