Boom on the Bosporus
In a TV program on Istanbul's business elite, Partner Erkut Uludag comments on the economic situation in TurkeyThere is no lack of clichés and prejudice when it comes to Turkey. But not all that many people outside the country can be bothered to take a closer look. Now a report by German TV station N-TV shows that Istanbul in particular, the megacity on the Bosporus Straits with 12.6 million inhabitants, is well established as one of the most important cities in the world. On the program, Erkut Uludag, Roland Berger Managing Partner in Istanbul, explains the situation in detail.The report looks at the new generation of managers in Turkey, most of whom have studied in Western countries and are rigorously putting their country on the path toward Europe. Says Erkut Uludag, "Europe's influence is becoming stronger. The prospect of Turkey joining the EU kindled high hopes in the country. The day will come, but it will take time." Government, business and public sector administration still have a lot of work to do to meet the requirements. "To fulfill the accession criteria, Turkey must enter upon a process of sharing ideas and learning from European companies."The financial crisis has not left Turkey unscathed, although it hit the country in a more indirect way. The country's arch-conservative and cautious banks are suffering only moderately from the effects of the financial crisis. And, according to Uludag, "the financial institutions are still solid." Business with the EU, Turkey's most important trading partner, however, has declined significantly overall.
What, then, is the reason for Turkey's ascent since the beginning of the millennium? According to the program, it may, among other things, have to do with a "specifically Turkish recipe for success" – a more relaxed way of doing business without losing sight of the overall goals. In Turkey, Erkut Uludag says, "people cultivate more of an indirect communication style." He compares this with the US where communication is typically the other way around: you state the most important things first, and then the rest. "In Turkey, the focus is always on consensus, and the most important things may then be said at the end." If you do not pay attention to this situation, Uludag explains, this can easily lead to misunderstandings and harm your business.
What, then, is the reason for Turkey's ascent since the beginning of the millennium? According to the program, it may, among other things, have to do with a "specifically Turkish recipe for success" – a more relaxed way of doing business without losing sight of the overall goals. In Turkey, Erkut Uludag says, "people cultivate more of an indirect communication style." He compares this with the US where communication is typically the other way around: you state the most important things first, and then the rest. "In Turkey, the focus is always on consensus, and the most important things may then be said at the end." If you do not pay attention to this situation, Uludag explains, this can easily lead to misunderstandings and harm your business.
