Title: Greek - Turkish bilateral business
Description: ..trade,tourism and investment relations
Description: ..trade,tourism and investment relations
Lord - March 20, 2006 05:17 PM (GMT)
Greek-Turkish relations enter new 'orbit'...
"Our trade and tourism ties are growing... What Turkey and Greece have achieved in recent years is indeed impressive! Turkey and Greece should continue to strive for new horizons in their relations, to the benefit of their peoples and democracies... Turkish-Greek partnership will not only benefit the two countries and their peoples, but it will also serve as an element of peace and stability both in our region and Europe at large." -- Abdullah Gul, Deputy Prime Minister and Foreign Minister of Turkey, writing in To Vima of October 21, 2003
"The two great national leaders [Greek and Turkish statesmen Eleftherios Venizelos and Mustafa Kemal Ataturk], on the basis of common sense and wisdom, contributed to Greek-Turkish co-operation and friendship which continued and flourished for some years... We do not want the next generations to live as we have lived... peace and love are deeply consolidated in the sentiments of the two peoples." -- Recep Tayyip Erdogan, Prime Minister of Turkey, speaking at a joint press conference [held by Dr. Costas Karamanlis, the Greek Prime Minister, and his visiting Turkish counterpart] in Athens on May 7, 2004
"We confirmed our coincidence of views with respect to the new 'orbit' into which Greek-Turkish relations have entered and ascertained with satisfaction the progress they are making." -- Dr. Costas Karamanlis, the Greek Prime Minister, speaking to reporters on May 7, 2004 after his meeting with the Turkish Prime Minister, who arrived in Athens for an official visit -- the first by a Turkish premier since 1988 -- heading a large delegation of government officials, entrepreneurs and media. Addressing this Turkish delegation, the Greek Prime Minister said that his country remains steadfastly adhered to the target of the reunification of Cyprus "so that Greek-Cypriots and Turkish-Cypriots together can enjoy the benefits of participation in the European Union."
"Unless something bizarre or peculiar should happen before December [2004], the Greek government will say 'yes' to Turkey because we believe that this will make our part of the world a European neighbourhood, because it is good for the Turkish people and for Turkey's neighbours, who will feel that their problems can be solved more quickly, more easily, in a more European way." -- Yiannis Valinakis, Deputy Foreign Minister of Greece, speaking to N-TV, the Turkish television channel, on May 8, 2004
"In this long path of five years [as Greece's Foreign Minister (1999-2004)], in the European Union, I think that my country, Greece, has had an important role to play. We are proud of our decision in Helsinki, which helped both to change the relations between the European Union and Turkey, but also helped Cyprus become a member... By the end of the year [2004], we will also be making a very important decision and Greece would very much like to see it as a positive decision, and that's on Turkey..." -- George A. Papandreou, former Foreign Minister of Greece, during his farewell press conference in Brussels on January 26, 2004; in 1997, he was awarded the Greek-Turkish peace and friendship award Abdi Ipekci for his efforts to strengthen relations between Athens and Ankara
"Greek companies will continue to seek new opportunities for investment and joint ventures with Turkish companies, seeking both to tap into the far larger and more lucrative Turkish market, and also to penetrate markets further to the east, such as the Caspian Sea Basin and Central Asia. Greece's door to that underdeveloped treasure trove will surely be Turkey. Just the same, Turkish companies will increasingly look to penetrate Balkan markets, and share in the billions of dollars in international aid and loan packages, in conjunction with their Greek counterparts, whose sense of unease over Greek-Turkish security problems restrains them from sharing the potential that Balkan opportunities may offer. It may well come down to the essence of the business deal: win-win regional trade access for Greek and Turkish companies. The private sectors in both countries need each other for effective penetration of geographically integrated regions. Greeks can cross Turkey into Central Asia, and Turkey can cross Greece into the southern Balkans. Each side opens the door for the other, maximises opportunity and profit, and helps spread the benefits that accrue from co-operation in commerce, industry, currency stabilisation, construction, health systems, food processing, banking, insurance, tourism, environmental protection, and so many areas in need of desperate investment to rebuild the lives of all the people of South-East Europe." -- John Sitilides, Executive Director, The Western Policy Centre, Washington, D.C., USA, addressing the Equity International "South-East Europe Finance Conference," Washington, D.C., on November 14, 2000
"Our trade and tourism ties are growing... What Turkey and Greece have achieved in recent years is indeed impressive! Turkey and Greece should continue to strive for new horizons in their relations, to the benefit of their peoples and democracies... Turkish-Greek partnership will not only benefit the two countries and their peoples, but it will also serve as an element of peace and stability both in our region and Europe at large." -- Abdullah Gul, Deputy Prime Minister and Foreign Minister of Turkey, writing in To Vima of October 21, 2003
"The two great national leaders [Greek and Turkish statesmen Eleftherios Venizelos and Mustafa Kemal Ataturk], on the basis of common sense and wisdom, contributed to Greek-Turkish co-operation and friendship which continued and flourished for some years... We do not want the next generations to live as we have lived... peace and love are deeply consolidated in the sentiments of the two peoples." -- Recep Tayyip Erdogan, Prime Minister of Turkey, speaking at a joint press conference [held by Dr. Costas Karamanlis, the Greek Prime Minister, and his visiting Turkish counterpart] in Athens on May 7, 2004
"We confirmed our coincidence of views with respect to the new 'orbit' into which Greek-Turkish relations have entered and ascertained with satisfaction the progress they are making." -- Dr. Costas Karamanlis, the Greek Prime Minister, speaking to reporters on May 7, 2004 after his meeting with the Turkish Prime Minister, who arrived in Athens for an official visit -- the first by a Turkish premier since 1988 -- heading a large delegation of government officials, entrepreneurs and media. Addressing this Turkish delegation, the Greek Prime Minister said that his country remains steadfastly adhered to the target of the reunification of Cyprus "so that Greek-Cypriots and Turkish-Cypriots together can enjoy the benefits of participation in the European Union."
"Unless something bizarre or peculiar should happen before December [2004], the Greek government will say 'yes' to Turkey because we believe that this will make our part of the world a European neighbourhood, because it is good for the Turkish people and for Turkey's neighbours, who will feel that their problems can be solved more quickly, more easily, in a more European way." -- Yiannis Valinakis, Deputy Foreign Minister of Greece, speaking to N-TV, the Turkish television channel, on May 8, 2004
"In this long path of five years [as Greece's Foreign Minister (1999-2004)], in the European Union, I think that my country, Greece, has had an important role to play. We are proud of our decision in Helsinki, which helped both to change the relations between the European Union and Turkey, but also helped Cyprus become a member... By the end of the year [2004], we will also be making a very important decision and Greece would very much like to see it as a positive decision, and that's on Turkey..." -- George A. Papandreou, former Foreign Minister of Greece, during his farewell press conference in Brussels on January 26, 2004; in 1997, he was awarded the Greek-Turkish peace and friendship award Abdi Ipekci for his efforts to strengthen relations between Athens and Ankara
"Greek companies will continue to seek new opportunities for investment and joint ventures with Turkish companies, seeking both to tap into the far larger and more lucrative Turkish market, and also to penetrate markets further to the east, such as the Caspian Sea Basin and Central Asia. Greece's door to that underdeveloped treasure trove will surely be Turkey. Just the same, Turkish companies will increasingly look to penetrate Balkan markets, and share in the billions of dollars in international aid and loan packages, in conjunction with their Greek counterparts, whose sense of unease over Greek-Turkish security problems restrains them from sharing the potential that Balkan opportunities may offer. It may well come down to the essence of the business deal: win-win regional trade access for Greek and Turkish companies. The private sectors in both countries need each other for effective penetration of geographically integrated regions. Greeks can cross Turkey into Central Asia, and Turkey can cross Greece into the southern Balkans. Each side opens the door for the other, maximises opportunity and profit, and helps spread the benefits that accrue from co-operation in commerce, industry, currency stabilisation, construction, health systems, food processing, banking, insurance, tourism, environmental protection, and so many areas in need of desperate investment to rebuild the lives of all the people of South-East Europe." -- John Sitilides, Executive Director, The Western Policy Centre, Washington, D.C., USA, addressing the Equity International "South-East Europe Finance Conference," Washington, D.C., on November 14, 2000
Lord - March 20, 2006 05:18 PM (GMT)
Introduction
In January 2002 INV International Ltd. launched a unique new INVgr section, which aims to promote and strengthen the bilateral business, trade, tourism and investment relations between Greece and Turkey.
According to Costas Karamanlis, the Greek Prime Minister, 77 Greek companies are currently operating in Turkey, with Greek investments representing 3.2% of total foreign direct investment (FDI) in Greece's neighbouring country. Business between Greece and Turkey has gained impetus due to an improvement in political ties over the last five years, bringing a fivefold increase in the volume of two-way trade. A total of 25 bilateral agreements have been signed between the two countries over the past five years. Greece's trade deficit with Turkey jumped 71.7% in 2003 compared with the previous year, totalling USD 477.19 million. Turkey's exports to Greece rose by 52.8% last year to USD 902.64 million, while Greek exports to Turkey rose 36.16% to USD 425.45 million. Bilateral trade exceeded USD 1.3 billion in 2003, up 47.1% from the previous year and sharply up from EUR 200 million in 1999. "We can soon raise this to EUR 5 billion," Recep Tayyip Erdogan, the Turkish Prime Minister, said at a luncheon hosted by the Greek-Turkish Business Forum in Athens on May 7, 2004. It was the first official visit by a Turkish Prime Minister since 1988.
In January 2002 INV International Ltd. launched a unique new INVgr section, which aims to promote and strengthen the bilateral business, trade, tourism and investment relations between Greece and Turkey.
According to Costas Karamanlis, the Greek Prime Minister, 77 Greek companies are currently operating in Turkey, with Greek investments representing 3.2% of total foreign direct investment (FDI) in Greece's neighbouring country. Business between Greece and Turkey has gained impetus due to an improvement in political ties over the last five years, bringing a fivefold increase in the volume of two-way trade. A total of 25 bilateral agreements have been signed between the two countries over the past five years. Greece's trade deficit with Turkey jumped 71.7% in 2003 compared with the previous year, totalling USD 477.19 million. Turkey's exports to Greece rose by 52.8% last year to USD 902.64 million, while Greek exports to Turkey rose 36.16% to USD 425.45 million. Bilateral trade exceeded USD 1.3 billion in 2003, up 47.1% from the previous year and sharply up from EUR 200 million in 1999. "We can soon raise this to EUR 5 billion," Recep Tayyip Erdogan, the Turkish Prime Minister, said at a luncheon hosted by the Greek-Turkish Business Forum in Athens on May 7, 2004. It was the first official visit by a Turkish Prime Minister since 1988.
Lord - March 20, 2006 05:19 PM (GMT)
Aktor SA and Enka land USD 1.9 billion contract in Oman Turkish-Greek consortium to build Phase One of one of the largest master-planned, mixed-use developments ever to be developed in the Middle East
Signing ceremony (photo courtesy of the Oman Daily Observer)
December 30, 2005 -- A consortium consisting of Istanbul-based Enka Insaat ve Sanayi AS (Enka Construction & Industry Co., Inc.) and Aktor SA, the construction arm of Greece's Elliniki Technodomiki TEB Group, signed a memorandum of agreement for the first phase of construction of the ambitious Blue City project at Al Sawadi in the Sultanate of Oman.
Blue City's Phase One project was awarded to the Turkish-Greek consortium by Al Sawadi Investment and Tourism Company (Asit), developers of the new city that will be located approximately 100 km. north of Muscat, Oman's capital, and a 25 minutes' drive from the Seeb International Airport.
Under the terms of the agreement, ATHEX-listed Aktor will undertake construction worth USD 1.9 billion, with the final segment due for completion in 2012.
Master plan of Oman's ambitious Blue City development (photo courtesy of the Oman Daily Observer)
The overall project, at a total estimated cost of EUR 20 billion, contains 10 phases over 15 years and is one of the largest master-planned, mixed-use developments ever to be developed in the Middle East. It will cover 34 square kilometres of coastline near the capital and is expected to attract approximately two million tourists annually.
Phase One will include four hotels with a total of around 1,000 rooms, two world-class PGA golf courses, a shopping complex and 5.5 square kilometres of freehold residential real estate, a tourist village, heritage village, shopping complex, amphitheatre, city hall and all associated amenities such as a primary school, nursery and kindergarten, health centre, police station, post office and a mosque. The first phase will also include a sophisticated water-recycling facility for the irrigation of all landscaped areas, including the golf courses.
Enka, Turkey's leading construction company in Turkey and one of the largest in the world, is also the parent company of the Enka Group, which comprises of 24 subsidiaries engaged in different fields of activities. Projects which are undertaken by Enka Construction as main contractor, are then assumed by the group members concerned according to their fields of specialisation.
This makes it possible for Enka to offer a full range of services. With more than half a billion dollars turnover, 1.300 technical and administrative personnel, 9,000 workers and a plant and equipment park worth EUR 250 million, Enka Construction operates on three continents.
Sinan Tara is Chairman of the Board of Enka, Anees Issa is Asit's Chairman, while Ahmed Abubaker Janahi, the man behind Blue City vision, serves as Asit's Vice Chairman.
Speaking to the Oman Daily Observer about the experience and skills that the Turkish and Greek construction groups bring to the project, Dr. Fari Akhlaghi, CEO of ReeMoon, is the client representative on the project, said: "Both companies, Aktor and Enka, are very experienced. Both are multi-disciplinary and they very much complement one another in terms of their capabilities. This project offers a significant opportunity to the two companies and their respective countries in the region and in specifically in Oman."
Sources: INVgr, Oman Daily Observer, ANA.
