Currently released so far... 51122 / 251,287

### Articles

Brazil Sri Lanka United Kingdom Sweden 00. Editorial United States Latin America Egypt Jordan Yemen Thailand

### Browse latest releases

2010/11 2010/12 2011/01 2011/02 2011/03 2011/04 2011/05 2011/06 2011/07 2011/08
2010/11/28 2010/11/29 2010/11/30
2010/12/01 2010/12/02 2010/12/03 2010/12/04 2010/12/05 2010/12/06 2010/12/07 2010/12/08 2010/12/09 2010/12/10 2010/12/11 2010/12/12 2010/12/13 2010/12/14 2010/12/15 2010/12/16 2010/12/17 2010/12/18 2010/12/19 2010/12/20 2010/12/21 2010/12/22 2010/12/23 2010/12/24 2010/12/25 2010/12/26 2010/12/27 2010/12/28 2010/12/29 2010/12/30
2011/01/01 2011/01/02 2011/01/04 2011/01/05 2011/01/07 2011/01/09 2011/01/11 2011/01/12 2011/01/13 2011/01/14 2011/01/15 2011/01/16 2011/01/17 2011/01/18 2011/01/19 2011/01/20 2011/01/21 2011/01/22 2011/01/23 2011/01/24 2011/01/25 2011/01/26 2011/01/27 2011/01/28 2011/01/29 2011/01/30 2011/01/31
2011/02/01 2011/02/02 2011/02/03 2011/02/04 2011/02/05 2011/02/06 2011/02/07 2011/02/08 2011/02/09 2011/02/10 2011/02/11 2011/02/12 2011/02/13 2011/02/14 2011/02/15 2011/02/16 2011/02/17 2011/02/18 2011/02/19 2011/02/20 2011/02/21 2011/02/22 2011/02/23 2011/02/24 2011/02/25 2011/02/26 2011/02/27 2011/02/28
2011/03/01 2011/03/02 2011/03/03 2011/03/04 2011/03/05 2011/03/06 2011/03/07 2011/03/08 2011/03/09 2011/03/10 2011/03/11 2011/03/13 2011/03/14 2011/03/15 2011/03/16 2011/03/17 2011/03/18 2011/03/19 2011/03/20 2011/03/21 2011/03/22 2011/03/23 2011/03/24 2011/03/25 2011/03/26 2011/03/27 2011/03/28 2011/03/29 2011/03/30 2011/03/31
2011/04/01 2011/04/02 2011/04/03 2011/04/04 2011/04/05 2011/04/06 2011/04/07 2011/04/08 2011/04/09 2011/04/10 2011/04/11 2011/04/12 2011/04/13 2011/04/14 2011/04/15 2011/04/16 2011/04/17 2011/04/18 2011/04/19 2011/04/20 2011/04/21 2011/04/22 2011/04/23 2011/04/24 2011/04/25 2011/04/26 2011/04/27 2011/04/28 2011/04/29 2011/04/30
2011/05/01 2011/05/02 2011/05/03 2011/05/04 2011/05/05 2011/05/06 2011/05/07 2011/05/08 2011/05/09 2011/05/10 2011/05/11 2011/05/12 2011/05/13 2011/05/14 2011/05/15 2011/05/16 2011/05/17 2011/05/18 2011/05/19 2011/05/20 2011/05/21 2011/05/22 2011/05/23 2011/05/24 2011/05/25 2011/05/26 2011/05/27 2011/05/28 2011/05/29 2011/05/30 2011/05/31
2011/06/01 2011/06/02 2011/06/03 2011/06/04 2011/06/05 2011/06/06 2011/06/07 2011/06/08 2011/06/09 2011/06/10 2011/06/11 2011/06/12 2011/06/13 2011/06/14 2011/06/15 2011/06/16 2011/06/17 2011/06/18 2011/06/19 2011/06/20 2011/06/21 2011/06/22 2011/06/23 2011/06/24 2011/06/25 2011/06/26 2011/06/27 2011/06/28 2011/06/29 2011/06/30
2011/07/01 2011/07/02 2011/07/04 2011/07/05 2011/07/06 2011/07/07 2011/07/08 2011/07/10 2011/07/11 2011/07/12 2011/07/13 2011/07/14 2011/07/15 2011/07/16 2011/07/17 2011/07/18 2011/07/19 2011/07/20 2011/07/21 2011/07/22 2011/07/23 2011/07/25 2011/07/27 2011/07/28 2011/07/29 2011/07/31
2011/08/01 2011/08/02 2011/08/03 2011/08/05 2011/08/06 2011/08/07 2011/08/08 2011/08/09 2011/08/10 2011/08/11 2011/08/12 2011/08/13 2011/08/15 2011/08/16 2011/08/17 2011/08/18 2011/08/19 2011/08/21 2011/08/22 2011/08/23 2011/08/24

### Browse by creation date

66 72 73 75 79 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
1966/12
1972/02 1972/03 1972/08
1973/04 1973/10
1975/03
1979/08
1985/01 1985/02 1985/03 1985/05 1985/06 1985/10
1986/02 1986/05 1986/08 1986/09 1986/11 1986/12
1987/04 1987/06 1987/09 1987/12
1988/01 1988/03 1988/04 1988/07 1988/08 1988/09 1988/10 1988/12
1989/01 1989/03 1989/04 1989/06 1989/09 1989/12
1990/01 1990/02 1990/03 1990/07 1990/08 1990/10 1990/11
1991/01 1991/05 1991/06 1991/07 1991/08 1991/11
1992/01 1992/03 1992/06 1992/09 1992/11 1992/12
1993/01 1993/02 1993/04 1993/07 1993/10 1993/12
1994/05 1994/08 1994/11 1994/12
1995/01 1995/04 1995/06 1995/08 1995/09 1995/10 1995/11
1996/07 1996/08 1996/09 1996/11
1997/01 1997/02 1997/03 1997/05 1997/06 1997/08 1997/10 1997/11 1997/12
1998/05 1998/07 1998/08 1998/12
1999/01 1999/09 1999/10 1999/11 1999/12
2000/04 2000/05 2000/06 2000/09 2000/11 2000/12
2001/02 2001/03 2001/04 2001/05 2001/06 2001/07 2001/08 2001/09 2001/10 2001/11 2001/12
2002/01 2002/02 2002/03 2002/04 2002/05 2002/06 2002/07 2002/08 2002/09 2002/10 2002/11 2002/12
2003/01 2003/02 2003/03 2003/04 2003/05 2003/06 2003/07 2003/08 2003/09 2003/10 2003/11 2003/12
2004/01 2004/02 2004/03 2004/04 2004/05 2004/06 2004/07 2004/08 2004/09 2004/10 2004/11 2004/12
2005/01 2005/02 2005/03 2005/04 2005/05 2005/06 2005/07 2005/08 2005/09 2005/10 2005/11 2005/12
2006/01 2006/02 2006/03 2006/04 2006/05 2006/06 2006/07 2006/08 2006/09 2006/10 2006/11 2006/12
2007/01 2007/02 2007/03 2007/04 2007/05 2007/06 2007/07 2007/08 2007/09 2007/10 2007/11 2007/12
2008/01 2008/02 2008/03 2008/04 2008/05 2008/06 2008/07 2008/08 2008/09 2008/10 2008/11 2008/12
2009/01 2009/02 2009/03 2009/04 2009/05 2009/06 2009/07 2009/08 2009/09 2009/10 2009/11 2009/12
2010/01 2010/02

### Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z
Embassy Athens Embassy Asuncion Embassy Astana Embassy Asmara Embassy Ashgabat Embassy Apia Embassy Antananarivo Embassy Ankara Embassy Amman Embassy Algiers Embassy Addis Ababa Embassy Accra Embassy Abuja Embassy Abu Dhabi Embassy Abidjan Consulate Auckland Consulate Amsterdam Consulate Alexandria Consulate Adana American Institute Taiwan, Taipei
Embasy Bonn Embassy Bujumbura Embassy Buenos Aires Embassy Budapest Embassy Bucharest Embassy Brussels Embassy Bridgetown Embassy Brazzaville Embassy Bratislava Embassy Brasilia Embassy Bogota Embassy Bishkek Embassy Bern Embassy Berlin Embassy Belmopan Embassy Belgrade Embassy Beirut Embassy Beijing Embassy Banjul Embassy Bangui Embassy Bangkok Embassy Bandar Seri Begawan Embassy Bamako Embassy Baku Embassy Baghdad Consulate Belfast Consulate Barcelona
Embassy Cotonou Embassy Copenhagen Embassy Conakry Embassy Colombo Embassy Chisinau Embassy Caracas Embassy Canberra Embassy Cairo Consulate Curacao Consulate Ciudad Juarez Consulate Chiang Mai Consulate Chennai Consulate Chengdu Consulate Casablanca Consulate Cape Town Consulate Calgary
Embassy Dushanbe Embassy Dublin Embassy Doha Embassy Djibouti Embassy Dili Embassy Dhaka Embassy Dar Es Salaam Embassy Damascus Embassy Dakar DIR FSINFATC Consulate Dusseldorf Consulate Durban Consulate Dubai Consulate Dhahran
Embassy Freetown Consulate Fukuoka Consulate Frankfurt
Embassy Guatemala Embassy Grenada Embassy Georgetown Embassy Gaborone Consulate Guayaquil Consulate Guangzhou Consulate Guadalajara
Embassy Helsinki Embassy Harare Embassy Hanoi Consulate Hong Kong Consulate Ho Chi Minh City Consulate Hermosillo Consulate Hamilton Consulate Hamburg Consulate Halifax
Iran RPO Dubai Embassy Islamabad Consulate Izmir Consulate Istanbul
Embassy Jakarta Consulate Johannesburg Consulate Jerusalem Consulate Jeddah
Embassy Kyiv Embassy Kuwait Embassy Kuala Lumpur Embassy Kolonia Embassy Kinshasa Embassy Kingston Embassy Kigali Embassy Khartoum Embassy Kathmandu Embassy Kampala Embassy Kabul Consulate Krakow Consulate Kolkata Consulate Karachi
Embassy Luxembourg Embassy Lusaka Embassy Luanda Embassy London Embassy Lome Embassy Ljubljana Embassy Lisbon Embassy Lima Embassy Lilongwe Embassy Libreville Embassy La Paz Consulate Leipzig Consulate Lahore Consulate Lagos
Mission USOSCE Mission USNATO Mission UNESCO Mission Geneva Embassy Muscat Embassy Moscow Embassy Montevideo Embassy Monrovia Embassy Mogadishu Embassy Minsk Embassy Mexico Embassy Mbabane Embassy Maseru Embassy Maputo Embassy Manila Embassy Manama Embassy Managua Embassy Malabo Embassy Madrid Consulate Munich Consulate Mumbai Consulate Montreal Consulate Monterrey Consulate Milan Consulate Merida Consulate Melbourne Consulate Matamoros Consulate Marseille
Embassy Nouakchott Embassy Nicosia Embassy Niamey Embassy New Delhi Embassy Ndjamena Embassy Nassau Embassy Nairobi Consulate Nuevo Laredo Consulate Naples Consulate Naha Consulate Nagoya
Embassy Ouagadougou Embassy Ottawa Embassy Oslo
Embassy Pristina Embassy Pretoria Embassy Praia Embassy Prague Embassy Port Of Spain Embassy Port Moresby Embassy Port Louis Embassy Port Au Prince Embassy Podgorica Embassy Phnom Penh Embassy Paris Embassy Paramaribo Embassy Panama Consulate Peshawar
Embassy Quito Consulate Quebec
REO Hillah REO Basrah Embassy Rome Embassy Riyadh Embassy Riga Embassy Reykjavik Embassy Rangoon Embassy Rabat Consulate Rio De Janeiro Consulate Recife
Secretary of State Embassy Suva Embassy Stockholm Embassy Sofia Embassy Skopje Embassy Singapore Embassy Seoul Embassy Sarajevo Embassy Santo Domingo Embassy Santiago Embassy Sanaa Embassy San Salvador Embassy San Jose Consulate Surabaya Consulate Strasbourg Consulate St Petersburg Consulate Shenyang Consulate Shanghai Consulate Sapporo Consulate Sao Paulo
Embassy Tunis Embassy Tripoli Embassy Tokyo Embassy Tirana Embassy The Hague Embassy Tel Aviv Embassy Tehran Embassy Tegucigalpa Embassy Tbilisi Embassy Tashkent Embassy Tallinn Consulate Toronto Consulate Tijuana Consulate Thessaloniki
USUN New York USMISSION USTR GENEVA USEU Brussels US Office Almaty US Mission Geneva US Mission CD Geneva US Interests Section Havana US Delegation, Secretary UNVIE UN Rome Embassy Ulaanbaatar
Embassy Vilnius Embassy Vientiane Embassy Vienna Embassy Vatican Embassy Valletta Consulate Vladivostok Consulate Vancouver
Embassy Windhoek Embassy Wellington Embassy Warsaw
Embassy Yerevan Embassy Yaounde Consulate Yekaterinburg
Embassy Zagreb

### Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
AMGT ASEC AEMR AR APECO AU AORC ADANA AJ AF AFIN AMED AS AM ABLD AFFAIRS AMB APER ACOA AND AA AE AADP AID AO AL AG AORD ADM AINF AINT ASEAN AORG ABT APEC AY ASUP ARF AGOA AVIAN ATRN ANET AGIT ASECVE ABUD AODE ALOW ADB AN ADPM ASPA ARABL AFSN AZ AC AIAG AFSI ASCE ASIG ACABQ ADIP AFGHANISTAN AROC ADCO ACOTA ANARCHISTS AMEDCASCKFLO AK ARABBL ASCH ANTITERRORISM AGRICULTURE AOCR ARR ASSEMBLY AORCYM AFPK ACKM AGMT AEC APRC AIN AFPREL ASFC ASECTH AFSA AINR AOPC AFAF AFARI AX ASECAF ASECAFIN AT AFZAL APCS AGAO AIT ARCH AEMRASECCASCKFLOMARRPRELPINRAMGTJMXL AMEX ARM AQ ATFN AMBASSADOR AORCD AVIATION ARAS AINFCY ACBAQ AOPR AREP AOIC ASEX ASEK AER AGR AMCT AVERY APR AEMRS AFU AMG ATPDEA ASECKFRDCVISKIRFPHUMSMIGEG AORL ACS AMCHAMS AECL AUC ACAO
BA BR BB BG BEXP BY BRUSSELS BU BD BTIO BK BL BE BMGT BO BM BX BN BWC BBSR BTT BC BH BILAT BUSH BHUM BT BTC BMENA BOND BAIO BP BF BRPA BURNS BUT BBG BCW BOEHNER BOL BASHAR BIDEN BFIN BZ BEXPC BTIU
CPAS CA CASC CS CBW CIDA CO CODEL CI CROS CU CH CWC CMGT CVIS CDG CTR CG CF CHIEF CJAN CBSA CE CY CB CW CM CHR CD COE CV COUNTER CT CN CPUOS CTERR CVR CVPR CDC COUNTRY CLEARANCE CONS COM CACS CR CONTROLS CAN CACM COMMERCE CAMBODIA CFIS COUNTERTERRORISM CITES CONDOLEEZZA CZ CTBT CEN CLINTON CFED CARC CTM CARICOM CSW CICTE CYPRUS CBE CMGMT CARSON CWCM CIVS COUNTRYCLEARANCE CENTCOM CAPC COPUOS CKGR CITEL CQ CITT CIC CARIB CVIC CAFTA CVISU CDB CEDAW CNC CJUS COMMAND CENTER COL CAJC CONSULAR CLMT CBC CIA CNARC CIS CEUDA CHINA CAC CL
DR DJ DEMOCRATIC DEMARCHE DOMESTIC DISENGAGEMENT DB DA DHS DAO DCM DAVID DO DEAX DEFENSE DEA DTRO DPRK DOC DTRA DK DAC DOD DRL DRC DCG DE DOT DEPT DOE DS DKEM
ECON ETTC EFIS ETRD EC EMIN EAGR EAID EFIN EUN ECIN EG EWWT EINV ENRG ELAB EPET EIND EN EAIR EUMEM ECPS ES EI ELTN ET EZ EU ER EINT ENGR ECONOMIC ENIV EFTA ETRN EMS EUREM EPA ESTH EEB EET ENV EAG EXIM ECTRD ELNT ENVIRONMENT ECA EAP EINDIR ETR ECONOMY ETRC ELECTIONS EICN EXPORT EARG EGHG EID ETRO EINF EAIDHO ECIP EENV EURM EPEC ERNG ENERG EIAD EXBS ED EREL ELAM EK EWT ENGRD EDEV ECE ENGY EXIMOPIC ETRDEC ECCT EUR ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EFI ECOSOC EXTERNAL ESCAP ETCC EENG ERA ENRD ECLAC ETRAD EBRD ENVR ECONENRG ELTNSNAR ELAP EPIT EDUC EAIDXMXAXBXFFR EETC EIVN EDRC EGOV ETRA EAIDRW ETRDEINVECINPGOVCS ESA ETRDGK ENVI ELN EPRT EPTED ERTD EUM EAIDS EFINECONEAIDUNGAGM EDU EV EAIDAF EDA EPREL EINVEFIN EAGER ETMIN EUCOM ECCP EIDN EINVKSCA ENNP EFINECONCS ETC EAIRASECCASCID EINN ETRP ECONOMICS ENERGY EIAR EINDETRD ECONEFIN EURN ETRDEINVTINTCS EFIM ETIO EATO EIPR EINVETC ETTD ETDR EIQ ECONCS ENRGIZ EAIG ENTG EUC ERD EINVECONSENVCSJA EEPET EUNCH ESENV ECINECONCS ETRDECONWTOCS ECUN
FR FI FOREIGN FARM FIR FAO FK FARC FAS FJ FREEDOM FAC FINANCE FBI FTAA FM FCS FAA FORCE FDA FTA FT FCSC FMGT FINR FIN FDIC FOR FOI FO FMLN FISO
GM GERARD GT GA GG GR GTIP GH GZ GE GB GY GAZA GJ GEORGE GOI GCC GMUS GI GLOBAL GV GC GL GOV GKGIC GF GWI GIPNC GUTIERREZ GTMO GANGS GAERC GUILLERMO GASPAR
HR HA HYMPSK HO HK HUMAN HU HN HHS HURI HUD HUMRIT HUMANITARIAN HUMANR HL HSTC HILLARY HCOPIL HADLEY HOURANI HI HUM HEBRON HUMOR
IZ IN IAEA IS IMO ILO IR IC IT ITU ID IV IMF IBRD IWC ICAO ICRC INF IO IPR ISO IK ISRAELI IQ ICES IDB INFLUENZA IRAQI ISCON IGAD IRAN ITALY IRAQ ICTY ICTR ITPGOV ITALIAN IQNV IADB INTERNAL INMARSAT IRDB ILC INCB INRB ICJ ISRAEL INR IEA ISPA ICCAT IOM ITRD IHO IL IFAD ITRA IDLI ISCA INL INRA INTELSAT ISAF ISPL IRS IEF ITER INDO IIP IND IEFIN IACI IAHRC INNP IA INTERPOL IFIN ISSUES IZPREL IRAJ IF ITPHUM ITA IP IRPE IDA ISLAMISTS ITF INRO IBET IDP IRC
JA JO JM JP JCIC JOSEPH JAPAN JOHN JE JS JUS JN JOHNNIE JKUS JAMES JML JIMENEZ JK
KMDR KPAO KOMC KNNP KFLO KDEM KSUM KIPR KFLU KE KCRM KJUS KAWC KZ KSCA KDRG KCOR KGHG KPAL KTIP KMCA KCRS KPKO KOLY KRVC KVPR KG KWBG KTER KS KN KSPR KWMN KV KTFN KFRD KU KSTC KSTH KISL KGIC KSEP KFIN KTEX KTIA KUNR KCMR KCIP KMOC KTDB KBIO KBCT KMPI KSAF KACT KFEM KPRV KPWR KIRC KCFE KRIM KHIV KHLS KVIR KNNNP KCEM KLIG KIRF KNUP KSAC KNUC KPGOV KTDD KIDE KOMS KLFU KNNC KMFO KSEO KJRE KJUST KMRS KSRE KGIT KPIR KPOA KUWAIT KIVP KICC KSCS KPOL KSEAO KRCM KSCI KNAP KGLB KICA KCUL KPRM KFSC KQ KPOP KPFO KPALAOIS KREC KBWG KR KTTB KNAR KCOM KESS KINR KOCI KWN KCSY KREL KTBT KFTN KW KRFD KFLOA KHDP KNEP KIND KHUM KSKN KOMO KDRL KTFIN KSOC KPO KGIV KSTCPL KSI KPRP KFPC KNNB KNDP KICCPUR KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KDMR KFCE KIMMITT KMCC KMNP KSEC KOMCSG KGCC KRAD KCRP KAUST KWAWC KCHG KRDP KPAS KTIAPARM KPAOPREL KWGB KIRP KMIG KLAB KSEI KHSA KNPP KPAONZ KWWW KGHA KY KCRIM KCRCM KGCN KPLS KIIP KPAOY KTRD KTAO KJU KBTS KWAC KFIU KNNO KPAI KILS KPA KRCS KWBGSY KNPPIS KNNPMNUC KNPT KERG KLTN KPREL KTLA KO KAWK KVRP KAID KX KENV KWCI KNPR KCFC KNEI KFTFN KTFM KCERS KDEMAF KMEPI KEMS KBTR KEDU KIRL KNNR KMPT KPDD KPIN KDEV KFRP KTBD KMSG KWWMN KWBC KA KOM KWNM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KRGY KNNF KICR KIFR KWMNCS KPAK KDDG KCGC KID KNSD KMPF KWMM
LY LE LABOR LH LI LO LN LT LAB LTTE LU LG LA LB LOTT LVPR LAW LAURA LS LOVE LR LOG
MARR MX MASS MOPS MNUC MCAP MTCRE MRCRE MTRE MASC MY MK MG MU MILI MO MZ MEPP MCC MEDIA MOPPS MI MAS MW MP MEPN MV MD MR MC MCA MT MIL MARITIME MOPSGRPARM MAAR MOOPS ML MA MN MNUCPTEREZ MTCR MUNC MPOS MONUC MGMT MURRAY MACP MINUSTAH MCCONNELL MGT MNUR MF MEPI MOHAMMAD MAR MAPP MNU MFA MTS MLS MEETINGS MERCOSUR MED MNVC MIK MBM MILITARY MAPS MARAD MDC MACEDONIA MASSMNUC MUCN MQADHAFI MPS
NZ NATO NI NO NU NG NL NPT NS NA NP NASA NSF NEA NANCY NSG NRR NATIONAL NMNUC NC NSC NAS NARC NELSON NATEU NDP NIH NK NIPP NR NERG NSSP NE NTDB NT NEGROPONTE NGO NATOIRAQ NAR NZUS NCCC NH NAFTA NEW NRG NUIN NOVO NATOPREL NV NICHOLAS NPA NSFO NW NORAD NPG NOAA
OPRC OPDC OTRA OECD OVIP OREP ODC OIIP OAS OSCE OPIC OMS OFDP OFDA OEXC OPCW OIE OSCI OM OPAD ODPC OIC ODIP OPPI ORA OCEA OREG OMIG OFFICIALS OSAC OEXP OPEC OFPD OAU OCII OIL OVIPPRELUNGANU OSHA OPCD OPCR OF OFDPQIS OSIC OHUM OTR OBSP OGAC OESC OVP ON OES OTAR OCS
PREL PGOV PARM PINR PHUM PM PREF PTER PK PINS PBIO PHSA PE PBTS PA PL POL PAK POV POLITICS POLICY PO PRELTBIOBA PKO PIN PNAT PU PGOVPREL PALESTINIAN PTERPGOV PELOSI PAS PP PTEL PROP PRELAF PRHUM PRE PUNE PIRF PVOV PROG PERSONS PROV PKK PRGOV PH PLAB PDEM PCI PRL PRM PINSO PERM PETR PPAO PERL PBS PETERS PRELBR PCON POLITICAL PMIL POLM PKPA PNUM PLO PTERM PJUS PARMP PNIR PHUMKPAL PG PREZ PGIC PAO PROTECTION PRELPK PGOVENRG PATTY PSOC PARTIES PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PAIGH PARK PETER PHUS PKPO PGOVECON POUS PMAR PWBG PAR PGOVGM PHUH PTE PY POLUN PDOV PGOVSOCI PGOVPM PRELEVU PGOR PBTSRU PHUMA PHUMR PPD PGV PRAM PARMS PINL PSI PKPAL PPA PTERE PGOF PINO PREO PHAS PAC PRESL PORG PS PGVO PKFK PSOE PEPR PINT PRELP PREFA PNG PTBS PFOR PGOVLO PHUMBA PREK PHJM POLINT PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PEDRO PF PGPV PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PHUMPREL POGOV PEL PBT PAMQ PINF PSEPC POSTS PAHO PHUMPGOV PGOC PNR
QA QI QT QM QADRI
RS RP RU RW RFE RCMP RIGHTSPOLMIL REFORM RO ROW ROBERT REACTION REPORT REGION RELATIONS RAY ROBERTG RIGHTS RM RATIFICATION RREL RBI RICE ROOD REL RODHAM RGY RUEHZO RELIGIOUS RELFREE RUEUN RELAM RSP RF REO REGIONAL RUPREL RI REMON RPEL RSO
SCUL SENV SOCI SZ SNAR SO SP SU SY SI SMIG SYR SA SW SF SR SYRIA SNARM START SPECIALIST SG SNIG SCI SGWI SE SIPDIS SANC SELAB SN SETTLEMENTS SCIENCE SENVENV SENS SPCE SPAS SECURITY SENC SOCIETY SOSI SENVEAGREAIDTBIOECONSOCIXR SEN SPECI ST SL SENVCASCEAIDID SC SECRETARY STR SNA SOCIS SADC SEP SK SHUM SYAI SMIL STEPHEN SNRV SKCA SENSITIVE SECI SCUD SCRM SGNV SECTOR SAARC SENVSXE SWMN STEINBERG SOPN SOCR SCRS SWE SARS SNARIZ SUDAN SENVQGR SAN SM SFNV SSA SPCVIS SOFA SCULKPAOECONTU SENVKGHG SHI SEVN SH SNARCS SNARN SIPRS
TBIO TW TRGY TSPA TU TPHY TI TX TH TIP TSPL TNGD TZ TS TC TK TURKEY TERRORISM TPSL TINT TRSY TERFIN TPP TT TECHNOLOGY TE TAGS TRAFFICKING TJ TN TO TD TP TREATY TR TA TIO TECH TF TRAD TNDG TWI TPSA TWL TAUSCHER TRBY TL TV THPY TSPAM TREL TRT TNAR TFIN TWCH THOMMA THOMAS TERROR TRY TBID
UK UNESCO UNSC UNGA UN US UZ USEU UG UP UNAUS UNMIK USTR UY USUN UNEP UNDC UV UNPUOS UNSCR USAID UNODC UNRCR UNHCR UNDP UNCRIME UA UNHRC UNRWA UNO UNCND UNCHR USAU UNICEF USPS UNOMIG UNESCOSCULPRELPHUMKPALCUIRXFVEKV UR UNFICYP UNCITRAL UNAMA UNVIE USTDA USNC UNCSD USCC UNEF UNGAPL USSC UNMIC UNTAC UNCLASSIFIED USDA UNCTAD USGS UNFPA UNSE USOAS UE UAE UNCHS UNDESCO UNC UNSCS UKXG UNGACG UNHR UNBRO UNCHC UNFCYP UNIDROIT
VE VM VT VZ VEPREL VN VEN VTPREL VC VTEG VOA VTEAID VTIZ VISIT VENZ VAT VI
WHTI WIPO WTRO WHO WTO WMO WFP WEET WS WE WA WHA WBG WILLIAM WI WSIS WCL WEBZ WZ WW WWBG WMD WWT WMN WWARD WITH WTRQ WCO WEU WB WBEG
XA XX XW XK XL XM XS XF XH XB XG XT XR XY XO XD XV XI XE XC XJ XU XZ XQ XP XFNEA XTAG
YM YI YE YMOEXC YL YMCS
ZU ZI ZM ZK ZP ZOELLICK ZR ZF ZA ZL ZO ZJ ZANU ZB ZN ZH ZT ZFR ZEALAND ZXA

