Maryland is continuing to grow its global footprint with a new international trade office in Istanbul, Turkey.
As the 19th largest economy with a population of more than 83 million, Turkey has a favorable geographical position, centrally located at the nexus of Europe and Asia. It also touts a young population, large middle class, and strong entrepreneurial spirit that positively impacts its investment climate. But what makes it a good match for Maryland?
For starters, the country’s growing healthcare sector will be increasing its digital health solutions. With more than 160 Healthcare Information and Management Systems Society (HIMSS) Electronic Medical Record Adoption Model (EMRAM) hospitals in Turkey, the need for medical technology is expanding rapidly. And with Maryland’s burgeoning life sciences industry and leaders in medtech, our state’s impressive hub for scientific innovation stands out nationally and across the globe.
Turkish companies are also focused on integrating their businesses in the digital space, making cybersecurity services essential for their success. With Maryland’s hub of tech workers and cybersecurity experts, this means potential opportunities for local businesses with specialties in enterprise software, supply chain databases, security solutions, and more.
Lastly, the defense industry is one of Turkey’s most promising sectors within the country, and is a key area of trade with the U.S. Several of the world’s top aerospace and defense companies have a presence in Maryland, including Lockheed Martin’s headquarters in Bethesda. Turkey is currently working to acquire several Lockheed aircraft, along with modernization kits, to upgrade their existing vehicles.
Establishing this new office will not only give Maryland a greater reach into the Turkish market, but it will also help Maryland companies connect with new European and Asian partners and promote the state’s ideal location to overseas companies looking to expand to the U.S. The new international location joins a network of Maryland’s 18 other existing foreign trade offices worldwide.
Through the department’s FlexEx Program, Maryland companies can receive up to 20 hours of assistance per year from trade experts around the globe, including networking opportunities, export strategy, and help navigate local regulations and laws to make it easier to do business. All companies eligible for this program must be registered in Maryland and in good standing.
Learn more at Global Expansion for Maryland Businesses.
