Page 11 - Trends
P. 11

:KLOH  7XUNH\  KDV  PDLQWDLQHG  WKDW  LWV
           WURRSV  LQ  4DWDU  DUH  SDUW  RI  D  WUDLQLQJ
           PLVVLRQ WR ERRVW 4DWDUL PLOLWDU\ FDSDFLW\
           WKH  SURSRVHG  H[SDQGHG  GHSOR\PHQW
           ZRXOG VHH URXJKO\ RQH 7XUNLVK WUDLQHU IRU
           HYHU\  WZR  PHPEHUV  RI  WKH  *XOI  6WDWH·V
                  VWURQJ GHIHQVH IRUFH
             7KLV GHSOR\PHQW KDV LQFXUUHG WKH LUH RI
           5L\DGK  ZKLFK ODVW \HDU PDGH WKH FORVXUH
           RI WKH 7XUNLVK EDVH RQH RI LWV FRQGLWLRQV
           IRU  OLIWLQJ  WKH  6DXGL OHG  EORFNDGH  RI
           4DWDU  D FDOO $QNDUD PHW E\ EHHÀQJ XS
           LWV  SUHVHQFH  LQ  WKH  VWDWH   :KLOH  KDYLQJ
           DSSDUHQWO\ VWHSSHG EDFN IURP WKLV GHPDQG
           ³ DQG LQGHHG PRVW RI WKRVH PDGH DW WKH
           EHJLQQLQJ RI LWV VWDQG RII ZLWK 4DWDU ³
           6DXGL $UDELD UHPDLQV XQFRPIRUWDEOH ZLWK
           WKH FRQWLQXHG SUHVHQFH RI D 7XUNLVK IRUFH
           RQ LWV QRUWKHUQ ÁDQN DQG DVWULGH RQH RI LWV
           NH\ WUDGH URXWHV  $ VLPLODU GHSOR\PHQW LQ
           'MLERXWL  RU LQ QHDUE\ 6XGDQ  LV OLNHO\ WR
           EH HTXDOO\ XQZHOFRPH RQ WKH RWKHU VKRUH
           RI WKH 5HG 6HD
             7KH $.3·V <DVLQ $NWD\ DFNQRZOHGJHV
           WKDW 7XUNLVK HIIRUWV WR H[SDQG LWV UHDFK
           LQWR WKH +RUQ RI $IULFD PD\ QRW EH ORRNHG   ‹ 5HXWHUV
           RQ IDYRUDEO\ E\  DOO  LQ WKH UHJLRQ  ´<HV
           WKHUH DUH ULVNV DQG  HVSHFLDOO\ UHJDUGLQJ
           WKH LVODQG  WKHUH LV PXFK WDON DPRQJ WKH   VRXWK  :KLOH WKH H[SDQVLRQ LV ZLGHO\ VHHQ   WKH  ZDNH  RI  ODVW  2FWREHU·V  ERPE  DWWDFN
           6DXGLV  IRU H[DPSOH µ KH VD\V  ´7KH\ DUH   DV SDUW RI $QNDUD·V VRIW SRZHU SXVK  WKH   WKDW OHIW     GHDG  RU IRRG DQG PHGLFLQHV
           REYLRXVO\ FRQFHUQHG  EXW RQH KDV WR WDNH   PRYH  DOVR  PDNHV  HFRQRPLF  VHQVH   ZLWK   WR 6LHUUD /HRQH DIWHU GHDGO\ ÁRRGLQJ DQG
           ULVNV DQG PRYH LQWR QHZ DUHDV µ     7+<  FKRRVLQJ  WR  VHUYH  URXWHV  RWKHU   PXGVOLGHV LQ $XJXVW  HIIRUWV WKDW EXLOW
             6DXGL $UDELD PD\ EH FRQFHUQHG DERXW   FDUULHUV KDYH GURSSHG IURP WKHLU URVWHU
           $QNDUD·V PRYLQJ  LQWR LWV 5HG 6HD EDFN   GXH  WR  VHFXULW\  FRQFHUQV  RU  D  EHOLHI  WKDW   Turkey’s standing in the region