### Browse by classification

CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

### Community resources

Follow us on Twitter Check our Reddit Twitter this Digg this page Contact us on IRC

courage is contagious

### Viewing cable 03ANKARA4387, 20032 INVESTMENT CLIMATE STATEMENT FOR TURKEY

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:

- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.

To understand the justification used for the classification of each cable, please use this WikiSource article as reference.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #03ANKARA4387.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
03ANKARA4387 | 2003-07-12 04:53 | 2011-08-24 01:00 | UNCLASSIFIED | Embassy Ankara

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

` `

    UNCLAS SECTION 01 OF 13 ANKARA 004387

    SIPDIS

    STATE FOR EB/IFD/OIA
    TREASURY FOR OASIA
    DEPT PLEASE PASS USTR
    FAS FOR ITP/THORBURN
    USDOC FOR ITA/MAC/DDEFALCO

    E.O. 12958: N/A
    TAGS: EINV KTDB EFIN TU
    SUBJECT:  20032 INVESTMENT CLIMATE STATEMENT FOR TURKEY

    Ref: STATE 12849488106

    The following is the 20032 Investment Climate Statement
    for Turkey:

    ¶1.  OPENNESS TO FOREIGN INVESTMENT

    Turkey has been pursuing liberal and outward-oriented
    economic policies since the mid-1980s.  The Government
    of Turkey (GOT) views foreign direct investment as vital
    to the country's economic development and prosperity.
    Accordingly, on paper Turkey has one of the most liberal
    legal investment regimes for FDI in of the OECD.  With
    the exception of some sectors (see below), areas open to
    the Turkish private sector are generally  open to
    foreign participation and investment.  However, aAll
    companies - regardless of nationality of ownership -
    face a number of obstacles:  political and macroeconomic
    uncertainties, excessive bureaucracy, weaknesses in the
    judicial system, high tax rates, weaknesses in corporate
    governance, arbitrary decisions taken at the municipal
    level, and frequent, sometimes unclear changes in the
    legal and regulatory environment.  As a result, FDI
    inflows, at well below one percent of GDP over the last
    decade, have been far below that of more investor-
    friendly emerging markets as well as of Turkey's
    potential.  The GOT's far-reaching program of economic
    and political reform agreed with the World Bank and IMF,
    and motivated also by multilateral agreements and EU
    accession, should address many of these problems.

    Regulations governing foreign investment are, in
    general, transparent.  A 1954 law on foreign investment
    (Law No. 6224) was substantially modified and
    liberalized by a 1995 Decree (Decree No. 95/6990) and
    associated communiqu.  Draft lLegislation approved
    bysubmitted to Parliament in June 20032 (Law 4875 on
    Direct Foreign Investment) would further liberalized the
    foreign direct investment regime by:  eliminating
    screening of foreign investors in favor of a
    notification system; providing national treatment in
    acquisition of real estate to foreign-owned entities
    registered under Turkish law; and abolishing the
    specific minimum capital requirement for foreign
    investments (general capital requirements for all
    companies contained in the Turkish Commercial Code will
    continue to apply).  However, implementing regulations
    for the new law are not yet in place.

    (The text of regulations governing foreign investment
    and incentives can be obtained on the Internet at:
    www.treasury.gov.tr/english/ybsweb  A summary of these
    regulations can be found at:
    www.dtm.gov.tr/english/doing/iginvest/invest/ htm and
    www.igeme.org.tr/introeng.htm

    The General Directorate of Foreign Investments of the
    Undersecretariat of the Treasury screens foreign
    investments.  Treasury has refused permission for a
    number of small investments because the activity
    involved was deemed to constitute retail trade rather
    than investment, or because of security concerns about
    the individual investors.  Screening mechanisms are
    routine and non-discriminatory, and have not generally
    impeded serious investment.  However, because domestic
    investment proposals are not routinely screened, foreign
    investors are not accorded national treatment in the pre-
    establishment phase.

    Turkish law included several additionalspecifies several
    other requirements for foreign investors, all of which
    were scrapped in the new foreign investment law.  These
    included:  Real or legal persons resident abroad must
    invest a minimum of USD 50,000 investment requirement to
    establish a corporation, become partners in an existing
    company, or open a branch office; the requirement to .
    Foreign investors wishing to increase their capital must
    seek permission from Treasury if the capital increase
    would change the participation ratio between the foreign
    investor and any local partners; and.  Turkish companies
    wereare required to register with Treasury any
    licensing, management, or franchising agreements
    concluded with foreign persons.  Foreign investors
    owning ten percent or more of a company established in
    Turkey must inform Treasury of their participation in
    any directors' or shareholders' meetings.  Note:  The
    foregoing requirements would be dropped by the draft
    foreign investment law.

    Foreign investors are subject to restrictions on
    establishment in certain sectors.  Establishment in
    financial services, including banking and insurance, and
    in the petroleum sector requires special permission from
    the GOT.  The equity participation ratio of foreign
    shareholders is restricted to 20 percent in
    broadcasting, and 49 percent in aviation, value-added
    telecommunication services, and maritime transportation.
    However, companies receive full national treatment once
    they are established. Establishment in financial
    services, including banking and insurance, and in the
    petroleum sector requires special permission from the
    GOT for both domestic and foreign investors.

    The GOT privatizes State Economic Enterprises through
    block sales, public offerings, or a combination of both.
    Foreign investors generally receive national treatment
    in privatization programs. Turkish law allows foreign
    investors to acquire up to 45 percent of Turk Telecom,
    the monopoly provider of voice and other
    telecommunications services, with the Turkish government
    retain a single "golden" (blocking) share, in the
    company's upcoming privatization.

    The Turkish Parliament also passed legislation in June
    2003 which should streamline the company registration
    process (see Section 8 - Transparency of the Regulatory
    System).  Another new law on work permits for foreign
    citizens which will take effect later in 2003 should
    give the Labor and Social Security Ministry additional
    authority in this area (see Section 5 - Performance
    Requirements/Incentives).

    This report was prepared in July 2003.  To find the text
    of regulations governing foreign investment and
    incentives, please consult the Internet at:
    www.treasury.gov.tr/english/ybsweb.  A summary of these
    regulations can be found at:
    www.dtm.gov.tr/english/doing/iginvest/invest/ htm and
    www.igeme.org.tr/introeng.htm.)

    ¶2.  CONVERSION AND TRANSFER POLICIES

    Turkish law guarantees the free transfer of profits,
    fees and royalties, and repatriation of capital.  This
    guarantee is reflected in Turkey's Bilateral Investment
    Treaty with the United States, which mandates
    unrestricted and prompt transfer in a freely usable
    currency at a legal market clearing rate for all funds
    related to an investment.  There is no difficulty in
    obtaining foreign exchange.  There are no limitations on
    the inflow or outflow of funds for remittances.

    ¶3.  EXPROPRIATION AND COMPENSATION

    Under the 1990 Bilateral Investment Treaty with the
    United States (codifying existing Turkish law),
    expropriation can only occur in accordance with
    international law and due process.  Expropriations must
    be for public purpose and non-discriminatory.
    Compensation must be reasonably prompt, adequate, and
    effective.  Under the Bilateral Investment Treaty, U.S.
    investors have full access to the local court system and
    the ability to take the host government directly to
    third party international binding arbitration to settle
    investment disputes.  There is also a provision for
    state-to-state dispute settlement.

