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As one of the world’s newly industrialized countries, business in Turkey has enjoyed the emergence of a new entrepreneurial middle class. Growth in the private sector, in large part, is the result of economic reforms that have reduced government controls on foreign trade and allowed the privatization of publicly owned industries. Even though the state still plays a significant role in industry, banking, transport and communications, the liberalization of many sectors to private and foreign participation is evident. Today, Turkey is is among the world’s leading producers of agricultural products, textiles, motor vehicles, ships and other transportation equipment, armaments, construction materials, consumer electronics and home appliances, while Turkey’s tourism sector has emerged as a popular travel destination for many Europeans, competing with Greece, Italy and Spain.

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