The bizav industry always keeps a close watch on emerging markets, and Turkey is one that has insiders excited. What makes Turkey such an industry hot spot?
- Turkey’s economy has shown continued growth even during the economic turmoil experienced by its neighbors in the European Union (EU).
- The country’s population continues to grow. This young population could be a key market for the private jet industry.
- Turkey’s strategic location makes it a prime link between businesses in Europe, Asia, and Africa.
The last point is part of the reason why industry insiders are so excited about the country’s opportunities; growth in Turkey’s business aviation market is expected to provide additional opportunities in surrounding regions.
The emerging market in Turkey prompted the European Business Aviation Association (EBAA) to host a conference there in early October. The EBAA is hoping to pave the way for manufacturers and business jet brokers to start doing big business in the eastern European country.
The Republic of Turkey is eager to help foster more growth, but there are obstacles that have to be overcome in order to support a robust business aviation sector. One issue is the fact that Turkey currently doesn’t have open sky agreements with the rest of the EU. However, the country recognizes this and similar shortcomings, and it seems interested in taking steps to remove barriers and encourage bizav development.
In fact, officials have signed an agreement with the EBAA to facilitate long-term solutions for the sale and operation of business jets within the country. And, if recent trends are any indication, sales in the coming years should be good — it was revealed at this week’s NBAA 2013 convention that a Turkish businessperson is the first in line to purchase Dassault Aviation’s new, luxurious, and technologically advanced Falcon 5X.
Turkey joins the list of exciting emerging bizav markets along with Brazil, Russia, India, and China. These markets indicate that the coming years should continue to improve for manufactures and brokers within the business aviation industry.