Signing ceremony (photo courtesy of the Oman Daily Observer)
December 30, 2005 -- A consortium consisting of Istanbul-based Enka Insaat ve Sanayi AS (Enka Construction & Industry Co., Inc.) and Aktor SA, the construction arm of Greece's Elliniki Technodomiki TEB Group, signed a memorandum of agreement for the first phase of construction of the ambitious Blue City project at Al Sawadi in the Sultanate of Oman.
Blue City's Phase One project was awarded to the Turkish-Greek consortium by Al Sawadi Investment and Tourism Company (Asit), developers of the new city that will be located approximately 100 km. north of Muscat, Oman's capital, and a 25 minutes' drive from the Seeb International Airport.
Under the terms of the agreement, ATHEX-listed Aktor will undertake construction worth USD 1.9 billion, with the final segment due for completion in 2012.
Master plan of Oman's ambitious Blue City development (photo courtesy of the Oman Daily Observer)
The overall project, at a total estimated cost of EUR 20 billion, contains 10 phases over 15 years and is one of the largest master-planned, mixed-use developments ever to be developed in the Middle East. It will cover 34 square kilometres of coastline near the capital and is expected to attract approximately two million tourists annually.
Phase One will include four hotels with a total of around 1,000 rooms, two world-class PGA golf courses, a shopping complex and 5.5 square kilometres of freehold residential real estate, a tourist village, heritage village, shopping complex, amphitheatre, city hall and all associated amenities such as a primary school, nursery and kindergarten, health centre, police station, post office and a mosque. The first phase will also include a sophisticated water-recycling facility for the irrigation of all landscaped areas, including the golf courses.
Enka, Turkey's leading construction company in Turkey and one of the largest in the world, is also the parent company of the Enka Group, which comprises of 24 subsidiaries engaged in different fields of activities. Projects which are undertaken by Enka Construction as main contractor, are then assumed by the group members concerned according to their fields of specialisation.
This makes it possible for Enka to offer a full range of services. With more than half a billion dollars turnover, 1.300 technical and administrative personnel, 9,000 workers and a plant and equipment park worth EUR 250 million, Enka Construction operates on three continents.
Sinan Tara is Chairman of the Board of Enka, Anees Issa is Asit's Chairman, while Ahmed Abubaker Janahi, the man behind Blue City vision, serves as Asit's Vice Chairman.
Speaking to the Oman Daily Observer about the experience and skills that the Turkish and Greek construction groups bring to the project, Dr. Fari Akhlaghi, CEO of ReeMoon, is the client representative on the project, said: "Both companies, Aktor and Enka, are very experienced. Both are multi-disciplinary and they very much complement one another in terms of their capabilities. This project offers a significant opportunity to the two companies and their respective countries in the region and in specifically in Oman."
Sources: INVgr, Oman Daily Observer, ANA.
Lord - March 20, 2006 05:20 PM (GMT)
Intracom SA has right to buy up to 10% of Turkish mobile operator Telsim from Vodafone Group PLC
December 15, 2005 -- Socrates P. Kokkalis, Chairman of the Intracom Group, said today that his ATHEX-listed company has an option to acquire up to 10% of Telsim Mobil Telekomunikasyon Hizmetleri AS, Turkey's second-largest mobile operator, from Vodafone Group PLC. He made these comments at the first repeated shareholders' meeting of Intracom's Extraordinary General Assembly, held at the Greek telecommunications and information technology group's headquarters in Peania, Athens.
Kokkalis referred to the recent acquisition of Telsim by Vodafone this week, when the world's leading mobile telecommunications company beat six rivals, most of them from the Middle East, to win an auction for Telsim with a USD 4.55 billion bid in an open auction tender where the highest bid won. Vodafone is acquiring the Turkish mobile operator from the Turkish Savings Deposit and Investment Fund (SDIF).
Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone, said in a statement: "We are delighted to have won the tender for Telsim. With a larger population than every European country except Germany, and a penetration level of approximately 53%, the Turkish market represents a major growth opportunity. Our extensive operating experience and unique set of products and services positions us to compete effectively in such a youthful market and deliver a superior mobile experience to Turkish customers."
Vodafone believes its acquisition of Telsim represents a unique opportunity to gain control of a mobile business in one of the European region's biggest markets and is consistent with Vodafone's strategy of increasing its exposure to growth markets.
According to a Vodafone statement, the principal benefits to the company are:
Exposure to the attractive and growing Turkish market
Population of 72 million people -- the fourth largest market in which Vodafone controls an operator
Market penetration of approximately 53% with significant further growth potential
Fast-growing and young population, forecast to grow at 1.4% CAGR until 2010 and with approximately 47% under the age of 25
Population expected to be greater than Germany's by 2017
Full control of a fast-growing number-two mobile operator
43% revenue growth in the first 7 months of 2005 compared to the same period in 2004
Customer growth of 53% and 2.8 million net additional customers in the 12 months to June 30, 2005
Approximately 9 million customers
Uniquely positioned to capture the benefits of a turnaround of Telsim
The business has historically been under-managed and suffered from under-investment in its network and customer propositions
Vodafone to leverage its position in GSM networks, branding and successful customer propositions to turnaround the business
Turkey's proximity to other Vodafone operations enables meaningful One Vodafone programme benefits including roaming opportunities from Turkish communities present in other Vodafone markets in Europe
Attractive corporate market opportunity
Transaction overview
Vodafone has agreed to acquire substantially all of the assets and business of Telsim from the SDIF. Vodafone is not acquiring Telsim's liabilities, including those related to Motorola and Nokia, other than certain minor employee-related liabilities.
In addition to the consideration price, Vodafone will be required to pay USD 0.4 billion of VAT which will be recoverable against Telsim's future VAT liabilities. Vodafone expects to recover this payment over the short to medium term and this has been included in Vodafone's valuation of Telsim.
The transaction is subject to approval from the SDIF Board and Turkish regulatory, legal and competition authorities. Vodafone expects the transaction to close in the first quarter of calendar year 2006.
Investing to capture future growth
Vodafone intends to make a significant investment in the operations and network of Telsim to deliver a superior product and service offering to the Turkish market. Vodafone expects that over the short term Telsim will require approximately USD 1 billion of additional funding.
The acquisition is expected to enhance Vodafone's revenue and EBITDA growth profile, however Vodafone expects Telsim to make net losses in the short to medium term as it invests in the network, building scale and a stronger customer and brand proposition. Consequently Vodafone expects the transaction to be dilutive to adjusted earnings per share in the short to medium term.
GSM 900 operator Telsim went live in May 1994.
Listed on the Athens Exchange since June 28, 1990, Intracom is a provider of information and communications technology solutions and primarily serves the telecommunications, government, banking, enterprise and defence sectors. Headquartered in Athens, Greece, the company has offices in 15 other countries and world-wide has approximately 5,450 employees. Focusing on South-East Europe, the Middle East and North Africa, Intracom reported total revenues in 2004 of EUR 620.4 million. The company is expected to announce shortly the outcome of cooperation talks with AFK Sistema JSFC (LSE: SSA) of Russia. Founded in 1993, Sistema develops and manages market-leading businesses in fast-growing service-based industries, including telecommunications (MTS, MGTS, Comstar United Telesystems), technology (NIIME and MIKRON, STROM telecom, Sitronics), insurance (ROSNO), banking (MBRD), real estate (Sistema-Hals), retail (Detsky Mir Group) and media (SMM).
Sources: Vodafone Group, Intracom, INVgr.
__________________________________
Forget about War Gents...Our big Guys found together allready... :rolleyes:
December 15, 2005 -- Socrates P. Kokkalis, Chairman of the Intracom Group, said today that his ATHEX-listed company has an option to acquire up to 10% of Telsim Mobil Telekomunikasyon Hizmetleri AS, Turkey's second-largest mobile operator, from Vodafone Group PLC. He made these comments at the first repeated shareholders' meeting of Intracom's Extraordinary General Assembly, held at the Greek telecommunications and information technology group's headquarters in Peania, Athens.
Kokkalis referred to the recent acquisition of Telsim by Vodafone this week, when the world's leading mobile telecommunications company beat six rivals, most of them from the Middle East, to win an auction for Telsim with a USD 4.55 billion bid in an open auction tender where the highest bid won. Vodafone is acquiring the Turkish mobile operator from the Turkish Savings Deposit and Investment Fund (SDIF).
Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone, said in a statement: "We are delighted to have won the tender for Telsim. With a larger population than every European country except Germany, and a penetration level of approximately 53%, the Turkish market represents a major growth opportunity. Our extensive operating experience and unique set of products and services positions us to compete effectively in such a youthful market and deliver a superior mobile experience to Turkish customers."
Vodafone believes its acquisition of Telsim represents a unique opportunity to gain control of a mobile business in one of the European region's biggest markets and is consistent with Vodafone's strategy of increasing its exposure to growth markets.
According to a Vodafone statement, the principal benefits to the company are:
Exposure to the attractive and growing Turkish market
Population of 72 million people -- the fourth largest market in which Vodafone controls an operator
Market penetration of approximately 53% with significant further growth potential
Fast-growing and young population, forecast to grow at 1.4% CAGR until 2010 and with approximately 47% under the age of 25
Population expected to be greater than Germany's by 2017
Full control of a fast-growing number-two mobile operator
43% revenue growth in the first 7 months of 2005 compared to the same period in 2004
Customer growth of 53% and 2.8 million net additional customers in the 12 months to June 30, 2005
Approximately 9 million customers
Uniquely positioned to capture the benefits of a turnaround of Telsim
The business has historically been under-managed and suffered from under-investment in its network and customer propositions
Vodafone to leverage its position in GSM networks, branding and successful customer propositions to turnaround the business
Turkey's proximity to other Vodafone operations enables meaningful One Vodafone programme benefits including roaming opportunities from Turkish communities present in other Vodafone markets in Europe
Attractive corporate market opportunity
Transaction overview
Vodafone has agreed to acquire substantially all of the assets and business of Telsim from the SDIF. Vodafone is not acquiring Telsim's liabilities, including those related to Motorola and Nokia, other than certain minor employee-related liabilities.
In addition to the consideration price, Vodafone will be required to pay USD 0.4 billion of VAT which will be recoverable against Telsim's future VAT liabilities. Vodafone expects to recover this payment over the short to medium term and this has been included in Vodafone's valuation of Telsim.
The transaction is subject to approval from the SDIF Board and Turkish regulatory, legal and competition authorities. Vodafone expects the transaction to close in the first quarter of calendar year 2006.
Investing to capture future growth
Vodafone intends to make a significant investment in the operations and network of Telsim to deliver a superior product and service offering to the Turkish market. Vodafone expects that over the short term Telsim will require approximately USD 1 billion of additional funding.
The acquisition is expected to enhance Vodafone's revenue and EBITDA growth profile, however Vodafone expects Telsim to make net losses in the short to medium term as it invests in the network, building scale and a stronger customer and brand proposition. Consequently Vodafone expects the transaction to be dilutive to adjusted earnings per share in the short to medium term.
GSM 900 operator Telsim went live in May 1994.
Listed on the Athens Exchange since June 28, 1990, Intracom is a provider of information and communications technology solutions and primarily serves the telecommunications, government, banking, enterprise and defence sectors. Headquartered in Athens, Greece, the company has offices in 15 other countries and world-wide has approximately 5,450 employees. Focusing on South-East Europe, the Middle East and North Africa, Intracom reported total revenues in 2004 of EUR 620.4 million. The company is expected to announce shortly the outcome of cooperation talks with AFK Sistema JSFC (LSE: SSA) of Russia. Founded in 1993, Sistema develops and manages market-leading businesses in fast-growing service-based industries, including telecommunications (MTS, MGTS, Comstar United Telesystems), technology (NIIME and MIKRON, STROM telecom, Sitronics), insurance (ROSNO), banking (MBRD), real estate (Sistema-Hals), retail (Detsky Mir Group) and media (SMM).
Sources: Vodafone Group, Intracom, INVgr.
__________________________________
Forget about War Gents...Our big Guys found together allready... :rolleyes:
Lord - March 20, 2006 05:22 PM (GMT)
Aegean Business Bank (ABB) to become first Greek-Turkish commercial bank
December 4, 2005 -- An application to establish the first-ever joint Greek-Turkish commercial bank is expected to be filed with the (central) Bank of Greece next month.
According to a business plan unveiled by the Aegean Business Bank (ABB)'s investors, the to-be-established bank aims to open 26 branches with 360 employees in Greece and Turkey over the next five years, along with a flotation on both the Athens and Istanbul bourses. The new bank has ambitious plans and forecasts deposits to come close to EUR 2 billion with loans exceeding the EUR 1 billion mark during its first five years of operations.
Plans for this new venture were unveiled in Athens by Panayiotis Koutsikos, Chairman of the Greek-Turkish Chamber of Commerce (E.T.E.E.), Dimitris Alexopoulos, a representative of the founders' committee, and Ali Tuna Turkay, a representative of the Izmir Chamber of Commerce. The plans were made public during the "Money Show 2005" forum, which was held at the Athens Hilton Hotel on December 3-4, 2005.
ABB will commence its operations with a share capital of EUR 60 million. It will emphasis on serving corporate clients with activities in both neighbouring countries, but will also be focusing on consumer banking (mortgages, consumer loans, credit cards), bancassurance (the bank is currently already in discussion with an insurance group in view of offering insurance products), mutual funds, leasing, investment banking, etc.
ABB is the result of extensive market research and the need for closer entrepreneurial ties between the two countries, according to a company statement. The brainchild of this new bank is believed to be the E.T.E.E. along with a group of bankers, who in February 2005 started bringing the idea to life.
Sources: ABB, ANA, INVgr.
December 4, 2005 -- An application to establish the first-ever joint Greek-Turkish commercial bank is expected to be filed with the (central) Bank of Greece next month.
