Turkey is strategically located at the crossroads of the Arabian Peninsula, South Eastern Europe and Western Asia. Ports on the Black Sea and Mediterranean coast lines offer easy trade access to southern Europe, especially Greece and Italy, North Africa, the Middle East and Russia via the Kerch Straight.
The IMF defines Turkey as an emerging market economy. It’s a member of the G-20, OECD, and WTO and most importantly the EUCU, a mutual customs and tariff agreement with the EU. Agriculture, once the largest economic sector, still employees about ¼ of the workforce. Turkey has greatly reduced state control in key sectors, such as communications, banking and industry. Its economy is free market with a growing entrepreneurial middle-class. Traditionally, Turkey was known for its textile industry but newer industries such as electronics and manufacturing have become equally important to the economy. Also, because of its strategic location it’s an ideal pipeline corridor for the European Commission’s ‘Southern Gas Corridor’ initiative eventually supply gas and oil from both Caspian Sea and Middle Eastern to Europe.
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