Economic reforms and a new macroeconomic program have enabled Turkey?s private sector to gain strength over the last few years. With these changes has also come an intensive privatization program and promotion of private sector investments.

The Prime Ministry Privatization Administration oversees authorization of organizations in the privatization program, which aims to minimize state involvement in commercial activities in the economy and enable free enterprise to burgeon. The Coordination Council for Improvement of Investment Media (YOIKK) was formed in 2001 as a medium through which the government could improve the business environment for domestic and foreign investors.

The first and largest privatization effort was the block sale of Türk Telekom, the state-owned telecommunication company, to Oger Telekom in 2005 for $6.5 billion USD. Other important transactions soon followed, including the sale of TÜPRA? to the Istanbul Stock Exchange and Koç Holding for $454 million USD and $4.1 billion USD, respectively; the block sale of ET? Alüminyum for $305 million; and the sale of PETK?M, Turkey?s the leading petrochemical company to the Turcas-Socar Group for $2.04 billion USD.

Turkey?s privatization program for 2007-2009 aims to establish free competition in all the major infrastructure sectors, including energy, transportation and telecommunication.

Visit the Undersecretariat of the Prime Ministry of Foreign Trade?s Export Promotion Center for more detailed information about privatization in Turkey.

Source: Undersecretariat of the Prime Ministry of Foreign Trade?s Export Promotion Center; Prime Ministry Privatization Administration