Table of Contents
Development Projects in Turkey
There are some big development projects in Turkey. Turkey has been undergoing a transformation phase for the past decade thanks to the unparalleled development in various sectors. Not only does it have positive trade relations with the neighboring countries, but it has also already proven to be a worthwhile exporter to both the first and third world countries.
Related Article: Importing and Exporting Business in Turkey.
Combine this with its domestic growth of the economy and the infrastructure, Turkey has succeeded in attracting the attention of global leaders and global investors who have either already invested in various projects or are certainly in the planning stages of finalizing a prosperous deal that benefits both parties.
Our expert legal team in Turkey can help you with all of your investments in Turkey.
Ongoing Development Projects in Turkey
The Ankara Agreement and the Import Substitution System have enabled Turkey to make giant leaps in the field of manufacturing and exports. Furthermore, the benefits and encouragements provided by the Turkish government to the industries looking to establish their base on the land of Turkey are too good of an opportunity to miss out on.
When we also consider Turkey’s ideal geographical location, which allows it to connect with not only the Middle East but also with the European Countries. Seeing this, the representatives of South Korea and Turkey have already established a trillion-dollar development deal between them. There will be many more development projects in Turkey in the upcoming years.
Turkey is the Second Largest Country in Energy Production All Over Europe
Even in the sphere of energy production, Turkey, which is presently the second largest in Europe, is predicted to overtake the lead by the end of the decade. The deal between South Korea’s SK Engineering & Construction Company and Turkey’s UNIT International S.A., in which the former purchased a 30% share in the latter, has demonstrated to investors that investing in firms can be advantageous in addition to starting a new one.
Related Article: Set Up a Company in the Energy Sector in Turkey.
Aside from these deals in the energy sector and infrastructure development, Turkey also holds the potential for allowing lucrative real-estate deals as well as deals about its highly progressive steel industry.
The free trade agreement signed between Korea and Turkey which commenced in 2014 has in one year produced a trading volume of over $7 billion, thus Korean companies are definitely eyeing their opportunities and not wasting their chances. There will be many more development projects in Turkey in the upcoming years.
Smart cities in Turkey
Within the aims of the year 2023, the Turkish government intends to convert three Turkish cities into smart cities. Its major objective is to make citizens’ lives easier by rationalizing consumption and ensuring its safety. Sakarya, Kayseri, and Gaziantep, all in the Marmara area, will be smart cities.
The project will begin in Kayseri, where traffic will be increased by 25%. That is accomplished by using specific technologies that restrict the number of cars on the road and include smart intersections that manage traffic signal lighting. Turkey hopes to achieve technical levels with this initiative that will allow it to compete with the world’s leading cities in the technology area. There will be many more development projects in Turkey in the upcoming years.
Development in Turkey: The Big Scale Projects of Turkey
Turkey has accelerated initiatives in transportation, infrastructure, energy, and military in recent years. These large-scale undertakings squandered 130 countries’ gross domestic product (GDP) and financial resources. These mega projects will cost more than 138 billion dollars in total. The following initiatives are part of Turkey’s vision for 2023:
● Southeast Anatolia Project (GAP): 28 billion dollars.
● Istanbul Third Airport: The third airport in Istanbul costs 22 billion euros. The airport will cost a total of 25,6 billion euros. The passenger capacity is 150 million per year. It aims to be the most important transportation hub in the world, with the largest tender in Turkey’s history.
● Sinop Nuclear Plant: The sum is $22 billion. 4.800 megawatts (MW) of installed capacity and Reactor Type VVER-1200 (AES-2006) is used. 4 (1200 MW*4) unit amount, 500.000 machine-equipment-tools are employed in this type of large nuclear facility. It also aims to employ products from the local area.
● Akkuyu Nuclear Plant: The amount is $20 billion. 4.480 MW installed capacity ATMEA-1 is the reactor type. Amount per unit: 4 (1120 MW*4). When the Akkuyu and Sinop nuclear power plants come online, they will account for 10% of the country’s total installed capacity.
● Istanbul-Izmir Mega HighWay: 16 billion USD for the Istanbul-Izmir Mega HighWay. The journey from Istanbul to Izmir will take 3,5 hours. That was around 7-8 hours before.
● Osmangazi Bosphorus Bridge: The Osmangazi Bosphorus Bridge lowers the time it takes to cross the Bosphorus from the Izmir Gulf to six minutes instead of one hour. The bridge has a total length of 2.682 meters and a center span of 1.550 meters. The bridge features the world’s largest four central spans.