    As a practical matter, the GOT occasionally expropriates
    private property for public works or for State
    Enterprise industrial projects.  The GOT agency
    expropriating the property negotiates and proposes a
    purchase price.  If the owners of the property do not
    agree with the proposed price, they can go to court to
    challenge the expropriation or ask for more
    compensation.

    ¶4.  DISPUTE SETTLEMENT

    There are no outstanding expropriation or
    nationalization cases.  However, there are several
    investment disputes between U.S. companies and Turkish
    government bodies, particularly in the energy and
    tourism sectors..  In one case, local authorities have
    shut down an American-owned hotel and restaurant by
    denying operating permission and residency permits,
    apparently without legal basis.  Claimant has reportedly
    initiated four lawsuits against the provincial governor
    and government agencies, but these cases have not yet
    been decided by the courts.  In the energy sector, the
    Government of Turkey has not implemented a number of
    contracts with U.S. firms for build-operate-transfer
    (BOT) and transfer-of-operating-rights (TOR) power
    projects.  One company filed an international
    arbitration case against the GOT in 2002.  A 2002
    Constitutional Court ruling requires the GOT to either
    proceed with the projects according to the signed
    contracts, or cancel them and compensate the companies
    accordingly.  The GOT has indicated it will seek a
    negotiated settlement with those companies, but as of
    mid-June, the GOT had not contacted any of the companies
    to pursue a settlement.

    Turkey's legal system provides means for enforcing
    property and contractual rights. The court system is
    overburdened, however, which sometimes resultsing in
    slow decisions and judges lacking sufficient time to
    grasp complex issues.  The judicial system is also
    perceived by the public and by business to be
    susceptible to external political and commercial
    influence to some degree.  Judgments of foreign courts
    need to be reconsidered by local courts before they are
    accepted and enforced.  Turkey has written and
    consistently applied commercial and bankruptcy laws.
    Monetary judgements are usually made in local currency,
    but there are provisions for incorporating exchange rate
    differentials in claims.

    Turkey is a signatory of the Washington Convention, and
    a member of the International Center for the Settlement
    of Investment Disputes (ICSID), also known as the
    Washington Convention, and is a signatory of the New
    York Convention of 1958 on the recognition and
    enforcement of foreign arbitral awards.  Turkey ratified
    the Convention of the Multinational Investment Guarantee
    Agency (MIGA) in 1987.

    The Turkish government accepts binding international
    arbitration of investment disputes between foreign
    investors and the state; this principle is included in
    the U.S.-Turkish Bilateral Investment Treaty (BIT).  For
    many years, there was an exception for "concessions"
    involving private (primarily foreign) investment in
    public services.  In 1999, the Parliament passed
    amendments to the constitution allowing foreign
    companies access to international arbitration for
    concessionary contracts.  In 2000, the Turkish
    government completed implementing legislation for
    arbitration.  In 2001, the Parliament approved a law
    further expanding the scope of international arbitration
    in Turkish contracts.  In practice, however, Turkish
    courts have on at least one occasion failed to uphold an
    international arbitration ruling involving private
    companies.

    ¶5.  PERFORMANCE REQUIREMENTS/INCENTIVES

    Turkey is a party to the WTO Agreement on Trade Related
    Investment Measures (TRIMS).

    Turkey provides a variety of investment incentives to
    both domestic and foreign investors, though these were
    scaled back in 2003.  These include  corporate tax
    exemptions, with up to 40100 percent of specified
    investment expenses - 200 percent for investments over
    USD 250 million - deductible from future taxable profits
    for investments about 5 billion TL (an incentive
    certificate is not required for this exemption).  In
    addition, there are: ; exemptions from value-added taxes
    for machinery and equipment purchased locally or
    imported for the investment; duty-free import of
    machinery and equipment (though not raw materials or
    intermediate goods) to be used in the investment; and
    soft loans for research and development.  Investment
    incentives are defined in a May 2003 Finance Ministry
    decree. clearly specified in regulations (a government
    decree issued March 25, 1998, and a related communiqu
    dated May 6, 1998 Feb 18, 2001).

    In order to take advantage of investment incentives, an
    investor must obtain an "incentive certificate" from the
    Treasury.  The size of the incentive depends upon the
    geographic location, sector, and value of the
    investment.  Investment incentives are greater in the
    less-developed "priority" and "normal" areas or sectors,
    and eligibility depends on a minimum value. According to
    the current incentive regime, a minimum fixed investment
    of  TL200 billion.  (approximately USD 120,000 in July
    2002) is required for priority regions, TL 400 billion
    (approximately USD 240,000 in July 2002) for normal
    regions and 600 billion TL (approximately USD 360,000 in
    July 2002) for  developed regions.  (For more
    information on the Turkish incentive system, please
    visit: www.investinturkey.gov.tr/incentives.htm).

    The GOT has introduced several special investment
    incentives for the eastern and southeastern regions.
    For example, new investments made in these provinces
    before the end of 2000 are exempt from corporate and
    income taxes for five years, investors can receive
    substantial discounts on electricity payments, and state-
    owned banks will provide reduced rate loans for
    industrial or employment producing investments.The GOT
    is considering further tax and social insurance premium
    reductions for businesses investing in provinces with
    per capita income below USD 1,500.

    There are no performance requirements imposed as a
    condition for establishing, maintaining, or expanding an
    investment.  There are no requirements that investors
    purchase from local sources or export a certain
    percentage of output.  However, domestic or foreign
    investors who commit to realizing USD 10,000 of exports
    upon completion of the investment may be exempt from
    certain fees and taxes, such as those related to land
    registration or company establishment.  Investors'
    access to foreign exchange has no relation to exports.

    There are no requirements that nationals own shares in
    foreign investments, that the shares of foreign equity
    be reduced over time, or that the investor transfer
    technology on certain terms.

    There are no government imposed conditions on permission
    to invest, including location in specific geographical
    areas, specific percentage of local content - for goods
    or services - or local equity, import substitution,
    export requirements or targets, employment of host
    country nationals, technology transfer, or local
    financing.

    The GOT does not request that investors disclose
    proprietary information, other than publicly available
    information, as part of the regulatory approval process.
    Enterprises with foreign capital must send their
    activity report, submitted to the general assembly of
    shareholders, auditor's report, and balance sheets to
    the Treasury's Foreign Investment Directorate every year
    by May.

    With the exceptions noted under "Openness to Foreign
    Investment", Turkey grants all rights, incentives,
    exemptions and privileges available to national capital
    and business to foreign capital and business, on a MFN
    basis.  American and other foreign firms can participate
    in government-financed and/or subsidized research and
    development programs on a national treatment basis.

    With one exception noted under "Dispute Settlement",
    vVisa, residence, or work permit requirements have not
    generally inhibited foreign investors.  Expatriates may
    be assigned as managers or technical staff.  We are
    aware of one case in the tourism sector in which denial
    of a residence permit has hindered operations for a
    foreign investor.  A 2003 law (no. 4817) on work
    authorizations for foreign nationals should give the
    Ministry of Labor and Social Security more authority
    over work permits.  Implementing regulations are to be
    issued later this year.

    Turkey has a liberal foreign trade regime.  There are no
    discriminatory or preferential export or import policies
    directly affecting foreign investors.  Turkey harmonized
    its export incentive regime with the European Union in
    1995, prior to the start of the Customs Union.  Turkey
    currently offers a number of export incentives,
    including credits through the Turkish Eximbank, energy
    incentives, and research and development incentives.
    Cash incentives for exporters have been eliminated.
    Foreign investors can participate in these export
    incentive programs on a national treatment basis.  More
    information on Turkey's trade regime can be found at
    www.foreigntrade.gov.tr.

    Military procurement generally requires an offset
    provision in tender specifications when the estimated
    value of the imported goods and/or services exceeds five
    million dollars. Turkish procedures provide little
    incentive for U.S. companies to satisfy offset
    requirements (the obligation to invest or buy Turkish
    exports as a condition of winning defense contracts) by
    investing in non-defense industries.

    ¶6.  RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT

    Foreign and domestic private entities have the right to
    freely establish and own business enterprises and engage
    in all forms of remunerative activity.  As noted above,
    restrictions exist in the establishment of firms in
    certain sectors where the share of foreign ownership is
    limited to 20 percent in broadcasting and up to 49
    percent in aviation, maritime transportation, and value-
    added telecommunication services.  Certain activities
    are reserved for GOT owned enterprises.  For example, by
    law, Turk Telekom has a monopoly until December 31, 2003
    on providing basic telephone services.  Beyond these
    areas, private entities may freely establish, acquire,
    and dispose of interests in business enterprises, and
    foreign participation is permitted up to 100 percent.

