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Turkey to boost investment and commercial ties with Serbia PDF Print E-mail
Written by TACCI Admin   
Thursday, 26 February 2015 15:10

Turkey's Halkbank to purchase Serbian Cacanska

According to the news channel BloombergHT, deputy general manager of Turkey's Halkbank, Mustafa Aydın, announced that the bank is working to complete the purchasing process of Serbian bank Cacanska. "Purchasing Cacanska bank will increase Turkish investment in Serbia," Aydın said, and added they expect the procedure to be completed in two weeks and final approval will be released in two months. Cacanska bank was founded in 1956 and is owned by the Serbian government with a 28.48 percent share, European Bank for Reconstruction and Development with a 24.99 percent share, International Finance Cooperation with a 19.99 percent share and other shareholders with 26.54 percent. The bank's shares are traded on the Belgrade Stock Exchange.


 Turkish-Serbian Trade Doubles in Four Years

Bilateral trade reaches more than $800 million, Turkish assistant minister of economy says

Trade between Turkey and Serbia has more than doubled in four years to reach more than $800 million, Turkey's assistant minister of economy has said.

Adnan Yildirim said at a Turkey- Serbia economic conference in Belgrade on Wednesday that since 2010, the trade betweenTurkey and Serbia had doubled from its level of nearly $420 million.

He told The Anadolu Agency: "Since 2010, our trade has reached over $800 million, but we believe it is not enough and we believe that this year trade should reach a level of over one billion dollars.

"In the coming period, trade exchange between Turkey and Serbia will reach a much higher level."

- 'Growing interest'

Speaking at the one-day conference entitled: "Improving Economic Relations between Turkey and Serbia," Yildirim said bilateral cooperation between the two countries in all fields intensified after the signing of a Free Trade Agreement in 2010.

"Our goal and direction is much deeper and broader economic cooperation to Turkey and Serbia in the next three years had greater participation in the world economy," said Yildirim adding that Turkey was planning to implement joint projects in Serbia and other countries in the region, especially in construction, in the coming years.

Serbian Deputy Prime Minister Rasim Ljajic said there was a growing interest in investing in Serbia as there was an improved environment and greater legal security, political stability and security for attracting foreign investors.


Last Updated ( Thursday, 26 February 2015 15:38 )
Turkey’s largest container port to open in June PDF Print E-mail
Written by TACCI Admin   
Wednesday, 25 February 2015 15:33

Turkey’s largest container port to open in June

Turkey's largest container-only port will be open for service from June, as construction work is about to finish.

Asyaport, which will have a capacity of 2.5 million TEU, will be one of the top 100 container ports in the world and share the burden of the busy Ambarlı Port located in Istanbul's European side, which is used for multiple purposes.

The port, which is a joint venture of the world's second largest container operator Mediterranean Shipping Company (MSC) and Turkish Soyuer Group, is under construction in the Barbaros district of northwestern province of Tekirdağ by the Sea of Marmara.

Spanning 320,000 square meters with two kilometers of wharf length and 20 meters of depth, the port will also serve as Turkey's first transit container port.

Electric energy will be used to power the ports' 11 ship-to-shore gantry cranes and 33 rubber tyre gantry cranes to sustain an environmental approach.

Asyaport is expected to provide 1,200 additional jobs to Tekirdağ, which is seeking to expand itself as a logistical center for the heavily industrialized Thrace region with its sea, land and railroad connections.

The port's operation manager Kadir Uzun said that MSC will use the port as one of its main destinations. 

Uzun said that the port is projected to serve the world's largest container ships with 19,000 TEU capacities. With these features, the port aims to become the third largest container in Europe, Uzun said.


