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### Viewing cable 05ANKARA254, 2005 INVESTMENT CLIMATE STATEMENT FOR TURKEY

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
05ANKARA254 | 2005-01-18 07:37 | 2011-08-24 01:00 | UNCLASSIFIED | Embassy Ankara

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

` `

    UNCLAS SECTION 01 OF 06 ANKARA 000254

    SIPDIS

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

    E.O. 12958: N/A
    TAGS: EINV KTDB EFIN TU
    SUBJECT:  2005 INVESTMENT CLIMATE STATEMENT FOR TURKEY

    Ref: STATE 250356

    This is the second of two cables transmitting the 2005
    Investment Climate Statement for Turkey:

    ¶9.  EFFICIENT CAPITAL MARKETS AND PORTFOLIO INVESTMENT

    The government has taken a number of important steps in
    recent years to strengthen and better regulate the banking
    system, whose weaknesses had contributed to macroeconomic
    instability over the previous decade and played an important
    role in the 2000-2001 financial crisis.

    A 1999 banking law established an independent Banking and
    Regulation and Supervision Agency (BRSA) to monitor and
    supervise Turkey's banks.  The BRSA, which began functioning
    in 2000, is headed by a board whose seven members are
    appointed by the cabinet for six-year terms.  The law's
    provision's also toughened 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 law also created an independent deposit insurance
    agency, the State Deposit Insurance Fund (SDIF).  Until
    2004, BRSA and SDIF had the same board and shared staff and
    offices, though they were separate legal entities.  Since
    the beginning of 2004, BRSA and SDIF's boards and staffing
    have been separated and SDIF's headquarters moved to
    Istanbul.

    During and after the 2000-2001 financial crisis, many
    Turkish banks became insolvent or undercapitalized, and
    SDIF, in coordination with BRSA, took over 21 financial
    institutions.  This includes Imar Bank, which was taken over
    on July 4, 2003.  The SDIF has recapitalized these banks,
    and has been selling or liquidating them, at the same time
    as it is negotiating repayment agreements from the banks'
    former owners covering these banks' portfolio of credits to
    affiliated companies.  The BRSA also has issued a regulation
    limiting the extent of connected lending (between a bank and
    related corporate entities) and requiring frequent BRSA on-
    site monitoring.

    In early 2005, the government is preparing a new banking law
    that helps to bring the bank regulatory framework in line
    with European Union norms.  Once enacted, the new law is
    expected to further tighten bank regulation, notably by
    broadening the range of expertise inspectors can draw on
    when conducting on-site inspections.

    Following the 2001 crisis, the government restructured state-
    owned banks, minimizing the scope for political
    interference, liquidating one of the banks, and slating
    these banks for eventual privatization.  However, the
    process of privatizing the three remaining state-owned banks
    has stalled.

    Because of high local borrowing costs and short repayment
    periods, both foreign and local firms frequently seek credit
    from international markets to finance their activities.  As
    of end-2004, there were 48 commercial banks (including 12
    foreign banks) and 14 development or investment banks
    operating in Turkey.  Total sectoral assets were
    approximately USD 184 billion, or about 70 percent of GNP,
    as of July 2004 according to data from the Banking
    Regulation and Supervision Board.  The three state-owned
    commercial banks and the top 4 privately-capitalized banks
    hold approximately 74 percent of total assets.

    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 U.S. standards.  The
    Istanbul Stock Exchange (ISE), formed in 1986, is becoming a
    significant emerging market stock exchange.  As of January
    2005, 276 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 ISE-
    quoted companies, and securities and investment houses.  A
    new Capital Markets Law is under consideration.

    The Turkish private sector is dominated by a number of large
    holding companies, whose upper management is family-
    controlled.  Most large businesses continue to float
    publicly only a minority portion of company shares in order
    to limit outside interference in company management.  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 in order 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

