The Turkish economy is estimated to have expanded by 3.3% last year, thanks mainly to the strong domestic demand in the light of soft oil prices, an accommodative monetary policy and rising minimum wages. Looking forward, on the back of relatively resilient export performance due to a weak lira and a continued revival of the European economy, the Turkish economy is expected to remain vibrant.
On 21 December 2016, the European Commission announced that it has asked the European Council for a mandate to enter into negotiations with Turkey with a view to modernising the existing EU-Turkey Customs Union. Currently, trade between the EU and Turkey is governed by the Customs Union that entered into force in 1996, which allows the tariff-free trade in goods. The current agreement does not include agriculture (except for processed products), services, or public procurement. More
Iran is a big manufacturing economy in the Middle East, offering a range of free trade industrial zones and special economic zones for foreign investors. Hong Kong companies eyeing production opportunities in Iran to sell to the regional markets must take into account the applicable investment benefits and regulations in these zones before rushing into a production diversification decision. More
Hong Kong traders with an interest in the Turkish market may like to know that Turkey has transposed into its national legislation the Low Voltage Directive (2014/35/EU) and the Electromagnetic Compatibility Directive (2014/30/EU) in order to comply with its obligations under the Customs Union with the EU. More
Iran boasts a diversified industrial base as well as a young and well-educated work force. After the lifting of UN sanctions, its manufacturing sector shows good prospects of becoming a production hub for foreign consumer goods manufacturers wishing to stay closer to customers in the Middle East and Central Asian countries, whilst cutting logistics costs. More