Turkish food chains attempt to commence operations in the US PDF Print E-mail
Written by TACCI Admin   
Tuesday, 24 February 2015 15:18

Turkish food chains seek to taste US market

Turkish food chains seek to taste US market

While Simit Sarayı already has one branch in Manhattan, Mehmet Tezçakın (L) paid a visit to the US last week to find a place for the first US branch of Sultanahmet Köftecisi.(Photo: Sunday's Zaman)perience in food industry in Turkey, Tarihi Sultanahmet Köftecisi Selim Usta is now expanding to the US market with a single store in Manhattan, and its third-generation owner pledges to supply
Selling simit, a traditional sesame-seed encrusted bread ring, on street corners throughout the country, Simit Sarayı opened a branch in New York City in mid-November of last year, extending its presence into the US. Now, Simit Sarayı is operating in 14 countries, with 315 branches -- including those in Turkey -- as of January. While announcing the decision to expand to the US, the chairman of Simit Sarayı said, “ Firms that do not have a branch on Fifth Avenue are not considered global companies,” underlining that the company sees the US market as a way to become a world-known food chain.

In the midst of promotion campaigns for the New York branch of Simit Sarayı, however, Tarihi Sultanahmet Köftecisi Selim Usta also announced its expansion to the US, suggesting a trend that growing demand for Turkish food products is pushing Turkish firms to invest there.

Giving an exclusive interview to Sunday's Zaman on Tuesday at the restaurant's main branch, in İstanbul's Sultanahmet, Mehmet Tezçakın, the current owner and grandson of the founder of Tarihi Sultanahmet Köftecisi Selim Usta, said they decided to launch operations in the US upon persistent demands from American tourists who had been to İstanbul and tasted the restaurant's classic köfte.

Nevertheless, Sultanahmet Köftecisi's decision raises concerns over whether it may face strong competition due to the fact that world's fast food kings, including McDonald's and Burger King, were born in the US, and that they both have a repeat customer base because of specific consumption characteristics mostly focused on fast food culture. However, Tezçakın argues that they all serve to suppress hunger; Sultanahmet Köftecisi is committed to sustain a certain taste level as well as to satisfy nutrition needs. Highlighting that he will differentiate Sultanahmet Köftecisi with flavored köfte at affordable prices, Tezçakın said they do not expect any competition.

Tezçakın based his argument on the grounds that in New York City high-quality serving restaurants demand high prices, unlike Sultanahmet Kötecisi, and many Americans already know about köfte. Defining New York as a “grand shopping mall where there is always a market activity,” Tezçakın noted that they will never suffer from low demand.

However, Tezçakın maintained, his chain suffers because of shopping malls in Turkey, where rent for a storefront is often disproportionally high. Renting a storefront in New York City is more affordable than in İstanbul, considering the distance in purchasing power between the two metropolises.

When asked about the concept for the Manhattan branch, Tezçakın said they will address the tastes of the American consumer with certain sauces, yet offer classic meals that have become the characteristics of Sultanahmet Köftecisi throughout the years. Though studies on it are ongoing, the name of Manhattan branch is likely to be different from Sultanahmet Köftecisi in Turkey -- it might be Köf Köf Burger, Tezçakın said.

The chairman pointed out that Sultanahmet Köftecisi will not confine itself to street stores; it will also serve customers by way of food carts in certain parts of Manhattan where dozens of mobile sandwich sellers attract people who count every minute amid the rush of the business world.

Promising a warm welcome to the Manhattan branch six or seven months from now, Tezçakın said that if everything goes well, another store will soon open -- this time, in Boston.

Tezçakın is pictured grilling köfte in this file photo.


Last Updated ( Tuesday, 24 February 2015 15:18 )
The Abraaj Group invests in leading Turkish e-commerce business Hepsiburada PDF Print E-mail
Written by TACCI Admin   
Monday, 23 February 2015 17:54

Abraaj partners up with Turkish shopping site

As one of the world's largest private equity investing firms growing in Asian and Latin American markets, the Abraaj Group has agreed on a partnership with Turkey's, which is considered as one of the largest virtual shopping platforms in the Middle East and the Balkans. The group, which is known for its investments in global markets, has purchased the minority shares of, which is at the helm of Doğan Online. The platform has an annual turnover of TL 1 billion ($403.8 million) and offers more than 500,000 products in 30 categories. is said to accelerate its studies on an operations center which will be put into use with the Abraaj Group's investment. The new, 100,000-square-meter operations center will offer service to third-party vendors as well and is poised to become Turkey's largest and most technological warehouses in e-commerce. Currently, more than 1 million products are dispatched from five different warehouses a month. All products will begin undergoing consolidation with the new operations center to be opened in Gebze in September 2015. Commenting on the newly-signed partnership, Arif Naqvi, the founder and CEO of the Abraaj Group, described the investment as "an important milestone in e-commerce." 

