Commercial Relations between Turkey and Italy
Transkript
Commercial Relations between Turkey and Italy
TURKISH LAW BULLETIN January 2015 Commercial Relations between Turkey and Italy Italy and Turkey share long-standing economic and political ties, dating back to the times of the Ottoman Empire. Over the centuries, Italy and Turkey have built a strong partnership based on economic cooperation and political interests, under a common Mediterranean identity, and Italy has become one of Turkey’s key trading partners and a strong supporter of Turkey’s European Union membership. Italy is currently Turkey’s 4th trade partner after Germany, China and Russia. Trade volume between the two countries has steadily increased over the last decade, and it reached approximately USD 20 billion in 2014.1 Current fields of cooperation include energy, defence industry, tourism, infrastructure, automotive and chemicals. Export from Turkey to Italy was approximately USD 5.4 billion in 2014.2 Major export categories have been (i) road vehicles; (ii) textile yarn, fabrics and made-up textile articles; (iii) articles of apparel and clothing accessories; (iv) vegetables & fruit; and (v) electrical machinery and electronic appliances. On the other hand, imports from Italy totaled USD 9.023 billion in 2014.3 Statistics show that the top import categories have been (i) petroleum, petroleum products and related materials; (ii) industrial machinery and equipment; (iii) road vehicles; and (iv) iron & steel.4 In recent years, Turkey has represented a tempting investment climate for Italian investors. Turkey’s geopolitical position and industry structure have played significant role for attracting small, medium and large scaled Italian companies, and Italian companies have invested more than USD 4.5 billion into Turkey to date.5 According to data provided by the Investment Support and Promotion Agency of Turkey, there are currently more than 1,000 Italian companies operating in Turkey.6 Some of the major Italian companies operating in Turkey through their subsidiaries are as follows: 1 Investor Fiat Group Company Name Tofaş Türk Otomobil Fabrikasi Anonim Şirketi Benetton Group Benetton Giyim Anonim Şirketi Alitalia Barilla Pirelli Alitalia İtalyan Hava Yollari Anonim Şirketi Barilla Gıda Anonim Şirketi Türk Pirelli Lastikleri Anonim Şirketi Sector Automotive Manufacture of casual wear, footwear and accessories Ticket Sales Food Processing Tire Manufacturer Data obtained from the speech made by Ahmet Davutoğlu, the Turkish Prime Minister, at the Turkey-Italy Business Forum in Istanbul on 12 December 2014. 2 Data obtained from the Turkish Statistical Institute’s web site. 3 Data obtained from the Turkish Statistical Institute’s web site. 4 Data obtained from the Turkish Ministry of Economy’s web site. 5 Data obtained from the speech made by Ahmet Davutoğlu, the Turkish Prime Minister, at the Turkey-Italy Business Forum in Istanbul on 12 December 2014. 6 Data obtained from the Investment Support and Promotion Agency’s web site. Artsan Indesit Company Assicurazioni Generali Magneti Marelli Menarini Group Bialetti Industrie Cementir Ferrero Valtur Recordati Artsana Turkey Bebek ve Sağlık Ürünleri Anonim Şirketi Indesit Company Beyaz Eşya Pazarlama Anonim Şirketi Generali Sigorta Anonim Şirketi Magneti Marelli Mako Elektrik Sanayi ve Ticaret Anonim Şirketi Matay Otomotiv Yan Sanayi ve Ticaret Anonim Şirketi Plastiform Plastik Sanayi ve Ticaret Anonim Şirketi I.E. Ulagay İlaç Sanayi Türk Anonim Şirketi Cem Bialetti Ev Mutfak Eşyaları Anonim Şirketi Çimentaş İnşaat Taahhüt Sanayi Turizm Ve Diş Ticaret Limited Şirketi Çimbeton Hazır Beton ve Prefabrik Yapı Elemanları Sanayi ve Ticaret Anonim Şirketi Ferrero Türkiye Çikolata ve Tarım Ürünleri Sanayi ve Diş Ticaret Anonim Şirketi Valtur Tatil İşletmeleri Anonim Şirketi Recordati İlaç Anonim Şirketi Manufacture of baby clothing and appliances Manufacture of Major Domestic Appliances Financial Services Manufacture of modules and high-technology components for automotive industry Pharmaceutical Manufacture of Small Appliances Cement and Concrete Manufacturer Chocolate Manufacturer Tourism Pharmaceutical In addition to the above companies, prominent Italian companies have been making important investments in Turkey in various sectors, by