    However, non-resident investors in companies with
    foreign capital must seek permission from the Treasury
    prior to selling part or all of their shares to real or
    legal persons resident in Turkey.  Treasury approval is
    not required for sales to other foreigners or for sales
    of securities or capital market instruments through a
    financial intermediary.   Note:  This restriction would
    be removed by the draft foreign investment law currently
    before parliament.

    Competitive equality is the standard applied to private
    enterprises in competition with public enterprises with
    respect to access to markets, credit, and other business
    operations.  Turkey is adopting the EU's competition
    policy; a Competition Board was established in 1997 to
    implement the 1994 competition (anti-monopoly) law.

    ¶7.  PROTECTION OF PROPERTY RIGHTS

    Secured interests in property, both chattel and real are
    recognized and enforced.  There is a recognized and
    reliable system of recording such security interests.
    For example, there is a land registry office where real
    estate is registered.  Turkey's legal system protects
    and facilitates acquisition and disposal of property
    rights, including land, buildings, and mortgages,
    although some parties have complained that the courts
    are slow in rendering decisions and that they are
    susceptible to external influence (see "Dispute
    Settlement").

    In 1995, the Turkish Parliament approved new patent,
    trademark and copyright laws in connection with
    preparations for Turkey's customs union with the EU.
    Turkey also acceded to a number of multilateral
    intellectual property rights (IPR) conventions,
    including the 1971 Paris Act of the Berne Copyright
    Convention.  In 2001, the Parliament enacted amendments
    to the copyright law, which provide retroactive
    protection, expand the list of protected items and
    include deterrent penalties against piracy.  These
    amendments brought Turkey into compliance with the WTO
    Agreement on Trade Related Aspects of Intellectual
    Property Rights (TRIPS) in most areas.  In recognition
    of Turkey's progress in the IPR area, USTR removed
    Turkey from its Special 301 Priority Watch List and
    placed the country on its Watch List in 2002, where it
    remains in 2003.1.

    Although iIntellectual property holders have praised
    Turkey's 2001new legislation as a significant
    improvement in the legal regime, implementing
    regulations in the area of broadcasting include an
    arbitration provision which could lead to compulsory
    licensing of musical and possibly other works.   In the
    software area, piracy rates have come down in recent
    years following an anti-piracy campaign and a directive
    to legalize software used in government bodies.
    However, piracy rates for recorded music remain
    persistently high.  Trademark holders contend that there
    is widespread and often sophisticated counterfeiting of
    their marks in Turkey.

    Turkey's 1995 patent law replaced a law originally
    passed in 1879.  New trademark, industrial design, and
    geographic indicator laws were passed at the same time,
    completely revamping Turkey's foundation for industrial
    property protection.  Turkey also adhered to a number of
    international conventions in 1995, including the
    Stockholm Act of the Paris Convention, the Patent
    Cooperation Treaty, and the Strasbourg Agreement.  The
    Turkish Patent Institute (TPI) was established in 1994
    as an independent legal entity (Law No. 4004, June 16,
    1994) under the Ministry of Industry and Trade.  TPI's
    mission is to support technological development in
    Turkey, establish and protect intellectual property
    rights and provide public information on intellectual
    property rights.  Currently, TPI is understaffed to
    affect countrywide protection.

    In accordance with the 1995 patent law and Turkey's
    agreement with the EU, patent protection for
    pharmaceuticals began on January 1, 1999.  Turkey has
    been accepting patent applications since 1996 in
    compliance with the TRIPS agreement "mailbox"
    provisions.  The patent law does not, however, contain
    interim protection for pharmaceuticals in the R&D
    "pipeline."  Lack of data exclusivity protection, which
    is required by the TRIPS agreement, is the key IPR
    concern for research-based pharmaceuticals companies.

    ¶8.  TRANSPARENCY OF THE REGULATORY SYSTEM

    The GOT has adopted policies and laws, which in
    principle should foster competition and transparency.
    However, foreign companies in several sectors claim that
    regulations are sometimes applied in a nontransparent
    manner.  In 2002, the GOT published a report on
    transparency and good governance in Turkey's public
    sector and established an interagency steering committee
    to implement it.  The plan calls for:  greater public
    access to information from the government and public
    sector entities; financial disclosure by elected public
    officials; and decentralization of most public services.

    The government in principle follows competitive bidding
    procedures.  In 20032, Law 4734 on Public Procurement
    entered into force.  The Turkey's Parliament approved
    amendments to the state procurement law law, which
    established a board to oversee public tenders, and
    lowered the minimum bidding threshold at which foreign
    companies can participate in state tenders.  However,
    the law restricts preferences for local bidders to
    Turkish citizens and legal entities established by them.
    The public procurement law may be further amended in the
    future.

    In general, labor, health and safety laws and policies
    do not distort or impede investment, although legal
    restrictions on discharging employees may provide a
    disincentive to labor-intensive activity in the formal
    economy.  Certain tax policies distort investment
    decisions.  High Turkish taxation of cola drinks
    discourage investment in this sector.  Generous tax
    preferences for free zones provide a stimulus to
    investment in these zones, perhaps at the expense of
    investment elsewhere in Turkey.  These preferences may
    be trimmed under legislation currently under
    considerationNew free zones law being drafted could
    consider limiting tax-free status of these zones.

    On paper, Turkey's foreign investment regime is liberal.
    However, pParticularly beyond the establishment phase,
    bureaucratic "red tape" has been remains a significant
    barrier to companies, both foreign and domesticproblem.
    Parliament passed Law 4884 in June 2003 which should
    simplify company establishment procedures.  The law
    repeals the permit requirement from the Industry and
    Commerce Ministry for certain firms, institutes a single
    company registration form and enables individuals to
    register their companies through local commercial
    registry offices of the Turkish Union of Chambers and
    Commodity Exchanges.  The goal is to enable registration
    to be completed in as little as one day and to encourage
    electronic sharing of documents.  Turkish government
    agencies are expected to issue implementing regulations
    needed to bring the law into force.  The government is
    also considering other imeasures mplementing an action
    plan designed to streamline procedures for establishing
    and operating a business in Turkey, based on
    recommendations made in a World Bank-funded study on
    administrative barriers to investment.

    ¶9.  EFFICIENT CAPITAL MARKETS AND PORTFOLIO INVESTMENT

    Turkey's financial system and policies facilitate the
    free flow of financial resources.  The private sector
    has access to a variety of credit instruments.  Legal,
    regulatory and accounting systems are transparent and
    consistent with international norms.

    There is a regulatory system established to encourage
    and facilitate portfolio investments, though it needs
    improvements in transparency, accounting, and
    enforcement provisions to bring it up to EU and US
    standards.  The Istanbul Stock Exchange (ISE), formed in
    1986, is becoming one of the major players among
    emerging markets.  As of midend-2001, 3102 companies
    were listed on the exchange. However, Turkey has yet to
    develop other capital markets.  The Capital Markets
    Board is responsible for overseeing the activities of
    capital markets, including activities of the ISE- quoted
    companies, and securitiesy and investment houses.

    Commercial credit in Turkey is allocated according to
    market terms.  However, because of high local borrowing
    costs (real interest rates can exceed 25 percent), short
    repayment periods, and limited liquidity condition
    during the current economic crisis, both foreign and
    local investors frequently seek credit from
    international markets to finance their activities.  As
    of September July 20031, there were 512 commercial banks
    (including 1714 foreign banks) and 16 14 development or
    investment banks operating in Turkey.   Total sectoral
    assets were approximately USD 130.111.8 billion, or
    about 75 percent of GNP, as of July September 20031
    according to data from the Banking Regulation and
    Supervision Board. of Turkey.  The threefour state-owned
    commercial banks and the top six privately capitalized
    banks hold approximately 69 percent of total assets.

    The parliament passed a new bank regulatory law in June
    1999, which was amended in December 1999 and May 2001.
    The law created an independent agency, the Banking and
    Regulation and Supervision Agency (BRSA), headed by a
    board whose seven members would be appointed by the
    cabinet for six-year terms.  The law's provisions also
    toughen conditions for establishing new banks or
    branches, set credit limits to protect bank solvency,
    and strengthen regulatory and sanctioning powers,
    including authorizing the board to merge weak banks with
    stronger ones.

    The BRSA was established in August 2000 to monitor and
    supervise Turkey's banks under the new law.  The Central
    Bank transferred to it the State Deposit Insurance Fund.
    Since 1997 the SDIF has taken over 21,  banks,
    includingtogether with the Imar Bankasi which was , a
    bank owned by the Uzan Group, taken over on July 4,
    2003., which had supervisory control of seven private
    insolvent banks.  In October 2000, the BRSA declared
    another three banks insolvent and put them under the
    Deposit Insurance Fund.  During the November 2000
    financial crisis, Demirbank, one of Turkey's ten largest
    banks, became insolvent and was taken over by the
    Deposit Insurance Fund.  BRSA took over another two
    banks in February 2001 and five more in July 2001,
    bringing the total number of banks under its control to
    ¶19.  The Government of Turkey has recapitalized the
    private banks under its control, and is committed to
    either selling or liquidating them by year-end 2002.
    The process still continues for Pamukbank, Turkey's
    sixth largest private bank. A Bbanking auditing and
    recapitalization program in the first half of 2002
    resulted in increased transparency, and better
    accounting for non-performing loans, and the takeover of
    Pamukbank, Turkey's sixth largest private bank.  The
    Bank Capital Restructuring program of the BRSA led to
    more transparency in banks financial statements as a
    result of application of athe 3-stage auditing process,
    and application of international standards.

