Turkey: Trade, investment, technology and Newton boost UK growth
Published 5 December 2014
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0.1 Summary
Lord Janvrin, the Prime Minister’s Trade Envoy to Turkey, promotes UK-Turkey trade and investment; attends British Technology Summit in Istanbul; and launches £40m Newton Fund in Turkey.
0.2 Detail
Lord Janvrin, the Prime Minister’s Trade Envoy to Turkey, paid his first visit to Ankara and Istanbul from 24-28 November.
In Ankara Lord Janvrin met Deputy Economy Minister Yildirim. They discussed High Value Opportunity projects (HVOs), collaboration in third markets by UK and Turkish companies and Lord Livingston’s visit in February 2015 for economic and trade talks (JETCO). Lord Janvrin raised specific UK company concerns about the investment climate in Turkey.
Lord Janvrin discussed all three UKTI Turkey HVO projects, in healthcare, civil nuclear and the Istanbul third airport. He met Health Minister Muezzinoglu and Under-Secretary Professor Gumus. Both wanted to benefit from UK experience for Turkey’s $15 billion programme to build 40 large hospital campuses using the PPP model. Prof Gumus confirmed plans for a joint international healthcare PPP symposium in Istanbul in April 2015. Energy Ministry Under-Secretary Kilci was interested in working with the UK on Turkey’s civil nuclear (HVO) programme in training and education, technical consultancy, regulatory work and capacity building. Kilci looked forward to the inward mission of UK nuclear companies which Lord Janvrin will lead in March 2015. The General Manager of the State Airports Authority, DHMI, discussed progress on the Istanbul 3rd airport project and opportunities for UK Export Finance to help UK exporters.
At events in Ankara with economic commentators, and in Istanbul with investors and multiplier organisations, Lord Janvrin heard aboutthe Turkish market for existing and new investors. Contacts were hopeful about the prospects for structural economic reforms after next year’s general election, due in June 2015.
Lord Janvrin presented the British Chamber of Commerce in Turkey (BCCT) with its formal certificate of accreditation from the British Chambers of Commerce, a big milestone in the Chamber’s development as UKTI’s strategic partner in Turkey.
In Istanbul, Lord Janvrin gave the keynote address at the British Technology Summit, the biggest event in the 2014-15 Turkey GREAT campaign. 21 British technology sector companies exhibited to over 400 attendees. Summit sessions included Big Data, Building Technology Brands and Emerging Markets. Mike Lynch, UKTI Business Ambassador for Technology, took part in the awards ceremony for the GREAT Technology Entrepreneur Start-Up competition and hosted a discussion with potential Turkish inward investors. The start-up competition attracted over 150 entries in categories including undergraduates and women. Jack Straw MP spoke on the UK’s commitment to technology and innovation.
Lord Janvrin visited the R&D centre at Arcelik, Europe’s largest white goods manufacturer and a UK inward investor under the Beko brand.
At the Summit Lord Janvrin and Professor Altunbasak, President of TUBITAK, the Scientific and Technological Research Council of Turkey, launched the Newton-Katip Celebi Fund in Turkey. The Fund will provide £20 million of DFID funding over the next five years, to be matched by TUBITAK. The Fund will enable bilateral research and scientific collaborations to support Turkey’s economic development in areas including agricultural technology, energy efficiency, life sciences and disaster management.
0.3 Comment
The British Technology Summit and the Newton Fund launch created a huge buzz. Although some investors see the business climate in Turkey as challenging, these events demonstrated again that there are strong business opportunities for UK companies here and a growing interest in inward investment to the UK.
0.4 Disclaimer
The purpose of the FCO Country Update(s) for Business (”the Report”) prepared by UK Trade & Investment (UKTI) is to provide information and related comment to help recipients form their own judgments about making business decisions as to whether to invest or operate in a particular country. The Report’s contents were believed (at the time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or damage (whether consequential or otherwise) which may arise out of or in connection with the Report.