• World Bank report: "Turkey is moving forward"

A recent document released by the World Bank on its Web site details positive developments in Turkey's economy, education, science and healthcare systems. The assessment, titled "Turkey's Development Results," noted that Turkey is making progress in its development across a range of sectors, including modernization of the cadastre and land registry systems, increased efficiency within the energy sector and the assistance provided to growing businesses for accessing needed capital. "The country as a whole is moving forward, and it is seeing results," the bank stated.

• Metro Group plans to open 10 large stores in Turkey

Metro Group Executive Board President Eckhard Cordes said on Tuesday that they were planning to open 10 large stores in Turkey by investing approximately 100 billion euro. Metro Group CEO Cordes made public the balance sheet of Metro Group in 2007 at a news conference. Cordes said Metro AG Executive Board considered Turkey a magical country recording a very rapid growth rate and having an attractive economy.

• Turkey, India propose to initiate talks on free trade agreement

Targeting a four-fold increase in bilateral trade to $10 billion in next decade, India and Turkey on Wednesday proposed to initiate talks on a free trade agreement, covering goods, services and investment. "We need to exponentially enhance economic relationship between India and Turkey and move towards a Comprehensive Economic Partnership Agreement that covers trade in goods, services and investment protection pact," Minister of State for Industry Ashwani Kumar said in a seminar organised by industry body Ficci. Speaking at the event, Turkish Minister of State for Foreign Trade and Foreign Contracting Services Kursad Tuzmen said: "We would like to initiate and conclude free trade agreement negotiations with India".

He said trade relations between the two sides have considerably improved during the last five years. Currently, India's trade with Turkey stands at $2.6 billion. "We are targeting a figure of $5 billion by 2012 and $10 billion in the next 10 years," he said.

• Nabucco pipeline gas expected to reach Europe by 2013

The Nabucco natural gas pipeline project, aimed at diversifying natural gas supplies to Europe, will deliver its first gas to Europe by 2013, the project's managing director Reinhard Mitschek said. Mitschek also said that gas from Iran could be carried through the Nabucco pipeline if there was sufficient demand, despite protests from the United States, locked in a political dispute with the country. "If the demand comes from European buyers, we will bring Iranian gas to Europe through the Nabucco," Mitschek told a conference in Ankara.

The 4.6 billion euro ($7.27 billion) pipeline is expected to carry 21 billion cubic metres annually from the Caspian region to European consumers in order to lessen Europe's dependence on Russian gas. Until the addition of RWE early last month, the Nabucco consortium was equally owned by oil and gas companies in the transit countries - Austria's OMV, Hungary's MOL, Turkey's Botas, Bulgaria's Bulgargaz and Romania's Transgaz.

• Turkish Finance Ministry sign protocol for real estate sale to foreigners

The New Anatolian - Turkish Finance Ministry and Housing Development Administration of Turkey (TOKI) signed a protocol aiming to implement the "Spanish Model" concerning the sale of real estates to foreigners on Monday. According to the protocol signed by Finance Minister Kemal Unakitan and TOKI President Erdogan Bayraktar, TOKI will construct "villa cities" and "holiday villages" on Treasury's real estates which were transferred from DG of National Real Estate to TOKI free of charge.

The protocol envisages construction of resorts for foreigners in various coastal provinces and regions with thermal springs. TOKI plans to construct resorts with tennis courts, golf courses, green areas, walking paths, health facilities, shopping malls and other social facilities. According to officials, such type of construction can be seen in Malaga region of Spain as well. "Many foreign companies are interested in this project. 3-4 companies from Spain offered to implement the Spanish model in Turkey. However, the construction work will be carried out by TOKI totally," officials said. The real estate complexes that will be constructed for foreigners will be on sale for Turkish citizens as well, sources added.

• Global Yatirim Energaz offers highest bid for Ankara natural gas grid

Global Yatirim Holding won the auction for a gas-distribution network in Ankara with a $1.61 billion bid Friday.

Global and its partner, Energaz, beat seven companies including Spain's Gas Natural SDG and Turkey's Calik Holding to buy Baskent Dogalgaz Dagitim, a network that sold 3.16 billion cubic meters of natural gas last year, reported Bloomberg.