    Terrorist bombings -- some with significant numbers of
    casualties -- over the past two years have struck religious,
    political, and business targets in a variety of locations in
    Turkey. The potential remains throughout Turkey for violence
    and terrorist actions against U.S. citizens and interests,
    both by transnational and indigenous terrorist
    organizations.
    In November 2003 the Al-Qa'ida network was responsible for
    four large suicide bombings in Istanbul that, among other
    targets, hit western interests.  Indigenous terrorist groups
    also continue to target Turkish as well as U.S. and Western
    interests.  In June 2004 the indigenous terrorist group
    PKK/KADEK/KONGRA GEL announced an end to their "unilateral
    ceasefire."  Since the announcement, there have been
    repeated attacks against Turkish targets in the southeast
    region of Turkey, where the group has traditionally
    concentrated its activities.  In addition, there have been
    bombings and other incidents in Istanbul, Bodrum, Antalya,
    and Mersin.  Other terrorist groups, including the Turkish
    group Revolutionary People's Liberation Party/Front
    (DHKP/C), continue to target Turkish officials and various
    civilian facilities and may use terrorist activity to make
    political statements.  In 2002, 2003, and 2004, civilian
    venues such as courthouses and fast food restaurants were
    the targets of minor bomb attacks, which have resulted in
    small numbers of casualties among bystanders. Similar,
    random bombings are likely to continue in unpredictable
    locations.  Americans traveling to Southeastern Turkey, the
    site of PKK/KADEK/KONGRA GEL actions, should exercise
    caution.

    Although the Turkish government takes air safety seriously
    and maintains strict controls, particularly on international
    flights, hijacking attempts have occurred as recently as
    ¶2003.  For the latest security information on Turkey and
    throughout the world, travelers should monitor the State
    Department web site http://travel.state.gov, where the
    current Worldwide Caution Public Announcement, Travel
    Warnings, and Public Announcements can be found.

    ¶11.  CORRUPTION

    CORRUPTION IS PERCEIVED TO BE A MAJOR PROBLEM IN
    TURKEY BY PRIVATE ENTERPRISE AND THE PUBLIC AT LARGE,
    PARTICULARLY IN GOVERNMENT PROCUREMENT.    AMERICAN
    COMPANIES OPERATING IN TURKEY HAVE COMPLAINED ABOUT
    BEING SOLICITED, WITH VARYING DEGREES OF PRESSURE, BY
    MUNICIPAL OR LOCAL AUTHORITIES FOR "CONTRIBUTIONS TO
    THE COMMUNITY".  PARLIAMENT CONTINUES TO PROBE
    CORRUPTION ALLEGATIONS INVOLVING SENIOR OFFICIALS IN
    PREVIOUS GOVERNMENTS, PARTICULARLY IN CONNECTION WITH
    ENERGY PROJECTS.  IN 2003, AFTER THE GOVERNMENT
    INTERVENED IN A BANK OWNED BY THE UZAN GROUP,
    EVIDENCE OF CORRUPT PRACTICES AT THE BANK EMERGED.
    Recent public procurement reforms were designed to make
    procurement more transparent and less susceptible to
    political interference, including through the establishment
    of an independent public procurement board with the power to
    void contracts.  The judicial system is also perceived to be
    susceptible to external influence and to be biased against
    outsiders to some degree.

    Turkish legislation outlaws bribery and some prosecutions of
    government officials for corruption have taken place, but
    enforcement is uneven.  Turkey ratified the OECD Convention
    on Combating Bribery of Public Officials, and passed
    implementing legislation in January 2003 to provide that
    bribes of foreign officials, as well as domestic, are
    illegal and not tax deductible.  In 2003, Turkey signed the
    UN Convention Against Corruption.
    The Prime Ministry's Inspection Board, 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 Supreme Court 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 69 countries.  Fifty-two
    of these agreements are now in force, including with the
    United States, United Kingdom, Germany, the Netherlands,
    Belgium, Luxembourg, Denmark, Austria, Sweden, Switzerland,
    Spain, Finland, Italy, Portugal, Hungary, Poland, Romania,
    Tunisia, Kuwait, Bangladesh, China, Japan, South Korea,
    Indonesia, Croatia, Cuba, the Czech Republic, Estonia,
    Russian Federation, Azerbaijan, Kazakhstan, Georgia,
    Tajikistan, Ukraine, Uzbekistan, Belarus, Lithuania, Latvia,
    Slovakia, 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 200
    million Soros Private Equity Fund can make direct equity
    investments in private sector projects in Turkey.  Small-
    and medium-sized U.S. investors in Turkey are also eligible
    to utilize the new Small Business Center facility at OPIC,
    offering OPIC finance and insurance support on an expedited
    basis for loans from USD 100,000 to USD 10 million.  In
    1987, Turkey became a member of the Multinational Investment
    Guarantee Agency (MIGA).

    The U.S. Government annually purchases approximately USD 24
    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 25.3 million (22.9 million
    employed and 2.4 million unemployed); 35.9 percent of the
    workforce is in agriculture.  The official unemployment rate
    was 9.5 in the third quarter of 2004.

