April 2025

This month, Türkiye continued its efforts toward economic stabilization amid persistent inflationary pressures and growing geopolitical tensions. The Central Bank raised its key interest rate to 46%, while annual inflation slightly declined to 38.1% in March, down from 39.05% the previous month. The Turkish lira stabilized around 38 TRY/USD after hitting a historic low of 42 TRY following market volatility triggered by the arrest of Istanbul’s mayor.

Despite these challenges, economic prospects are improving. The World Bank raised its growth forecast for 2025 to 3.1%, up from a previous estimate of 2.6%, supported by tight monetary policy and prudent fiscal management. The current account deficit is expected to narrow to around 1.2% of GDP, below the government’s forecast of 2%, thanks to falling oil prices.

Internationally, new tariff policies introduced by U.S. President Donald Trump have heightened global trade tensions. On April 2—dubbed "Liberation Day"—Trump announced a universal 10% tax on all imports, with higher specific surcharges for about 60 trade partners. If these new tariffs take effect after a 90-day suspension period, they would pose both challenges and opportunities for Türkiye, which would face the lowest rate at 10%.

On the one hand, disruptions in global supply chains could impact Turkish exports. On the other hand, Türkiye could attract foreign investment from companies seeking geographic diversification to avoid the new trade barriers. Finance Minister Mehmet Şimşek has already begun discussions with rating agencies and American investors to promote Türkiye as a viable alternative.

Despite an uncertain global environment, Türkiye is showing notable economic resilience and positioning itself strategically to benefit from shifting international trade flows. Businesses and investors should closely monitor these developments, which may offer new opportunities in a changing landscape.



Finally, on April 23, a 6.2-magnitude earthquake struck Istanbul at 12:49 p.m. local time. The epicenter, located offshore in the Sea of Marmara, shook the region for nearly 30 seconds. No fatalities were reported, but over 236 people were injured, mostly due to crowd-related incidents. In the hours that followed, several aftershocks—some exceeding a magnitude of 4.5—were recorded. This event reignited concerns about Istanbul’s seismic vulnerability and highlighted the urgent need to strengthen prevention policies and urban modernization efforts.

Economic & business news from Türkiye

Greenfield Investment for Chinese Company Yongjin

Yongjin Technology, a Chinese leader in stainless steel production, has announced a major investment of USD 257 million to establish a new factory in Türkiye, aimed at supplying the European market.

The plant will be located in the machinery-specialized industrial zone of Yalova (south of Istanbul), with an annual production capacity of 400,000 tons of cold-rolled stainless steel sheets and coils. One production line will be dedicated to high-end products (80,000 tons per year), while another will handle general-purpose materials (320,000 tons per year). Construction is expected to be completed within 24 months.

Yongjin Technology will form a joint venture with two Chinese partners to fund and operate the new facility. Yongjin will hold 80% of the shares, with the remaining 20% split between the partners.

Founded in 2003, Yongjin is a major player in the production of cold-rolled stainless steel products used in sectors such as home appliances, automotive, and medical equipment. The company already operates seven production sites worldwide and is preparing to open a new plant in Thailand.

This strategic investment allows Yongjin to capitalize on Türkiye’s advantageous geographic location and favorable trade conditions with Europe. The objective is to support the international expansion of its operations and strengthen its brand visibility in global markets.

Source: Turkey Today, March 26, 2025

Franco-Turkish Alliance for Regenerative Aesthetics

Burgeon Biotechnology, a Turkish company specializing in calcium hydroxyapatite (CaHA)-based dermal biostimulators, and Laboratoires VIVACY, a leading French company in injectable medical devices based on hyaluronic acid (HA), have formalized a strategic collaboration.

This alliance aims to combine the advanced technologies of both companies—Burgeon’s NOVUMA® biostimulators and VIVACY’s STYLAGE® dermal solutions—to offer healthcare professionals worldwide innovative, effective, and clinically proven regenerative aesthetic treatments.

The goal is to meet the growing demand for skin rejuvenation and quality improvement by providing a technological synergy that enhances patient well-being. NOVUMA is expected to launch in Europe in the coming months, with global expansion to follow.

Based in Ankara, Burgeon Biotechnology is recognized for its innovative solutions exported to more than 45 countries.

Founded in 2007 and based in Paris, Laboratoires VIVACY distributes its medical devices in over 85 countries and is behind numerous patented innovations in aesthetics, gynecology, ophthalmology, and rheumatology.

This collaboration marks a new milestone in the development of next-generation injectable solutions for natural, sustainable regenerative aesthetics.

