Family-run firms formed during AKP rule are Turkey’s fastest growing
Turkish companies which are family-run and established during the rule of the governing Justice and Development Party (AKP) are the fastest-growing in the country, the state-run Anadolu news agency reported.
Turkey’s top 100 fastest-growing firms include 58 family-owned businesses, Anadolu said citing a report published by the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and the Economic Policy and Research Foundation of Turkey (TEPAV). The average age of the companies was 11.5 years and their average turnover was 59.8 million liras, it said.
The AKP, led by President Recep Tayyip Erdogan, assumed power in 2002. Under its rule, liberal market economics has helped Turkey become Europe’s biggest producer of television sets and light commercial vehicles and it is one of the world’s top 10 food producers. But a reliance on foreign capital to fund growth since the 2008 global financial crisis has put some firms in financial trouble over the past year as the lira slid against the dollar.
The turnover of the 100 companies surged by an average of 605 percent over the years 2015 to 2017, according to the report. Anadolu didn’t mention any data for 2018 and 2019.
Firms from Istanbul totaled 23 of the 100, from the capital Ankara seven and Antalya five, the news wire said. Each were awarded prizes at the weekend by Industry and Technology Minister Mustafa Varank and Trade Minister Ruhsar Pekcan at a ceremony in the northern city of Samsun.
Sixteen of the firms operate in wholesale trade and 63 export products, Anadolu said.
The fastest-growing company was Izmir-based Vergo Enerji. The maker of solar panels was established in 2015 and now has solar energy production capacity of 600 megawatts, working with firms including local energy giant Akfen.
Second came Profen Savunma, formed in Ankara in 2012. It specialises in intelligence, surveillance and reconnaissance, including strategic and tactical monitoring systems.