Where In the World Should I Invest by K. Rahemtulla

Author:K. Rahemtulla
Language: eng
Format: epub
Publisher: John Wiley & Sons, Ltd.
Published: 2012-02-24T16:00:00+00:00

CHAPTER 7

Turkey

KNOCKING AT THE DOOR

The Turks must be laughing at the events unfolding in the West. For such a long time they have been seeking acceptance into the European Union in order to be viewed as an equal partner with the West. They argue location, straddling both Europe and Asia on the map. They argue military cooperation as the biggest Islamic NATO member. They argue economy, as the owners of one of the fastest growing economies in the world. And, they argue Greece. If that bankrupt nation can be part of the eurozone, then why not Turkey? Well, the answer has been that Turkey was not ready economically to join the first-world nations. In truth, it has more to do with the West’s lack of acceptance of an Islamic country into its fold. Of course, no one will ever say that publicly except for the Turks. Well, the last laugh, it appears, is for them to enjoy. As the eurozone falls apart thanks to countries like Greece, Turkey is looking pretty golden right now even with its problems, and problems it has.

Turkey is a Tier 1 emerging market. It’s very well developed, as it should be. The Turks have played a major part in world history for over 2,000 years. Turkey’s largest city, Istanbul, once known as Constantinople, was the seat of the Roman empire under Emperor Constantine, who was the first major emperor to embrace Christianity. It is in Istanbul that you will find the magnificent domed cathedral called Hagia Sophia, or Saint Sophia, the predecessor to future domed Catholic cathedrals, including St. Peter’s in the Vatican.

There are few cities in the world that can compare to Istanbul. As you cruise down the Bosphorus from the Black Sea, you see the magnificent minarets of the massive mosques that dot the skyline. Built on numerous hills, like Rome, anyone viewing Istanbul from the sea for the first time is usually taken aback by its beauty. The Bosphorus empties into the Sea of Marmara, which then empties into the Mediterranean and the Aegean seas. Turkey occupies a very strategic location, bordering Syria and Iraq to the north, Georgia and Iran to the east, and Bulgaria to the west. It has been part of the major global trade routes as long as any written history has been recorded.

At the height of its modern history, Turkey was home to the Ottoman Empire, borne out of Mongol rule. The Ottoman Empire controlled parts of Europe, the Middle East, and North Africa from the fourteenth century until the beginning of the twentieth century, reaching the peak of its power in the sixteenth and seventeenth centuries. At odds with the Catholic empires of Europe and the Austro-Hungarian empires for much of its modern history, the Ottomans fell from grace completely around the First World War. It was after this time that modern Turkey began to take shape. It did so, and successfully, by embracing a secular leader, Mustafa Kemal Ataturk, father of the Turks, who gained fame as a military leader.

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