collaborating with major Turkish entities: In 2002, Unicredit and Koç Holding have established Koç Financial Services as a joint venture, the main shareholder of which is Yapı Kredi (4th largest private bank of Turkey). In 2013, Ferrero, Italian chocolate manufacturer opened its 19th production plant in Manisa. The investment value was approximately EUR 90 million. SACE, a leading Italian credit insurance group, has a EUR 1.9 billion portfolio of commitments in Turkey, mainly concentrating in the oil and gas industry, infrastructure and industrial technology. Turkey is the second largest emerging market (after Russia) in SACE’s portfolio.7 Italian pharmaceutical company Recordati has become one of the strongest players in the Turkish market by taking over Yeni İlaç in 2008, and subsequently Dr. Frik in 2011. In 2014, Recordati announced a manufacturing investment of USD 50 million in Turkey, in cooperation with the Investment Support and Promotion Agency of Turkey. The plant will be built in the Çerkezköy Organized Industrial Zone located in Tekirdağ, the North-western Turkey. Astaldi has played a key role in major infrastructure projects in Turkey, such as the Golden Horn Metro Bridge and the Istanbul Underground line on the Asian side. The Golden Horn Metro Bridge was built by the consortium of Astaldi and Gülermak, and completed in February 2014. The project value was EUR 147 million. The project value of the Istanbul Underground was approximately USD 6.5 billion, and Astaldi was one of the consortium members, along with other five Turkish companies. Astaldi 7 Data obtained from SACE’s web site. 2 has also been involved in the construction of Gebze-Orhangazi-Izmir Motorway Project, which is planned to be gradually completed until the end of 2020. Other than Astaldi, Ansaldobreda, Ansaldo STS, Lucchini and Selex Sistemi Integrati are also active in Turkish infrastructure projects. While Italian companies have a keen interest in Turkey, Turkish companies are also active in Italy. Approximately 50 Turkish companies currently operate in Italy, and they have invested over EUR 140 million to date.8 In June 2011, Turkish company Kale Group, which is the world’s 13th largest ceramic manufacturer, acquired the Italian company Fincuoghi. In July 2013, Toksöz Group, a Turkish private group, purchased the 150-year old Italian chocolate manufacturer Pernigotti. Çelik Halat, a public company producing steel wire ropes, purchased Trafileria Del Laria in June 2014. In July 2014, Permak Group, a Turkish construction conglomerate, bought the island of San Clemente in the lagoon of the Italian city of Venice, together with a historic hotel located on the island. Italy and Turkey have executed various international agreements. Some of the notable agreements between these two countries are as follows: Economic, Technical and Industrial Cooperation Agreement Mutual Administrative Assistance for Prevention, Investigation and Repression of Customs Offices Double Taxation Prevention Treatment Bilateral Investment Promotion and Protection Agreement Declaration on Joint Economic and Trade Committee 16 December 1976 21 May 1980 27 July 1990 17 September 1998 (not entered into force) 8 May 2012 In order to support the strategic partnership between Turkey and Italy, several associations have been established and many periodic organizations and events have been arranged in Turkey. The Italian Turkish Dialogue Forum is one of the forums aiming to encourage dialogue between Italian and Turkish societies, established in 2004. On 12 December 2014, hosted by the Foreign Economic Relations Board of Turkey, the TurkishItalian Business Forum took place. The Italian Trade Agency has been established in Istanbul in 1985, with the purpose of providing support and information for Italian SMEs, aiming to strengthen economic and commercial relations between Italy and Turkey. Considering this strong cooperation between these two countries at each level, it appears this strategic partnership will further develop in the future and create more investment opportunities for both countries. Begüm İnceçam (bincecam@kolcuoglu.av.tr) & Melis Özenbaş (mozenbas@kolcuoglu.av.tr) © Kolcuoğlu Demirkan Koçaklı Attorneys at Law 2015 8 Data obtained from the Ministry of Foreign Affairs’ web site. 3