I recently accompanied 24 South East, London and East of England companies to Istanbul, Turkey to further their understanding and overseas business in the market.
When we landed in Istanbul on Sunday, we were greeted with a steady cold drizzle. This weather instantly reiterated what the 24 companies and I would experience first-hand on this Market Visit: Doing business in Turkey is a very different world to the typical 'summer holiday' image we Brits have of this country.
During the last decade, Turkey’s economy has progressed rapidly, becoming one of the strongest developing markets in the world. Turkey aims to be the second fastest growing country by 2018, as well as among the world's 10th largest economies by 2023. It is clear why Turkey is such an appealing market for UK companies to enter.
The export opportunities available are illustrated by the variation of sectors within the Market Visit delegation: ranging from renewable energy to construction, from food & drink to ICT. The delegation also contained a broad spectrum of businesses, from small start-ups to multi-million businesses. Turkey is able to offer UK businesses, of any sector and size, fantastic export prospects.
In addition to the many business opportunities that Turkey offers, this market also provides a springboard into surrounding markets such as South Caucasus, Central Asia and the Middle East. Istanbul, often dubbed 'the city where two continents meet', is the only city in the world that bridges Europe and Asia. As a meeting point for these two continents, Istanbul provides an exciting cultural mixing pot. With a population estimated at 13 million, the city demonstrates a synergy of traditions and cultures. As a country surrounded by four seas and eight bordering countries, Turkey provides an affluent place to do business.
The first day of the visit started the same day as Lord Livingston, UK Minister for Trade and Investment’s, arrival in Turkey to sign the fifth JETCO protocol, aimed at encouraging and strengthening collaboration and business between the UK and Turkey. The JETCO Business Forum (below) saw over 200 companies join Lord Livingston and the Turkish Minister of Economic Affairs, Nihat Zaybekci to learn about the huge potential for UK-Turkey bilateral trade. These conversations continued well into the evening during the post-JETCO reception held at the British Consulate where British and Turkish companies networked and discussed future business opportunities.
As well as travelling around Istanbul and Ankara to meet with new and pre-existing agents, distributors, customers and partners, the delegation also benefited from one-to-one meetings with Turkish businesses, organised by The British Chambers of Commerce in Turkey (BCCT). Our delegation were able to meet with multiple companies for initial discussions while assessing potential business prospects. These initial meetings provided opportunities for many companies to continue their conversations in more depth throughout the remainder of the week.
It soon became apparent that visiting the market and experiencing the business culture in person was essential to understanding how to do business in Turkey. Like the weather, there are subtle yet significant differences to how the British and Turkish do business. Building a trusting relationship is a vital element and this can be a slow and lengthy process. However, taking time to develop a relationship can pay off, one delegate was blown away by the warm, personal welcome she received from a prospective customer after just meeting them 2 days prior at the BCCT one-to-one meetings. These friendly exchanges are common in a Turkish business environment and it is important to reciprocate.
The opportunities to network and make contacts are in abundance on Market Visits. From meeting new Turkish companies, re-engaging with existing contacts and even finding business opportunities within the UK delegation, many come away with prospective business they would not have imagined. No more was this evident than at the UKTI reception where up to 100 attendees enjoyed a fantastic drinks reception in the British Consulate's beautiful and historic building.
Speaking with many of the delegations, they all came here with different objectives such as finding a distributor, re-engaging with past clients or simply to gain a better knowledge of the Turkish culture and its business etiquette. By the end of the Market Visit, it seemed that every company came away with a better understanding of the market, and were in a better position to export to Turkey.
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