The power of three Together, governments, entrepreneurs and corporations can spur growth across the G20 The EY G20 Entrepreneurship Barometer 2013 Country profiles Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Africa South Korea Turkey United Kingdom United States European Union
Turkey at a glance Metin Canoğulları Strategic Growth Markets Leader and Family Business Leader, Central and Southeast Europe, EY Selim Elhadef Country Advisory Leader, Government & Public Sector Leader, Turkey, EY Many areas of the entrepreneurial ecosystem will need improvement if Turkey is to achieve its potential Key facts Overall Barometer ranking Quartile 4 Population 76 million GNI per capita (PPP) US$17,500 GDP growth 2.2% Exports as % GDP 23.7% Source: The World Bank, 2012 Turkey has embarked on a challenging journey to transform itself into an entrepreneurial society. The country s ecosystem for entrepreneurs is relatively under developed, but new initiatives are helping Turkey to improve. It is particularly promising to see the private sector playing a bigger role, with established entrepreneurs acting as role models and contributing to accelerator programs that will help the next generation of businesses to break through. The relative economic stability of the past 10 years has been an important factor in the country s development, as has the evolution of the financial system. However, as the EY G20 Entrepreneurship Barometer 2013 shows, Turkey continues to lag behind its G20 peers on entrepreneurs access to funding. This is despite a sharp increase in bank lending to Turkish entrepreneurial businesses, which more than doubled between 2007 and 2011. 1 The Government has made considerable progress at cutting back red tape. The time it takes to set up a business has been reduced to six days, among the lowest in the G20. However, the tax system could be more supportive for entrepreneurs prohibitive indirect taxes offset a relatively competitive corporate tax structure. The labor market is an area of weakness that causes numerous problems for entrepreneurs. Rigid regulations deter hiring and have contributed to the development of a large informal sector of small-scale, low-tech businesses. Meanwhile, deficiencies in the education system mean that skills gaps are a brake on slow growth and innovation in the entrepreneurial business sector. There are some big challenges ahead for Turkey but also huge opportunities for the country to put growth on a firmer footing. 1 Financing SMEs and Entrepreneurs 2013: An OECD Scoreboard, OECD website, oecd.org, accessed 12 June 2013. 2 The power of three
Make your voice heard Join the debate Tweet #G20ey ey.com/g20ey SWOT analysis Turkey s pillar scores compared to rapid-growth G20 economies 7 6 5 4 3 2 1 0 Education and training Tax and regulation Entrepreneurship culture Source: EY G20 Entrepreneurship Barometer 2013 Access to funding Turkey Coordinated support Rapid-growth G20 economies Turkey s entrepreneurs still face many hurdles when it comes to growing their businesses Turkey is making progress in improving several aspects of its entrepreneurial ecosystem. Red tape has been reduced, for example, making it easier to start a business. Bank lending is also on the rise, easing the funding shortages that have prevented many young businesses from growing. In several other areas, however, it is clear that Turkey lags behind the G20 for entrepreneurship. Improved education, stronger innovation incentives and more flexible labor regulations would all help Turkey to boost the number of entrepreneurs who go on to create large and thriving enterprises. Strengths Rapid credit growth across the economy has seen bank lending to entrepreneurial businesses rise sharply. Steady regulatory improvements are making it easier to set up and run a business in Turkey. Entrepreneurs report an increase in government programs to support start-up businesses. Weaknesses Innovation is hampered by weak protection of intellectual property rights. Start-up support may be increasing, but it is difficult to satisfy the Government criteria attached to it. The risk appetite of potential investors remains weak relative to more mature markets. Despite sustained double-digit annual research and development (R&D) growth between 2006 and 2011, spending remains well behind other G20 leaders. Opportunities Turkey is strategically located between key markets in Europe, the Middle East, Russia and Central Asia. The economy has grown and evolved rapidly, and we see high potential for further growth across numerous industries. Entrepreneurship interest outstrips activity. If that energy can be harnessed, then there is room for significant expansion. Threats The education system isn t delivering enough of the skills needed by an innovative and dynamic entrepreneurial business sector. Geography is a benefit in terms of trading links, but Turkey borders significant areas of instability, particularly in Syria at present. Signs of a sharp slowdown from recent high rates of economic growth point to a more challenging environment for entrepreneurs. The power of three 3
