pandemic – Muhasebe News https://www.muhasebenews.com Muhasebe News Mon, 15 Feb 2021 11:00:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.3 In the last quarter of 2020 FDI inflows into Turkey reached USD 3 billion https://www.muhasebenews.com/en/in-the-last-quarter-of-2020-fdi-inflows-into-turkey-reached-usd-3-billion/ https://www.muhasebenews.com/en/in-the-last-quarter-of-2020-fdi-inflows-into-turkey-reached-usd-3-billion/#respond Mon, 15 Feb 2021 11:00:07 +0000 https://www.muhasebenews.com/?p=104609 FDI Inflows Into Turkey Surge in Q4 2020
​​As a sign of the continuing investor appetite in Turkey and the quick recovery in the wake of the pandemic, FDI inflows into Turkey totaled USD 7.7 billion in 2020, when the global appetite for FDI throughout the world shrank at a considerable amount stemming from the negative effects of the novel coronavirus. With this figure, total FDI inflows into Turkey in the 2003-2020 period reached USD 225 billion.
In the last quarter of 2020, FDI inflows into Turkey reached USD 3 billion, reaching a share of 40 percent in total FDI amount in the entire year. Turkey recorded an FDI inflow of USD 1.3 billion in December 2020, a considerable 31 percent increase when compared to the same month of the previous year.
With this performance, Turkey once again proved resilient against crisis and shocks while demonstrating that it is a safe haven with robust economic fundamentals.
Diversified FDI Sources
Turkey also diversified its FDI sources in 2020. While the traditional FDI investments continue to originate from European countries, which have a 53.8 percent share in total, Turkey is now seeing higher FDI inflows from USA, the Middle East and Asian countries having respective shares of 14.1 percent, 7.1 percent and 6.5 percent in total FDI in 2020. On a country basis, Italy, USA, the Netherlands, the UK and Luxembourg accounted for the top five FDI sources of Turkey in 2020.
Increasing Share in Global FDI
Turkey’s share in global FDI inflows reached 0.9 percent in 2020 up from 0.6 percent in the previous year, according to the data of United Nations Conference on Trade and Development (UNCTAD). UNCTAD also unveiled that global FDI inflows throughout the world receded by 42 percent in 2020.

Source: Republic of Turkey Investment Office
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]]> https://www.muhasebenews.com/en/in-the-last-quarter-of-2020-fdi-inflows-into-turkey-reached-usd-3-billion/feed/ 0 Turkey to Emerge as Robust Global Actor in Pandemic’s Wake https://www.muhasebenews.com/en/turkey-to-emerge-as-robust-global-actor-in-pandemics-wake/ https://www.muhasebenews.com/en/turkey-to-emerge-as-robust-global-actor-in-pandemics-wake/#respond Fri, 18 Dec 2020 10:00:36 +0000 https://www.muhasebenews.com/?p=98954 ​“We are strong-willed to push Turkey forward in the post-COVID-19 era as a global actor with a potential for booming and a competitive edge,” stated President Recep Tayyip Erdoğan in his remarks at the press conference following the Presidential Cabinet Meeting held on December 14.

Sharing his insights into Turkey’s economy in the aftermath of the pandemic, President Erdoğan said that Turkey has not yet risen to the level it deserves. “It is our aim to uplift our country to the level it is supposed to be during the global, political and economic restructuring process triggered by the pandemic. Turkey, with its numerous advantages, outshines many other countries. We approach our economy not only by looking at the current picture, but also by paying attention to this great potential before us,” he explained.
The government is taking all precautions by foreseeing all possible scenarios, President Erdoğan added. He also stated Turkey distinguishes itself as an advantageous investment destination. “We are reforming all Turkey’s policies with the aim of becoming a leader in the post-pandemic era. With its production diversity, logistical capabilities, strong supply chain, incentives and dynamic workforce, Turkey has become a location which will not disappoint those who invest in it. We are looking for the ways to attract more foreign direct investments into Turkey and we are trying to lay the grounds for that,” President Erdoğan said.
President Erdoğan concluded his speech with the guarantee that Turkey is open to all constructive contributions – including administrative and legal reform proposals –​ which will improve Turkey’s investment environment, enhance predictability, eliminate hesitations to invest in the country.