Source: Burgeon, March 26, 2025

Stavian Chemical Acquires Turkish Company Core Polymer

Stavian Chemical, a Vietnam-based global leader in chemical distribution, has announced the acquisition of Core Polymer, a well-known polymer distributor with strong roots in Türkiye.

This acquisition positions Stavian Chemical to better meet the growing demand for polymers in this strategic market located between the European Union and the Middle East. The company will also expand its product range to include sustainable options such as recycled and bio-based resins. It also opens new business opportunities to serve a broader industrial client base.

This move is part of Stavian Chemical’s international expansion strategy and strengthens its position in the global plastics market. The chemical distribution market is projected to reach USD 449.36 billion by 2031, with a CAGR of 6.3%. By integrating key local players like Core Polymer, Stavian Chemical aims to capture a growing share of this market and take a leading role in its transformation toward greater sustainability and performance.

Stavian Chemical is a global chemical distributor and a major manufacturer of biodegradable plastic packaging. Founded in 2009 and based in Vietnam, the company operates nearly 30 offices across four continents. In 2024, Stavian Chemical ranked 17th among the world’s top 100 chemical distributors, according to ICIS.

Source: Chem Analyst, April 11, 2025

Kaspi.kz Acquires Rabobank Türkiye

Kaspi.kz, the Kazakh giant in marketplaces, e-commerce, and fintech, is expanding further into Türkiye with the acquisition of the Turkish subsidiary Rabobank A.Ş from Rabobank Group. This deal marks a major milestone in Kaspi.kz’s international strategy.

Rabobank A.Ş., a licensed bank in Türkiye with no branches or customers, follows a previous acquisition in January: a majority stake in Hepsiburada, the country’s second-largest marketplace. The latter deal was valued at USD 1.1 billion, with an upfront payment of USD 600 million.

Kaspi.kz’s investment in Türkiye comes amid steady growth and strong prospects in e-commerce and fintech. With its dynamic market and strategic location between Europe and the Middle East, the country continues to attract international investors.

This acquisition also reflects Kaspi.kz’s robust strategy of asset diversification and consolidation, supported by a recent USD 650 million Eurobond issuance, with another USD 750 million offering planned in the coming months.

Türkiye remains a key destination for companies seeking global expansion, with rapid growth across several sectors including e-commerce, fintech, and technology.

Source: AIM Group, March 27, 2025

QBS Expands Footprint with Elmer Acquisition

UK-based QBS Technology Group, a specialist in enterprise software distribution, continues its expansion in the META region (Middle East, Türkiye, Africa) with the acquisition of Elmer Yazılım, one of Türkiye’s oldest value-added software distributors.

This is QBS’s third acquisition in the country, following InfoNet in May 2023 and Prianto Türkiye in February 2025. It confirms the group’s ambitious strategy to build a leading software platform in the region and reach USD 1 billion in revenue by 2030.

Founded in 1998 in Istanbul, Elmer Yazılım enjoys a solid reputation in the Turkish market and maintains a broad presence across the Middle East, Africa, and Asia. With over 1,500 represented vendors and a loyal reseller base, the company plays a key role in the regional software ecosystem. Elmer’s integration will give Turkish partners access to QBS’s global catalog of over 12,000 software vendors, covering cybersecurity, development, data analytics, and productivity.

Founded in 1987 and headquartered in London, QBS Technology Group provides a high-value software distribution platform to publishers, system integrators, and resellers in more than 35 countries. With over 400 employees and offices across Europe, QBS is recognized for its operational efficiency, technical expertise, and sustainability commitment.

With this acquisition, QBS further asserts its ambition to become one of the world’s leading software distribution hubs, leveraging strong synergies, a clear vision, and local execution capabilities.

Source: QBS Software, March 31, 2025

Mount Group Acquires Stake in Alpet

London-based investment firm Mount Group has acquired a significant stake in ALPET, one of Türkiye’s leading fuel distribution companies. This strategic move marks a new development phase for Alpet, which aims to strengthen its service station network and integrate innovative technology solutions.

With a storage capacity of 227,014 m³ across six sites, Alpet is among the top five companies in the sector in Türkiye. Since its 2023 acquisition by Zeren Group Holding A.Ş, the company has expanded rapidly, opening over 100 new stations and adopting automation solutions. Its current goal is to grow its network to nearly 500 service stations.

Mount Group’s investment aligns with its strategy to diversify its portfolio and explore new synergies with its technology partners. One key project involves deploying a smart payment system developed by Nono Network, one of its subsidiaries.

This alliance will provide Alpet with additional resources to accelerate sustainable growth, optimize operations, and boost capitalization. For Mount Group, this investment reflects confidence in Türkiye’s medium- to long-term economic potential, despite a volatile economic climate.