    Students are required to complete eight years of schooling
    and to remain in school until they are 15 years old.  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.  Apprenticeship
    programs, both formal and informal, remain in place,
    although they are dying out in some traditional occupations.
    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 ILO, particularly for shortcomings in
    enforcement of ILO Convention 87 (Convention concerning
    Freedom of Association and Protection of the Right to
    Organize) and Convention 98 (Convention concerning the
    Application of the Principles of the Right to Organize and
    to Bargain Collectively).

    IN 2002, PARLIAMENT APPROVED A JOB SECURITY BILL, PROVIDING
    BASIC JOB SECURITY FOR WORKERS AND REQUIRING A VALID REASON
    FOR THE TERMINATION OF THE LABOR CONTRACT AT THE INITIATIVE
    OF THE EMPLOYER. THE LAW CAME INTO EFFECT ON 15 MARCH 2003.
    IN 2003, THE LABOR LAW OF 1971 (NO.1475) WAS REPLACED BY A
    NEW LABOR LAW (NO.4857), WHICH PROVIDED EMPLOYERS WITH
    GREATER FLEXIBILITY IN THE ORGANIZATION OF WORK AND WEAKENED
    TO A CERTAIN EXTENT THE JOB SECURITY PROVIDED BY THE 2002
    LAW.

    In 1995 and 2001, constitutional amendments reduced
    restrictions on freedom of association and political
    activity of trade unions.  However, the restrictions on the
    right to strike under Article 54 of the Constitution were
    preserved intact.  Under the Law on Collective Labor
    Agreements, Strikes and Lockouts, some restrictions on the
    right to strike were repealed in 1988.  Civil servants
    (defined broadly as all employees of central government
    ministries, including teachers) are allowed to form trade
    unions and to engage in limited collective negotiations, but
    are prohibited from striking.

    ¶15.  FOREIGN TRADE ZONES/FREE PORTS

    Firms operating in Turkey's free zones have historically
    enjoyed many advantages, but these will be limited in the
    future by recent legislation.  Twenty-one zones have been
    established since passage of the Turkish law on free zones
    in 1985.  The zones are open to a wide range of activities,
    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.  Sales to the
    Turkish domestic market are allowed, with goods and revenues
    transported from the zones into Turkey 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.

    Law 5084 revised the free zones law to effectively eliminate
    certain income and corporate tax immunities for the zones.
    Under the new rules, taxpayers who possessed an operating
    license as of February 6, 2004 will not have to pay income
    or corporate tax on their earnings in the zone for the
    duration of their license.  Earnings based on sale of goods
    manufacturing in a zone will be exempt from income and
    corporate tax until the end of the year in which Turkey
    becomes a member of the European Union.  Earnings secured in
    a free zone under corporate tax immunity and paid as
    dividends to real person shareholders in Turkey or to real
    person or legal-entity shareholders abroad will be subject
    to 10 percent withholding tax.  The tax immunity of the wage
    and salary income earned by persons employed in the zones by
    taxpayers possessing an operating license as of February 6,
    2004 will remain in effect until December 31, 2008, or the
    expiration date of the operating license, whichever is
    earlier.  The implications of the new rules are complex, and
    interested parties may want to consult with a tax advisor
    and/or the Foreign Trade Undersecretariat (web site:
    www.dtm.gov.tr).

    ¶16.  FOREIGN DIRECT INVESTMENT STATISTICS
    With the foreign investment permit requirement in place
    until 2003, the Turkish Treasury collected detailed sectoral
    and country of origin data for authorized FDI.  Data
    collected since the abolition of the permit requirement, by
    the Central Bank and other entities, may not be directly
    comparable to data collected prior to 2003.

    According to Turkish Treasury data, as of June 2003, there
    are 6,511 foreign firms invested and are operating in
    Turkey.  The Turkish government has provided permits for
    foreign capital since 1980 amounting to USD 35.2 billion,
    and aggregate actual inflows reached USD 16.4 billion.  In
    2003, EU countries accounted for 74.3 percent of authorized
    new foreign investment, OECD countries accounted for 93.7
    percent, and Islamic countries for 3.7 percent.  Over the
    past two decades, France (16.4 percent) has been the top
    source of foreign investment, followed by the Netherlands
    (15.8 percent), Germany (13.0 percent) and the U.S. (11.5
    percent)  (Note that 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 was invested in Turkey through
    third-country subsidiaries.  According to U.S. Commerce
    Department data, U.S. company investment amounted to about
    USD 2 billion in 2003.  By unofficial estimates, the U.S.
    may be one of the largest sources of foreign investment in
    Turkey.

