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The failed coup attempt in Turkey in July continues to cast a long shadow over the country’s political and economic prospects. President Erdogan’s subsequent aggressive clampdown has been poorly received within Europe and has effectively nullified the chances of any meaningful progress on Turkey’s EU accession negotiations. Additionally, the country’s relatively buoyant economy has stalled and may now even be contracting.
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With doors closing on relationships in the west, President Erdogan’s administration is now looking at its options in the east. There is increasing talk of Turkey taking out full membership to the Shanghai Cooperation Organization (SCO) which consists of China, Russia and four central Asian states. The SCO has made it clear that it would welcome Turkey with open arms and would no doubt see it as a coup of a different sort to entice a previously pro-western nation into its club. Of course, the SCO is no European Union and it’s likely that it is being used by Turkey as a means of displaying its frustration at the way it feels it has been treated.
Turkey’s geographical position means that it has historically been torn between east and west – politically, economically and culturally. The country has always been an important buffer between the two hemispheres and this is a critical juncture for Turkey. The east may look like an easy and non-judgmental option but Mr Erdogan should be careful not to allow populist anger to cut off the far more significant opportunities that the west offers.
Guy Dunn
Chief Executive Officer.
P.S. Here are some related articles that I came across on the EMIS platform last week.
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YEAR AFTER CRISIS, TURKEY AND RUSSIA GET CLOSER
One year after the crisis that plunged relations between Russia and Turkey to a post-Cold War low, Vladimir Putin and Recep Tayyip Erdogan have overseen a spectacular revival in ties at a time when both are facing new tensions with the West.
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TURKEY ECONOMY: PLUNGE IN LIRA AMPLIFIES FEARS
Turks have over the past three months nervously watched the steady decline in value of the Turkish lira against the dollar, seeing it haemorrhage more than 10 percent in the past month alone.
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Due to the favourable cost-efficiency ration, the Czech pharmaceutical sector holds an attraction for international manufacturers. As such there is a high-degree of foreign ownership among the 85 companies operating in the Czech Republic.
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Below are the most read articles in the past week on EMIS Perspectives, our daily blog of emerging market news and insights.
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VISTA LAND TO BUILD 10 NEW MALLS
Vista Land is set to spend P18 billion for 10 more malls in the next two years, reported Philstar.
Founder and chairman Manuel Villar stated that Vista Land will start building in January, and the latest expansion would boost the company’s gross floor area (GFA) from the current 910,000 square metres to 1.3 million square metres.
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FDI FOR INDIA TELECOM AT ALL-TIME HIGH
India’s telecommunications sector has seen a surge in foreign direct investment (FDI) for the first seven months of the financial year, reaching as high as $10 billion.
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KAZAKHSTAN BOOSTS DRUG PRODUCTION 51%
Drug makers in Kazakhstan produced nearly 14 tonnes of drugs in the first 10 months of this year, up 51% on the year, Business News reported on Monday citing finprom.kz.
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SAUDI MINISTER SAYS OPEC TO ASK RUSSIA TO CUT OIL PRODUCTION
Freezing the oil production at the current level suggested by Russia does not match to OPEC’s plant to reduce production in a move to stabilize the oil market and the oil cartel will insist Russia to reduce its output if its participants agree on such a deal.
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VOLKSWAGEN, SOVAC TO START ASSEMBLING CARS IN ALGERIA
German carmaker Volkswagen and its Algerian sales partner SOVAC will set up an assembly plant in Algeria, under a memorandum of understanding that the two companies signed on Sunday, Philippines News Agency reported.
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