Economic reforms in Türkiye expected to have 'positive effect'

ISTANBUL

Economic reforms in Türkiye are expected to have “a positive effect” as the “overall situation in Türkiye is, besides inflation, quite good,” Martin Wambach, managing partner at German consultancy firm Rodl & Partner, told Anadolu.

Wambach believed that having a full customs union with the EU would "help a lot" for Türkiye because steel, coal, and some agricultural products are not currently included.

“I know that negotiations are going on, and what I see on the other hand, with economic reforms, I think that will have a positive effect,” he added.

He said Rodl & Partner was established in Germany 40 years ago and provides financial services to European and non-European businesses, with 110 offices in 50 countries.

“We came to Türkiye in 1999 and started our first office here, (…) and then we saw and learned a lot about the Turkish market, how interesting, how fascinating, and how dynamic it was, and then we started to grow our Turkish business activities over here, and that was a very good idea, to invest in Türkiye,” he said.

“I think there are several reasons why German or European businesses or companies should come to Türkiye; first, it’s a huge, growing market with a growing population; second, Türkiye is a very valid production site, with lots of possibilities—you have good investment opportunities and tax-free zones; and third is that Türkiye is a good bridge between Europe and farther eastern states,” he added.

He mentioned that Istanbul is a significant business center for travel and that Turkish Airlines, the country's flag carrier, has destinations all over the world.

Wambach asserted that Türkiye’s IT and e-commerce industries are growing rapidly, with a young workforce.

He emphasized that Germany's economic and political turmoil can be overcome, and business is "very vital" in doing so.

“Even if we have a crisis, we have lots of industries that are growing, especially in the IT sector or with artificial intelligence (AI), so we see that there’s a huge demand for talent—young, good talent—and Türkiye can deliver talent, so companies should take the advantage and come to Türkiye to check out what’s going on,” he said.

Wambach emphasized that Germany and Europe are the largest investors in Türkiye, and Rodl & Partner provides services to around 1,000 European firms that have invested in Türkiye, and that the “good relationships” between Türkiye and Germany, and Türkiye and Europe, should be capitalized on.

He suggested that more mergers and acquisitions between Turkish and European firms are required as Europe’s interest in Türkiye ramps up and Turkish businesses worldwide expand rapidly.

*Writing by Emir Yildirim