According to a business plan unveiled by the Aegean Business Bank (ABB)'s investors, the to-be-established bank aims to open 26 branches with 360 employees in Greece and Turkey over the next five years, along with a flotation on both the Athens and Istanbul bourses. The new bank has ambitious plans and forecasts deposits to come close to EUR 2 billion with loans exceeding the EUR 1 billion mark during its first five years of operations.
Plans for this new venture were unveiled in Athens by Panayiotis Koutsikos, Chairman of the Greek-Turkish Chamber of Commerce (E.T.E.E.), Dimitris Alexopoulos, a representative of the founders' committee, and Ali Tuna Turkay, a representative of the Izmir Chamber of Commerce. The plans were made public during the "Money Show 2005" forum, which was held at the Athens Hilton Hotel on December 3-4, 2005.
ABB will commence its operations with a share capital of EUR 60 million. It will emphasis on serving corporate clients with activities in both neighbouring countries, but will also be focusing on consumer banking (mortgages, consumer loans, credit cards), bancassurance (the bank is currently already in discussion with an insurance group in view of offering insurance products), mutual funds, leasing, investment banking, etc.
ABB is the result of extensive market research and the need for closer entrepreneurial ties between the two countries, according to a company statement. The brainchild of this new bank is believed to be the E.T.E.E. along with a group of bankers, who in February 2005 started bringing the idea to life.
Sources: ABB, ANA, INVgr.
Lord - March 20, 2006 05:23 PM (GMT)
Intralot SA ups participation in Inteltek to 45%
November 29, 2005 -- Athens-based Intralot SA, a leading global supplier of integrated gaming and transaction processing systems, announced today it agreed to purchase a further 20% stake in Inteltek, the Turkish sports betting operator, for EUR 67 million. With the completion of this agreement, Intralot will increase its stake in the company from 25% to 45%. Inteltek has the exclusive contract to manage sports betting in Turkey for eight years on behalf of Spor Toto Organisation, an Ankara-based sports-betting player similar to ATHEX-listed Greek Organisation of Football Prognostics SA (OPAP). The deal is subject to approval from Turkish authorities.
In 2005, which Intralot said is the first year of full operation of betting in Turkey, the game's turnover is expected to surpass USD 850 million. Since August 2005, the game has been offered to the Turkish public through a network of 4,000 points of sale (POS), which will be further expanded in 2006. The expansion of the sales network, the increased media publicity and the continuously increasing interest in the game in the Turkish market are expected to enhance the penetration of betting over the next few years.
Constantinos Antonopoulos, CEO, Intralot, commented: "The increase of our participation in INTELTEK strengthens the Intralot Group's presence in the promising Turkish gaming market and is expected to offer the Group increased participation in future earnings from the management of sports betting games in the country. Intralot's investment in Inteltek will be the largest investment a Greek company has ever made in the neighbouring country [Turkey]."
The 20% was acquired from the third founding partner, Technology Holding, and Intralot has effectively got joint management control of Inteltek together with Turkcell, the Turkish mobile player, which was given first refusal on the buy. But since Inteltek is non-core for Turkcell, it did not see it as a priority, thus enabling Intralot to acquire the stake.
Listed on the Athens Exchange (ATHEX: INLOT), Intralot develops and delivers innovative, custom-made products and value added services to state-licensed lottery organisations and financial services providers world-wide. Intralot has 33 subsidiaries, eight business offices, more than 1,900 employees in 32 countries on five continents, and expects to report 2005 revenues of EUR 500 million. The company boasts a broad portfolio of products and services, extensive know-how of Lottery, Betting and Video Lottery operations, global experience in sports games, and cutting-edge technology.
For fiscal 2005, Inteltek is on target for a turnover of around USD 1 billion, after seeing tremendous annual growth. A source familiar with the matter noted that Intralot plans two more gaming acquisitions in Turkey, one of which is the Turkish National Lottery. The Greek multinational, which is member of the Intracom Group of Companies, is optimistic about acquiring Turkey's National Lottery through a soon-to-be-launched international tender. The Turkish Privatisation Authority is waiting for the government to pass a new law that will enable the privatisation to be launched by the end of this year.
Kostas Georgoulas is Intralot Turkey's director and Inteltek's assistant general manager
November 29, 2005 -- Athens-based Intralot SA, a leading global supplier of integrated gaming and transaction processing systems, announced today it agreed to purchase a further 20% stake in Inteltek, the Turkish sports betting operator, for EUR 67 million. With the completion of this agreement, Intralot will increase its stake in the company from 25% to 45%. Inteltek has the exclusive contract to manage sports betting in Turkey for eight years on behalf of Spor Toto Organisation, an Ankara-based sports-betting player similar to ATHEX-listed Greek Organisation of Football Prognostics SA (OPAP). The deal is subject to approval from Turkish authorities.
In 2005, which Intralot said is the first year of full operation of betting in Turkey, the game's turnover is expected to surpass USD 850 million. Since August 2005, the game has been offered to the Turkish public through a network of 4,000 points of sale (POS), which will be further expanded in 2006. The expansion of the sales network, the increased media publicity and the continuously increasing interest in the game in the Turkish market are expected to enhance the penetration of betting over the next few years.
Constantinos Antonopoulos, CEO, Intralot, commented: "The increase of our participation in INTELTEK strengthens the Intralot Group's presence in the promising Turkish gaming market and is expected to offer the Group increased participation in future earnings from the management of sports betting games in the country. Intralot's investment in Inteltek will be the largest investment a Greek company has ever made in the neighbouring country [Turkey]."
The 20% was acquired from the third founding partner, Technology Holding, and Intralot has effectively got joint management control of Inteltek together with Turkcell, the Turkish mobile player, which was given first refusal on the buy. But since Inteltek is non-core for Turkcell, it did not see it as a priority, thus enabling Intralot to acquire the stake.
Listed on the Athens Exchange (ATHEX: INLOT), Intralot develops and delivers innovative, custom-made products and value added services to state-licensed lottery organisations and financial services providers world-wide. Intralot has 33 subsidiaries, eight business offices, more than 1,900 employees in 32 countries on five continents, and expects to report 2005 revenues of EUR 500 million. The company boasts a broad portfolio of products and services, extensive know-how of Lottery, Betting and Video Lottery operations, global experience in sports games, and cutting-edge technology.
For fiscal 2005, Inteltek is on target for a turnover of around USD 1 billion, after seeing tremendous annual growth. A source familiar with the matter noted that Intralot plans two more gaming acquisitions in Turkey, one of which is the Turkish National Lottery. The Greek multinational, which is member of the Intracom Group of Companies, is optimistic about acquiring Turkey's National Lottery through a soon-to-be-launched international tender. The Turkish Privatisation Authority is waiting for the government to pass a new law that will enable the privatisation to be launched by the end of this year.
Kostas Georgoulas is Intralot Turkey's director and Inteltek's assistant general manager
Lord - March 20, 2006 05:24 PM (GMT)
BSTDB funds Ankara airport development projects
August 5, 2005 -- BSTDB, the Thessaloniki-based Black Sea Trade and Development Bank, approved a loan of EUR 18 million for construction projects at Ankara's Esenboga Airport. The 12-year loan recipient is the TAV Yatirim Yapim ve Isletme A.ª. -- made up of the Turkish construction groups Tepe and Akfen, the project's sponsors. TAV is the abbreviation for Tepe-Akfen-Vie.
The project concerns the expansion, design, construction, operation and maintenance of the new terminal station serving domestic and international flights which is expected to triple the airport's overall annual capacity to up to 10 million passengers.
The financing of the project for the amount of EUR 196 million has been secured through Bayerische Hypo- und Vereinsbank AG and includes, among others, sponsorships and commercial loans from a number of banks and organisations such as the BSTDB and Proparco (Societe de Promotion et de Participation pour la Cooperation Economique), a subsidiary of the French Development Agency (AFD) dedicated to private-sector financing.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. With an authorised capital of SDR 1 billion (approx. USD 1.5 billion), the BSTDB supports economic development and regional co-operation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. Since its commencement of operations in 1999, BSTDB has approved projects and trade finance operations totalling over USD 675 million. BSTDB is rated long-term Baa2 and short-term P2 by Moody's.
August 5, 2005 -- BSTDB, the Thessaloniki-based Black Sea Trade and Development Bank, approved a loan of EUR 18 million for construction projects at Ankara's Esenboga Airport. The 12-year loan recipient is the TAV Yatirim Yapim ve Isletme A.ª. -- made up of the Turkish construction groups Tepe and Akfen, the project's sponsors. TAV is the abbreviation for Tepe-Akfen-Vie.
The project concerns the expansion, design, construction, operation and maintenance of the new terminal station serving domestic and international flights which is expected to triple the airport's overall annual capacity to up to 10 million passengers.
The financing of the project for the amount of EUR 196 million has been secured through Bayerische Hypo- und Vereinsbank AG and includes, among others, sponsorships and commercial loans from a number of banks and organisations such as the BSTDB and Proparco (Societe de Promotion et de Participation pour la Cooperation Economique), a subsidiary of the French Development Agency (AFD) dedicated to private-sector financing.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. With an authorised capital of SDR 1 billion (approx. USD 1.5 billion), the BSTDB supports economic development and regional co-operation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. Since its commencement of operations in 1999, BSTDB has approved projects and trade finance operations totalling over USD 675 million. BSTDB is rated long-term Baa2 and short-term P2 by Moody's.
Lord - March 20, 2006 05:24 PM (GMT)
Greek wind energy producer C. Rokas SA and Iberdrola of Spain sign MoU with Turkish BEST A.Þ.
July 22, 2005 -- Arcadia Metal Industry C. Rokas SA, the ATHEX-listed producer of wind energy in Greece, and its strategic partner Iberdrola Energías Renovables II, SA of Spain signed a Memorandum of Understanding with Balýkesir Elektromanyetik Sanayi ve Ticaret A.Þ. (BEST A.Þ.) of Turkey regarding a new co-operation for the development, construction and operation of five wind parks throughout Turkey, with a combined capacity of 225 MW.
The successful fulfillment of this agreement will be an important step towards the reinforcement of the expanding activity of C. Rokas in the Balkans.
The first Greek producer to explore wind energy and currently market leader in Greece, Athens-based C. Rokas has a 40% share of the market (December 2004). In December last year, Iberdrola, the largest wind energy producer in the world, acquired a 21% stake in C. Rokas for EUR 31.5 million with an option to acquire up to 49.9% in the next few years, in a move to gain access to Greece's expanding wind energy market. This alliance marked the first strategic investment by an international producer in the Greek wind sector.
In 2004, approximately 85% (or EUR 28.5 million) of C. Rokas's total revenues came directly from electricity production through the company's 12 wind parks with an installed capacity of 188.5 MW. Market experts expect this percentage to increase to 88% by 2008. C. Rokas is expected to record 22.8% EBT CAGR (2004-2008), according to Artion Securities SA. The company's aggressive 2005-2008 investment plan should transform it into a significant energy player. The plan envisions the development of new wind parks with an installed capacity of 410 MW over the next four years, with a total cost of EUR 410 million.
Today, the total installed electricity capacity in Greece (12,700 MW) is dominated by former state monopoly Public Power Corporation SA (PPC, also known as "DEI" in Greece).
July 22, 2005 -- Arcadia Metal Industry C. Rokas SA, the ATHEX-listed producer of wind energy in Greece, and its strategic partner Iberdrola Energías Renovables II, SA of Spain signed a Memorandum of Understanding with Balýkesir Elektromanyetik Sanayi ve Ticaret A.Þ. (BEST A.Þ.) of Turkey regarding a new co-operation for the development, construction and operation of five wind parks throughout Turkey, with a combined capacity of 225 MW.
The successful fulfillment of this agreement will be an important step towards the reinforcement of the expanding activity of C. Rokas in the Balkans.
The first Greek producer to explore wind energy and currently market leader in Greece, Athens-based C. Rokas has a 40% share of the market (December 2004). In December last year, Iberdrola, the largest wind energy producer in the world, acquired a 21% stake in C. Rokas for EUR 31.5 million with an option to acquire up to 49.9% in the next few years, in a move to gain access to Greece's expanding wind energy market. This alliance marked the first strategic investment by an international producer in the Greek wind sector.
In 2004, approximately 85% (or EUR 28.5 million) of C. Rokas's total revenues came directly from electricity production through the company's 12 wind parks with an installed capacity of 188.5 MW. Market experts expect this percentage to increase to 88% by 2008. C. Rokas is expected to record 22.8% EBT CAGR (2004-2008), according to Artion Securities SA. The company's aggressive 2005-2008 investment plan should transform it into a significant energy player. The plan envisions the development of new wind parks with an installed capacity of 410 MW over the next four years, with a total cost of EUR 410 million.
Today, the total installed electricity capacity in Greece (12,700 MW) is dominated by former state monopoly Public Power Corporation SA (PPC, also known as "DEI" in Greece).
Lord - March 20, 2006 05:25 PM (GMT)
Bilateral Greek-Turkish relations discussed at Rodopi Chamber
June 8, 2005 -- Necmi Ugurlu, Commercial Counsellor at the Turkish Embassy in Athens, paid a visit to the Komotini-based Chamber of Commerce and Industry of Rodopi in North-East Greece. He was accompanied by senior personnel of the Turkish consulate.
The Turkish officials met with Nikolaos I. Angelidis, First Vice-President of the Rodopi Chamber, and exchanged views on issues concerning bilateral trade relations and ways to strengthen bilateral business relations between Greece and Turkey. Other issues that were discussed included the promotion of Greek products in Turkey, the banking system in Greece's neighbouring country, and the adjustments that need to be made to meet EU demands.
The Macedonian Press Agency (MPA) reported Angelidis as saying that the first step of Greece's co-operation with Turkey passes through Thrace due to the Muslim community in the region, which can assist in the efforts for the economic co-operation of the regions on both sides of the borders, thereby forming a bridge of co-operation and friendship.