    The BRSA is proceeding to issue new regulation limiting
    the extent of connected lending (between a bank and
    related corporate entities), modernizing banks'
    accounting practices, and requiring frequent BRSA on-
    site monitoring.

    One of the most significant achievements of the reform
    program has been to restructure the state banks, which
    continue to control more than one-half of Turkish
    banking assets.  The government liquidated one state
    bank (Emlak Bank), is trying to privatize another (Vakif
    Bank), and has significantly downsized (Ziraat Bankasi
    and Halkbank).  Also, it largely eliminated state bank
    duty losses - unreimbursed subsidized loans from these
    banks - which had created an enormous financial hole
    that helped bring about the most recent financial crisis

    The Turkish private sector is dominated by a number of
    large holding companies, whose upper management is
    controlled by prominent families.  Most large businesses
    continue to float publicly only a minority portion of
    company shares in order to limit outside interference in
    company management.  Hostile takeovers are unknown in
    Turkey.  There has been no attempt at a hostile takeover
    by either international or domestic parties in recent
    memory.

    There are no laws or regulations that specifically
    authorize private firms to adopt articles of
    incorporation or association to limit or prohibit
    foreign investment, participation, or control.  Neither
    is there any attempt by the private sector or government
    to restrict foreign participation in industry standard-
    setting consortia or organizations.

    ¶10.  POLITICAL VIOLENCE

    The general security situation throughout Turkey is
    stable, but sporadic incidents involving terrorist
    groups have occurred.  The Turkish government is
    committed to eliminating terrorist groups such as the
    Kurdistan Workers' Party (PKK - now renamed Kadek) and
    various leftist and fundamentalist groups.  Although
    these groups have not completely disbanded, their
    operational capabilities have greatly diminished.  These
    groups have used terrorist activity to make political
    statements, particularly in Istanbul and other urban
    areas of Turkey.  In 2000 and 2001, terrorists targeting
    Turkish officials and various civilian facilities, such
    as fast food restaurants, in Istanbul were responsible
    for the deaths and injuries of several dozen people.  In
    2002 and 2003, civilian venues such as fast food
    restaurants have been the targets of minor bomb attacks.
    Operation Iraqi Freedom triggered largely peaceful
    demonstrations in most major Turkish cities, but a
    series of bombings also occurred in several of Turkey's
    larger cities.  The PKK retains a residual presence in
    certain parts of southeastern Turkey, where two
    provinces remain under a state-of-emergency, and several
    are deemed "sensitive" by the GOT.

    Although the Turkish government takes air safety very
    seriously and maintains strict controls, particularly on
    international flights, hijacking attempts have occurred
    as recently as 2001, when a flight attendant was killed
    during a hijacking by Chechen terrorists.  There have
    been two hostage-taking incidents at luxury hotels in
    Istanbul in the past year, both staged by pro-Chechen
    terrorists and resolved without casualties.

    ¶11.  CORRUPTION

    CORRUPTION IS PERCEIVED TO BE A MAJOR PROBLEM IN
    TURKEY BY PRIVATE ENTERPRISE AND THE PUBLIC AT
    LARGE.  THE TURKISH GOVERNMENT CONDUCTED TWO
    SIGNIFICANT ANTI-CORRUPTION OPERATIONS IN 2001,
    ONE IN THE ENERGY MINISTRY AND THE OTHER IN THE
    PUBLIC WORKS MINISTRY.  SEVERAL INDIVIDUALS WERE
    CHARGED WITH CORRUPTION AND WRONGDOING IN
    GOVERNMENT CONTRACT TENDERS.  THE OPERATIONS
    RESULTED IN THE RESIGNATION OF BOTH MINISTERS AND
    THE ARREST OF MANY HIGH-LEVEL OFFICIALS.
    PARLIAMENT CONTINUES TO PROBE CORRUPTION IN THE
    ENERGY MINISTRY AND OTHER GOVERNMENT BODIES.

    Corruption appears to be most problematic in public
    procurement, with frequent allegations that contracts
    are awarded on the basis of personal and political
    relationships of businesspersons and government
    officials.  The judicial system is also perceived to be
    susceptible to external political and commercial
    influence to some degree.

    Turkish legislation outlaws bribery and some
    prosecutions of government officials for corruption have
    taken place, but enforcement is uneven.

    Turkey has ratified the OECD antibribery convention, and
    but has not yet passed the relevant implementing
    legislation in January 2003 to which would explicitly
    provide that bribes of foreign officials, as well as
    domestic, are illegal and not tax deductible.  Bribes
    cannot be deducted from taxes as a business expense.

    The Turkish government became a party to three
    conventions of the Council of Europe in 2001: the
    Strasbourg Convention on Laundering, Search, Seizure and
    Confiscation of the Proceeds from Crime; the Criminal
    Law on Corruption; and the Civil Law on Corruption. By
    becoming a party to these conventions, the Turkish
    government agreed to define corruption as a predicate
    offense for money laundering and to address private
    sector corruption, as well as public sector corruption,
    as a crime.  The Turkish government has signed the UN
    Convention against Transnational Organized Crime in 2001
    and has submitted a draft proposal to become a party to
    the UN Convention Against Corruption.

    U.S. firms have sometimes alleged that corruption, or at
    a minimum nontransparent practices, have been a barrier
    to direct foreign investment.  American companies
    operating in Turkey have complained about contributions
    to the community solicited, with varying degrees of
    pressure, by municipal or local authorities.

    The Prime Ministry's Inspection BoardDepartment, which
    advises a new Corruption Investigations Committee, is
    responsible for investigating major corruption cases.
    Nearly every state agency has its own inspector corps
    responsible for investigating internal corruption.  The
    National Assembly can establish investigative
    commissions to examine corruption allegations concerning
    Cabinet Ministers for the Prime Minister; a majority
    vote in the parliament is needed to send these cases to
    the Ssupreme Ccourt for further action.

    Transparency International has an affiliated NGO in
    Istanbul.

    ¶12.  BILATERAL INVESTMENT AGREEMENTS

    Since 1985, Turkey has been negotiating and signing
    agreements for the reciprocal promotion and protection
    of investments.  Turkey has signed or initiated
    negotiations on bilateral investment treaties with 65 79
    countries.  Forty-three six of these agreements are now
    in force, including with the United States, United
    Kingdom, Germany, the Netherlands, Belgium Luxembourg,
    Denmark, Austria, Sweden, Switzerland, Spain, Hungary,
    Poland, Romania, Tunisia, Kuwait, Bangladesh, China,
    Japan, South Korea, Indonesia, Croatia, Cuba, the Czech
    Republic, Estonia, Russian Federation, Kazakhstan,
    Georgia, Tajikistan, Ukraine, Uzbekistan, Belarus,
    Macedonia, Pakistan, Turkmenistan, Moldova, Kyrgyzstan,
    Albania, Bulgaria, Argentina, Bosnia, Malaysia, Egypt,
    Mongolia, Greece and Israel.

    Turkey's bilateral investment treaty with the United
    States came into effect on May 18, 1990.  A bilateral
    tax treaty between the two countries took effect on
    January 1, 1998.  Turkey has signed avoidance of double
    taxation agreements with 59 countries; 39 of these are
    in force.

    ¶13.  OPIC AND OTHER INVESTMENT INSURANCE PROGRAMS

    The Overseas Private Investment Corporation (OPIC)
    offers a full range of programs in Turkey, including
    political risk insurance for U.S. investors, under its
    bilateral agreement with Turkey.  OPIC is also active in
    financing private investment projects implemented by
    U.S. investors in Turkey.  OPIC-supported direct equity
    funds, including the $USD 150 million Southeast Europe
    Equity Fund (SEEF) can make direct equity investments in
    private sector projects in Turkey.  In 1987, Turkey
    became a member of the Multinational Investment
    Guarantee Agency (MIGA).

    The U.S. Government annually purchases approximately USD
    11.319 million of local currency.  Embassy purchases are
    made at prevailing market rates, which fluctuate in
    accordance with Turkey's free floating exchange rate
    regime.

    ¶14.  LABOR

    The Turkish labor force numbers around 20.24 million
    persons, with nearly 35 percent employed in agriculture.
    With an official unemployment rate of 12.31.8 percent in
    the first quarter of 20032 and an average school-leaving
    age of 14, Turkey has an abundance of unskilled and semi-
    skilled labor.  However, there is a shortage of
    qualified workers for highly automated high-tech
    industries.  Individual high-tech firms, both local and
    foreign-owned, have generally conducted their own
    training programs for such job categories.  Vocational
    training schools for some commercial and industrial
    skills exist in Turkey at the high school level.
    Traditional apprenticeship programs, both formal and
    informal, are also common.  Turkey's labor force has a
    reputation for being hardworking, productive and
    dependable.

