The Turkish political scene has been turbulent since the summer
of 2013. Significant numbers of people participated in street
protests against the government. The protests eventually died down
to an extent, but the waters did not remain calm for very long with
corruption allegations on various cabinet members and their
families, which in return resulted in heavy-handed intervention
that included restrictions or bans on Twitter and YouTube, since
mid-December 2013. These bans created serious difficulties,
especially for international media reporting on developments on the
With the political scene somewhat calmed by the local elections,
Turkey nevertheless continues to work on facilitating investment to
Turkey. Whilst the investment from Europe has continued so far
(though decreased and mainly shifted to small and medium sized
enterprises), Turkey has also been harvesting its relations in the
emerging markets, Africa and the Middle East. Playing for a leading
position in the burgeoning Islamic finance movement, coupled with
the development of its capital markets infrastructure attaining the
level of the well-established finance centers, Turkey still seems
well positioned to attract foreign capital in the foreseeable
Turkey has also revamped its energy laws to encourage
development in this very critical area, and is poised to further
diversify its energy portfolio by continuously updating the
applicable law in energy generation through nuclear, traditional
and renewable sources.
It is expected that 2014 may be a challenging year for Turkey
but it would be no surprise if Turkey remains to be resilient as it
has proven to be so far. For our part, we look forward to welcoming
new investors into the country and guiding them through this
exciting period of legal and political change.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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