NEWS FROM INLAWCO

Inlawco in Syria 
 
Inlawco partner  visited the Syrian capital Damascus, invited with Turkey’s Prime Minister Recep Tayyip Erdogan. This official visit marks the beginning of new partnership between Inlawco and a leading Syrian law firm.

Inlawco assists one of Syria's leading group of companies in a major commercial project between countries. Our firm is also to assist two major Turkish construction companies in Syria in infrastructure and real estate projects.

NEWS FROM TURKISH ECONOMY

British PM: Turkey-Britain to double trade  

Sabah - The British Prime Minister David Cameron, currently on an official visit to Turkey, has praised the Turkish economy and its growth figures, calling for increased trade ties between the two countries. Cameron’s visit to Turkey is his second foreign tour after taking office, with the first being to the US. The British PM has expressed support for Turkey’s EU bid, and said the Turkish economy will surpass many of its peers by the year 2025. Cameron also set a target for the Turkey-Britain trade volume, which is currently around USD 9 billion, to double over the next five years.

"We urge British businessmen to be as ambitious as their Turkish counterparts", said Cameron, adding that he wishes to see more British investments in Turkey, in addition to the globally renowned examples such as Vodafone, Tesco and HSBC. The British PM went on to say that Turkey’s importance to the EU is on par with the BRIC (Brazil, Russia, India and China) countries’ importance to the world.
US Ex-Im Bank to provide USD 1 billion loan to Turkish energy projects  

Hurriyet - The Turkish Ministry of Energy and Natural Resources has signed a memorandum of understanding (MoU) with the Export-Import Bank of the US (Ex-Im Bank) to provide financing for renewable energy and energy efficiency projects in Turkey.

Taner Yildiz, Turkey’s Minister of Energy and Natural Resources, said the agreement includes a loan deal totaling USD 1 billion for renewable energy and energy efficiency projects. "This is the beginning stage of cooperation that will cover various projects in the fields of wind, solar and geothermal energy", said Yildiz, adding that investors will be able to use the loan through banks in Turkey. Ex-Im Bank’s Chairman and President Fred P. Hochberg said Turkey is the fastest growing country in their nine priority countries chosen for Ex-Im Bank financing.

Turkish-Chinese partnership in electric powered car production 

Following the examples of Renault , the Boyner Group of Turkey is slated to become a serious actor of electric powered cars in the country and region. French car maker Renault has announced its intention to produce the electric powered version of the Fluence model in its Bursa plant a couple of months ago, while one of Turkey’s major electric powered car producers will be Boyner Sanayi, an offshoot of the Boyner Group whose main fields of activity are textiles and apparels.

Mr Osman F. Boyner has announced a deal with the leading Chinese car company BDY that holds distribution and production rights of the Chinese car maker. BYD (Build Your Dreams) is one of China’s leading car makers, specializing in hybrid and electric powered cars, also co-owned by international investor and billionaire Warren Buffet. 

Boyner Sanayi will begin selling the conventional models of BYD by August 2010, while electric powered models will enter the market in 2011. The production of electric powered cars is planned to begin by 2012. BYD is expected to export electric powered cars produced in Turkey to markets in Europe.

 

Turkish tourism to be boosted with 123 new projects worth TRY 2.5 billion  

Hurriyet - Turkey’s status as one of the most preferred holiday destinations in the Mediterranean is being strengthened with the addition of 123 new projects, worth a total of TRY 2.5 billion. According to the “2010 Tourism Report”, prepared by the Turkish Hoteliers Federation (TUROFED) with the cooperation of Akbank, 44 percent of tourism facilities are less than 10 years old.

The construction of new facilities, as well as the renovation of existing ones, will strengthen the industry, the report indicated. The report also stated that 39 facilities are undergoing expansion, modernization and renovation, while four new projects are nearing completion in 2010. The report states that there are 123 new projects in the tourism industry, worth a total of around TRY 2.5 billion.

 

 

Turkey’s flourishing tourism to receive USD 40 billion worth of investments 

Referans - Turkey’s tourism industry is to receive USD 40 billion worth of new investments. The country remained highly popular as a holiday destination even during the global financial crisis and observed a three percent increase in the number of tourists, while Turkey’s competitors in the Mediterranean such as Spain, France, Italy and Greece registered a ten percent decline in the number of tourist visits.

The Turkish Tourism Investors Association’s (TYD) Chairman Turgut Gur said there is a transformation process in the tourism sector as Turkey begins to offer a lot more than the sun, sea and sand. 

Gur said Turkey is not a low-cost holiday destination any more but a tourism country packed with cultural and religiously important sites and it is a leader in medical tourism.

Gur said USD 40 billion investment will be made within this scope over the next five years and added, “We are now focusing on city hotels, not holiday hotels. The total number of beds will rise to 1.5 million, while the number of marinas in the country will reach  65. The number of golf courses will rise to 50 with the addition of 35 new ones. Meanwhile, the number of airplanes will rise to 500.  Including public investments, there will be a total of USD 40 billion in investments over five years in Turkey’s tourism. Two thirds of this will be made by the Turkish Tourism Investors Association members.”

As the markets recover from the crisis and with the effect of ISE easing up the process, a number of companies are preparing to go public. The public offering process for Koza Altin will shortly start, while Latek Logistics, Mango Food and Cemas Dokum have accelerated the process for their public offerings. Meanwhile, Pegasus and eight real estate investment partnerships are also planning to go public.

Moreover, 30 percent of Turk Telekom’s state-owned shares are expected to be offered to public this year. The Turkish Prime Ministry’s Privatization Administration is planning to put shares of power plants on public offering and then to sell the remainder as a block. 


Turkey to shape wind energy market in Europe 


"Turkey could be among the top three producers of wind energy", according to Christian Kjaer, CEO of the European Wind Energy Association (EWEA). Commenting on the country’s potential regarding energy production from wind,  Kjaer said Turkey has recently raised in rank among wind energy producers in Europe, securing the 13th place and leaving Poland behind. 


Kjaer highlighted the availability of land plots for wind farms and drew attention to Turkey’s growing energy need, which in part, is expected to be met by wind energy. "Turkey has a predictable and attractive market for wind energy investors", said Kjaer, adding that the country has potential to become one of the biggest players in the wind energy sector.