DEVELOPMENTS
IN THE ECONOMIC
SECTORS

Turkish Industry Opening to the World
Money and Banking - Mining - Energy
Agriculture and Animal Husbandry
Forestry Transportation
Communications
Fairs and Commercial Promotions Advertising and Public Relations
Turkey: A Tourism Paradise
Faith Tourism

Turkish Industry Opening
to the World

Throughout the five year planned periods applied in Turkey since 1963, "high growth rates" and "structural changes for industrialization" were taken as the basic targets. The industrialization strategies adopted, and economic policies followed, show a great difference before and after 1980. The Economic Stability Program of 24 January 1980 and the policies followed subsequently, reflect a more profound change in the economic and industrial policies, in contrast to the stability programs previously put into effect every 8-10 years. As a matter of fact, radical changes have been made in the monetary, fiscal, foreign trade and foreign currency exchange rate policies, and a transformation was initiated to be realized in the direction of "industrialization based on exports- directed to foreign markets" instead of "industrialization based on substitution of imports-directed to domestic markets".

During the period after 1980, the support of the industrial sector was concentrated on the production phase and incentives for foreign capital inflow were increased. This structural change in the industrial sector was attempted by increasing intermediary and investment goods in manufacturing industry production. Within investment goods, the main items were the production of motor vehicles, non-electrical machines and metal goods, while petroleum and iron-steel products had the largest share in the production of intermediary goods. Furthermore, the imports of intermediary and investments goods were facilitated to a great extent. Thus, the new tech-nologies needed by industry and the utilization of modern marketing methods in Turkey were expanded.

Especially as of 1985, the governments introduced the "build-operate-transfer" model in order to accelerate infrastructure investments in the industrial sector and to obtain the needed financing with better terms. Concerning the capital markets, the necessary preconditions were prepared with the objective of providing for the investment of small savings in industry, and the Capital Market Board was established with a law in 1981. In parallel with these measures, banking services were modernized and the necessary regulations were prepared for further acceleration of international transactions. Special importance was placed on the improvement of transportation and communications services which are indispensable preconditions of the industrialization policy.