International Finance Corporation (IFC) - a member of the World Bank Group - will invest around USD 1 bln in Turkey by the end of its fiscal year, the body said. Aisha Williams, IFC Country Manager for Turkey, said it had already invested USD 500 mln so far. The IFC’s fiscal year ends June 30. ADDITIONAL LARGE INVESTMENTS ON THE WAY “We have some additional large scale investments to materialise in the near future with other financial institutions, banks and some large Turkish corporates that we are excited about. “I expect roughly another USD 500 mln by the end of our fiscal year in long-term finance,” she said. Williams said IFC had been investing since 1964, witnessing ups and downs in Turkey’s economy. “2017 looks slightly better… I think that the World Bank forecast 2.7% [growth] for 2017 and around 3-3.5% for 2018 and 2019 - these are positive indications but are less than what Turkey needs,” Williams said. SUPPORT FOR THE PRIVATE SECTOR Williams described IFC’s last fiscal year, which ended June 30, 2016, as a strong period in Turkey, saying the organisation had invested around USD 1.5 bln in long-term finance. Williams said USD 600 mln of their total investments were equity investments in companies such as construction firm Ronesans, Odea Bank, Fibabank and Akfen, an energy company. “We are here to support the Turkish private sector. We have been here for 50 years, we are not going anywhere and we provide strong support, particularly during difficult times for our clients,” she underlined. DISTRIBUTION OF IFC’S PORTFOLIO IFC’s portfolio in Turkey is mostly made up of financial institutions (45%), infrastructure (30%) plus manufacturing and service companies (25%), Williams said. She also added that IFC had investments in Turkish healthcare public private partnership projects. USD 14.2 BLN FOR 350 PROJECTS The size of IFC’s portfolio in Turkey is around USD 5 bln, USD 4.1 bln of which comes from the corporations’ own account and the remaining USD 900 mln from other financial institutions. Williams said IFC in total had provided USD 14.2 bln for 350 projects across Turkey’s private sector since 1964.

15 Haziran 2017 Perşembe

Goldman Sachs and JPMorgan Chase revised up their 2017 growth estimates for the Turkish economy, in an announcement made recently. Goldman Sachs expects the economy to grow 2.3%, while JPMorgan Chase estimates a 2.6% expansion. The banks previously projected 1.8% growth in Turkish economy. Decision comes after the Turkish Statistical Institute released GDP figures that showed a 3.5% increase in the fourth quarter and 2.9% for 2016. “Turkish GDP growth rebounded strongly... exceeding both our and consensus expectations,” Goldman said in a note. The bank said the growth in consumption was a surprise and the strongest recovery was in exports. CONSUMPTION UP BY 5.7% Consumption is up by 5.7% in the fourth quarter after contracting 1.7% in previous quarter. Similarly, after exports declined 1.9% and 9.3% in the second and third quarters respectively, Q4 saw a 2.3% upward move. “We expect exports to be a key driver of growth in the coming quarters,” Goldman said. Capital Economics, a London-based independent research company, also revised Turkey’s growth projection for 2017 from 1.8% to 2.5%. “Growth in consumer spending and fixed investment was faster than previously estimated in the preceding quarters,” it said in a note. The firm expects the economy to grow 2.5% in 2017.

15 Haziran 2017 Perşembe

In 2016, Turkey was the fifth largest import market of the Union, and its fourth largest export destination, as per EU official data EUR 66.7 BLN EXPORTS In 2016, Turkey’s trade volume with the 28-member Union was EUR 145 bln (USD 156 bln), comprising 4.2% of the overall trade volume of the Union, Eurostat’s report revealed. Last year, Turkey’s exports to the EU stood at EUR 66.7 bln, up 8.3% from a year earlier, making it the fifth largest import market of the bloc with an approximate share of 4% in overall EU imports. Turkey’s imports from the Union, on the other hand, was EUR 78.01 bln, down 13% or EUR 990 mln from 2015, placing Turkey as the fourth largest export destination of EU, with a 4.5% share in total EU exports. THE LARGEST PARTNERS United States topped the list as the largest trading partner of EU with a trade volume of EUR 610 bln, or 17.7% of total EU trade in goods, while China came second with EUR 515 bln, or a 14.9% share. Switzerland and Russia take the third and fourth spots in terms of trade volume with EU, with shares of 7.6% and 5.5%, respectively.

