Different Countries, Different Customs

TOGETHER WITH THE OLDEST TURKISH investment bank "Global Securities", the Berlin-based IEG - Investment Banking Group operated the joint venture IEG - Global that was headquartered in Istanbul. IEG - Managing Director Stefan Heilmann has known Turkey since 1997 - and spent as much time on the Bosporus as on the Spree.

When I first came to Turkey in 1997, I was very surprised by the entrepreneurial spirit of the Turks. Doing business and general trading is deeply anchored in their collective identity. Anyone who comes to Turkey today will be amazed at how far the country has already come along, despite all the reports about the economic miracle country. It has long since taken the step from emerging market to growth market and, with an average age of 27, it still has the best ahead of it. Turkey is the China of Europe! The economy, similar to Germany, is governed by the middle class. The people are highly educated. The administration functions excellently, the digitization is far advanced: Over 60 percent of Turks own credit cards, broadband internet is more widespread as in the USA. Modernity and traditionalism are not mutually exclusive: The Turks are a Muslim country, religion and tradition also shape business customs. Sympathy, trust, in short, the human aspect plays a much greater role than in our country. For example, it is impossible to do important business on the phone or by e-mail. You have to be there in person. At the same time, it is customary to seal contracts with a handshake - compliance with which is then regarded as a question of honour. If you want to be successful in Turkey, you need a sure instinct and understanding for the history of the country.

Header Pic © Mikhail Mishchenko via Fotolia