Turkey is home to some of the largest machinery producers in the world. Most of these products are exported to Europe and Asia and the first half of this year was one of the most productive for this industry. Machinery exports brought 8 billion USD to the Turkish Gross Domestic Product during the first seven months of the year. If you are interested in investing in this sector, our law firm in Turkey can help you with the company registration procedure.
With an export number expanding by 5.2% in the first half of the year, machinery made it to the most exported products on a year-to-year basis, according to the Machinery and Accessories Exporters Union (MAIB). The total income generated by these exports reached 8 billion USD during the first seven months of the year.
Germany was the largest European market where Turkish machinery equipment was exported followed closely by Russia. The largest increase was generated however by Russia which imported machines worth 161 million USD, 62% more than last year. According to MAIB, Russia is currently one of the countries attracting most new investments and this explains why Russian companies have imported more machinery than in 2016.
Our lawyers in Turkey can explain the import/export regulations applicable in this country.
The second half of the year is expected to continue delivering good result for Turkish companies producing machinery and only because exports to Russia will maintain the same high levels as in the first half of 2017, but also because this is one of the largest industries in the country. Machinery is part of the manufacturing sector which represents 9.3% of Turkey’s Gross Domestic Product.
When speaking about the machinery segment in Turkey, one refers to the machines produced for the textile industry, tractors, large vehicles and even spare parts for the automotive industry. Also, the machinery sector represents one of the main foreign direct investment (FDI) sources for Turkey.
If you are interested in starting a business in the machinery industry and need assistance, do not hesitate to contact our Turkish lawyers.