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UKTI asks contractors to explore multi-billion pound Turkish market

Contractors are being encouraged to take advantage of the multi-billion pound infrastructure opportunities in Turkey, Europe’s sixth largest economy.

UK Trade and Investment has released a new study, entitled Building Turkey: Opportunities for the UK Construction Sector, detailing new infrastructure and regeneration opportunities for UK construction companies.

Report author David Howell, from dmh Consultancy, said: “Despite the global slowdown, Turkey’s economy is expected to grow by up to three per cent in 2010 and it’s predicted it will be Europe’s third largest economy by 2050.

“As well as major infrastructure projects like the Nabucco pipeline, the Turkish government is also planning several major regeneration initiatives. In Istanbul for example, it’s planning to transform 500 ha of wasteland into a waterfront port and marina with luxury hotels, recreational areas and residential and office blocks.

“Additionally, 600,000 housing units are required per year to meet the demands of Turkey’s population growth.”

The Nabucco project is a 3,300 km pipeline that will bring gas from Asia to Central Europe. It will cost about £8 billion to build, with work due to commence next year.

Other major projects include motorway proposals comprising some 2,250km of new road.

UKTI chief executive Sir Andrew Cahn said: “Turkey is a tremendously exciting market. Located at the fulcrum between the Middle East, European and Central Asian markets, UK businesses who set up in Turkey find it an excellent stepping off point for the surrounding markets.”