Native Americans to have direct trade with Turkey – November 18th 2011

The US House of Representatives Natural Resources Committee has ratified the bill allowing native Americans to do direct business with Turkey

The bill was sent to the House of Representatives floor.

The Turkish embassy in Washington, adding another step to the commercial rapprochment between native Americans and Turkey, has brought together the native Americans’ culture and dances with Turkey’s folk dances.

At an event organized at the embassy, first Turkish folk dances were performed.

This was followed by the performance of native Americans and their haunting music.

Turkey’s ambassador to the US Namık Tan has made an assessment for TRT of the bill allowing native Americans to trade with Turkey.

He said if the bill was also ratified on the floor Turkey would have the possibility of making some exceptional agreements with native Americans and noted that he was happy as it was no other country or community but the Turkish embassy which had achieved it. He also said relations with native Americans would be continued from now onwards.

The Congressman who submitted the bill to the committee, Tom Cole said it was a very good thing for the native Americans to have Turkish companies making investments there and having the interest to create bilateral trade relations and they were all very excited.

Turkish economy continues to be strong, says Nestle’s CEO – November 28th 2011

Nestle Turkey’s Chief Executive Officer, Hans Ulrich Mayer, said Monday that “unlike many European countries and the United States, the Turkish economy continued to be strong”.

IZMIR – Speaking to the AA, Mayer said that they attached high importance to Turkey and that their investments in Turkey were 3-4 times bigger than those made in other countries.

2011 was a good year for Nestle Turkey. We will complete this year with a growth rate of about 15-20 percent, Mayer said.

In the past 6-7 years, our trend of growth has been around 20 percent per year, Mayer noted. We have introduced 30 new products to the market in 2011. We needed new products in Turkey which had a stronger economy than many European countries and the United States.

In the past 3-4 years, we invested around 500 million USD in Turkey. Some of our products being produced in Turkey get sent to the Middle East and North Africa, Mayer underlined.

Despite the global economic crisis, we will continue to make investments in Turkey in 2012, Mayer also said.

Toyota Turkey to manufacture C segment sedan – November 24th 2011

Toyota Automobile Corporation of Turkey will manufacture the C segment sedan at their facilities in the north-western province of Sakarya.

ANKARA – The new model of Toyota will be in the Turkish market in two years.

The C segment sedan project will cost 150 million euros.

Toyota Turkey will hire an additional 400 people for the production of the C segment sedan.

TPAO and Shell sign joint venture agreement – November 23rd 2011

Turkish Petroleum Corporation, TPAO, and Shell will jointly explore oil and natural gas in the Mediterranean and South east Anatolia Region

Energy and Natural Resources Minister Taner Yıldız said the agreement was quite important in regard to oil and natural gas exploration activities in the region, and that he hoped teams would reach important findings in the Mediterranean.

The agreement between TPAO and Shell is considered a concrete step in replacing oil and natural gas imports of Turkey with domestic sources.

According to Shell officials, a series of seismic studies will be carried out at the initial phase. The data collected during seismic work will be reviewed at the end of 2012, and drilling will begin in 2014.

All costs during exploration stage will be covered by British oil giant Shell. Oil and natural gas resources to be discovered during drilling work will be shared equally between the companies.

17 US energy firms, Russia’s Gazprom mull investing in Turkey – November 17th 2011

The rapidly growing Turkish economy has started to garner more attention from international investors, indicated by the fact that 17 American firms and Russia’s largest company, Gazprom, are now considering investing in Turkey’s energy market.

The companies from the US are mostly interested in the renewable energy business in Turkey while Gazprom, the world’s largest national gas extractor, is seriously looking for an opportunity in the country’s electricity market.

Speaking to a group of reporters in Ankara on Wednesday, Michael Lally, commercial counselor at the US Embassy, said American companies such as Abound Solar, AES Corporation, Clipper Windpower, General Electric, Megtec Systems and SolarReserve are among those that will make a business trip to Turkey starting Dec. 5. It will be the first time for 11 of those companies to seek business opportunities in Turkey, Lally said, adding that cooperation with Turkish companies in third countries, particularly in Russia, the Caucasus and Africa, will also be on the table during discussions to be held during their stay in Turkey.

The news related to Gazprom, on the other hand, hit online portals after Alexander Medvedev, director-general of the Russian company’s export arm Gazprom Export, announced the company’s intentions in Turkey. “We are ready to enter Turkey’s electricity market, not only as a supplier but also an investor,” he was quoted as saying by the Anatolia news agency Thursday. Gazprom’s venture into Turkey’s domestic electricity market would likely be in partnership with a local operator.

