Turkey

Home to Europe’s seventh-largest pharmaceuticals sector and 16th largest worldwide, Turkey is aiming to continue expanding the industry as it welcomes the addition of new firms and investors. While a number of international companies have already set up shop in the country and several more are planning to follow suit, challenges remain for foreign entities, such as government pricing regulations and auditing demands.

Helping to lead the way in a number of burgeoning Iraqi industries, Turkish firms from the energy extraction, commerce and construction sectors are investing and expanding in Iraq. And though recent events have put a bit of strain on the relationship, Turkey remains the country’s largest trading partner, as demonstrated by Turkish exports nearly tripling since 2007.

Faced with rising energy consumption, Turkey’s government has moved to meet growing demand by sealing a key gas pipeline deal with neighbouring Azerbaijan and stepping up efforts to diversify its power sources away from hydrocarbons imports.

As Turkey wraps up the 2012 Istanbul Shopping Fest, all eyes are on the country’s retail sector, which has earned the distinction of being the nation’s largest employer. While the festival was, at least in part, designed to draw in foreign visitors, the domestic market has seen plenty of growth as well, especially in rapidly developing segments like e-commerce.