On December 2, 2021, Deputy Director of Eurasia Research Institute Cengizhan Canaltay presented his paper titled The Place of Foreign Firms in Turkey in Commercial Dynamics.
Talking about the general trade dynamics of Turkey, Cengizhan Canaltay mentioned that has there has been a breakthrough in 2016 in many sectors of the Turkish economy. However, the economy of Turkey has been severely affected by the coronavirus pandemic. In particular, the sectors of mineral fuels and motor land vehicles were are decline since the pandemic started. Since these are sophisticated industries, its decline led to contractions in other industries as well such as electronics, metallurgy, and various by-products. Cengizhan Canaltay also noted that Europe was Turkey’s most important trade partner. Germany, the UK, and the US were the largest export markets for Turkish goods. Turkey is an open market for capital and in 2020, 152 out of the top largest 1000 companies in Turkey were foreign companies. Cengizhan Canaltay concluded that the pandemic was a serious challenge for the Turkish economy. The continuation of downward trends is putting at risk the implementation of Turkey’s long-term plans such as New Asia expansion.