    Labor-management relations have been generally good in
    recent years.  Employers are obliged by law to negotiate
    in good faith with unions that have been certified as
    bargaining agents.  Strikes are usually of short
    duration and almost always peaceful.  Since 1980 Turkey
    has faced criticism by the International Labor
    Organization (ILO), particularly for shortcomings in
    enforcement of ILO Convention 98 (right to organize and
    collective bargaining).  In May 2001 the Turkish
    Government and public sector workers reached agreement
    on collective agreements through 2002.  In 2003,
    Parliament approved The government is currently
    considering a Job Security Bill, which will ensure
    consultation between employers and labor groups over job
    cuts and safety standards while easing some restrictions
    on private employers' ability to lay off staff.  The
    constitutional right to strike is restricted.  In 1995
    and 2001 constitutional amendments were passed which
    allow "civil servants" (defined broadly as all employees
    of the central government ministries, including
    teachers) to form trade unions and to engage in limited
    collective bargaining, but prohibits them from striking.
    Workers in the free zones are prohibited from striking
    for the first 10 years following establishment of a
    company.

    ¶15.  FOREIGN TRADE ZONES/FREE PORTS

    Since passage of the Turkish law on free zones in 1985,
    210 zones have been established (Defne - can you check #
    of zones).  The zones are open to a wide range of
    activity, including manufacturing, storage, packaging,
    trading, banking, and insurance.  Foreign products enter
    and leave the free zones without payment of any customs
    or duties.  Income generated in the zones is exempt from
    corporate and individual income taxation and from the
    value-added tax, but firms are required to make social
    security contributions for their employees.
    Additionally, standardization regulations in Turkey do
    not apply to the activities in the free zones, unless
    the products are imported into Turkey.  In contrast to
    most other free zones, sales to the Turkish domestic
    market are allowed.

    GGoods and revenues transported from the zones into
    Turkey are subject to all relevant import regulations.
    There are no restrictions on foreign firms operations in
    the free zones.  Indeed, the operator of one of Turkey's
    most successful free zones located in Izmir is an
    American firm.

    ¶16.  FOREIGN DIRECT INVESTMENT STATISTICS

    (Aysem - Please update entire section
    According to Turkish Treasury data, as of April
    November 2002, 5,938  6,311 foreign firms invested and
    are operating in Turkey.  Total authorized foreign
    capital since 1980 was USD 31.9 34.0 billion, and
    aggregate actual inflows reached USD 15.2 15.7 billion.
    In 20012, EU countries accounted for 65.9 63.6 percent
    of authorized new foreign investment, OECD countries
    accounted for 90.2 90.4 percent, and Islamic countries
    for 3.1 2.6 percent.  Over the past two decades, France
    (17.7 16.6 percent) has been the top source of foreign
    investment, followed by the Netherlands (13.6  15.7
    percent), Germany (12.8 12.7 percent) and the U.S. (11.6
    percent)  (Note: these figures are based on the amount
    of authorized investment, not on actual capital
    inflows).  Because of the absence of a bilateral tax
    treaty until 1998, much U.S.-origin capital has been
    invested in Turkey through third-country subsidiaries.
    By unofficial estimates the U.S. is actually the largest
    source of foreign investment in Turkey.

    In 20012, about 48.2 58.0 percent of authorized foreign
    investment were in services, 45.9  39.8 percent in
    manufacturing, and about 6.0 2.2 percent in mining and
    agriculture combined.  The sub-sectors with the greatest
    amount of authorized foreign investment include banking
    (18.9 10.3 percent); communications (10.9 percent);
    trade (8.1  11.4 percent); food, beverage and tobacco
    processing (5.3 11.9 percent); and insurance (7.7
    percent)  motor vehicles (6.5 percent); and electronics
    and electrical machinery (1.5 percent).  Between 1980
    and November March 2002, 43.0 45.0 percent of actual
    capital inflows were invested in services, 54.2  52.0
    percent in manufacturing, 1.8  2.0 percent in
    agriculture, and 0.98 1.0  percent in mining.  The
    finance, automotive and telecommunications food
    industry, trade and finance  sectors received the
    highest share of increased foreign direct investment
    permits in 20012002.  British HSBC Bank's purchase of
    Demirbank shares, Japanese Toyota S.A.'s investment in
    the automotive sector, and investments made by Turkcell
    with its Finnish partner Sonera  Koc Financial Services
    and Kent Food Products Industry participation
    investments were the major foreign direct investment
    activities in 20012.

    Total Foreign Direct     1999       2000       2001
    2002(*)         2003(*)
    Investment Stock
    USD millions           10,185     11,892     15,180
    18,500 15,749   18,000 (*)
    Sources:  General Directorate of Foreign Investment
    (*) U.S. Embassy estimate

    Cumulative Total Foreign Direct Investment Permits
    By country of origin, NovemberMarch 2002

    Country          Value ($mil.)       Share

    France              5,545.6 5,665      16.6     17.4
    Netherlands         4,331.6 5,336      15.7     13.6
    Germany             4,129.1 4,329      12.7     12.9
    United States       3,710.2 3,929      11.6     11.6
    United Kingdom      2,497.9 2,669       7.9     7.8
    Switzerland         2,125.8 2,261       6.7     6.7
    Italy               1,941.3 1,883       5.5     6.1
    Japan               1,745.4 1,819       5.4     5.5
    Belgium               385.6   485       1.4     1.2
    Saudi Arabia          318.1   321       1.0     1.0
    Others              5,142.1 5,308      15.6    16.1
    Total              31,872.7 33.995         100.0

    Source: General Directorate of Foreign Investment,
    Treasury.

    Foreign Direct Investment by Year (million USD)

    FDI permissions

    Year        Cumulative   Annual    Actual     No. Firms
                 Permits     Permits   Inflow

    To:  1988     3,050                              1,172
    1989          4,562      1,512       855         1,525
    1990          6,423      1,861     1,005         1,856
    1991          8,390      1,967     1,041         2,123
    1992         10,210      1,820     1,242         2,330
    1993         12,274      2,063     1,016         2,554
    1994         13,751      1,478       830         2,830
    1995         16,690      2,938     1,127         3,163
    1996         20,527      3,837       964         3,582
    1997         22,205      1,678     1,032         4,068
    1998         22,629      1,646       976         4,533
    1999         24,319      1,701       817         4,950
    2000         27,379      3,060     1,707         5,328
    2001         30,118      2,739     3,288         5,841
    2002 (*)     31,872        523       N/A         5,938
                 33,995      2,243       569         6,311
    Source: General Directorate of Foreign Investment,; (*)
    As of March November 2002.

    Actual FDI Inflow as Percentage of Turkish GDP

    Year              FDI flow        FDI flow/GDP
                      (USD mil.)         (Pct.)

    Up to 1988        3,229
    1989                855             0.80
    1990              1,005             0.67
    1991              1,041             0.69
    1992              1,242             0.78
    1993              1,016             0.56
    1994                830             0.64
    1995              1,127             0.66
    1996                964             0.53
    1997              1,032             0.54
    1998                976             0.49
    1999                817             0.41
    2000              1,719             0.85
    2001              3,288             2.21
    2002                569             0.48

    Source: General Directorate of Foreign Investment, and
    the State Planning Organization.

    Turkey's FDI by Country (As of December 20021)

    Country           Amount (USD millions)    Share

    Netherlands       1,916.51,868.2       30.9
    40.2
    United Kingdom      519.4  523.1        8.9
    10.9
    Germany             440.6  532.7        8.8
    9.2
    Luxembourg          236.9  245.8        4.1
    5.0
    Russia              181.4  163.7        2.7
    3.8
    Azerbaijan          156.6  741.8       12.3
    3.3
    Kazakhstan          170.6  431.5        7.1
    3.6
    United States       185.8  192.6        3.2
    3.9
    Romania             117.9  122.7        2.0
    2.5
    Others              839.7 1,218.6      20.1
    17.6
                      4,765.4 6,040.8                 100.0

    Source: General Directorate of Banking and Foreign
    Exchange, Treasury

    Major foreign investors

    Turkey's largest foreign investors include Telecom
    Italia, Renault, Toyota, Fiat, Castrol, Enron Power,
    Citibank, Pirelli Tire, Unilever, RJR Nabisco, Philip
    Morris, United Defense, Honda, Hyundai, Bosch, Siemens,
    DaimlerChrysler, Chase Manhattan, AEG, Bridgestone-
    Firestone, Cargill, Novartis, Coca Cola, Colgate-
    Palmolive, General Electric, General Motors-Opel, ITT,
    Ford Motor Co., Lockheed Martin, Gillette, Goodyear,
    Hilton International, Aventis, McDonald's, Nestle,
    Mobil, Pepsi, Pfizer, Procter and Gamble, InterGen and
    Shell.

    Pearson

`