15 Haziran 2017 Perşembe

İstanbul Development Agency (İDA) announced upcoming projects and future plans in a meeting organised at the Office of Governor. The event had high level participation with İstanbul Governor Vasip Şahin, Mayor of İstanbul Metropolitan Municipality Kadir Topbaş, President of İstanbul Chamber of Commerce İbrahim Çağlar, President of İstanbul Chamber of Industry Erdal Bahçıvan and President of Turkish Exporters Association Mehmet Büyükekşi all present at the event. FUTURE PLANS Announcing upcoming projects and future plans of İstanbul Development Agency, Governor Vasip Şahin indicated “Our goal is to have a properly functioning system, one that serves as a one-stop shop for overseas investors, where they can process their applications smoothly and without any delay, and ensure applicants can fast track their processes from application to investment in no time.” INVESTMENT SUPPORT OFFICE Şahin elaborated on investment support provided to investors and informed about projects jointly undertaken by İstanbul Chamber of Commerce, İstanbul Metropolitan Municipality, Borsa İstanbul and Bosphorus University. Şahin highlighted the recent restructuring of the Investment Support Office in an effort to ensure streamlining of services offered to international investors in Turkey and said: “We will shortly be opening up a service centre within the Investment Support Agency which will set a good model for other investment agencies in Turkey. This office will handle all applications from international investors and will serve as a one stop shop where overseas investors can process their applications smoothly and without any delay, and we will ensure applications can be smoothly processed from start to end efficiently and swiftly.” ONE-STOP SHOP Şahin explained that the Investment Support Agency’s one-stop shop approach will mean investors will no longer have to go to various government offices to lodge and track their applications, saving time and effort for much needed business activities. BUSINESS AS USUAL WITH ROBUST FINANCING Governor Şahin announced that the 2017 budget of the Agency is planned to be approximately TRL 100 mln, similar to last year’s levels, with a possible increase if there is such demand from the market. Şahin continued: “We continue business as usual with robust financing. We have budget availability to support sound projects, and look forward to seeing such good projects.” FACILITATION OF RESIDENCE PERMIT FOR INVESTORS Governor Şahin also highlighted recent arrangements to facilitate residence permits for international investors and added: “We set up a desk at Immigration Services Department in Beşiktaş, to specifically handle the residence permit applications of overseas investors. Unless there are any concerns or further issues to be considered on the part of the applicant, standard applications will be concluded swiftly and residence permits will be issued swiftly.”

14 Haziran 2017 Çarşamba

Abdi İbrahim’s boss Nezih Barut is a very esteemed collector in Turkey, with a priceless collection of 600 pieces of artwork, comprising mostly of photographs and paintings. He took his passion as a private collector after his late father and herewith shares his insights with us. ANY ITEM OF VALUE My collection comprises of pieces from local and international artists who share a universal language, spanning a period from modern to date. In time, it has evolved into a collection with pieces also from current era artists, that I share with people around me; it is a collection that I value. My collection has pieces from painting, sculpture, video, objects and photography. It also has installations and new media work, an area that exhibits some of the most striking works of art lately. STARTED WITH STAMPS I grew up in a family that loved and valued art, this was a great blessing for me. I learned from my father and older sister’s interest in art, I watched them buy pieces of art. My father had a collection of silver and small objects. My sister was into Kütahya tiles and tombac. I started my journey with collecting stamps, like many other children that was a good point to start. The first item I actually purchased was a Çanakkale ceramic plate. My adventure as a collector started with an orientalist painting by De Mango. I collect many different forms of art, though paintings have always been most dear to my heart. I LIKE BEING AROUND ART I have approximately 600 pieces - I love being around art, I like the smell and feel of it. I prefer to display them in Abdi İbrahim offices and around my house rather than keeping them in warehouses and safes. Sometimes I rearrange them, or replace older ones with a new arrival. New arrivals always have priority when it comes to display. I am personally involved in choosing which piece goes where or positioning them, I feel like this allows me to establish a deeper connection with them. I CONTINUE TO EXPAND MY COLLECTION Recently I expanded my collection with pieces from internationally acclaimed artists including Gilbert and George, Alex Katz, William Kentridge, Yves Klein, Anselm Ryle, Julian Schnabel, Oscar Murillo, Erik Parker, Jaume Plensa, Marc Quinn, Tony Cragg, Eric Fischl, Xavier Veilhan, Robert Longo, Anish Kapoor, Jack Pierson, Yayoi Kusama, Michael Craig Martin, Paulina Olowska, Jim Campbell and Chiharu Shiota. Photography has been an area of special interest for me, I have pieces from Andreas Gursky, Thomas Ruff, Vik Muniz, Hiroshi Sugimoto, Irvin Penn, Lailla Essaydi, Liu Bolin, Shirin Neshat, Basim Magdy, Ara Güler and Ziya Tacir in my photography collection. OUR OFFICES ARE LIKE AN ART GALLERY Most of my collection gets displayed in Abdi İbrahim offices and in my residence - our buildings serve like a center of modern art. Our headquarters’ designer Dante Benini was awarded the Designer of the Year Award in Italy with this design. The building is an example of modern architecture and this allows it to have a nice harmony with some of the pieces in the collection. I am of the opinion that exhibiting these pieces in our headquarters, factories and offices enhances the motivation of our employees and increases their interest in art.

14 Haziran 2017 Çarşamba