Topics: Turkey, Istanbul, Decision making Pages: 3 (997 words) Published: October 27, 2013


International Finance

FIN 537

Turkey is a vibrant amalgamation of two unique cultures, reflecting a diverse collection of ideas, beliefs and values. The official name for Turkey is Republic of Turkey. Crossing both European boundaries, Turkish society is patriotic and proud of its ancestry and achievements. The rapid modernization of the country, combined with its traditional values, makes Turkey a fascinating market for foreign business but requires an understanding of its cultural design in order to secure your future business success. Family loyalty is also a vital aspect of Turkish society and one that has a major impact on Turkish business practices. Many businesses in Turkey are stilled family-owned and the concepts of family connection and influence is apparent during business exchanges in Turkey. In Turkish business environment, it is not uncommon for phone calls to be taken during scheduled meetings and for people to enter the meeting room without invitation. Business meetings tend not to follow a linear system and are rarely structured. As a result you should be prepared to exercise patience when conducting business in Turkey.

Founded in 1923 after the collapse of the Ottoman Empire, the Turkish Republic has witnessed periods of instability and recurrent democratic power. Today, Turkey is an associated member of the European Union, and is undergoing many changes in order to strengthen its democracy and integrate its economy into a more global field. Turkey’s economy is a dynamic blend of both modern and traditional industries, with an increasingly strong private sector. Turkey’s geographical position offers an excellent base for economic activities throughout the region and is emerging as a powerful cultural and political focal point. Such an increasingly attractive business environment presents many advantages and potential opportunities to businesses wishing to expand in this...
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