Turkey strong at banking sector, public finance, Turkish deputy premier says – November 18th 2011

Turkish deputy prime minister has said banking sector and public finance were two areas that Turkey displayed good performance even at a time of global crisis.

Cannes – “The two basic sources of the global crisis are banking sector and public finance. In both areas Turkey has made its reforms and it has a sound structure,” Ali Babacan told a dinner held on the sidelines of MAPIC 2011, an international retail real estate fair, in Cannes, France.

Babacan indicated Turkey had been taking apt and timely measures in economy since 2002 in the areas of price stability, public finance and banking system which he said protected the country against fallout from the global economic downturn.

Babacan added that Turkey’s economy grew nine percent in 2010 and that growth figures for 2011 were expected to stand between 7 percent and 8 percent.

Turkish deputy premier says expects no problem in financing current deficit – November 23rd 2011

Turkish Deputy Prime Minister Ali Babacan on Wednesday said he expected the government would have no trouble financing the country’s soaring current account deficit.

ANKARA – “We did not have any problems financing the current deficit in the past and we will have no such issue in doing it in the future,” Babacan told a televised interview on Bloomberg TV in Turkey.

Turkey’s current accounts deficit was up 100.7 percent between January and September this year over the same period a year earlier to reach 60.6 billion USD. According to the Central Bank estimations, the figure is expected to climb up to some 70 billion USD by year-end.

Babacan said year-end inflation rate was expected to come much closer to target as estimated not only by the government and the Central Bank but by the markets as well.

The Turkish deputy premier said Turkey would grow rapidly than European average level, adding that adverse effects of a possible turndown in the euro zone could reach Turkey through the channel of commerce.

Aselsan signs contract worth 1.4 million euros with Selex-Galileo – November 30th 2011

Turkey’s Aselsan Electronic Industry and Company has signed a contract worth 1.4 million euros with Selex-Galileo.

ISTANBUL – In a statement released, Aselsan said that the contract involved the sale of electro-optical components to be used by the Italian Armed Forces.

The components would be delivered to Selex-Galileo in 2012 and 2013.

Aselsan is a corporation manufacturing all types of defense electronic equipment and systems for the armed forces.

Turkish companies make foreign acquisitions worth one billion USD over last ten months – December 2nd 2011

Foreign acquisitions Turkish companies made over the last ten months amounted to some 1 billion USD, data showed.

ISTANBUL – Around 25 foreign companies were acquired mainly in European countries, Russia, and South Africa in sectors such as electronic goods, logistics, construction, ceramics and port management.

The acquisitions were partly due to rising labor and other production costs, said an analyst with UniCredit Turkey, adding that the trend was expected to continue in the years to come though with minimal decline.

Turkey to establish science centers in every province till 2023 – November 28th 2011

Turkey is planning to open science centers in every province till 2023, minister said on Monday.

LOS ANGELES / SAN FRANCISCO – Turkey’s Science, Industry and Technology Minister Nihat Ergün has said that the government was planning to inaugurate science centers all around the country till 2023, the 100th anniversary of foundation of the Republic of Turkey.

“Technology firms will directly finance some sections of these science centers”, Ergün told AA correspondent on the sidelines of his visit to the United States.

Eroğlu warns January summit is last chance for Cyprus unification talks – November 25th 2011

Turkish Republic of Northern Cyprus (TRNC) President Derviş Eroğlu on Thursday warned that the peace summit at the UN in January will be the “last chance” to reach a settlement in ongoing Cyprus negotiations, urging both the UN and the EU to push the Greek side to commit to finding a comprehensive solution.

“As long as there is isolation on the Turkish side, the Greek Cypriot leadership will have no incentive to pursue a real settlement,” Eroğlu noted.

During meetings with senior EU officials in Brussels last week, Eroğlu echoed a similar sentiment, saying: “I conveyed the same message to EU Commission President José Manuel Barroso, Enlargement Commissioner Stefan Füle and President of the Socialist Group in the European Parliament Martin Schultz. They say they share our grievances and agree with our concerns. But we did not see any action afterwards.”

Istanbul 2012 sports capital – December 2nd 2011

Istanbul has taken over the title “European Sports Capital” from Valencia

Istanbul Metropolitan Mayor Kadir Topbaş said in a statement that they will work hand in hand with town municipalities and sport world to turn Istanbul into a city of sports where everybody from 7 to 70 joins the action.

Noting that they are in an effort to prepare infrastructure and facilities for sports activities Mayor Topbaş said “I believe all Istanbul residents will make sports a part of their daily lives with the help of Sport Year activities.”

Yours faithfully,


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