Source: Republic of Turkey Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/turkey-to-emerge-as-robust-global-actor-in-pandemics-wake/feed/ 0 OECD: Turkey to be 3rd Country Affected Least by Pandemic https://www.muhasebenews.com/en/oecd-turkey-to-be-3rd-country-affected-least-by-pandemic/ https://www.muhasebenews.com/en/oecd-turkey-to-be-3rd-country-affected-least-by-pandemic/#respond Tue, 22 Sep 2020 11:00:27 +0000 https://www.muhasebenews.com/?p=93104 ​Following China and South Korea, Turkey is set to be the 3rd least-affected country by the novel coronavirus as indicated by the “Economic Outlook, Interim Report” for September 2020 released by the Organization for Economic Co-operation and Development (OECD).

OECD has revised upwardly its contraction forecast for Turkey’s economy in 2020 up to -2.9 percent from -4.8 percent. OECD has further forecasted a 3.9 percent GDP growth rate in 2021 for the Turkish economy.
Minister of Treasury and Finance Berat Albayrak released a statement, in which he said, “Hopefully, this forecast will even be revised better thanks to our strong economy. We owe a profound debt of gratitude to all our health care workers and our laborers who would not give up on production.”
Meanwhile, OECD made an upward revision of its global contraction forecast as well, revising its projection from -6 percent in June to -4.5 percent.

Source: Investment Office of Republic of Turkey
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/oecd-turkey-to-be-3rd-country-affected-least-by-pandemic/feed/ 0 Necessary Measures Set for Safe Tourism in Turkey https://www.muhasebenews.com/en/necessary-measures-set-for-safe-tourism-in-turkey/ https://www.muhasebenews.com/en/necessary-measures-set-for-safe-tourism-in-turkey/#respond Mon, 06 Jul 2020 09:00:33 +0000 https://www.muhasebenews.com/?p=88149 ​On July 2nd, Minister of Foreign Affairs Mevlüt Çavuşoğlu and Minister of Culture and Tourism Mehmet Nuri Ersoy paid a visit to Germany along with a delegation of Ministry of Health executives for senior-level meetings with their counterparts to discuss bilateral relations, cooperation on the COVID-19 outbreak and tourism.
After the meeting Minister Çavuşoğlu held a press conference with his German counterpart Heiko Maas, where he remarked that “Turkey has taken all the necessary measures and now awaits its visitors.”
Meanwhile, Turkey’s Directorate of Communications released a statement declaring that “Turkey is now preparing to host visitors following the serious measures it has taken to combat the novel coronavirus.” The measures include the following;
– The Ministry of Culture and Tourism launched the “Safe Tourism Certification Program” to set health measures for domestic and foreign visitors seeking to enjoy a safe holiday in Turkey.
– Facilities and vehicles will be required to meet the hygiene standards established by the Safe Tourism Certification Program.
– Over 720 hotels have applied to be certified.
– Blue Flag certified beaches have been arranged in line with recommendations by the Ministry of Health’s Coronavirus Scientific Board.
– Until July 1st, 2020, COVID-19 testing was provided for passengers at airport centers with high visitor capacities.
– With the newly introduced insurance system, international visitors will be able to benefit from healthcare services in Turkey. The set limits are between 2,000 and 7,000 Euros with costs ranging from 12 and 33 Euros.