What to watch for How the government is helping Building up the entrepreneurship ecosystem Much of Turkey s economic activity is concentrated in a number of mediumtechnology manufacturing and service sectors, with large companies (such as automotive multinationals) playing a significant role. Entrepreneurship and entrepreneurial business-level innovation is less established, but there are a number of initiatives underway to help to address this. Unsurprisingly, the Government has taken a leading role in developing the institutional framework for entrepreneurs, although this shouldn t overshadow encouraging signs of the private sector getting involved in building the entrepreneurship ecosystem. Since 2011, a new Ministry of Science, Industry and Technology has been responsible for promoting innovation. To this end, a National Science, Technology and Innovation Strategy covering the 2011 16 period aims to boost R&D spending, strengthen innovation and steer the economy toward high-tech sectors. 2 This ought to help reduce the gap in spending on innovation between Turkey and its peers, as the country currently spends about half the G20 on R&D. The ministry s Techno-Entrepreneurship Capital Support Program provides seed capital to young entrepreneurs with innovative businesses, while a Council for Entrepreneurship was set up in 2012 to help entrepreneurs access domestic and foreign financing. 3 Efforts are also underway to boost innovation in the education sector. The Technology Transfer Support Program was established in 2011 to encourage entrepreneurial businesses to help commercialize the results of publicly funded research. 4 There are also more than 40 technology parks based in Turkey s universities and public research centers. 5 These provide extensive tax breaks to 1,700 companies working in high-tech sectors including ICT, electronics, defense, telecommunications, biomedicine, advanced materials and environmental technology. Also in 2011, the Scientific and Technological Research Council of Turkey, in collaboration with the Higher Education Council, launched an index evaluating universities success in fostering entrepreneurship and innovation. 6 Technology Transfer Support Program This program aims to bridge the gap between R&D conducted in Turkey s universities and its commercial application. It supports programs that bring together researchers and entrepreneurial businesses, with grants covering 75% of eligible costs up to a limit of 150,000 and for a maximum of 18 months. Launch date: 2011 Most relevant pillars: access to funding, entrepreneurship culture 50 technology parks provide tax incentives to 1,700 Turkish companies working in high-tech sectors R&D spend (% of GDP) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Indonesia Mexico Argentina India Turkey Saudi Arabia South Africa Source: The World Bank, 2007 09 Brazil Russia Italy China UK Canada EU France Australia Germany US South Korea G20 Japan 1.6 2 National science, technology and innovation strategy, 2011-16, The Scientific and Technological Research Council of Turkey website, tubitak.gov.tr, accessed 1 July 2013. 3 Ibid. 4 Organisation for Economic Co-operation and Development, Science and Innovation: Turkey (OECD, 2012). 5 Technoparks in Turkey: A source of technological development, European Commission website, iri.jrc.ec.europa. eu, accessed 3 June 2013. 6 The Most Entrepreneurial 50 Universities of Turkey Are Announced, The Scientific and Technological Research Council of Turkey website, tubitak.gov.tr, accessed 2 July 2013. 4 The power of three
The allowance allocated annually for the Techno-Entrepreneurship Capital Support Program has multiplied by five to more than 19.5m7 New Investment Incentives Regime The Government has overhauled its system of investment incentives to encourage a shift toward high-tech, export-oriented activity. The new regime includes four programs: general, regional, large-scale and strategic. Within each program a range of incentives is available, drawn from the following: exemptions from VAT and customs duties, corporate tax reductions, income tax withholding allowance, social security premium support, interest support, and land allocation. Launch date: 2012 Most relevant pillars: access to funding, tax and regulation, coordinated support Emerging Enterprises Market SME Support Program This program helps entrepreneurial businesses list their shares