The inauguration of the Turkey-Ceylon Business Chamber (TCBC) will take place at Cinnamon Grand Hotel tomorrow.  

The TCBC is a Sri Lanka-based business chamber, which comprises local and Turkish directors keen on promoting business between not only Sri Lanka and Turkey but also in many other countries worldwide.

The Turkish economy has shown remarkable performance with its steady growth over the last decade. A sound macroeconomic strategy in combination with prudent fiscal policies and major structural reforms in effect since 2002 has integrated the Turkish economy into the globalized world, while transforming the country into one of the major recipients of foreign direct investment (FDI) in its region.

With a gross domestic product (GDP) of over US $ 820 billion, a per capita income of over US $ 10,400 and an export market of U$ $ 158 billion, Turkey is one of strongest emerging markets in the region. Turkey is the 17th largest economy in the world. The population of Turkey is 77.7 million (2014). More than 41.4 million tourists visited it in 2014. Turkey has manufactured 1.17 million light vehicles in 2014 and is the largest bus manufacturer among European countries.  Turkey is the eighth largest manufacturer of steel in the world and second largest in the European Union (EU). Turkey is the fourth largest cement producer in the world and is the second largest in the construction industry. 

The structural reforms, hastened by Turkey’s EU accession process, have paved the way for comprehensive changes in a number of areas. The main objectives of these efforts were to increase the role of the private sector in the Turkish economy, enhance the efficiency and resiliency of the financial sector and place the social security system on a more solid foundation. 

As these reforms have strengthened the macroeconomic fundamentals of the country, the economy grew with an average annual real GDP growth rate of 4.7 percent over the period of 2002 to 2014. The launch will be held with over 100 key Sri Lankan business leaders, professionals and the media. The TCBC has invited business people from Turkey, France, Netherland, Germany and Belgium to share the happiness of time.