● Canal Istanbul: 15 billion dollars.
● Kinali-Tekirdag-Canakkale-Savastepe Mega HighWay: The amount is $8 billion. 2017 is anticipated to starting, and 2023 is the expected opening. This will connect Istanbul to Central Anatolia’s west side and the North Aegean. It will serve as a viable alternative to the Bosphorus Way. Balikesir will be connected to Istanbul through Canakkale and the 1915 Canakkale Bridge after the project is finished. Canakkale will be closer to Istanbul thanks to this highway. This highway will also combine with the Istanbul-Izmir highway, connecting Izmir to Istanbul.
● 1915 Canakkale Bridge: 5 billion dollars.
● Marmaray: The sum total is $5 billion. Marmaray is a 76-kilometer railway reconstruction project between Gebze and Halkali. When finished, the project will have two subway lines and one intercity line.
● Haydarpasa Port Project: 5 billion dollars.
● High Speed Railway Line Project (Ankara-Istanbul): 5 billion USD for the Ankara-Istanbul high-speed railway line. Ankara-Istanbul travel time will be 1.5 hours with 350 km/h top speed. The railway will run from Ankara to Halkali, via the third bridge.
● Ankara-Izmir Highspeed Train: 4,2 billion dollars.
● Ankara-Istanbul Highspeed Train: 4 billion dollars.
● Eurasia Tunnel: 1,3 billion dollars. The Eurasia Tunnel Project (Istanbul Bosphorus Roadway Tube Tunnel Project) connects two continents not only by bridges but also through a sea tunnel highway.
● Istanbul International Financial Center: The Istanbul International Financial Center project was launched with the goal of making Istanbul one of the world’s top ten financial hubs by 2023. The proposal calls for the construction of a 320-square-meter Central Bank facility, a 20-square-meter parking garage, and a 100-meter-long tunnel with connecting roadways.
● Rize-Artvin Airport: The Rize-Artvin airport will be able to accommodate three million passengers per year. It is Turkey’s second airport to be constructed above water. The initiative will aid in the development of Rize and Artvin’s city centers, as well as districts with tourism potential, as well as the expansion of economic ties with nations bordering the Eastern Black Sea Region. It will ensure that aviation travel to the Eastern Black Sea Region is not interrupted.
● Ankara-Sivas High-Speed Railway: The 405-kilometer Ankara-Sivas High-Speed Railway project will connect lines from Iran and the Caucasus, reducing the 603-kilometer Ankara-Sivas railway to 405 kilometers and reducing travel time from 12 to 2 hours.
● Trans Anatolian Natural Gas Pipeline Project (TANAP): The TANAP project’s main goal is to transport natural gas generated in Azerbaijan’s Shah Deniz-2 gas production and adjacent Caspian Sea regions, primarily to Turkey but possibly to Europe. The Southern Gas Corridor is shaped by the TANAP project, as well as the South Caucasus Pipeline (SCP) and the Trans-Adriatic Pipeline (TAP). The main pipeline within Turkey will be 1850 kilometers long, including off-take stations and aboveground installations. It will cost around 5-7 billion dollars and it is estimated to be completed in 2018. There will be many more development projects in Turkey in the upcoming years.
References & Sources
- Ureyen, D. (2017, December 29). The big scale projects OF TURKEY- 2023. Conexio Consulting. <https://www.conexioconsulting.com/tr/the-big-scale-projects-of-turkey-2023/>
- Ongoing Mega Projects of Turkey. (2021, August 9). Trem Global. <https://www.tremglobal.com/articles/ongoing-mega-projects-of-turkey>
- Wahoud, A. (2021, March 15). 5 Turkey’s ‘Mega Projects’ propel the country towards 2023 targets. ExtraProperty. <https://extraproperty.com/turkey-mega-projects-2023/>
- 10 Ongoing Mega Projects Of Turkey In 2020. (2020, July 22). Erai Turkey, Business Development & Management. <https://eraiturkey.com/news/10-ongoing-mega-projects-of-turkey-in-2020/>
This article was published on 02.12.2020 and last edited on 09.08.2021. Images used in this article have been taken from free image-sharing services on the internet. Also, in this article, which is called; “Development Projects in Turkey,” information freely shared on the internet was used, and necessary references were given in the article. We make every effort to offer accurate and current information. However, please do let us know if you find any errors in this article.
