Turkey back in the spotlight

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01 February 2007

Just five years after Turkey's financial collapse, the country has revamped itself, attracting impressive levels of foreign investment. Amid the frenzy of the country's construction boom, global banks have also been rapidly moving in, acquiring stakes in Turkish banks. Rebecca Spong assesses how this is affecting the banking sector's trade finance operations.

Looming over the sprawl of shopping centres in the heart of Moscow is the nearly completed Federation Tower, set to be the tallest building in Europe, with its spire taking it to 448 metres tall. The gleaming skyscraper will be a significant architectural achievement for Russia and a demonstration of the strength of its economy. But, down on the construction site on one of the three towers, it is a Turkish construction company, Ant Yapi, in charge.

Across the city, Turkish contractors will more than likely have some degree of involvement in the Russian construction boom. The Turkish influence in Moscow reflects how Turkey and Russia have developed a relationship based on mutual cooperation. In terms of trade, Russian imports into Turkey, such as metals and natural gas are soaring, with Russia set to surpass Germany as Turkey's biggest trading partner. Similarly, exports from Turkey are growing, with anything from...

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