on the country s stock exchange to tap into funds from the capital market. It reimburses the various costs associated with listing shares, including consulting fees, independent audit costs, admission fees for Capital Markets Board registration and the registration fee of the Central Registry Agency. Launch date: 2010 Most relevant pillar: access to funding Key insight: things are looking up Halil Erdoğmuş, Founder, Ebebek, Turkey Ebebek is an online distributor of baby products. Founder Halil Erdoğmuş says that while significant progress has been made, Turkey needs to do more to boost entrepreneurship, particularly when it comes to skills shortages. Attitudes to entrepreneurship in Turkey have changed in recent years. Before, starting a business meant opening a factory. But there has been a significant shift of perspective and a lot more interest in technology and online business opportunities, particularly among younger people. Government support for entrepreneurs has expanded significantly in the last five years. For example, the Ministry of Science, Industry and Technology supports certain sectors with loans and grants. And there are about 50 technology development centers in Turkey, which have proven very popular. Of course, there is more that the Government needs to do, particularly when it comes to education. The biggest bottleneck for most entrepreneurs is finding suitably qualified staff. There are skills shortages in key areas, and talent is overpriced. 7 Republic of Turkey Small and Medium Enterprises Development Organization, Enhancing the Competitiveness of SMEs in Turkey: Country Report (SESRIC, October 2012). The power of three 5
75% Access to funding Pillar ranking: 17 of survey respondents from Turkey under the age of 40 find it hard to access funding Bank lending has increased rapidly Access to funding Turkey G20 Period IPO market activity IPO amount invested (% of GDP) 0.13 0.22 2009-11 Access to credit Domestic credit to private sector (% of GDP) Venture capital availability (Scale of 1=impossible to 7=very easy) M&A deal value (% of GDP) 37.7 99.0 2008-10 2.4 3.0 2009-11 1.8 3.4 2010-12 Sources: The World Bank, Dealogic, IMF, World Economic Forum Domestic credit to the private sector stands at 37.7% of Turkish GDP compared to the G20 of 99.0% (2008 10 ) The supply of private sector credit has surged in recent years, although much of this ended up fueling consumer imports. Bank lending to entrepreneurial businesses almost doubled between 2007 and 2011, but their share of overall business lending dipped. This suggests that small businesses find it harder than their larger counterparts to secure financing. That problem seems particularly acute for Turkey s young entrepreneurs: 75% of our respondents under the age of 40 believe it is difficult to access funding in Turkey. Other aspects of the funding ecosystem are still underdeveloped. According to a World Economic Forum assessment of venture capital conditions internationally, Turkish entrepreneurs find it more difficult than their peers in other G20 rapid-growth countries to win support for innovative but risky businesses. In addition, the total scale of Turkish M&A deals as a percentage of GDP, is just over half the G20. The amount of investment capital raised through stock market flotation is still lower than. However, more positively, Turkey s respondents to the EY G20 Entrepreneurship Barometer 2013 survey were much more likely than others to report an improvement in initial public offering (IPO) activity over the past three years. They also pointed to strong improvements in the availability of finance from their customers and suppliers, which points to the continuing significance of non-bank sources of entrepreneurial businesses funding in the country. Proportion of entrepreneurs citing improvement in areas of access to funding over the past three years Public aid/government funding Bank loans Suppliers Customers Family and friends Microfinance Business angels Private equity Venture capital Public private partnership Initial public offering (IPO) Crowdfunding Source: EY G20 Entrepreneurship Barometer 2013 29% 36% 36% 42% 40% 39% 46% 45% 57% 56% 56% 56% 6 The power of three