June 8, 2005 -- Necmi Ugurlu, Commercial Counsellor at the Turkish Embassy in Athens, paid a visit to the Komotini-based Chamber of Commerce and Industry of Rodopi in North-East Greece. He was accompanied by senior personnel of the Turkish consulate.
The Turkish officials met with Nikolaos I. Angelidis, First Vice-President of the Rodopi Chamber, and exchanged views on issues concerning bilateral trade relations and ways to strengthen bilateral business relations between Greece and Turkey. Other issues that were discussed included the promotion of Greek products in Turkey, the banking system in Greece's neighbouring country, and the adjustments that need to be made to meet EU demands.
The Macedonian Press Agency (MPA) reported Angelidis as saying that the first step of Greece's co-operation with Turkey passes through Thrace due to the Muslim community in the region, which can assist in the efforts for the economic co-operation of the regions on both sides of the borders, thereby forming a bridge of co-operation and friendship.
Lord - March 20, 2006 05:28 PM (GMT)
AmCham business delegation to Turkey
June 2, 2005 -- The American-Hellenic Chamber of Commerce, in co-operation with the Turkish-American Business Association (TABA), is planning a business delegation to Istanbul from October 13-14, 2005 to be held at the Conrad Hotel.
The purpose of the delegation is to create new partnerships between Greek and Turkish businesspeople and the program will focus on business matchmaking meetings. Morning plenary sessions will be dedicated to the exchange of views with Turkish ministerial officials
______________________________________________
Update on Gr. Sarantis SA's commercial agreement with Hunka Kozmetic Sanayi A.S.
February 14, 2005 -- According to a Gr. Sarantis SA executive, the Greek cosmetic firm's recently-signed commercial agreement with Hunka Kozmetic Sanayi A.S. of Turkey is proceeding better than expected. In view of these positive developments, Gr. Sarantis is considering acquiring a minority stake in the Turkish firm.
_________________________________________________
Trade relations between Greece and Turkey intensify
Business between Greece and Turkey has gained impetus due to an improvement in political ties over the last five years, bringing a fivefold increase in the volume of two-way trade, the premiers of both countries said on Friday.
Bilateral trade exceeded USD 1.3 billion in 2003, sharply up from EUR 200 million in 1999. "We can soon raise this to five billion," Recep Tayyip Erdogan, the Turkish Prime Minister, told a luncheon hosted by the Greek-Turkish Business Forum in Athens.
According to Dr. Costas Karamanlis, the Greek premier, 77 Greek companies are currently operating in Turkey with Greek investments in the neighbouring country representing 3.2% of total foreign direct investment (FDI) there.
According to Erdogan, who is the first Turkish premier to officially visit Athens since 1988, progress in bilateral Turkish-Greek relations continues unabated, pointing to 25 agreements signed over the past five years and to the volition of the political leadership in both countries -- as well as by the Greek and Turkish peoples -- for continuing improvement.
_______________________________
To be continiou...
June 2, 2005 -- The American-Hellenic Chamber of Commerce, in co-operation with the Turkish-American Business Association (TABA), is planning a business delegation to Istanbul from October 13-14, 2005 to be held at the Conrad Hotel.
The purpose of the delegation is to create new partnerships between Greek and Turkish businesspeople and the program will focus on business matchmaking meetings. Morning plenary sessions will be dedicated to the exchange of views with Turkish ministerial officials
______________________________________________
Update on Gr. Sarantis SA's commercial agreement with Hunka Kozmetic Sanayi A.S.
February 14, 2005 -- According to a Gr. Sarantis SA executive, the Greek cosmetic firm's recently-signed commercial agreement with Hunka Kozmetic Sanayi A.S. of Turkey is proceeding better than expected. In view of these positive developments, Gr. Sarantis is considering acquiring a minority stake in the Turkish firm.
_________________________________________________
Trade relations between Greece and Turkey intensify
Business between Greece and Turkey has gained impetus due to an improvement in political ties over the last five years, bringing a fivefold increase in the volume of two-way trade, the premiers of both countries said on Friday.
Bilateral trade exceeded USD 1.3 billion in 2003, sharply up from EUR 200 million in 1999. "We can soon raise this to five billion," Recep Tayyip Erdogan, the Turkish Prime Minister, told a luncheon hosted by the Greek-Turkish Business Forum in Athens.
According to Dr. Costas Karamanlis, the Greek premier, 77 Greek companies are currently operating in Turkey with Greek investments in the neighbouring country representing 3.2% of total foreign direct investment (FDI) there.
According to Erdogan, who is the first Turkish premier to officially visit Athens since 1988, progress in bilateral Turkish-Greek relations continues unabated, pointing to 25 agreements signed over the past five years and to the volition of the political leadership in both countries -- as well as by the Greek and Turkish peoples -- for continuing improvement.
_______________________________
To be continiou...
123-t - March 20, 2006 06:30 PM (GMT)
Besides the fact that trade creates jobs, especially in the sector of logistics, it might also pose as the apparatus which by increasing interdependencies contributes to the installment of peace.
Lord - March 22, 2006 12:28 PM (GMT)
| QUOTE |
| increasing interdependencies contributes to the installment of peace. |
Excactly dear friend...If the investments are big...no better if they are big enough...(which in this case they are even now...no doubt they will rise more in the future)
War isnt a possibility any more...
I did a litle research on the subject...
Back in the 50s and 70s ...or even in the 80s...the bilatarial investments were near to zero...comon projects didnt occure...
especially after 96-98 and especially after 2000 we hit a record...
Regards
123-t - March 22, 2006 06:28 PM (GMT)
Turkish textiles, clothing exports to Greece thriving
Local manufacturers fear further erosion of the sector from VAT cut
By Mary Lembessi - Kathimerini
Turkey has become, following a well-coordinated policy, Greece’s preferred exporter of ready-to-wear clothes and other textile products over the past few years, increasing its exports 10 times over since 1999, data provided yesterday by representatives of the Turkish-Greek Chamber of Commerce and Turkey’s External Trade division of the Ministry of Commerce show.
At the same time, Greece has not succeeded in gaining much of a foothold in the Turkish market. In 2004, the last year for which complete data are available, Turkish exports of ready-to-wear clothing were valued at $93.24 million, while Greek exports to Turkey were worth just $7 million.
Turkish exports of ready-to-wear clothing to Greece have grown from $25.30 million in 2001 to $41.88 million in 2002 and $61.64 million in 2003. Estimates for 2005 show exports increasing by over a third, to $125 million. Exports of other textile products to Greece amounted to $72.01 million in 2002, $99.98 million in 2003 and $127.85 million in 2004. By contrast, Greek exports of other textile products to Turkey amounted to an insignificant $193,000.
Fashion show
This data was presented on the occasion of the “Turkish Fashion Break Athens” exhibition and show, which ends today at the Divani Caravel hotel. The show presents products — menswear, womenswear and children’s clothing collections, nightwear, wedding dresses and evening gowns — by 26 Turkish exporting firms.
No longer an exporter of cheap textile products — China has displaced it on this count — Turkey has also set its sights on becoming a producer of its own fashion lines instead of providing work for foreign labels. This export drive, begun in the late 1990s, is actively promoted by Turkey’s Commerce Ministry. Similar shows have taken place in the Netherlands, Germany, Great Britain, Italy, Austria, Switzerland, Spain, Denmark and the United States, showcasing the products of Turkey’s ready-to-wear clothing sector.
From an insignificant base until the 1990s, Turkey has succeeded in becoming the world’s fourth-largest exporter of ready-to-wear clothing and 10th in exporting other textile products. Export of ready-to-wear clothing have grown from $8.95 billion in 2002 to $11.17 billion in 2003 and $12.64 billion in 2004. Exports of other textile products have risen from $3.20 billion in 2002 to $3.94 billion in 2003 and $4.95 billion in 2004.
At the same time, the Greek textiles sector has been in a state of crisis, with production expected to decline 20 percent in 2005. Greek textile manufacturers also fear the effects of an imminent reduction in Turkey’s value-added tax (VAT) on textile products from 18 to 8 percent. Eleftherios Kourtalis, President of the Federation of Greek Textile Manufacturers (SEVK), yesterday called for the abolition of collective wage agreements in the textiles sector, the raising of the limit of mass layoffs and a cut in employers’ social security contributions.
http://www.ekathimerini.com/4dcgi/_w_artic...2/03/2006_67768
Local manufacturers fear further erosion of the sector from VAT cut
By Mary Lembessi - Kathimerini
Turkey has become, following a well-coordinated policy, Greece’s preferred exporter of ready-to-wear clothes and other textile products over the past few years, increasing its exports 10 times over since 1999, data provided yesterday by representatives of the Turkish-Greek Chamber of Commerce and Turkey’s External Trade division of the Ministry of Commerce show.
At the same time, Greece has not succeeded in gaining much of a foothold in the Turkish market. In 2004, the last year for which complete data are available, Turkish exports of ready-to-wear clothing were valued at $93.24 million, while Greek exports to Turkey were worth just $7 million.
Turkish exports of ready-to-wear clothing to Greece have grown from $25.30 million in 2001 to $41.88 million in 2002 and $61.64 million in 2003. Estimates for 2005 show exports increasing by over a third, to $125 million. Exports of other textile products to Greece amounted to $72.01 million in 2002, $99.98 million in 2003 and $127.85 million in 2004. By contrast, Greek exports of other textile products to Turkey amounted to an insignificant $193,000.
Fashion show
This data was presented on the occasion of the “Turkish Fashion Break Athens” exhibition and show, which ends today at the Divani Caravel hotel. The show presents products — menswear, womenswear and children’s clothing collections, nightwear, wedding dresses and evening gowns — by 26 Turkish exporting firms.
No longer an exporter of cheap textile products — China has displaced it on this count — Turkey has also set its sights on becoming a producer of its own fashion lines instead of providing work for foreign labels. This export drive, begun in the late 1990s, is actively promoted by Turkey’s Commerce Ministry. Similar shows have taken place in the Netherlands, Germany, Great Britain, Italy, Austria, Switzerland, Spain, Denmark and the United States, showcasing the products of Turkey’s ready-to-wear clothing sector.
From an insignificant base until the 1990s, Turkey has succeeded in becoming the world’s fourth-largest exporter of ready-to-wear clothing and 10th in exporting other textile products. Export of ready-to-wear clothing have grown from $8.95 billion in 2002 to $11.17 billion in 2003 and $12.64 billion in 2004. Exports of other textile products have risen from $3.20 billion in 2002 to $3.94 billion in 2003 and $4.95 billion in 2004.
At the same time, the Greek textiles sector has been in a state of crisis, with production expected to decline 20 percent in 2005. Greek textile manufacturers also fear the effects of an imminent reduction in Turkey’s value-added tax (VAT) on textile products from 18 to 8 percent. Eleftherios Kourtalis, President of the Federation of Greek Textile Manufacturers (SEVK), yesterday called for the abolition of collective wage agreements in the textiles sector, the raising of the limit of mass layoffs and a cut in employers’ social security contributions.
http://www.ekathimerini.com/4dcgi/_w_artic...2/03/2006_67768
123-t - March 26, 2006 03:38 PM (GMT)
Flights From Izmir To Greek Islands To Begin Soon
BODRUM - ''The earthquakes in Turkey and Greece have speeded up the rapprochement between two countries. As of April, 2006, direct flights from Izmir to Greek islands will begin,'' said chairman of the Greek-Turkish Chamber of Commerce Panagiotis Koutsikos today.
Koutsikos, secretary general of the Athens Chamber of Commerce, chairman of the Turkish-Greek Business Council and chairman of the Greek-Bulgarian Chamber of Commerce visited the Bodrum Chamber of Commerce on Friday.
Aside from the beginning of direct flights from Izmir to Greek islands, Turkish-Greek relations would be boosted by the opening of a Turkish-Greek bank in June, 2006. ''The bank already has a capital of 110 million Euro. A total of 26 branches will be inaugurated in Turkey and Greece (13 branches in each country). The first three branches in Turkey will be opened in Izmir. We wish to develop commercial ties with Turkey in all areas, including tourism. Greece buys many products from Turkey,'' noted Koutsikos.
Meanwhile, chairman of the Bodrum Chamber of Commerce & Industry Mahmut Serdar Kocadon has indicated that the easiest and shortest way leading to a lasting peace is to develop commercial relations.
''Greek businessmen can help their Turkish counterparts in marketing Turkish products in the European Union while the Turkish business community can assist Greek businessmen in selling Greek products to Turkish republics of Central Asia,'' stressed Kocadon.
Published: 3/25/2006
http://www.anatoliantimes.com/hbr2.asp?id=115014
Lord - March 31, 2006 08:24 AM (GMT)
Συνεργασία ΙΜΑΚΟ - VATAN
25 Mαρτίου, 2006, 01:23
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Η ΙΜΑΚΟ MEDIA S.A., ανακοίνωσε τη σύναψη συμφωνίας με την τουρκική εταιρεία VATAN DEGI GRUBU A.S., για την ίδρυση τουρκικής εταιρείας με την επωνυμία VATAN-IMAKO στην Τουρκία. Στην εν λόγω εταιρεία η ΙΜΑΚΟ MEDIA S.A. θα συμμετέχει με ποσοστό 50% και η VATAN DEGI GRUBU A.S. επίσης με ποσοστό 50%. Το αρχικό μετοχικό κεφάλαιο της εταιρείας θα ανέρχεται σε YTL 1.350.000 (Ευρώ 1.031.000 περίπου). Σκοπός της νέο ιδρυθείσας εταιρείας είναι η έκδοση διεθνών τίτλων περιοδικών στην τοπική αγορά.
