Businesses wishing to operate or do business in Turkey must consider numerous issues, from corruption to cultural practices. Despite these considerations, Turkey is strategically positioned at the crossroads to Europe, Asia, and the Middle East. According to the U.S. Department of Commerce, "Aside from its location as the bridge between East and West, Turkey's complex mix of modern industry and commerce continues to attract a diverse set of companies ranging from mining to high technology to energy" (Country, 2008, p. 1). With a market of more than 68 million people, Turkey is one of the key trading partners of the European Union (EU), and the U.S. is Turkey's fourth largest trading partner with 2007 exports to Turkey at $6.4 billion (Business, 2008).
A number of reforms have been undertaken in Turkey to align policies and standards with those of the EU, to remove entry barriers for international firms along with increased privatization, and to develop human capital. Many of these reforms have stemmed from the collaborative efforts of MENA nations (the nations of the Middle East and North Africa), which have been characterized by Shachmurove (2006) as troubled by "lengthy bureaucratic procedures, unclear regulations, corruption, and a heavy reliance on oil exports" (p. 1). These particular problems are further seen as posing significant obstacles to both economic development at the levels of the nation-state and the region and the integration of the region into global markets. This analysis will discuss various aspects related to doing business in Turkey.
Turkey's quickly growing economy, political and economic stability, and the potential access of the nation to EU membership continues to attract a significant number and diverse group of foreign companies across varied industries. Current economic reforms in Turkey are aimed at increasing the role of the private sector in the economy. In an effo...