82% Entrepreneurship culture Pillar ranking: 15 Turkey needs to encourage risk-taking and innovation of entrepreneurs from Turkey would welcome more government programs to educate, fund and raise the profile of entrepreneurship Entrepreneurship culture Turkey G20 Period R&D spending (% of GDP) 0.8 1.6 2007-09 Scientific and technical journal articles (per 10,000 people) Cost of resolving insolvency (% of estate) Source: The World Bank 1.2 3.3 2007-09 15.0 11.8 2010-12 It has not been that long since Turkey made the rapid transition from an agricultural to an industrial economy. Much of Turkish industry is labor-intensive, and the country has significant progress to make before entrepreneurship and innovation are firmly established. Turkish respondents to the Entrepreneurship Barometer survey said that the portrayal of entrepreneurship in the media was unusually positive. Elsewhere, however, more needs to be done. In Turkey, 82% of entrepreneurs would welcome more government programs to educate, fund and raise the profile of entrepreneurship. Business failure is often perceived negatively, and being an entrepreneur is seen as a less valid career choice on than in the G20 s rapid-growth countries. As such, improving tolerance of business failure is also seen as an important step to creating an entrepreneurial culture, according to 78% of entrepreneurs from Turkey. Turkey s share of public spending devoted to R&D is around half the G20, although this is in line with other rapid-growth economies. The number of scientific and techincal journal articles may have risen sharply over the past 10 years, however, according to the OECD, Turkish R&D is poorly integrated with international research networks. 8 A low 7% of Turkish patent applications involve international collaboration. If local ventures are going to move into more sophisticated or high-tech sectors, greater encouragement will be needed from both the private and public sectors on increased engagement. Only 7% of Turkish patent applications involve international collaboration Entrepreneurs view as to which factors will have the highest impact on entrepreneurship culture Government programs providing education, funding and profile raising Improve tolerance of business failure Improve communication around entrepreneurs' success stories Promotion of the role of entrepreneurs in creating new jobs Promotion of the high risk/high return dynamics of entrepreneurship Promote the career opportunities offered by entrepreneurship G20 focus on and support of entrepreneurship Source: EY G20 Entrepreneurship Barometer 2013 53% 29% 11% 7% 43% 35% 16% 6% 41% 38% 16% 5% 29% 51% 14% 6% 27% 48% 21% 4% 26% 50% 19% 5% 24% 45% 21% 10% A high impact A medium impact A low impact Don't know or no opinion 8 Organisation for Economic Co-operation and Development, Science and Innovation: Turkey, 2012. The power of three 7
Tax and regulation Pillar ranking: 11 It takes only six days to start a business in Turkey compared to the G20 of 22 (2010 12 ) Setting up a business is easier, but red tape restricts hiring Tax and regulation Turkey G20 Period Ease of starting a business Start-up procedures (number) 6.0 7.6 2010-12 Time to start a business (days) 6 22 2010-12 Cost to start a business (% of income per capita) 13.0 9.4 2010-12 Paid-in minimum capital to start a business (% of income per capita) 8.6 17.9 2010-12 Business regulations Time spent on tax issues (hours) 223 347 2010-12 Labor market rigidity Cost of firing (weeks of wages) 95 50 2007-09 Labor and tax contributions (% of commercial profits) 18.8 24.0 2012 Taxation Total tax rate (taxes and mandatory contributions borne by the business expressed as a share of commercial profit) Indirect tax rate (taxes collected by the company and remitted to the tax authorities) Source: The World Bank 41.2 49.7 2012 18.0 14.2 2012 Turkey s outlook on tax and regulation is looking a lot more positive. There is still a long way to go, but local respondents to the survey were relatively optimistic about recent improvements to regulations, taxes and innovation incentives, with a majority seeing gains in these and other areas. The survey demonstrates Turkey s impressive progress in making it easier to start a business. According to The World Bank, it takes six days to start a business in the country. This is well below the figure of 22 days for the rest of the G20 countries although anecdotal evidence suggests that Turkish red tape can still be challenging. Labor market rigidities are a significant problem. At 95 weeks wages, the cost of firing an employee is almost twice the G20. This encourages informal business activity, which in turn holds back Turkey s entrepreneurial potential because it limits access to finance, innovation networks and skilled labor. This should be a clear area for the Government to focus its attention, especially in order to support ventures at an early stage. Turkey has a relatively favorable direct tax structure, with a more competitive tax rate than the in either the G20 s mature or rapid-growth countries. Indeed, the total tax rate has trended down over the past seven years an encouraging sign of progress here. The indirect tax rate is more prohibitive, in part because it is easier for the state to capture indirect taxes than direct ones from the informal sector. It cost an of 95 weeks to fire a worker in Turkey, nearly double the G20 of 50 (2007 09 ) 8 The power of three
