Rubric: DNES PÍŠE
Although the Turkish economy is still struggling with high inflation, it expects growth to be around three times higher in 2024 compared to the average of European Union countries. At the same time, it is also taking stabilisation measures, which has been recognised by all three major credit rating agencies, which have upgraded its rating this year.
From the perspective of ‘small’ Slovakia, this ‘huge’ market is very promising and fully reflects our territorial and sectoral priorities. It also represents an opportunity for exports and investment. I am pleased that this development potential is also perceived by many Slovak entrepreneurs, who rank this country among the five most promising countries for mutual economic exchange. The investment opportunities are not negligible.
Today’s rapidly developing Turkey, bridging two continents – Europe and Asia, with nearly 80 million consumers and an improving credit rating, is a dominant regional as well as global player and represents the 17th largest economy in the world. Moreover, Turkey is a country where a sense of business and commerce has historically been a traditional part of the culture. The economic dynamism and growth in the form of modern infrastructure and construction in the region was confirmed by my recent formal visit to Turkey, coupled with the opening of a new factory. Its main investor is a Slovak company.
The opening of this plant, which incidentally grew on greenfield land, is an important milestone in Slovak-Turkish trade relations and Slovak exports in general. This important investment is a confirmation that Slovak enterprises and companies, thanks to their vision, ambition and abilities, are also able to cope with international challenges and are able to implement projects of global significance. Eximbanka is ready to support investment transactions with longer maturities, either directly or in cooperation with commercial banks, where it covers the risk in case of insufficient collateral or loan default.
Indeed, securing and accessing capital for firms can be a crucial step in covering the costs of expansion, the costs of market research and analysis, legal and regulatory matters, or setting up branches.
I believe that Slovakia has the prospect to succeed in the Turkish market (not only), in addition to traditionally strong sectors such as defence, energy, engineering and information technology, also in other potential areas and sectors.
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Photo source: Peter Majer