 sits at the world's intercontinental crossroads, squarely between Europe and Asia, with the Arabian peninsula to the southeast and a land route to Africa beyond. Trade between the UK and Turkey was valued at £23.8 billion up to the end of Q1 2023, according to official government figures, an increase of 22.1 per cent or £4.3 billion from the four quarters to the end of Q1 2022. Turkey is now ranked 18th among the UK's trading partners worldwide. As UK businesses look to bolster international trade relationships, the scale of opportunity for business in Turkey is vast. In July this year, the UK and Turkey announced plans to begin talks on a new free trade agreement (FTA) which could cover key areas of the economy including services, digital and data. Any expansion of the existing trading relationship will only increase the potential for UK businesses, and there is a clear case to be made for entering the market early to seize them. Driven by a young and rapidly growing population, Turkey's economy, the 19th-largest in the world, is modernising fast, and is making great strides in the renewable energy, infrastructure, aerospace and tech sectors. Taking off: Turkey is quickly modernising its aerospace sector for its growing population Credit : Getty Energy expansion Turkey's announcement of a new National Energy Plan sets out ambitious targets to diversify and modernise the country's energy sector by 2035, with goals of generating 5GW from offshore wind, 5GW from electrolysis and to create 7.5GW of battery storage capacity. To achieve these goals, Turkey is seeking expertise in renewable energy. This is something that UK suppliers are well placed to provide, with their experience of offshore and onshore wind generators, as well as battery technology. The UK Government has also been a key supporter of Turkey's largest solar power plant, the Kalyon Karapinar photovoltaic plant, which will be capable of powering up to two million households whe){kind=link}
A focus on manufacturing and the demand for innovative services makes it an attractive place for UK companies to do business
Turkey (officially Türkiye) sits at the world’s intercontinental crossroads, squarely between Europe and Asia, with the Arabian peninsula to the southeast and a land route to Africa beyond. Trade between the UK and Turkey was valued at £23.8 billion up to the end of Q1 2023, according to official government figures, an increase of 22.1 per cent or £4.3 billion from the four quarters to the end of Q1 2022. Turkey is now ranked 18th among the UK’s trading partners worldwide. As UK businesses look to bolster international trade relationships, the scale of opportunity for business in Turkey is vast.
In July this year, the UK and Turkey announced plans to begin talks on a new free trade agreement (FTA) which could cover key areas of the economy including services, digital and data. Any expansion of the existing trading relationship will only increase the potential for UK businesses, and there is a clear case to be made for entering the market early to seize them.
Driven by a young and rapidly growing population, Turkey’s economy, the 19th-largest in the world, is modernising fast, and is making great strides in the renewable energy, infrastructure, aerospace and tech sectors.
Turkey’s announcement of a new National Energy Plan sets out ambitious targets to diversify and modernise the country’s energy sector by 2035, with goals of generating 5GW from offshore wind, 5GW from electrolysis and to create 7.5GW of battery storage capacity.