Education and training Pillar ranking: 17 More than 40% of Turkish 15-yearolds do not reach OECD basic competence in mathematics Specific education would help boost entrepreneurship Education and training Turkey G20 Period Public spending on education (% of GDP) 3.5 4.8 2008-10 Secondary school enrollment (total enrollment expressed as a percentage of the population of official secondary education age) Tertiary enrollment (total enrollment expressed as a percentage of the total population of the five-year age group following on from secondary school leaving) 81.5 95.0 2008-10 42.7 53.5 2008-10 Source: The World Bank The weakness of Turkey s educational foundations is a clear barrier to the development of an innovative, high-skills entrepreneurial business sector. Public spending on education is below the G20, and the results are most clearly visible at the secondary level. Enrollment rates are below, and Turkey s children compare poorly with their peers. In the OECD s 2009 rankings for reading, mathematics and science at age 15, Turkey ranked 32nd out of 34 countries. More than 40% of students had not reached a basic level of competence in mathematics. 9 Another very positive trend is that entrepreneurship is increasingly prominent on university teaching schedules. A number of private universities include classes on entrepreneurship as part of their MBA programs, while 2012 saw the introduction of the first masters program focusing on entrepreneurship. 11 It would be hugely beneficial if this trend were to continue: 9 out of 10 entrepreneurs surveyed from Turkey say specific education is needed to support entrepreneurs. Nevertheless, there are signs of progress at the tertiary level, with an enrollment rate above the for rapid-growth countries and a steady increase in the proportion of the labor force with education at this level over the last 10 years. 10 Proportion of entrepreneurs citing improvements in specific programs at universities/business schools over the past three years 55% 50% Turkey s children compare poorly with their peers, with enrollment rates sitting below the G20 45% Turkey G20 Source: EY G20 Entrepreneurship Barometer 2013 9 N Blanchy and A Şaşmaz, PISA 2009: Where does Turkey stand? Istanbul: Sabanci University (Education Reform Initiative, 2011). 10 Labor force with tertiary education (% of total), The World Bank website, data.worldbank.org, accessed 26 June 2013. 11 About entrepreneurship in Turkey, The European Forum for Entrepreneurship Research website, efer.eu, accessed 31 June 2013. The power of three 9
47% Coordinated support Pillar ranking: 7 More support needed for business incubators of entrepreneurs surveyed from Turkey believe access to government start-up programs has improved in the past three years Across the G20, business incubators are seen by entrepreneurs as a key means of support in driving long-term entrepreneurial growth. Unfortunately, this is an area where Turkish respondents to the survey have seen the least overall improvement. On a more positive note, some large Turkish companies are sponsoring earlystage business acceleration programs, but clearly more could be done to bolster and support such efforts. When asked what kind of tailored government initiatives would be most effective in boosting entrepreneurship locally, entrepreneurs highlighted start-up programs most of all, a category covering cash grants, equity financing, debt financing, tax incentives, as well as advice, networking or mentorship. Proportion of entrepreneurs citing improvement in areas of coordinated support Entrepreneur clubs and associations Chambers of commerce 63% 62% Overall, Turkey ranks 7th out of the G20 countries on the coordinated support pillar, in line with a trend for rapid-growth economies to outperform mature economies in this area. This is largely because rankings on this pillar reflect local entrepreneurs overall sentiment, rather than the level they have reached. Rapidgrowth market countries such as Turkey tend to be starting from a lower base, and so have more scope for improvement. Entrepreneurial workshops/support meetings Educators Industry-specific training programs Small business administrations Government start-up/other programs Corporate and non-governmental advisors Business incubators 61% 57% 57% 55% 47% 46% 43% University incubators 30% Teaming/mentor programs Other, please specify 14% 13% Source: EY G20 Entrepreneurship Barometer 2013 55% of entrepreneurs in Turkey plan to make use of government start-up programs in the coming three years, ahead of all other forms of support Entrepreneurs view on the top five factors of Government-tailored support that would be most effective Government start-up/other programs, including grants Loan guarantees Small business lending schemes Industry-specific training programs 13% 12% 21% 24% Small business administration support 8% Source: EY G20 Entrepreneurship Barometer 2013 10 The power of three
