Sep 04

Turkey: The Potential Rebirth of An Economic Empire

Recently I came back from a trip visiting Paul Garrison, my old marketing professor, and a former head-marketing executive at Coca Cola. While we discussed many emerging markets the conversation soon centered on Turkey.  Paul, who now runs a specialized strategy and marketing boutique consulting company, shared his current business experiences in Turkey. To sum up our conversation here are the four key factors why Turkey has a legitimate opportunity to be a leading economic force in the world.

Factor One: Best Practice Adoption 

Turkey over the past ten years has been trying to change its label as an old world country. As a result many of the leading companies in the region like Effes have adopted many of the best business practices and innovative ideas used across the world.  As the former champion Bill Russell stated, one need “know precisely what the lines and boundaries of your field are and learn the standards of success.” These leading companies understand that in order to grow their products across the different global markets they have to be on par or ahead of their global competitors.

Factor Two: Not Entering the EU

Since the inception of the EU, Turkey has sought entrance into what was perceived as an exclusive club of leading European nations.  Turkey made many of the needed social, economic and political reforms to transition itself from a conservative to an open world economy. Despite its best efforts, Turkey has been consistently rebuffed.

The fact that Turkey applied so much of its time and effort and got rejected actually has worked in its favor. Turkey now has many of the needed fundamentals and reforms to grow its economy exponentially without subjecting itself to share the economic woes of the EU.

Factor Three: The Arab Spring

For decades staunch dictators have dominated the entire Middle East.  These dictators have been securing handsome kickbacks to their bank accounts through the natural resources- based, and subsidy- based business deals with western superpowers.  As these dictators have been or are being ousted so is the power axis they held with them.

Turkey has been one of the most ardent supporters of the Arab spring and their generous support of money, land (for refugees) and political efforts arguing for the international support of each rebellions cause will not go unnoticed. Look for Turkey to get a significant amount of the new contracts awarded to International companies in countries like Libya, Egypt, Tunis, Somalia, and potentially Syria (pending rebellion outcome.)

Factor Four: The Perfect Blend

Turkey has historically always been a gateway between East and West. Its location and relevance have been critical to the development of the world. From the great Constantinople, to the Ottoman Empire, Turkey has found itself at the forefront of economic and political power. While the recovery has been slow and frustrating since the end of World War, Turkey seems perfectly positioned once again to play the role of gatekeeper between two continents.  It understands the cultural and economic needs of both Europe and the Middle East and seems poised to finally profit in the 21st century from its position.


1 comment

  1. Tiny Ligas

    Very good data. Lucky me I reach on your web site by accident, I bookmarked it.

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