Source: Investment Office of Republic of Turkey / Link: https://www.invest.gov.tr/en/news/news-from-turkey/pages/necessary-measures-set-for-safe-tourism-in-turkey.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/necessary-measures-set-for-safe-tourism-in-turkey/feed/ 0 What is Turkey’s Economic Policy Response to Covid-19? https://www.muhasebenews.com/en/what-is-turkeys-economic-policy-response-to-covid-19/ https://www.muhasebenews.com/en/what-is-turkeys-economic-policy-response-to-covid-19/#respond Mon, 29 Jun 2020 12:00:05 +0000 https://www.muhasebenews.com/?p=87649 Covid-19, a new type of coronavirus first detected on December 12, 2019 in Wuhan, China, has caused a global pandemic. As of today, it has infected more than 8​​ million people around the globe, and it is spreading rapidly almost in all countries.
The Investment Office sends its heartfelt condolences to people who have lost their lives due to the pandemic, and wish a quick recovery for those infected.
Thanks to the great transformation Turkey has made in the fields of services and infrastructure during the past 17 years, Turkey is well prepared to face this pandemic.
Turkey has been managing the Covid-19 situation since its inception. Policymakers, regulators, and all economic authorities are vigilantly following the developments and are taking all necessary measures to reassure the markets.
ECONOMIC STABILITY SHIELD PROGRAM
President Recep Tayyip Erdoğan announced a TRY 100 billion-Economic Stability Shield program on March 19. The package aims to secure employment, bolster the real sector, and address the prevailing concerns on liquidity and financing in the market.
  • Tax declaration, VAT discount, and social security payments for April, May, and June have been postponed for a period of 6 months in the following sectors: retail, iron & steel, automotive, logistics, transportation, cinema & theater, accommodation, food & beverage, textile, and event organization.
  • Accommodation tax will be delayed until November.
  • The easement rights and revenue share payments related to hotel rentals for April, May, and June have been postponed for a period of 6 months.
  • VAT has been lowered to 1% from 18% for a period of 3 months on domestic flights.
  • Principal and interest rate payments of companies having cash flow problems due to Covid​-19 outbreak precautions will be postponed for a minimum of 3 months. Additional financial support will be available if required.
  • Inventory financing support will be available for exporters in order to protect capacity utilization rates.
  • Principal and interest rate payments of artisans and craftsmen to Halkbank for April, May, and June will be postponed for a period of 3 months free of interest.
  • The Credit Guarantee Fund limit will be increased from TRY 25 billion to TRY 50 billion. Loan priority will be channeled to companies and SMEs that need liquidity and that are showing a collateral deficit due to the negative effects of recent developments.
  • Social credit packages will be incentivized under the most favorable and advantageous conditions for citizens.
  • The mortgageable amount for houses under TRY 500,000 will be raised from 80% to 90%, meaning the minimum down payment has been reduced to 10%.
  • Companies that default in April, May, or June due to the measures taken against the spread of the virus will have a “force majeure” note on their credit record.
  • Minimum wage support will continue.
  • Flexible and remote working models will be utilized to allow for operations to continue efficiently.
  • Short Work Allowance will be facilitated, and the processes required to benefit from this opportunity will be eased and accelerated. Thus, the cost of employers will be reduced, while temporary income support will be provided to employees in workplaces that suspend its activities.
  • The lowest pension wage will be increased to TRY 1,500.
  • The Eid payment for the retired will be paid at the beginning of April.
  • The Ministry of Family, Labor, and Social Services will provide financial support of TRY 2 billion for needy families.
  • The 2-month compensation working period will be increased to 4 months to provide sustainability in employment.
  • Follow-up programs including social services and periodical homecare visits will be initiated for the elderly who are above 80 years old and live alone.
  • The maturities for repayments of rediscount credits, which will be due from April 2020 to June 2020, will be extended to October 2020 to December 2020, and the maximum maturity has been extended by 1 year. An additional 12 month-export commitment fulfillment time has been offered for the rediscount credits maturing in April, May, and June 2020.

Source: Investment Office of Republic of Turkey / Link: https://www.invest.gov.tr/en/Pages/covid19-updates-support.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

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