Source: City Matters, April 1, 2025

Strategic Partnership Between Flux and Aris Otomasyon

FLUX GmbH, an Austrian company specializing in high-precision encoder technology, has partnered with Aris Otomasyon, a provider of industrial automation solutions in Türkiye, to strengthen its presence in this fast-growing market. The strategic partnership will distribute FLUX solutions across a wide range of Turkish industrial sectors.

By combining FLUX’s technological expertise with Aris Otomasyon’s deep market knowledge, the collaboration will address growing demand for high-performance motion control. FLUX encoders, based on advanced inductive and GMI® technologies, offer exceptional precision, reliability, and robustness, even in the most demanding industrial environments.

At the heart of this collaboration is the IND-MAX product line, a range of configurable inductive angle encoders ideally suited for medical, robotic, and gyro-stabilized applications. Available in various sizes, this solution meets Turkish industry’s needs for precision and durability.

This partnership reflects a shared ambition: to support industrial innovation in Türkiye with reliable, high-performance solutions designed for critical applications.

Source: Flux GmbH, April 2025

Industrial Alliance Between EnerjiSA and Nordex

Enerjisa Üretim is strengthening its commitment to renewable energy through a strategic agreement with Nordex Group. The partnership covers the supply, installation, and maintenance of 108 wind turbines for the Edirne (410 MW) and Balkaya (340 MW) wind farms, slated for commissioning in 2027.

The turbines will be largely manufactured in Türkiye, in line with local content requirements, supporting national production and employment. Once operational, these projects will power the equivalent of 1.2 million households per year and avoid nearly 1.5 million tons of CO₂ emissions.

Already a major player in Türkiye’s energy sector, Enerjisa Üretim operates 29 plants with 4,000 MW of installed capacity, covering 4.2% of national energy consumption. The company aims to reach 6,250 MW by the end of 2028, reinforcing its role in the country’s energy independence.

The German group Nordex, a leading global wind turbine manufacturer, is also a well-established industrial player in Türkiye. With its local manufacturing capacity and technical expertise, Nordex actively contributes to Türkiye’s wind energy ecosystem, while meeting local content criteria under YEKA tenders.

This industrial partnership supporting the energy transition and local development demonstrates Türkiye’s ability to attract long-term tech investments and become a leader in renewable energy.

Source: Bloomberg HT, April 9, 2025

Women’Secret Returns to the Turkish Market

Spanish women’s fashion brand Women’secret, owned by the Tendam Group, has made a significant comeback in the Turkish market with the opening of a new store in Istanbul’s Emaar Square Mall.

This marks a pivotal step for Tendam, one of Europe’s top five fashion retailers, which previously exited Türkiye before reaching its initial goal of 50 stores. Today, Women’secret has 692 points of sale across 80 countries, backed by a group employing nearly 20,000 people and generating over USD 2 billion in annual revenue.

The relaunch comes amid renewed dynamism in Türkiye’s women’s fashion sector, where several major international players are expanding their presence—including Victoria’s Secret, operated locally by Kuwait-based Alshaya Group.

Tendam recently saw 67.9% of its capital acquired by Multiply Group, a subsidiary of International Holding Company (IHC), one of the UAE’s largest investment groups—a strategic shift signaling the company’s international ambitions.

A new chapter begins for Women’secret in Türkiye, with promising prospects in a vibrant market, set against the backdrop of Gulf rivals competing in the women’s lingerie and homewear segments.

Source: Türkiye Today, April 5, 2025

Istanbul Airport Makes History with Triple Simultaneous Takeoff

On April 17, 2025, Istanbul Airport achieved a European first by executing three simultaneous takeoffs on its independent parallel runways. This feat makes it the first airport in Europe—and only the second in the world after Hartsfield–Jackson Atlanta International Airport in the U.S.—to reach such operational capability.

This milestone marks a major leap forward in European air traffic management. With the addition of a third independent runway, Istanbul Airport can now handle up to 120 movements per hour, surpassing major hubs like Paris-Charles de Gaulle and Amsterdam-Schiphol.

The success is the result of close cooperation between Turkish authorities, EUROCONTROL, the Directorate General of Civil Aviation, iGA Istanbul Airport, and Turkish Airlines. Comprehensive safety analyses, simulations, and targeted training ensured the security and efficiency of the operation.

Istanbul Airport continues to strengthen its strategic role as a key hub between Europe, Asia, and the Middle East. With ongoing expansion projects, it aims to become one of the world’s largest global hubs.

Source: Dünya, April 17, 2025