Επί του παρόντος, βρίσκονται στο τελικό στάδιο ολοκλήρωσης οι διαδικασίες για την απόκτηση δικαιώματος έκδοσης στην Τουρκία του διεθνούς γυναικείου τίτλου INSTYLE σε συνεργασία με την Time Inc. Το περιοδικό INSTYLE εκδίδεται πέραν των Η.Π.Α. και στην Μεγάλη Βρετανία, στη Ρωσία, στη Βραζιλία, στην Κορέα, τη Γερμανία, στην Αυστραλία, στην Ελλάδα και στην Ισπανία. Η Time Inc. είναι ο μεγαλύτερος παγκοσμίως εκδότης περιοδικών, εκδίδοντας περισσότερους από 150 τίτλους και με αναγνωστικό κοινό που ξεπερνά τα 300 εκατομμύρια παγκοσμίως μηνιαίως και με ποσοστό απορρόφησης της διαφημιστικής δαπάνης που αγγίζει το 25% της αγοράς των αμερικανικών περιοδικών. Η Time Inc. είναι η θυγατρική της Time Warner Inc., εταιρείας με ηγετική θέση στα μέσα μαζικής ενημέρωσης και ψυχαγωγίας, με δραστηριότητα στο χώρο της τηλεόρασης, των εκδόσεων, του κινηματογράφου και των interactive εφαρμογών.
Πρόθεση της νέας εταιρείας είναι να προχωρήσει στην έκδοση στην τοπική αγορά και άλλων διεθνών τίτλων περιοδικών, αποκτώντας τα δικαιώματα από διεθνείς εκδοτικούς οίκους.
Η αγορά περιοδικών στην Τουρκία είναι σε αρχικό στάδιο, με σημαντικές προοπτικές ανάπτυξης τόσο της διαφημιστικής δαπάνης όσο και της κυκλοφορίας των lifestyle περιοδικών και των περιοδικών μόδας.
Η εταιρεία VATAN DEGI GRUBU A.S., ιδρύθηκε το 2002 με αποκλειστικό σκοπό την έκδοση εφημερίδων και περιοδικών. Σήμερα η VATAN εκδίδει τρία μηνιαία περιοδικά, εκ των οποίων το ένα - Madame Figaro - εκδίδεται σε συνεργασία με τον διεθνή εκδοτικό οίκο LeFigaro Group of France, ενώ οι άλλοι δύο - Boxer και Μιx - είναι τοπικοί τίτλοι. Επίσης εκδίδει δύο εβδομαδιαία περιοδικά, τα οποία είναι επίσης τοπικοί τίτλοι - Haftalik Magazine και Tekborsa -. Στο σύνολο τους τα περιοδικά που εκδίδει η VATAN, έχουν καταφέρει να βρίσκονται ανάμεσα στα κορυφαία από άποψη κυκλοφορίας και διαφημιστικής απορρόφησης. Πέραν των περιοδικών, η VATAN εκδίδει και την εφημερίδα "VATAN DAILY", η οποία έχει καταφέρει να εδραιωθεί ανάμεσα στις πρώτες τρεις τουρκικές εφημερίδες από άποψη κυκλοφορίας.
some more news in Turkish...
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İŞ DÜNYASI&EKONOMİ
İzmir'den Yunan Adalarına Uçak Seferleri Yakında
Türk-Yunan Ticaret Odası Başkanı Koutsikos, Nisan 2006 tarihinden itibaren Izmir’den Yunan adalarına direk uçak seferlerine başlanacağını belirtti.
Atina Ticaret Odası Başkanlığı ile Türk-Yunan İş Konseyi Başkanlığını yürütmekte olan Koutsikos’un Cuma günkü Bodrum ziyareti sırasında, İzmir ve Yunan adaları arasındaki uçuş seferlerinin Haziran 2006 yılında Türk-Yunan Bankası’nın açılması ile giderek artacağını söyledi. Banka’nın her iki ülkede 13’er olmak üzere toplam 26 şubesi olacağını. İlk üç şubenin İzmir’de açılacağını ve Türkiye ile ticari bağların turizm dahil her alanda geliştirileceğini ifade etti.
Mart 29, 2006, 21:00
More news here...
http://grtrnews.com/gr/
25 Mαρτίου, 2006, 01:23
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Η ΙΜΑΚΟ MEDIA S.A., ανακοίνωσε τη σύναψη συμφωνίας με την τουρκική εταιρεία VATAN DEGI GRUBU A.S., για την ίδρυση τουρκικής εταιρείας με την επωνυμία VATAN-IMAKO στην Τουρκία. Στην εν λόγω εταιρεία η ΙΜΑΚΟ MEDIA S.A. θα συμμετέχει με ποσοστό 50% και η VATAN DEGI GRUBU A.S. επίσης με ποσοστό 50%. Το αρχικό μετοχικό κεφάλαιο της εταιρείας θα ανέρχεται σε YTL 1.350.000 (Ευρώ 1.031.000 περίπου). Σκοπός της νέο ιδρυθείσας εταιρείας είναι η έκδοση διεθνών τίτλων περιοδικών στην τοπική αγορά.
Επί του παρόντος, βρίσκονται στο τελικό στάδιο ολοκλήρωσης οι διαδικασίες για την απόκτηση δικαιώματος έκδοσης στην Τουρκία του διεθνούς γυναικείου τίτλου INSTYLE σε συνεργασία με την Time Inc. Το περιοδικό INSTYLE εκδίδεται πέραν των Η.Π.Α. και στην Μεγάλη Βρετανία, στη Ρωσία, στη Βραζιλία, στην Κορέα, τη Γερμανία, στην Αυστραλία, στην Ελλάδα και στην Ισπανία. Η Time Inc. είναι ο μεγαλύτερος παγκοσμίως εκδότης περιοδικών, εκδίδοντας περισσότερους από 150 τίτλους και με αναγνωστικό κοινό που ξεπερνά τα 300 εκατομμύρια παγκοσμίως μηνιαίως και με ποσοστό απορρόφησης της διαφημιστικής δαπάνης που αγγίζει το 25% της αγοράς των αμερικανικών περιοδικών. Η Time Inc. είναι η θυγατρική της Time Warner Inc., εταιρείας με ηγετική θέση στα μέσα μαζικής ενημέρωσης και ψυχαγωγίας, με δραστηριότητα στο χώρο της τηλεόρασης, των εκδόσεων, του κινηματογράφου και των interactive εφαρμογών.
Πρόθεση της νέας εταιρείας είναι να προχωρήσει στην έκδοση στην τοπική αγορά και άλλων διεθνών τίτλων περιοδικών, αποκτώντας τα δικαιώματα από διεθνείς εκδοτικούς οίκους.
Η αγορά περιοδικών στην Τουρκία είναι σε αρχικό στάδιο, με σημαντικές προοπτικές ανάπτυξης τόσο της διαφημιστικής δαπάνης όσο και της κυκλοφορίας των lifestyle περιοδικών και των περιοδικών μόδας.
Η εταιρεία VATAN DEGI GRUBU A.S., ιδρύθηκε το 2002 με αποκλειστικό σκοπό την έκδοση εφημερίδων και περιοδικών. Σήμερα η VATAN εκδίδει τρία μηνιαία περιοδικά, εκ των οποίων το ένα - Madame Figaro - εκδίδεται σε συνεργασία με τον διεθνή εκδοτικό οίκο LeFigaro Group of France, ενώ οι άλλοι δύο - Boxer και Μιx - είναι τοπικοί τίτλοι. Επίσης εκδίδει δύο εβδομαδιαία περιοδικά, τα οποία είναι επίσης τοπικοί τίτλοι - Haftalik Magazine και Tekborsa -. Στο σύνολο τους τα περιοδικά που εκδίδει η VATAN, έχουν καταφέρει να βρίσκονται ανάμεσα στα κορυφαία από άποψη κυκλοφορίας και διαφημιστικής απορρόφησης. Πέραν των περιοδικών, η VATAN εκδίδει και την εφημερίδα "VATAN DAILY", η οποία έχει καταφέρει να εδραιωθεί ανάμεσα στις πρώτες τρεις τουρκικές εφημερίδες από άποψη κυκλοφορίας.
some more news in Turkish...
_____________________
İŞ DÜNYASI&EKONOMİ
İzmir'den Yunan Adalarına Uçak Seferleri Yakında
Türk-Yunan Ticaret Odası Başkanı Koutsikos, Nisan 2006 tarihinden itibaren Izmir’den Yunan adalarına direk uçak seferlerine başlanacağını belirtti.
Atina Ticaret Odası Başkanlığı ile Türk-Yunan İş Konseyi Başkanlığını yürütmekte olan Koutsikos’un Cuma günkü Bodrum ziyareti sırasında, İzmir ve Yunan adaları arasındaki uçuş seferlerinin Haziran 2006 yılında Türk-Yunan Bankası’nın açılması ile giderek artacağını söyledi. Banka’nın her iki ülkede 13’er olmak üzere toplam 26 şubesi olacağını. İlk üç şubenin İzmir’de açılacağını ve Türkiye ile ticari bağların turizm dahil her alanda geliştirileceğini ifade etti.
Mart 29, 2006, 21:00
More news here...
http://grtrnews.com/gr/
123-t - March 31, 2006 11:08 AM (GMT)
NBG said to have bid for 46 pct stake in Turkey’s Finansbank
The National Bank of Greece (NGB) has bid for a 46 percent stake in Turkish Financial group Finansbank, financial daily Naftemporiki said yesterday. Citing unnamed sources, the paper said NBG was offering around 2.5 billion euros for the stake in Turkey’s fifth-largest bank.
Sources in Istanbul said earlier in the week that US-based Citigroup and NBG were expected to submit rival offers for the Turkish bank before a March 31 deadline, adding Citigroup was favored to win.
Naftemporiki said Citigroup was offering 3.5 billion euros for a 56 percent stake in Finansbank.
On Wednesday, NBG said in a statement it had a general interest in expanding into Serbia and Turkey, including plans for selected acquisitions in the two countries. But it said it could not provide any further details as it was bound by confidentiality agreements. (Reuters)
http://www.ekathimerini.com/4dcgi/_w_artic...1/03/2006_68097
The National Bank of Greece (NGB) has bid for a 46 percent stake in Turkish Financial group Finansbank, financial daily Naftemporiki said yesterday. Citing unnamed sources, the paper said NBG was offering around 2.5 billion euros for the stake in Turkey’s fifth-largest bank.
Sources in Istanbul said earlier in the week that US-based Citigroup and NBG were expected to submit rival offers for the Turkish bank before a March 31 deadline, adding Citigroup was favored to win.
Naftemporiki said Citigroup was offering 3.5 billion euros for a 56 percent stake in Finansbank.
On Wednesday, NBG said in a statement it had a general interest in expanding into Serbia and Turkey, including plans for selected acquisitions in the two countries. But it said it could not provide any further details as it was bound by confidentiality agreements. (Reuters)
http://www.ekathimerini.com/4dcgi/_w_artic...1/03/2006_68097
123-t - March 31, 2006 06:14 PM (GMT)
Fri Mar 31, 2006 11:17 AM ET
ISTANBUL, March 31 (Reuters) - Greece's National Bank <NBGr.AT> is leading in the race to buy Finansbank <FINBN.IS> after bids were submitted for the Turkish bank this week, sources close to the process said on Friday.
"They (Finansbank owners) are talking about National Bank buying 46 percent of Finansbank," a source close to the deal told Reuters. The source put the value of the entire bank at "more than $6 billion".
U.S.-based Citibank <C.N> is the other bank seeking to buy Finansbank, sources said.
Another Turkish banking source, who declined to be named, told Reuters the selling owners of Finansbank wanted to keep 9 percent after the sale. The bank is 55.68 percent owned by Ozyegin family. Insurance company Aviva has 3.21 percent and 41.11 is traded on the stock exchange.
Sources close to National Bank told Reuters their bid was doing well but it was too soon to say the deal was done.
"We are on a very good path," one source, who declined to be named, told Reuters.
Earlier this week the U.S. bank looked to be the favourite. The banks have declined to comment publicly. Finansbank's majority shareholder Fiba Holding asked Morgan Stanley in November to seek a partnership or sale of shares for the bank.
The start of European Union entry talks last October and falling interest rates in a more stable IMF-backed economy form the backdrop to an expansion in credit that has prompted foreign banks to look anew at Turkey's financial sector.
The recovery has made Turkish banks, with access to an under-developed market of 72 million people, an attraction for foreign players looking to tap new sources of growth. Several banks have already been sold.
Finansbank has 219 branches across Turkey and operations in 10 countries. The bank made a net profit of 350.4 million lira in 2005, up from 191.6 million lira a year earlier.
http://today.reuters.com/investing/finance...NK-UPDATE-1.XML
ISTANBUL, March 31 (Reuters) - Greece's National Bank <NBGr.AT> is leading in the race to buy Finansbank <FINBN.IS> after bids were submitted for the Turkish bank this week, sources close to the process said on Friday.
"They (Finansbank owners) are talking about National Bank buying 46 percent of Finansbank," a source close to the deal told Reuters. The source put the value of the entire bank at "more than $6 billion".
U.S.-based Citibank <C.N> is the other bank seeking to buy Finansbank, sources said.
Another Turkish banking source, who declined to be named, told Reuters the selling owners of Finansbank wanted to keep 9 percent after the sale. The bank is 55.68 percent owned by Ozyegin family. Insurance company Aviva has 3.21 percent and 41.11 is traded on the stock exchange.
Sources close to National Bank told Reuters their bid was doing well but it was too soon to say the deal was done.
"We are on a very good path," one source, who declined to be named, told Reuters.
Earlier this week the U.S. bank looked to be the favourite. The banks have declined to comment publicly. Finansbank's majority shareholder Fiba Holding asked Morgan Stanley in November to seek a partnership or sale of shares for the bank.
