New Business Opportunities Between Turkey and the UK – What Awaits Entrepreneurs?

 New Business Opportunities Between Turkey and the UK – What Awaits Entrepreneurs?

Trade relations between Turkey and the UK have recently gained a new dimension. Particularly in technology and innovation, partnerships are developing while Turkish entrepreneurs find significant opportunities in the UK. According to Kenan Poleo, British Consul General in Istanbul, these opportunities serve as a bridge for Turkish entrepreneurs to grow their businesses and access global markets. Here’s a comprehensive view from the Consulate General on what awaits Turkish entrepreneurs in the UK.

A Look at the UK Ecosystem

Highlighting that the UK’s tech ecosystem has now reached a value of $1 trillion, Poleo said, “The UK and Turkey have a trading relationship spanning over 400 years. Now we want to strengthen these ties in the technology field and integrate the ecosystems of these two countries,” he says. According to Poleo, Turkish entrepreneurs can grow their businesses by integrating into the UK ecosystem and access global markets.

Opportunities in the UK

If you are a successful Turkish entrepreneur considering expanding to the UK, the Consulate General points out the following opportunities:

  1. Easy Company Formation: Starting a company in the UK is possible in less than 24 hours and with only £1 in capital.
  2. Double Taxation Agreement: A double taxation agreement between Turkey and the UK provides tax benefits.
  3. Ample Financing Opportunities: Over $30 billion in venture capital investments were made in the UK in 2022, offering Turkish entrepreneurs wide financing opportunities.
  4. Diverse Support Mechanisms: The British government runs special programs to support Turkish entrepreneurs, and the British Consulate in Istanbul is also helpful in this regard.

Sector-Focused Opportunities

There are opportunities for Turkish entrepreneurs in many different sectors in the UK. Consul General Poleo says, “We see great potential, especially in AI, fintech, health technologies, and e-commerce. We are the third-largest destination in AI investments after the US and China.” Here are some sectors where opportunities stand out:

  1. Artificial Intelligence and Technology: The UK is the third-largest destination for AI investments after the US and China.
  2. FinTech: London is one of the world’s most important financial centers, offering ample opportunities for FinTech startups.
  3. Health Technologies: The UK is a large market in health technologies, growing with universities like Cambridge and Oxford.
  4. E-Commerce and Retail: The e-commerce volume in the UK is growing every year, offering significant opportunities for Turkish entrepreneurs.

Kenan Poleo’s Message:

Entrepreneurs have great potential in the UK. You can access ample financing opportunities and a supportive ecosystem by participating in events like London Tech Week.

Free Trade Agreement

To further strengthen the ongoing trade relations between Turkey and the UK, a new Free Trade Agreement (FTA) is being negotiated between the two countries. Providing information on this agreement, Poleo says, “Our priority is to sign an agreement that will ensure the freer flow of trade and services. We will focus on the services and technology sector.”

Cultural Diversity and Entrepreneurship

One of the advantages of doing business in the UK is cultural diversity. Poleo says, “The UK is truly a global country. It’s a place where you can find different cultures and feel safe and welcomed.” Here, entrepreneurs not only grow their businesses but also participate in rich cultural events and expand their network by meeting other founders.

Technology and Innovation Collaboration

The British Consulate General in Istanbul organizes various programs and events to attract Turkish entrepreneurs to the UK. Poleo says, “By participating in events like London Tech Week, Turkish entrepreneurs can access ample financing opportunities and a supportive ecosystem.”

The Soft Landing Program run by the UK government also supports Turkish entrepreneurs. Through this program, entrepreneurs receive guidance on starting a business, finding investors, and scaling up their operations in the UK. Poleo says, “Through this program, Turkish entrepreneurs can expand into global markets.”

London Tech Week and Business Opportunities

London Tech Week is an event that brings together the technology ecosystem and offers ample opportunities for entrepreneurs. Poleo says, “Tech Week features over 1,000 investors and tech giants from around the world. Turkish entrepreneurs can introduce themselves here and secure funding from global investors.”

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