Turkey has always been an important country in the European region, and for a good reason. The strategic location allows the country to have a unique advantage, and thus, there is no shortage of various industries booming profits in Turkey for many centuries.
As of 2020, Turkey’s economy is sixth largest in the European region and sixteenth largest in the whole world. This shows that Turkey has room for further growth in various global industries, including Oil & Gas, Construction, Information Technology, Automotive, Energy, Natural Stone Mining, and many other sectors.
If you are looking for profitable business opportunities in Turkey, here is a list of the top 8 industry sectors that are currently good for any business startup. Have a look:
1. OCTG Technicians
One should know that the Turkish Natural Oil & Gas market is highly regulated, liberal, and volatile. But it cannot be said the same for the gas sector or other natural resources.
BOTAS controls the gas supply and trade through OCTG pipelines. Although the private oil and gas companies don’t really affect BOTAS with the population increase, private natural gas trade and distribution companies are becoming more active and functional.
The private Oil & Gas companies are starting projects of gas exploration and trading it to other industries with the help of OCGT pipes. Since the Turkish deficit is 130 billion dollars, the Turkish government is expected to invest in huge projects for hydroelectric power, wind energy, solar energy, natural gas, bioenergy, and geothermal energy to close this deficit. By becoming an OCTG technician or by investing in these natural resource projects, one can really hope to gain huge ROIs.
Just like the rest of the world, real estate, construction of private and public spaces, and city renovation projects has become a quite profitable trend in Turkey in the past few years.
There is an abundance of construction companies but there is a huge gap in building energy-efficient and environment-friendly living spaces and conventional construction.
Becoming a civil engineer or starting a business in construction with modern tools and technology that address the concerns of environment and energy efficiency can take you a long way towards success.
3. Information Technology
Due to various hardcore laws by the European Union, there are only a handful of telecom companies that are often in need of a smart person who can handle the tactical side of information technology. Since Turkish IT is not anywhere near Silicon Valley, there is a big opportunity to invest in information technology.
Therefore, any career in IT whether you are a software developer, PHP developer, Data analyst, there is so much room to develop new apps and stuff through biotechnology, nanotechnology, and electronics. Normally these technological startups are very expensive so start small and gradually reach glory.
According to a study, it is presumed that 25% of the population in Turkey owns a car, and it has been growing since early 2000. This clearly shows that there is a huge potential for automotive factories for the local automotive spare part production.
Having more automotive factories means cars will be available to a large number of people and prices will be significantly less because of local production. Investing in an automotive setup that produces quality spare parts would be your key to make a comfortable living here in Turkey.
Turkey is a tourist hub for so many foreigners. It attracts tourists of all walks from all over the world. There are so many historical sites that have special significance to Muslims, Christians, and Jews. Besides the historical sites, there are beautiful landscapes, rich culture, and tourist agencies that guide people to enjoy a memorable trip to Turkey.
If you are thinking of an investment, it wouldn’t be bad to invest in a tourism agency. It does take much to establish it and revenues are better, so it is a fair opportunity.
While China is leading, the Turkish textile industry is booming with high production of readymade clothes and contributes tremendously to the total GDP of Turkey.
Turkey has numerous factories that manufacture goods, chemicals, and raw intermediary products. This textile industry is responsible for exporting textiles in European countries. Therefore, textile factories are always looking for investors because there is a huge return on investment. So, secure a job in the textile industry, learn how they run business, and invest a chunk of capital when you are ready.
7. Natural Stone
Turkey is a country that is surrounded by ocean from three sides so there are bound to be mountain ranges here. Through these marble mountains, there are over hundreds of natural stones that are mined and exported to the rest of the world.
Natural stones included onyx, turf, limestone, basalt, granite, travertine, andesite, diabase, and slate are all mined from here, making it the 4th largest marble producer. But the methods of mining and exploration are old and demand upgrades.
Choose a career in mining or invest your money in this sector, surely, there is so much that can be achieved with the implementation of innovative technological solutions
8. Hazelnut Farming
Turkey produces almost 80% of the world’s hazelnut production. Since agriculture is a big part of Turkey’s economy, hazelnut farming, packaging, and exporting is a profitable business here. The ground is fertile for hazelnuts, a few smart methods to set up the infrastructure, and It is all easy money.