If approved, Global-Energez will be allowed to import natural gas for the network from 2009. Global will be required to sell the gas to consumers in Ankara at a maximum 5.5 cents per cubic meter for 10 years. Global's shares surged 5.5 percent after the auction, closing at YTL 1.21.

• Foreign investors give full support to Turkey

Attendees of the meeting included CEO's and many executives of 21 multi-national companies from 11 countries managing $750 billion. “We are continuing with our investments,” said the businessmen. “We see that the confidence that Turkey has provided is guaranteed,” they said. The upcoming elections are not believed to be an event that would damage the trustworthy environment and economic stability and are a necessity of the democratic process, foreign businessmen added.

• $1.8 billion investment in energy

The Turkish electricity energy sector is expected to receive annual investments totaling $1.5 - $1.8 billion in the next three years, according to a study by the Energy Research Unit of the Energy Water and Gas Syndicate of Turkey.

• FT REPORT - INVESTING IN TURKEY: After financials, energy is next up for investors

FT- The AKP's economic policies have supported an investor-friendly environment, including continued disinflation and a regime of tight fiscal and monetary policy set in motion by former finance minister Kemal Dervis in 2001.

• ING 's Turkish Banking Delight

ING Group has paid through the teeth for Ovak Bank, but the market thinks it was a fair price for breaking into Turkey's lucrative banking market.

• Gulf capital in Turkey reaches $3 billion

Recently investment from the Gulf region to Turkey is breaking all records, rising from $70 million in 2002 to a forecast this year of $3 billion. In 2006, investments by Gulf States to Turkey totaled approximately $1.9 billion.

• Capacity utilization increases

Capacity utilization in manufacturing industry reached at 84 percent in June, according to the results of 'Tendency in the Manufacturing Industry June - 2007' survey, published by Turkish Statistical Institute on July 17. Capacity utilization rate was 92.5 in public sector and 82.6 percent in private sector last month. Capacity utilization rate over the same period last year was 90 percent in public sector and 82 percent in private sector.

• Türk Telekom launches new projects to expand coverage

Türk Telekom is planning to develop its infrastructure by making $3.4 billion investment in the next four years. By replacing copper wires with fiber optic wires Türk Telekom is going to increase its accessibility capacity by 1,000 times. Türk Telekom is also planning to start a rural transformation project, which will cover 81 cities in Turkey and provide job opportunities for 101,000 people by 2010.

• Sabiha Gökçen Airport fetches record sum

After 14.5 hours of bidding, Limak-GMR-Malaysia Airport partnership agrees to pay almost $3.5 billion to manage Istanbul's second airport for the next 20 years. The consortium will build a new international terminal at the Sabiha Gokcen airport on Istanbul's Asian side and run the airport for 20 years. It will expand annual capacity to 13.5 million air passengers from the current 3.5 million.

• Turkey Determined to Top World Carpet Market

Turkey remains among the world's biggest manufacturers of handloom and machine-made carpets. The domestic carpet market, worth over $500 million, has recently begun to accelerate its development. Sahin Saki, Chairman of Dilek Carpet in Gaziantep, pointed out that the market had become more attractive, adding that they aimed to grow by 30 percent in 2007.

• Turkey ranked eighth in world with its tourism income of $18.2 bln

Turkey's sun, sea and historic treasures earned the country the world's fastest growth rate in the world last year, beating both China and the United States with a total of $18.2 billion in tourism income it was revealed on Sunday in a report by the World Tourism Organization (WT0) reported the Anatolia news agency. In addition to the fastest growth rate, the new figures rank Turkey in eighth spot among countries in tourism income.

• Metro Group to invest more in Turkey

German retail giant Metro Group AG has announced plans to step up investment in Turkey and open more stores in 2007.

• Turkish steel production increase greater than world average

Raw steel production in Turkey reached 15.3 million tons in the first eight months of 2006, an increase of 11.1 percent over the same period last year, stated the Iron and Steel Producers' Association in a report released yesterday.