    In 2003, about 58.9 percent of authorized foreign investment
    took place in manufacturing, 30.23 percent in services, 10.3
    percent in mining and 0.6 percent in agriculture.  The sub-
    sectors with the greatest amount of authorized foreign
    investment include banking (10.6 percent); communications
    (9.4 percent); food, beverage and tobacco processing (8.0
    percent); and trade (6.5 percent).  Between 1980 and June
    2003, 53.0 percent of actual capital inflows were invested
    in manufacturing,  44.0 percent in services, 1.8 percent in
    agriculture, and 1.2 percent in mining.  The finance and
    communications sectors received the highest share of
    increased foreign direct investment permits in 2003.

    FDI Inflow by Years (million USD)

    Year           Actual    Inflow/GDP      No firms
                    Inflow                   (Cumulative)
    1980-1988      1,172
    1989             663        0.80           1,525
    1990             684        0.67           1,856
    1991             907        0.69           2,123
    1992             911        0.78           2,330
    1993             746        0.56           2,554
    1994             636        0.64           2,830
    1995             934        0.66           3,163
    1996             914        0.53           3,582
    1997             852        0.54           4,068
    1998             953        0.49           4,533
    1999             813        0.41           4,950
    2000           1,707        0.85           5,328
    2001           3,288        2.21           5,841
    2002           1,042        0.48           6,280
    2003           1,702        0.71           6,511
    2004(*)        2,216             1.02            N/A

    TOTAL          20,140                      6,511

    Source: Central Bank of Turkey, State Institute of
    Statistics,
    (*)January through November 2004.
    (**) Includes capital inflows, foreign loans and real estate
    investment.

    FDI Inflow by Source Country (1999-2002/ million USD)

    Country        Cumulative Value    Share (percent)

    Italy               1,968               30.9
    Netherlands           962               15.1
    U.S.A.                793               12.4
    United Kingdom        647               10.1
    Germany               514                8.1
    Bahrain               323                5.1
    Japan                 267                4.2
    France                263                4.1
    Switzerland           104                1.6
    Belgium-Luxemburg      25                0.4
    Spain                  23                0.4
    Others                488                7.7
    Total               6,377              100.0

    Source:  Turkish Treasury Undersecretariat, General
    Directorate of Foreign Investment.  Updated information has
    not been issued for the period following 2002.
    Sectoral Breakdown of FDI Permits (1980-2003*/ million USD)
    Sector         Cumulative Value    Share (percent)

    Manufacturing       18,641           53.0
    Services            15,453           44.0
    Agriculture            616            1.8
    Mining                 442            1.2

    Total               35,152           100.0

    Source: General Directorate of Foreign Capital
    (*) as of June 2003

    Main Manufacturing Industry Sub-Sectors Receiving FDI
    Permits

    Industry Sub-Sector        Share in Manufacturing
                                       Industry (percent)*

    Chemical Products                    18.3
    Food                                 14.7
    Transport Equipment                  12.3
    Electrical Machinery                  5.8
    Garment Industry                      3.9
    Iron and Steel                        3.4

    Source: General Directorate of Foreign Capital
    (*) as of June 2003

    Turkey's External Investment by Country (As of December
    2004)

    Country              Amount       Share
                     (USD millions)
    Netherlands         2,248.8       34.8
    Azerbaijan          1,043.6       16.1
    United Kingdom        524.2        8.1
    Germany               472.1        7.2
    Kazakhstan                 434.5        6.7
    Luxembourg            248.7        3.9
    United States         179.8        2.8
    Russia                159.7        2.5
    France                 93.4        1.4
    Switzerland            84.9        1.3
    Others                976.5       15.1

    Total               6,466.2       100.0

    Source: General Directorate of Banking and Foreign Exchange,
    Treasury

    Major foreign investors

    Turkey's 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, ITT, Ford Motor Co.,
    Lockheed Martin, Goodyear, Aventis, McDonald's, Nestle,
    Mobil, Pepsi, Pfizer, Procter and Gamble, InterGen, Abbot
    Laboratories, Aria, Bechtel, Shell, Delphi-Packard,
    Toreador/Madison Oil, AES, GE, NRG, Normandy Mining, Marsa-
    Kraft-Jacobs Suchard, ESBAS A.S., Archer Daniels Midland,
    Merck, Sharp Dohme, Bunge, and Bausch and Lomb.
    Edelman

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