The start of European Union entry talks last October and falling interest rates in a more stable IMF-backed economy form the backdrop to an expansion in credit that has prompted foreign banks to look anew at Turkey's financial sector.
The recovery has made Turkish banks, with access to an under-developed market of 72 million people, an attraction for foreign players looking to tap new sources of growth. Several banks have already been sold.
Finansbank has 219 branches across Turkey and operations in 10 countries. The bank made a net profit of 350.4 million lira in 2005, up from 191.6 million lira a year earlier.
http://today.reuters.com/investing/finance...NK-UPDATE-1.XML
123-t - April 1, 2006 10:48 PM (GMT)
NBG close to buying Finansbank, but skeptics note risks in Turkish market
YIANNIS PAPADOYIANNIS
The National Bank of Greece is bidding to acquire a majority stake in Finansbank, a major Turkish bank, in an investment that may exceed 2 billion euros. NBG is reportedly leading the race to buy the Turkish bank after the submission of bids this week.
[“Finansbank owners are talking about National Bank buying 46 percent of Finansbank,” a source close to the deal told Reuters yesterday, putting the bank’s value at “more than $6 billion” (5 billion euros).
Sources close to the NBG told Reuters their bid was doing well but it was too soon to say the deal was done. “We are on a very good path,” an anonymous source stated.]
This impressive move, which a few years ago would have been unimaginable, reflects the strong improvement in the two countries’ relationship and the expectations created by Turkey’s European prospects.
It also reflects the strength and the self-confidence of domestic banks which aspire to obtain a leading regional role and are expanding further in Southeastern Europe and the Mediterranean basin. This is a large region that starts from Russia and Poland in the north, Turkey in the east and extends as far as Egypt in the south, including more than a half-dozen neighboring Balkan countries.
The case of Finansbank appears ideal for the international aspirations of the NBG. With its acquisition, Greece’s biggest bank lands not only in the promising Turkish market but also in Russia and Romania. Finansbank has 221 branches in Turkey, 39 in Russia and 35 in Romania. It is also present in Switzerland, the Netherlands, France, Germany, Belgium, Ireland and Bahrain. Expansion to Turkey, Russia and quick growth in Romania are the cornerstone of the NBG’s effort to enhance its international presence.
A special case
Yet Turkey remains a special case and there many skeptics about such a major Greek investment. The main worry concerns how mature conditions are for a move like this. With the Cyprus issue remaining a thorn in Greek-Turkish relations, serious and hard-to-resolve issues render friendship across the Aegean a difficult proposition.
As a result, there are serious doubts about whether the time has already come for a Greek bank to make such a big investment in the Turkish banking market, especially since a bank with 220 branches is addressed to the wider public. It is particularly uncertain how public opinion in both countries will react to such an acquisition.
Eurobank, Greece’s third largest, acquired 96 percent of HC Istanbul Holding in 2004. It was a small-scale investment of about 20 million euros, through which Eurobank obtained “eyes and ears” in the growing Turkish market. However, Eurobank officials made it clear that the acquisition of a bank would be a high-risk proposition, a view they still hold today.
On the other hand, bank officials suggest that business moves may assist the two countries’ communication efforts. Historically, business has proven to be helpful in softening the political problems between countries.
Crucially, the NBG is not investing in the unknown. Turkey’s European prospects are real now and the Greek bank’s investment effort aims at the neighboring country’s European future. In this context, Turkey’s problems with other countries have to be resolved in peace through dialogue and mutual understanding.
Therefore NBG officials are investing in the future and trying to get positioned now that there are still some opportunities. If we do not dare now, say bank officials, in a few years we will be looking back with remorse at the missed opportunities in the Turkish market.
It is probably safe to say that there has already been some communication between the NBG management and the Foreign Ministry, while the views of the political leadership of Turkey must have also been felt out, with all sides giving the go-ahead.
Interest in the Turkish market is not only being shown by Greeks. Many foreign investors have high hopes, as the size of the 70-million-strong market and its growth prospects are very attractive. This is especially so for the banking sector: Borrowing corresponds to more than 21 percent of the gross domestic product against an average of 37 percent in other emerging economies.
Citigroup has also bid for Finansbank, but being already present in the Turkish market it apparently does not intend to outbid the NBG. The latter, knowing the high added value the Finansbank move will give it, is determined to move more aggressively to acquire the Turkish bank and offer more than Citigroup.
The group assets of Finansbank reach 12 billion euros while loans issued exceed 6.5 billion euros. The bank’s stock is listed on the Istanbul market and its outstanding stock value comes to 4.16 billion euros. The NBG will have to invest more than 2 billion euros to acquire a majority stake at Finansbank, a figure too high even for the NBG, while all of the bank’s international expansion funds will have been spent in the Turkish market, with all the risks this may entail.
http://www.ekathimerini.com/4dcgi/news/eco...date=01/04/2006
YIANNIS PAPADOYIANNIS
The National Bank of Greece is bidding to acquire a majority stake in Finansbank, a major Turkish bank, in an investment that may exceed 2 billion euros. NBG is reportedly leading the race to buy the Turkish bank after the submission of bids this week.
[“Finansbank owners are talking about National Bank buying 46 percent of Finansbank,” a source close to the deal told Reuters yesterday, putting the bank’s value at “more than $6 billion” (5 billion euros).
Sources close to the NBG told Reuters their bid was doing well but it was too soon to say the deal was done. “We are on a very good path,” an anonymous source stated.]
This impressive move, which a few years ago would have been unimaginable, reflects the strong improvement in the two countries’ relationship and the expectations created by Turkey’s European prospects.
It also reflects the strength and the self-confidence of domestic banks which aspire to obtain a leading regional role and are expanding further in Southeastern Europe and the Mediterranean basin. This is a large region that starts from Russia and Poland in the north, Turkey in the east and extends as far as Egypt in the south, including more than a half-dozen neighboring Balkan countries.
The case of Finansbank appears ideal for the international aspirations of the NBG. With its acquisition, Greece’s biggest bank lands not only in the promising Turkish market but also in Russia and Romania. Finansbank has 221 branches in Turkey, 39 in Russia and 35 in Romania. It is also present in Switzerland, the Netherlands, France, Germany, Belgium, Ireland and Bahrain. Expansion to Turkey, Russia and quick growth in Romania are the cornerstone of the NBG’s effort to enhance its international presence.
A special case
Yet Turkey remains a special case and there many skeptics about such a major Greek investment. The main worry concerns how mature conditions are for a move like this. With the Cyprus issue remaining a thorn in Greek-Turkish relations, serious and hard-to-resolve issues render friendship across the Aegean a difficult proposition.
As a result, there are serious doubts about whether the time has already come for a Greek bank to make such a big investment in the Turkish banking market, especially since a bank with 220 branches is addressed to the wider public. It is particularly uncertain how public opinion in both countries will react to such an acquisition.
Eurobank, Greece’s third largest, acquired 96 percent of HC Istanbul Holding in 2004. It was a small-scale investment of about 20 million euros, through which Eurobank obtained “eyes and ears” in the growing Turkish market. However, Eurobank officials made it clear that the acquisition of a bank would be a high-risk proposition, a view they still hold today.
On the other hand, bank officials suggest that business moves may assist the two countries’ communication efforts. Historically, business has proven to be helpful in softening the political problems between countries.
Crucially, the NBG is not investing in the unknown. Turkey’s European prospects are real now and the Greek bank’s investment effort aims at the neighboring country’s European future. In this context, Turkey’s problems with other countries have to be resolved in peace through dialogue and mutual understanding.
Therefore NBG officials are investing in the future and trying to get positioned now that there are still some opportunities. If we do not dare now, say bank officials, in a few years we will be looking back with remorse at the missed opportunities in the Turkish market.
It is probably safe to say that there has already been some communication between the NBG management and the Foreign Ministry, while the views of the political leadership of Turkey must have also been felt out, with all sides giving the go-ahead.
Interest in the Turkish market is not only being shown by Greeks. Many foreign investors have high hopes, as the size of the 70-million-strong market and its growth prospects are very attractive. This is especially so for the banking sector: Borrowing corresponds to more than 21 percent of the gross domestic product against an average of 37 percent in other emerging economies.
Citigroup has also bid for Finansbank, but being already present in the Turkish market it apparently does not intend to outbid the NBG. The latter, knowing the high added value the Finansbank move will give it, is determined to move more aggressively to acquire the Turkish bank and offer more than Citigroup.
The group assets of Finansbank reach 12 billion euros while loans issued exceed 6.5 billion euros. The bank’s stock is listed on the Istanbul market and its outstanding stock value comes to 4.16 billion euros. The NBG will have to invest more than 2 billion euros to acquire a majority stake at Finansbank, a figure too high even for the NBG, while all of the bank’s international expansion funds will have been spent in the Turkish market, with all the risks this may entail.
http://www.ekathimerini.com/4dcgi/news/eco...date=01/04/2006
123-t - April 7, 2006 08:59 AM (GMT)
Turkey: Commerce Improved Greco-Turkish Relations, Tuzmen Says
--------------------------------------------------------------------------------
16:25 - 06 April 2006 - State minister of Turkey and minister of trade, former minister of Environment, Kursad Tuzmen has also served as undersecretary of State, he posseses a solid knowledge of foreign trade affairs. He is considered to be an expert in international financial issues, while his experience as a manager in the private sector, coupled with his economics and business educational background give this young Turkish politician a European fleur in his views. A fleur that will hopefully lead his country to its European destiny. Mr. Tuzmen deplores in brief his country’s policies and expectations for the years to come, aiming at finally “conquering” the gates of Brussels.
In an interview given to journalist Pavlina Proteou, Kursad Tuzmen stated the following:
Reporter: In the light of the future EU accession, Turkey has become a top FDI destination attraction billions of dollars on an annual basis. Is there any possibility, that this accelerated pace could somehow be interrupted by a future political or financial crisis?
TUZMEN: Well, for over 40 years I’ve been listening the same old story, Turkey is waiting to become a full member.
However, during this long period the country went through a number of crises and we observed several ups and downs in the macroeconomic indicators, which by the way were at the time much better to those of Portugal and equal to those of Spain.
But, EU membership helped them to improve dramatically their economies, while Turkey at the same period (‘80’s and on) suffered a lot due to a number of crises that broke along the way.
The whole story, reminds of a love affair. Then we were young, handsome but, poor, while the bride was rich so there was no way to “marry” the sparkling –EURO- bride.
Reporter: …But, last October, Turkey was given a date to start accession talks…
TUZMEN: In fact last October, we had the official commitment, the engagement.
Yet, is going to take sometime before we are set for a wedding date.
Reporter: Beyond EU framework and expectations, between Greece and Turkey there are a number of issues pending.
Do you believe that business can be the frontrunner of a new era in bilateral relations, overlapping politicians?
TUZMEN: Business and commerce have contributed a lot into essentially improving Greek-Turkish relations.
In fact, businessmen were the pioneers of that new era; they pave the way by triggering effectively on politics.
Mutual interests and profit provide with a particularly substantial argument for further enhancing our ties.
Reporter: One final question, would you consider National Bank of Greece-Finansbank deal a milestone?
TUZMEN: Definitely yes.
This $2,5 deal boosts business between the two countries and is a natural consequence, more common interests and we absolutely welcome such large scale investments for the sake of a more promising future.
By Pavlina Protaiou
http://www.reporter.gr/fulltext_eng.cfm?id=60406162505
--------------------------------------------------------------------------------
16:25 - 06 April 2006 - State minister of Turkey and minister of trade, former minister of Environment, Kursad Tuzmen has also served as undersecretary of State, he posseses a solid knowledge of foreign trade affairs. He is considered to be an expert in international financial issues, while his experience as a manager in the private sector, coupled with his economics and business educational background give this young Turkish politician a European fleur in his views. A fleur that will hopefully lead his country to its European destiny. Mr. Tuzmen deplores in brief his country’s policies and expectations for the years to come, aiming at finally “conquering” the gates of Brussels.
In an interview given to journalist Pavlina Proteou, Kursad Tuzmen stated the following:
Reporter: In the light of the future EU accession, Turkey has become a top FDI destination attraction billions of dollars on an annual basis. Is there any possibility, that this accelerated pace could somehow be interrupted by a future political or financial crisis?
TUZMEN: Well, for over 40 years I’ve been listening the same old story, Turkey is waiting to become a full member.
However, during this long period the country went through a number of crises and we observed several ups and downs in the macroeconomic indicators, which by the way were at the time much better to those of Portugal and equal to those of Spain.
But, EU membership helped them to improve dramatically their economies, while Turkey at the same period (‘80’s and on) suffered a lot due to a number of crises that broke along the way.
The whole story, reminds of a love affair. Then we were young, handsome but, poor, while the bride was rich so there was no way to “marry” the sparkling –EURO- bride.
Reporter: …But, last October, Turkey was given a date to start accession talks…
TUZMEN: In fact last October, we had the official commitment, the engagement.
Yet, is going to take sometime before we are set for a wedding date.
Reporter: Beyond EU framework and expectations, between Greece and Turkey there are a number of issues pending.
Do you believe that business can be the frontrunner of a new era in bilateral relations, overlapping politicians?
TUZMEN: Business and commerce have contributed a lot into essentially improving Greek-Turkish relations.
In fact, businessmen were the pioneers of that new era; they pave the way by triggering effectively on politics.
Mutual interests and profit provide with a particularly substantial argument for further enhancing our ties.
Reporter: One final question, would you consider National Bank of Greece-Finansbank deal a milestone?
TUZMEN: Definitely yes.
This $2,5 deal boosts business between the two countries and is a natural consequence, more common interests and we absolutely welcome such large scale investments for the sake of a more promising future.
