Country Analysis Our Company Is Thesis

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The government is trying to create an environment that is favorable for investing and the rapid pace of economic growth indicates that this is a success. However, there remains considerable political risk. Relations with many of Turkey's neighbors have been difficult in the past and relations with Greece in particular could sour a move by the country into the EU. If EU membership is taken off the table -- which could happen if the country fails to resolve the Cyprus issue, the Kurdish issue and the Armenian issue -- the political scene could become highly unstable.

Turkey has strong financial resources. There has been a strong influx of capital into the country. Despite strict government control of the banking sector, the government's desire to modernize its banking and investment climate means that capital is available. Talent is less available. While many Turks speak English, it is difficult to find top Turkish talent. Most of the country's brightest minds are in Istanbul and to a lesser extent Ankara, with tens of millions of Turks lacking in the advanced education or work experience needed to contribute to our company. The language barrier makes it difficult to bring in consultants from other countries.

It is recommended that our consulting firm enter into the Turkish market. While the Italian market is more mature, that simply makes it a more difficult place in which to gain a toehold. Moreover, there is limited prospect for growth in Italy -- the south is not going to become like the north any time soon.

With Turkey, the company has an opportunity to become established while the country is still upwardly mobile.

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Normalization of relations with the country's neighbors will lead to greater political stability and possible EU membership. Membership would not only bring an influx of capital but would create massive legal and structural changes from which the market for consultants could only benefit.

Moreover, the Turkish economy is growing rapidly. Real GDP growth tops 6% in many years. The new oil pipeline from the Caspian to Europe should also improve the country's economic capabilities. The rapid growth of Turkey makes it a more compelling story than Italy, even if it is also a more challenging nation to enter.

The best method to enter the Turkish market is to purchase a local consulting firm. This will ameliorate two of the major problems our firm will face when entering the Turkish market. The first is with respect to the strong hand of the government. Going in greenfield would subject us to more difficulties with the government than if we operate an established firm. Acquisition would also give us established relationships to help us build our business. In addition, acquisition would give us an established talent pool with which to work, and a trusted name brand that can be used to attract more talent. In a nation where this is a significant concern, we need to choose a market entry method that gives us the best chance to attract the people we need. Additionally, acquisition would give us immediate access to the market, rather than forcing us to build our presence slowly.

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