Turkey as a favorable investment destination has been a popular topic in the investment community this year. By now, the pillars of the Turkish investment thesis are well understood by investors, so there is probably no need to rehash these except to note briefly:
• High-growth, dynamic and stable economy
• Young, growing population
• Strategic geography with access to key markets
• Structural reforms
However, if our goal is to identify the most attractive investment path in Turkey, the information and communications technology (ICT) sector is probably the foremost candidate.
According to the prime minister's office, the sector’s growth is outpacing GDP growth significantly, with a compound annual growth rate of almost 15 percent over the last decade. The size of the sector, estimated at about $29 billion by Deloitte, is still significantly below the EU average, pointing to a nice upside.
The sector is still dominated by the telecommunications industry in terms of revenue. However, the driver of growth will probably be the result of an offline-to-online migration in multiple sectors, similar to what has been experienced in the United States and the European Union.
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