By Pavlina Protaiou
http://www.reporter.gr/fulltext_eng.cfm?id=60406162505
123-t - April 7, 2006 09:01 AM (GMT)
Greece's Intralot eying privatisation of Turkish lottery Milli Pinyango
04.07.2006, 05:15 AM
ATHENS (AFX) - The chairman of Greek betting technology company Intralot, Socrates Kokkalis, said that the company is interested in the upcoming privatisation of Turkish lottery Milli Pinyango which is scheduled for the second half of the year, after the completion of necessary legal reforms.
Brokers here said that Intralot is likely to bid jointly with Ladbrokes PLC and Malaysian company Tanyong. The price is expected to range from between 150 to 300 mln eur as an upfront fee, while the contract should also include a percentage fee linked to annual sales, brokers said.
Milli Pinyango is the smallest of three Turkish betting companies with revenues of about 850 mln eur.
Source: Euro2day.gr NewsWire
skrekas@euro2day.gr
http://www.forbes.com/business/feeds/afx/2...afx2654625.html
04.07.2006, 05:15 AM
ATHENS (AFX) - The chairman of Greek betting technology company Intralot, Socrates Kokkalis, said that the company is interested in the upcoming privatisation of Turkish lottery Milli Pinyango which is scheduled for the second half of the year, after the completion of necessary legal reforms.
Brokers here said that Intralot is likely to bid jointly with Ladbrokes PLC and Malaysian company Tanyong. The price is expected to range from between 150 to 300 mln eur as an upfront fee, while the contract should also include a percentage fee linked to annual sales, brokers said.
Milli Pinyango is the smallest of three Turkish betting companies with revenues of about 850 mln eur.
Source: Euro2day.gr NewsWire
skrekas@euro2day.gr
http://www.forbes.com/business/feeds/afx/2...afx2654625.html
123-t - April 7, 2006 09:03 AM (GMT)
Reforms to continue
Alogoskoufis insists on broadest possible consensus over social insurance
ANA
Deputy Foreign Minister Evripidis Stylianidis (right) and Turkey’s Minister of State Kursat Tuzmen at the Economist conference in Athens which ended yesterday.
The radical restructuring of the Greek economy is bearing fruit and the government will continue its reform program in the coming years with the aim of attaining dynamic and sustainable growth, Economy and Finance Minister Giorgos Alogoskoufis claimed yesterday.
“We are changing a distorted and antiquated growth model that was based on increasing deficits and public debt,” he told the Economist conference “Unveiling New Priorities in a Changing World” in Athens.
He noted that Greece had maintained a high economic growth rate of 3.7 percent last year, despite the steep rise in the price of oil and the stagnant conditions in the rest of the eurozone. Greek per capita income climbed further to 77.1 percent of the average of the 15 old EU members in 2005 and will reach 80 percent next year. Alogoskoufis said the rise in real incomes ran parallel to the growth of listed companies’ profits, rising exports and tourism. As a result, employment has risen 1.3 percent in the last two years and unemployment has fallen after a long time below 10 percent.
He noted that the country’s public debt had reached 110 percent of gross domestic product in 2004 and its servicing required about 10 billion euros annually. He said that the number of public servants had risen from 476,000 in 1994 to an unacceptable 597,000 in 2003.
Alogoskoufis said that the reform of the country’s ailing social insurance system must be based on comprehensive dialogue and the broadest possible social and political consensus.
“The process will be given ample time for all aspects to be explored,” he said, adding that it will be the government of the next four-year term (from 2008-2012) that will actually undertake the reform per se.
Greece and Turkey
Deputy Foreign Minister Evripidis Stylianidis spoke later and at length on Greek-Turkish economic, trade and energy cooperation, as well as on the neighboring country’s European prospects.
“The bridge between markets strengthens the governments’ political effort, creating inside the two countries pressure in the right direction,” he said.
Stylianidis noted that although in 2005 Greek exports to Turkey had grown 36.4 percent and imports had fallen 2.7 percent, the trade balance remained negative for Greece.
“Turkey in 2004 was the seventh-largest receiver of Greek products, 4.25 percent of the total. Conversely, Turkey ranks 15th among the countries exporting to Greece, accounting for 2.32 percent,” he said.
Greek investment in Turkey has grown in the last five years, he added, with 46 firms having invested a total of $65 million. In contrast, only nine Turkish firms are active in Greece. The deal announced earlier this week which will give the National Bank of Greece majority control of Finansbank, a midsized Turkish bank, turns a new leaf in bilateral relations and cooperation as Turkey prepares for EU membership, Stylianidis continued.
He also noted that exchanges and cooperations were growing across a number of other fields. The number of Greek visitors to Turkey grew by 100,000 to 585,000 in 2005; the road project linking Greece’s Egnatia highway across northern Greece with Istanbul was nearing the implementation stage; the creation of sea links is being explored from the ports of Piraeus, Thessaloniki and Alexandroupolis with Izmir.
Finally, Stylianidis noted the two countries’ strategic cooperation in energy. The two national electricity grids are expected to be linked by the end of 2007 while a planned pipeline will bring natural gas from Baku on the Caspian Sea through Greece to Italy.
“This pipeline creates for the first time a field of common interests between the two countries, upgrading their geopolitical role and providing the basis on which they can build their substantial rapprochement in future,” he said.
“In the new global environment of open borders and international cooperation it is harmful to remain trapped in antiquated mindsets of closed markets and nationalist posturing. Let’s work together to the benefit of our neighborhood, Southeastern Europe.”
Intracom Holdings CEO Socrates Kokkalis called for the two countries to promote strategic cooperation in intra-European networks, energy, telecommunications, the financial sector and infrastructure construction.
“Greece and Turkey must create independent growth dynamics, free of non-business developments,” he urged.
Kokkalis said Turkey is now an attractive destination for Greek investment and said his group’s lottery subsidiary Intralot aims to bid for Turkish state lottery Milli Piyango.
“Intralot wants to further expand in Turkey and will express interest in the country’s state-controlled lottery... when a tender is called,” he said.
Last year, the world’s third-largest gaming systems operator by revenues said it planned to bid jointly with its partner Hilton Group in a Milli Piyango tender expected this year.
Intralot already holds a 45 percent stake in Turkish betting operator Inteltek, which has the exclusive right to manage sports betting in Turkey until 2012.
http://www.ekathimerini.com/4dcgi/_w_artic...7/04/2006_68378
Alogoskoufis insists on broadest possible consensus over social insurance
ANA
Deputy Foreign Minister Evripidis Stylianidis (right) and Turkey’s Minister of State Kursat Tuzmen at the Economist conference in Athens which ended yesterday.
The radical restructuring of the Greek economy is bearing fruit and the government will continue its reform program in the coming years with the aim of attaining dynamic and sustainable growth, Economy and Finance Minister Giorgos Alogoskoufis claimed yesterday.
“We are changing a distorted and antiquated growth model that was based on increasing deficits and public debt,” he told the Economist conference “Unveiling New Priorities in a Changing World” in Athens.
He noted that Greece had maintained a high economic growth rate of 3.7 percent last year, despite the steep rise in the price of oil and the stagnant conditions in the rest of the eurozone. Greek per capita income climbed further to 77.1 percent of the average of the 15 old EU members in 2005 and will reach 80 percent next year. Alogoskoufis said the rise in real incomes ran parallel to the growth of listed companies’ profits, rising exports and tourism. As a result, employment has risen 1.3 percent in the last two years and unemployment has fallen after a long time below 10 percent.
He noted that the country’s public debt had reached 110 percent of gross domestic product in 2004 and its servicing required about 10 billion euros annually. He said that the number of public servants had risen from 476,000 in 1994 to an unacceptable 597,000 in 2003.
Alogoskoufis said that the reform of the country’s ailing social insurance system must be based on comprehensive dialogue and the broadest possible social and political consensus.
“The process will be given ample time for all aspects to be explored,” he said, adding that it will be the government of the next four-year term (from 2008-2012) that will actually undertake the reform per se.
Greece and Turkey
Deputy Foreign Minister Evripidis Stylianidis spoke later and at length on Greek-Turkish economic, trade and energy cooperation, as well as on the neighboring country’s European prospects.
“The bridge between markets strengthens the governments’ political effort, creating inside the two countries pressure in the right direction,” he said.
Stylianidis noted that although in 2005 Greek exports to Turkey had grown 36.4 percent and imports had fallen 2.7 percent, the trade balance remained negative for Greece.
“Turkey in 2004 was the seventh-largest receiver of Greek products, 4.25 percent of the total. Conversely, Turkey ranks 15th among the countries exporting to Greece, accounting for 2.32 percent,” he said.
Greek investment in Turkey has grown in the last five years, he added, with 46 firms having invested a total of $65 million. In contrast, only nine Turkish firms are active in Greece. The deal announced earlier this week which will give the National Bank of Greece majority control of Finansbank, a midsized Turkish bank, turns a new leaf in bilateral relations and cooperation as Turkey prepares for EU membership, Stylianidis continued.
He also noted that exchanges and cooperations were growing across a number of other fields. The number of Greek visitors to Turkey grew by 100,000 to 585,000 in 2005; the road project linking Greece’s Egnatia highway across northern Greece with Istanbul was nearing the implementation stage; the creation of sea links is being explored from the ports of Piraeus, Thessaloniki and Alexandroupolis with Izmir.
Finally, Stylianidis noted the two countries’ strategic cooperation in energy. The two national electricity grids are expected to be linked by the end of 2007 while a planned pipeline will bring natural gas from Baku on the Caspian Sea through Greece to Italy.
“This pipeline creates for the first time a field of common interests between the two countries, upgrading their geopolitical role and providing the basis on which they can build their substantial rapprochement in future,” he said.
“In the new global environment of open borders and international cooperation it is harmful to remain trapped in antiquated mindsets of closed markets and nationalist posturing. Let’s work together to the benefit of our neighborhood, Southeastern Europe.”
Intracom Holdings CEO Socrates Kokkalis called for the two countries to promote strategic cooperation in intra-European networks, energy, telecommunications, the financial sector and infrastructure construction.
“Greece and Turkey must create independent growth dynamics, free of non-business developments,” he urged.
Kokkalis said Turkey is now an attractive destination for Greek investment and said his group’s lottery subsidiary Intralot aims to bid for Turkish state lottery Milli Piyango.
“Intralot wants to further expand in Turkey and will express interest in the country’s state-controlled lottery... when a tender is called,” he said.
Last year, the world’s third-largest gaming systems operator by revenues said it planned to bid jointly with its partner Hilton Group in a Milli Piyango tender expected this year.
Intralot already holds a 45 percent stake in Turkish betting operator Inteltek, which has the exclusive right to manage sports betting in Turkey until 2012.
http://www.ekathimerini.com/4dcgi/_w_artic...7/04/2006_68378
123-t - April 8, 2006 09:06 AM (GMT)
Business Aegean Bank To Open Central Branch In Athens
Published: 4/6/2006
IZMIR - Business Aegean Bank (BAB, a joint venture of Turkish and Greek businessmen) will open its headquarters in Athens at the end of June.
Panayotis Kotsikos, founder member and Chairman of Greek-Turkish Chamber of Commerce, stated on Thursday that BAB was established with the aim to boost trade and investment between the two countries. He said they applied to Greek Central Bank to get foundation permission.
Kotsikos said entrepreneurs showed great interest in the promotions made in Greece and Turkey, ''we have decided to raise the capital of the bank to 100 million euro upon this interest,'' he noted.
''320 entrepreneurs from various regions of Greece want to be shareholders of the bank,'' Kotsikos said, and added that, ''150 investors from Turkey, most of them from Izmir and Istanbul, applied to be shareholders of the bank. Greece will have 65 percent and Turkey will have 35 percent stake.''
''We think of opening 26 branches in both countries,'' he remarked and noted that, ''the project is the outcome of the bilateral trade volume of 2.2 billion USD last year.''
Meanwhile, Izmir Chamber of Commerce (IZTO) Executive Board President Ekrem Demirtas (who carries out establishment works of the Bank in Turkey) said the project was also supported by the Turkish government.
http://www.turkishpress.com/news.asp?id=117561
Published: 4/6/2006
IZMIR - Business Aegean Bank (BAB, a joint venture of Turkish and Greek businessmen) will open its headquarters in Athens at the end of June.
Panayotis Kotsikos, founder member and Chairman of Greek-Turkish Chamber of Commerce, stated on Thursday that BAB was established with the aim to boost trade and investment between the two countries. He said they applied to Greek Central Bank to get foundation permission.
Kotsikos said entrepreneurs showed great interest in the promotions made in Greece and Turkey, ''we have decided to raise the capital of the bank to 100 million euro upon this interest,'' he noted.
''320 entrepreneurs from various regions of Greece want to be shareholders of the bank,'' Kotsikos said, and added that, ''150 investors from Turkey, most of them from Izmir and Istanbul, applied to be shareholders of the bank. Greece will have 65 percent and Turkey will have 35 percent stake.''
''We think of opening 26 branches in both countries,'' he remarked and noted that, ''the project is the outcome of the bilateral trade volume of 2.2 billion USD last year.''
Meanwhile, Izmir Chamber of Commerce (IZTO) Executive Board President Ekrem Demirtas (who carries out establishment works of the Bank in Turkey) said the project was also supported by the Turkish government.
http://www.turkishpress.com/news.asp?id=117561
Cid - April 8, 2006 12:45 PM (GMT)
bumb
123-t - April 15, 2006 12:04 PM (GMT)
Entrepreneurs see scope for more Greek-Turkish trade
The new investment laws in Greece and Turkey, the advantages of the agreement on avoidance of double taxation and Turkey's new legislation for the real estate and construction sectors were among the issues discussed at the 9th Greek-Turkish Business Council in Istanbul this week.
