Blog: Analysing Turkey's potential
Dean Best | 28 March 2011
Look past the BRIC markets and there are a clutch of countries seen as the next group of key developing economies.
Opinions on which are the most-promising of the 'new' emerging markets differ but one fresh acronym has started to gain traction.
Coined by former HSBC chief Michael Geoghegan, CIVETS comprises six markets seen as possessing attractive characteristics for investors - including large and young populations, relatively sophisticated financial systems and - at least until recently for one of their members - political stability. (The 'E' in CIVETS stands for Egypt).
The 'T' within the six is Turkey and, on Friday, we took a look at the country's food retail sector in our latest BRICs and beyond column.
While Turkey is not seeing the same levels of growth as markets like China and Brazil, retailers and manufacturers see potential in the market, not only as a developing market in its own right, but also for its strategic link between Europe, Central Asia and the Middle East.
The food industry there faces a number of challenges - one analyst we spoke to claimed Turkey's agricultural sector was in some parts corrupt - but a number of suppliers and retailers are looking to expand their presence in the market, attracted by its population and rising GDP.
Coincidentally, a day before our column on Turkey went live, Nestle announced plans to invest TRY85m in a new cereals factory, which will serve the domestic market and become a hub for exports across North Africa and the Middle East.
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