In the era of globalisation, taking your business beyond national borders has evolved from a possibility into a necessity. Among the captivating prospects for expanding your commercial horizons, investing in Turkey stands out, thanks to its unique geographical location and rapidly growing market, capturing the attention of numerous companies.
Nevertheless, triumphing in a new market demands more than an understanding of economic dynamics. To determine whether investing in Turkey is the right move for you, a thorough understanding of local culture and language is required. This is precisely where localisation services come in, serving as the differentiator between a flourishing expansion and an unsuccessful endeavour.
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Why invest in Turkey?
Considering the current global market conditions, Turkey's economic status, inflation rates, and internal stability, it is only natural to question the viability of investing in the Turkish lira today. Forecasts suggest potential value increases for the Turkish lira, but it is a good idea to closely monitor all the pivotal factors impacting its value before making a decision. Nonetheless, investing in Turkey holds significant appeal, owing to a multitude of unquestionable advantages.
Turkey has implemented various policies aimed at enticing foreign investments, including tax incentives and reductions, specifically tailored for new businesses.
Strategic geographical location
Positioned as a gateway between Europe and Asia, Turkey provides unparalleled access to numerous enticing markets. Its strategic location is a boon for companies seeking expansion opportunities both eastward and westward.
Young and educated workforce
A youthful workforce injects innovation and dynamism into businesses. With an average age of just 31.7 years and a substantial number of annual graduates, Turkey boasts the human resources necessary to fuel business growth.
Thriving economic landscape
Turkey has demonstrated remarkable economic growth in recent years. Ranking as the 17th largest economy globally, it has witnessed its GDP triple in just over a decade.
Strong EU ties
The Customs Union established with the European Union in 1996 has bolstered trade relations between Turkey and Europe, opening up even broader market opportunities.
Navigating investment in Turkey for your business
Embarking on a venture of this magnitude requires comprehensive preparation. This entails delving into local regulations, identifying trustworthy partners, and understanding consumer behaviour. The potential of establishing a physical presence in Turkey, such as an office or branch, may also merit consideration. Additionally, cultivating a network of contacts should not be underestimated, with participation in local fairs and events serving as a means to forge valuable connections.
Software translation and localisation services
Translation involves converting one language into another, whereas localisation takes it a step further, tailoring the product to the local market in terms of culture, currency, and date format, among other things. Leveraging software localisation services can empower companies seeking insights into investing in Turkey to deliver a seamless user experience, transcending language and geography boundaries.
This type of approach not only enhances brand perception but can also drive increased sales and foster customer loyalty.
With meticulous preparation and the strategic utilisation of localisation services, choosing to invest in Turkey can emerge as the ideal decision for thriving in a dynamic market and achieving international expansion.
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