The American Business Forum of Turkey released their 2007 Executive Survey focusing on the Turkish investment environment. The ABFT represents more than 70 US companies doing business in Turkey and works toward continued trade and communication between the two countries. The survey consists of only about 50 responses from US company executives.
All in all, the meat of the survey is pretty predictable, and for those who have been following Turkey's investment environment - it should not be suprising. But more importantly, the survey does confirm that Turkey still needs to go a long way in developing its judicial system toward protection of rights as well as dealing with the tedious bureaucracy of doing business.
If your interested, The New Anatolian provides a nice summary of the 2007 ABFT Executive Survey.
In addition, and based on these results, ABFT member Jeff Kemprecos from Merck Sharp & Dohme Pharmaceuticals, gave a nice presentation of the results with implications and European comparisons for the pharmaceutical industry in Turkey at an American Turkish Council meeting in Washington DC. He does bring up some good points about how Turkey is really in the middle of the road when it comes down to innovation. To use another idiom, we really may be on the fence pertaining to how we move forward to spur innovation. In doing so, Mr. Kemprecos speculates on the idea that Turkey could become the next Ireland or Singapore in Pharmaceutical R&D.
At a previous ABFT meeting hosting Finance Minister Kemal Unakitan, Mr. Kemprecos also touches on the issue of watching the micro-reform issues of the economy, while agreeing that the macro-policies are doing fine. Again, he really likes the comparisons to Ireland and Singapore. But this time he likens the potential powerhouse of Turkey in reference to technology, medicine, pharmaceutical R&D and exports. Let's keep our fingers crossed on such issues - the elections are just around the corner.
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Labels: ABFT, innovation, investment, survey