In opening the event on Thursday the council's co-president, Selim Egeli, said «a dream has come true,» referring to the recent acquisition of 46 percent of Finansbank by the National Bank of Greece. «The people who said there is mistrust between the Turks and the Greeks were not right,» he said, noting that the volume of transactions between the two countries had reached $2 billion.
His Greek counterpart, Panayiotis Koutsikos, stressed that the commercial developments constitute a significant element for the evolution of political relations between the two states, adding that «the trade volume between the two countries has increased 10 times since 1999, from $200 million to 2.1 billion in 2005.» He emphasized that the biggest construction company in Greece cooperates with Turkey's ENKA in projects in third countries.
Koutsikos also noted the high number of Greek tourists visiting Turkey, rising to 585,000 last year from 100,000 in 2004. He further noted that Turkey was the seventh-biggest market for Greek exports. «The numbers are satisfactory but the potential is even greater. We could reach $4.5-5 billion,» he said.
http://www.ekathimerini.com/4dcgi/_w_artic...5/04/2006_68708
The new investment laws in Greece and Turkey, the advantages of the agreement on avoidance of double taxation and Turkey's new legislation for the real estate and construction sectors were among the issues discussed at the 9th Greek-Turkish Business Council in Istanbul this week.
In opening the event on Thursday the council's co-president, Selim Egeli, said «a dream has come true,» referring to the recent acquisition of 46 percent of Finansbank by the National Bank of Greece. «The people who said there is mistrust between the Turks and the Greeks were not right,» he said, noting that the volume of transactions between the two countries had reached $2 billion.
His Greek counterpart, Panayiotis Koutsikos, stressed that the commercial developments constitute a significant element for the evolution of political relations between the two states, adding that «the trade volume between the two countries has increased 10 times since 1999, from $200 million to 2.1 billion in 2005.» He emphasized that the biggest construction company in Greece cooperates with Turkey's ENKA in projects in third countries.
Koutsikos also noted the high number of Greek tourists visiting Turkey, rising to 585,000 last year from 100,000 in 2004. He further noted that Turkey was the seventh-biggest market for Greek exports. «The numbers are satisfactory but the potential is even greater. We could reach $4.5-5 billion,» he said.
http://www.ekathimerini.com/4dcgi/_w_artic...5/04/2006_68708
123-t - May 4, 2006 08:52 AM (GMT)
‘Trade will ensure peace with Turkey’
Murat Yalcintas, head of the Istanbul Chamber of Commerce, says economic ties will certainly help both Greece and Turkey.
By C. Kallergis - Kathimerini
BRUSSELS - The acquisition of 46 percent of Turkey's Finansbank by the National Bank of Greece (NBG), agreed to last month, is a springboard for the growth of trade and investment across the Aegean that will diminish the possibility of future crises between Greece and Turkey, President of the Istanbul Chamber of Commerce (ITO) Murat Yalcintas said yesterday.
«Greeks are very tough tradesmen,» he said, referring to the many Greek members of the ITO, the third largest trade chamber in the world, representing 30 percent of the Turkish economy. NBG will automatically become an ITO member, through the Finansbank deal, he explained.
Speaking to the European press in Brussels, Yalcintas argued that the banking sector is always a first step for penetrating a country and predicted that many more similar moves from Greek companies will follow. Turkey, he said, is the ideal gateway for Greece to the countries of the Caucasus and Central Asia.
The sectors in which Turkey is particularly interested in cooperating with Greek businesses are tourism, the agricultural and food industries and, above all, energy. He repeatedly stressed that Turkey, through the Baku-Ceyhan pipeline, has the oil and Greece, through its fleet, has the tankers; he also restated the old Turkish proposal about providing electricity to the Greek islands in the eastern Aegean.
He further predicted Turkish investment moves, too, in the future, although he explained that his country is only now emerging from the crisis of recent years and is therefore lagging behind Greece in outside investment.
Asked whether the Finansbank acquisition could be derailed or cause NBG problems should there be political clashes between the two countries, Yalcintas categorically dismissed any such likelihood, reiterating that NBG «had not taken any risks» with its move. He considers the possibilities of a serious Greek-Turkish crisis close to zero, although he admitted that in both countries there are some political powers who find reason to exist in such crises.
At any rate, he suggested, the strengthening of transactions will eventually normalize relations. He even paraphrased the philosopher Immanuel Kant and his theory that trade is not compatible with war and brings peace by itself, before noting that «all families have problems but not all marriages break up.»
On the extension of Turkey's customs union with the EU to Cyprus, Yalcintas stuck to the official Turkish line, saying that the EU should terminate the isolation of Turkish Cypriots in the north of the island and allow direct trade with Europe, but conceded that Turkey will also have to open its ports and airports to Cypriot ships and airplanes. The solution of the Cyprus problem will require «some imagination» to become reality, he said.
The head of the Istanbul chamber echoed the Turkish argument that his country is unavoidably a factor in Europe's future, both due to the strength of its economy and its geographical and cultural position between Europe and the East. This economic strength - foreign investments of more than 10 billion euros in 2006 from 3.3 billion euros in 2001 - and rapid economic growth guarantee, he said, that 10 years from now, when Turkey is to enter the EU, it will no longer be burdened by today's criticism that it is too poor to be an EU member.
http://www.ekathimerini.com/4dcgi/_w_artic...4/05/2006_69295
Murat Yalcintas, head of the Istanbul Chamber of Commerce, says economic ties will certainly help both Greece and Turkey.
By C. Kallergis - Kathimerini
BRUSSELS - The acquisition of 46 percent of Turkey's Finansbank by the National Bank of Greece (NBG), agreed to last month, is a springboard for the growth of trade and investment across the Aegean that will diminish the possibility of future crises between Greece and Turkey, President of the Istanbul Chamber of Commerce (ITO) Murat Yalcintas said yesterday.
«Greeks are very tough tradesmen,» he said, referring to the many Greek members of the ITO, the third largest trade chamber in the world, representing 30 percent of the Turkish economy. NBG will automatically become an ITO member, through the Finansbank deal, he explained.
Speaking to the European press in Brussels, Yalcintas argued that the banking sector is always a first step for penetrating a country and predicted that many more similar moves from Greek companies will follow. Turkey, he said, is the ideal gateway for Greece to the countries of the Caucasus and Central Asia.
The sectors in which Turkey is particularly interested in cooperating with Greek businesses are tourism, the agricultural and food industries and, above all, energy. He repeatedly stressed that Turkey, through the Baku-Ceyhan pipeline, has the oil and Greece, through its fleet, has the tankers; he also restated the old Turkish proposal about providing electricity to the Greek islands in the eastern Aegean.
He further predicted Turkish investment moves, too, in the future, although he explained that his country is only now emerging from the crisis of recent years and is therefore lagging behind Greece in outside investment.
Asked whether the Finansbank acquisition could be derailed or cause NBG problems should there be political clashes between the two countries, Yalcintas categorically dismissed any such likelihood, reiterating that NBG «had not taken any risks» with its move. He considers the possibilities of a serious Greek-Turkish crisis close to zero, although he admitted that in both countries there are some political powers who find reason to exist in such crises.
At any rate, he suggested, the strengthening of transactions will eventually normalize relations. He even paraphrased the philosopher Immanuel Kant and his theory that trade is not compatible with war and brings peace by itself, before noting that «all families have problems but not all marriages break up.»
On the extension of Turkey's customs union with the EU to Cyprus, Yalcintas stuck to the official Turkish line, saying that the EU should terminate the isolation of Turkish Cypriots in the north of the island and allow direct trade with Europe, but conceded that Turkey will also have to open its ports and airports to Cypriot ships and airplanes. The solution of the Cyprus problem will require «some imagination» to become reality, he said.
The head of the Istanbul chamber echoed the Turkish argument that his country is unavoidably a factor in Europe's future, both due to the strength of its economy and its geographical and cultural position between Europe and the East. This economic strength - foreign investments of more than 10 billion euros in 2006 from 3.3 billion euros in 2001 - and rapid economic growth guarantee, he said, that 10 years from now, when Turkey is to enter the EU, it will no longer be burdened by today's criticism that it is too poor to be an EU member.
http://www.ekathimerini.com/4dcgi/_w_artic...4/05/2006_69295
123-t - May 4, 2006 09:12 PM (GMT)
First Touristic Tour From Turkey To Greek Cypus
Published: 5/4/2006
ISTANBUL - Karetta Travel Company organized the first ever touristic tour from Turkey to Greek Cyprus, since 1974 Peace Operation (mounted by Turkish troops trying to stop a massacre against Cypriot Turks).
The tour includes accommodation in Ayia Napa and travel to Hala Sultan Lodge and Lefkosa as well as a visit to Turkish Republic of Northern Cyprus (TRNC).
Tourists can travel to Greek Cypriot side from Istanbul (via Athens) with Turkish Airlines (THY) with a special visa. Prices of the tour start from 490 Euro. Meanwhile, those who have TRNC seal on their passports cannot take visa for Greek Cypriot Administration.
Karetta Travel Director General Ibrahim Habes told A.A, ''we have organized a tour from Turkey to Greek Cypriot side for the first time after 1974 Peace Operation. First tour will start on May 19th, and 20 people will visit Greek Cypriot side. As of that date, we will organize tours every Thursday.''
http://www.turkishpress.com/news.asp?id=121971
Published: 5/4/2006
ISTANBUL - Karetta Travel Company organized the first ever touristic tour from Turkey to Greek Cyprus, since 1974 Peace Operation (mounted by Turkish troops trying to stop a massacre against Cypriot Turks).
The tour includes accommodation in Ayia Napa and travel to Hala Sultan Lodge and Lefkosa as well as a visit to Turkish Republic of Northern Cyprus (TRNC).
Tourists can travel to Greek Cypriot side from Istanbul (via Athens) with Turkish Airlines (THY) with a special visa. Prices of the tour start from 490 Euro. Meanwhile, those who have TRNC seal on their passports cannot take visa for Greek Cypriot Administration.
Karetta Travel Director General Ibrahim Habes told A.A, ''we have organized a tour from Turkey to Greek Cypriot side for the first time after 1974 Peace Operation. First tour will start on May 19th, and 20 people will visit Greek Cypriot side. As of that date, we will organize tours every Thursday.''
http://www.turkishpress.com/news.asp?id=121971
123-t - May 5, 2006 05:51 PM (GMT)
Turk tourists head to Cyprus
EPA
The Hala Sultan Tekke Mosque, which is situated next to the Salt Lake in Larnaca, southern Cyprus, is pictured in a file photo. The mosque, built in the 1760s, is featured in a tour of Cyprus being promoted by a Turkish travel agency for the first time since 1974.
ISTANBUL (AFP) - An Istanbul-based travel agency said yesterday it was inaugurating tours from Turkey to the Republic of Cyprus for the first time since 1974, when Turkey militarily occupied the north of the island.
The first group of 20 tourists is scheduled to fly to the Greek-Cypriot port of Larnaca on May 19 via Athens, Ibrahim Habes, general manager of Karetta Travel, told Anatolia news agency.
“There is huge interest... People are curious about southern Cyprus,” he said, adding that the tours would be organized once a week.
Turkey, which does not recognize the Greek-Cypriot administration, internationally acknowledged as the government of the whole island, is the only country to recognize the Turkish-occupied north of Cyprus.
There are no direct flights between Turkey and the southern part of Cyprus and Ankara refuses to open its air and sea ports to Greek-Cypriot use.
An advertisement on Karetta Travel’s website presented the south of Cyprus as “one of Europe’s greatest entertainment centers” and “a world-famous brand in tourism.”
It promised tourists a visit to a prominent Muslim religious site near Larnaca and the opportunity “to see the other side of the world’s last divided capital, Nicosia.”
Habes said Greek-Cypriot authorities refused to issue visas to tourists who have a Turkish authorities’ stamp on their passports, but said he hoped such trips would help peace efforts on the island.
Greek Cypriots have been able to travel to Turkey since May 2003, when Ankara lifted a ban in place since the 1963 inter-communal strife on the island
http://www.ekathimerini.com/4dcgi/_w_artic...5/05/2006_69321
EPA
The Hala Sultan Tekke Mosque, which is situated next to the Salt Lake in Larnaca, southern Cyprus, is pictured in a file photo. The mosque, built in the 1760s, is featured in a tour of Cyprus being promoted by a Turkish travel agency for the first time since 1974.
ISTANBUL (AFP) - An Istanbul-based travel agency said yesterday it was inaugurating tours from Turkey to the Republic of Cyprus for the first time since 1974, when Turkey militarily occupied the north of the island.
The first group of 20 tourists is scheduled to fly to the Greek-Cypriot port of Larnaca on May 19 via Athens, Ibrahim Habes, general manager of Karetta Travel, told Anatolia news agency.
“There is huge interest... People are curious about southern Cyprus,” he said, adding that the tours would be organized once a week.
Turkey, which does not recognize the Greek-Cypriot administration, internationally acknowledged as the government of the whole island, is the only country to recognize the Turkish-occupied north of Cyprus.
There are no direct flights between Turkey and the southern part of Cyprus and Ankara refuses to open its air and sea ports to Greek-Cypriot use.
An advertisement on Karetta Travel’s website presented the south of Cyprus as “one of Europe’s greatest entertainment centers” and “a world-famous brand in tourism.”
It promised tourists a visit to a prominent Muslim religious site near Larnaca and the opportunity “to see the other side of the world’s last divided capital, Nicosia.”
Habes said Greek-Cypriot authorities refused to issue visas to tourists who have a Turkish authorities’ stamp on their passports, but said he hoped such trips would help peace efforts on the island.
Greek Cypriots have been able to travel to Turkey since May 2003, when Ankara lifted a ban in place since the 1963 inter-communal strife on the island
http://www.ekathimerini.com/4dcgi/_w_artic...5/05/2006_69321