"We support our investments with our successful history, proven partnerships in Turkey and our commitment to value creation. We will contribute to's growth strategy with our previous investment experiences," he said. This is the ninth investment that the group made in Turkey since 2007. Hanzade Doğan Boyner, the CEO of, said that a marketplace platform will be put into use in May 2015 "in order to accelerate the inevitable transformation of retail industry." Boyner added that a platform-independent website will be introduced in May 2015 to boost mobile shopping which contributes greatly to the platform's growth. "Abraaj's successful investments in Turkey and its experiences in growing businesses make the group a natural partner in expanding life cycle of," he said. Selçuk Yorgancıoğlu, a partner and the Regional Head for Turkey and Central Asia of the Abraaj group said Turkey's online retail sector grows better than the traditional retail sector, but the share of online retail in total retails is still lower than that of European countries.


Turkey ready for long-range domestic electric cars PDF Print E-mail
Written by TACCI Admin   
Friday, 20 February 2015 16:04

Turkey ready for long-range domestic electric cars

Since it is hard for Turkey to compete with combustion technology, the country will take its chances with emerging technologies with long-range electric cars

Science, Industry and Technology Minister Fikri Işık announced that the configuration and architectural design processes for long-range domestic electric cars are ready to commence. Speaking to Anadolu Agency (AA) Editor's Desk, Işık announced the technical details of electric cars and said that President Recep Tayyip Erdoğan has set a target for Turkey to have its own automobile brand during his presidency. Işık noted that Turkey's chance of competing in internal combustion technology is very low, as the scale has been extended, costs have been lowered in its market and it would be hard to create a local brand. "However, there's a new, emerging technology: Long-range electric cars. This sector will be living its golden year within the next four to five years. Therefore, we wanted to use this chance and have initiated an extensive study. Now it's time to reap the fruits," Işık added.

The Scientific and Technological Research Council of Turkey (TÜBİTAK) will conduct the research and development studies for the domestic electrical car, while private sector companies in cooperation with TÜBİTAK will mostly assume the engineering and design work. The manufacturing process will be assumed completely by the private sector and TÜBİTAK and other public institutions will offer their support to the private companies. 

Işık stressed that they have initiated the first step for TÜBİTAK to conduct the studies within this structure and that the ministry is in contact with the engineering and design company as well as potential companies that may assume production of the electric cars. He also said that they are hoping to see some progress soon.

On whether public purchasing will be applied to support the new domestic electrical car project, Işık said that public sector might have to queue up if the project is implemented according to the initial design and structure construed. "If an individual does not take any long distance trips and travels for less than 100 kilometers, then, they will have the chance to use their electric cars for just TL 2-3 a day [$0.82-1.23]. It will be possible to spend only TL 50 to TL 100 a month, which is a great advantage and saving when compared to other cars," Işık said. Furthermore, long-distance travel will also be possible with the long-range electric cars. After the total distance that can safely be covered using the battery is traveled, a generator that will be placed at the back of the car will kick in. Işık underscored that the main attraction of the long-range domestic electrical car is the fuel efficiency; therefore, they're expecting a very high demand, not only from the local market but also from European markets. "While companies with high crude oil reserves, where oil prices are low might not need such long-range electrical cars, countries such as Germany, the U.K. and France are certainly in need of such new technologies for lowering fuel costs," Işık said. 


Last Updated ( Friday, 20 February 2015 16:05 )

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