Turkey: Potential haven for tech-based entrepreneurs

ISTANBUL

Turkey has great potential for entrepreneurship, especially for technology-based projects, the country's industry and technology minister said Wednesday.

Turkish entrepreneurs follow global market trends and many of them have completed projects successfully in the fields of gaming, software, biotechnology, cybersecurity, big data and artificial intelligence, Mustafa Varank said speaking at the Independent Industrialists’ and Businessmen’s Association (MUSIAD) Expo.

Anadolu Agency is the global communications partner for the event.

The four-day expo, hosting firms from various sectors including food, construction, real estate, tourism, medical, logistics and textile, kicked off on Wednesday. The event can be attended physically and virtually.

Turkish entrepreneurs will gather with foreign investors at the event for the first time this year, he said.

"Investment capital and intellectual capital will come together, innovative works will have the opportunity to open up to the world," he added.

The expo will showcase Turkey-made electric cars TOGG.

He said many local suppliers had joined the TOGG team, noting that by 2022 51% of the cars will be produced locally, a figure that will climb to 68% by 2026.

Touching on the pandemic's effects on the global economy, he said the world economy is expected to narrow by 4%.

"There is a significant contraction in fields of international direct investments and tourism," he added.

Thus, business models are changing and uncertainties are increasing for the future, he added.

"Turkey managed such a difficult period successfully when compared to its counterparts and developed countries," he added.

"In these difficult days, joint investment, production and trade opportunities established between countries will enable the development of a strong economic immunity against the pandemic.

"The winners of the post-pandemic period will be those who establish cooperation and act quickly from today."

Abdurrahman Kaan, the head of MUSIAD, said the expo is expected to host 100,000 visitors this year.

As part of the event, the International Business Forum will host several meetings with domestic and foreign businesspeople, he added.

The event hosts 400 buyers from 50 countries, he noted.

MUSIAD plans to sign 20 new memoranda of understanding (MoU) with institutions from four continents, he added.