Rankings table Ranking Access to funding Score Entrepreneurship culture Score Tax and regulation Score Education and training Score Coordinated support Score 1 United States 7.12 United States 7.67 Saudi Arabia 6.40 France 6.58 Russia 6.23 2 United Kingdom 6.86 South Korea 7.53 Canada 6.34 Australia 6.53 Mexico 5.89 3 China 6.75 Canada 7.45 South Korea 6.34 United States 6.50 Brazil 5.87 4 Canada 6.62 Japan 7.28 United Kingdom 6.19 South Korea 6.40 Indonesia 5.84 5 Australia 6.48 Australia 7.18 South Africa 6.10 EU 6.25 India 5.76 6 South Africa 5.95 United Kingdom 7.00 Japan 6.07 United Kingdom 5.98 China 5.75 7 Japan 5.81 Germany 6.88 Germany 5.84 Germany 5.89 Turkey 5.66 8 South Korea 5.75 EU 6.07 Australia 5.75 Argentina 5.85 South Africa 5.65 9 Brazil 5.67 France 5.68 Russia 5.65 Canada 5.81 Argentina 5.64 10 Indonesia 5.53 Russia 5.05 EU 5.48 Brazil 5.78 Germany 5.53 11 India 5.48 India 4.95 Turkey 5.45 South Africa 5.67 France 5.41 12 EU 5.41 Brazil 4.88 Indonesia 5.38 Saudi Arabia 5.66 Saudi Arabia 5.39 13 Saudi Arabia 5.25 Italy 4.67 United States 5.33 Italy 5.47 EU 5.37 14 Germany 5.23 South Africa 4.33 Mexico 5.21 Russia 5.46 South Korea 5.36 15 Russia 5.04 Turkey 4.30 France 5.12 Mexico 5.32 Australia 5.31 16 France 4.74 Argentina 4.06 China 5.07 Japan 4.72 Canada 5.29 17 Turkey 4.57 Mexico 3.96 Brazil 4.83 Turkey 4.39 United Kingdom 5.19 18 Mexico 4.42 China 3.88 Italy 4.76 China 4.35 Japan 5.04 19 Italy 4.03 Indonesia 3.80 India 4.39 Indonesia 3.88 Italy 4.97 20 Argentina 3.27 Saudi Arabia 3.38 Argentina 4.31 India 3.49 United States 4.85 About the EY Entrepreneurship Barometer model The EY G20 Entrepreneurship Barometer 2013 introduces a model for scoring countries across the five pillars of entrepreneurship. 12 The purpose of this model is to help identify areas of relative strength by country and where opportunities for improvement lie. The model is composed of qualitative information (from our survey of more than 1,500 entrepreneurs) and quantitative data based upon entrepreneurial conditions across the G20 economies. For each pillar, excluding coordinated support, this information is weighted 50-50 between qualitative and quantitative inputs. For coordinated support, given a lack of quantitative indicators, this is based solely upon the survey responses. The advantage of integrating both the survey results and quantitative data is the ability to provide an assessment of the current level and the trends in a G20 entrepreneurial ecosystem based upon local sentiment. To this end, official statistics (for example, on the time taken to start a business or the tax burden) provide a baseline for each member country. Survey information is an important complement to the baseline picture these statistics provide. Entrepreneurs feedback on the pace of improvement or deterioration in conditions in their country s entrepreneurship ecosystem is incorporated in the model alongside the hard statistics. Full details of the Barometer s methodology can be found on page 66 in the main EY G20 Entrepreneurship Barometer 2013 report. 12 Note: As per the G20 membership, this list comprises 19 individual countries and also the European Union (EU), as an additional member. Our rankings show the performance of each country, along with an aggregate performance for the 27 EU Member States. The power of three 11
EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. About EY s Strategic Growth Markets Network EY s worldwide Strategic Growth Markets Network is dedicated to serving the changing needs of high-growth companies. For more than 30 years, we ve helped many of the world s most dynamic and ambitious companies grow into market leaders. Whether working with international mid-cap companies or early-stage venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business succeed. ey.com/sgm 2013 EYGM Limited. All Rights Reserved. EYG no. CY0588 ED 0715 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. The opinions of third parties set out in this publication are not necessarily the opinions of the global EY organization or its member firms. Moreover, they should be viewed in the context of the time they were expressed. ey.com Contacts Metin Canoğulları Strategic Growth Markets Leader and Family Business Leader, Central and Southeast Europe, EY +90 212 368 53 77 metin.canogullari@tr.ey.com Selim Elhadef Country Advisory Leader, Government & Public Sector Leader, Turkey, EY +90 212 368 51 92 selim.elhadef@tr.ey.com