           \DUG  EXW  ³  WDNLQJ  WKH  7XUNLVK  UHVSRQVH   Á\LQJ WR PDQ\ $IULFDQ GHVWLQDWLRQV FRXOG   7XUNH\·V ¶KHDUW  PLQGV DQG ERRWV RQ WKH
           ZKHQ FDOOHG WR DEDQGRQ LWV EDVH LQ 4DWDU   QRW UHWXUQ D SURÀW           JURXQG· SROLF\ LV SD\LQJ RII  DW OHDVW LQ
           LQWR DFFRXQW ³ LW LV XQOLNHO\ WKDW D QHZO\   7KLV  KDV  SXW  7+<  LQ  WKH  SRVLWLRQ  RI   WHUPV  RI  WUDGH   ,W  KDV  EHFRPH  RQH  RI
           HPEROGHQHG 7XUNH\ ZLOO EH  KDOWHG LQ LWV   KROGLQJ D PRQRSRO\ RQ VRPH URXWHV  VXFK   6RPDOLD·V OHDGLQJ VRXUFHV RI LPSRUWV LQ
           WUDFNV  E\  5L\DGK·V  RSSRVLWLRQ   $QRWKHU   DV LQWR 0RJDGLVKX  ZKLFK KDV EHFRPH RQH   UHFHQW \HDUV  ZLWK VKLSPHQWV RI 7XUNLVK
           VLJQ RI $QNDUD·V SROLF\ RI UHDFKLQJ RXW   RI WKH DLUOLQH·V PRVW SURÀWDEOH VHUYLFHV    JRRGV  LQFUHDVLQJ  VRPH     IROG  VLQFH
           WR $IULFD KDV FRPH IURP 7XUNLVK $LUOLQHV   (YHQ  RQ  URXWHV  WKDW  GR  QRW  WXUQ  D          7KHUH  KDYH  EHHQ  VLPLODU  MXPSV
            7+<    ZLWK  WKH  SDUWLDOO\  SULYDWL]HG   VLJQLÀFDQW SURÀW RU DUH DW EHVW PDUJLQDO    LQ  7XUNLVK  H[SRUWV  WR  RWKHU  FRXQWULHV
           DLUOLQH JLYLQJ DQ DGGLWLRQDO OLIW WR 7XUNH\·V   7+<·V SUHVHQFH VHUYHV WR UDLVH 7XUNH\·V   LQ WKH UHJLRQ DQG  ZKLOH $IULFD VWLOO KDV
           FDPSDLJQ RI SHDFHIXO SHQHWUDWLRQ DFURVV   SURÀOH  LQ  WKH  UHJLRQ   VXSSRUWLQJ  ERWK   D ORQJ ZD\ WR JR WLOO LW ULYDOV 7XUNH\·V
           WKH FRQWLQHQW  7KH DLUOLQH KDV LQ UHFHQW \HDUV   WKH  SROLWLFDO  DQG  HFRQRPLF  H[SDQVLRQ   PDLQ  WUDGH  SDUWQHU   WKH  (8   ZKLFK
           spread its wings in Africa, expanding its   FKDPSLRQHG E\ WKH 7XUNLVK VWDWH  ZKLFK   DFFRXQWV IRU DOPRVW KDOI RI DOO RXWERXQG
           UHDFK IURP    GHVWLQDWLRQV LQ      WR PRUH   RZQV      SHUFHQW  RI  WKH  FDUULHU·V  VKDUHV   VKLSPHQWV   $QNDUD  KDV  HVWDEOLVKHG  D
           WKDQ    DV RI WKH EHJLQQLQJ RI       DOPRVW   EXW KDV D PDMRULW\ VWDNH LQ WHUPV RI SROLF\   IRRWKROG  LQ  D  NH\  HPHUJLQJ  PDUNHW
           D TXDUWHU RI LWV WRWDO LQWHUQDWLRQDO VFKHGXOH    GLUHFWLRQ  7KHVH H[SDQGHG DLU OLQNV KDYH   ZKLOH DOVR SRWHQWLDOO\ EXLOGLQJ VWUDWHJLF
           7KH QDWLRQDO ÁDJ FDUULHU KDV EHFRPH WKH   DOVR DOORZHG 7XUNH\ WR UXVK DLG LQWR FULVLV   PLOLWDU\ EHDFKKHDGV IURP ZKLFK LW FDQ
           KLJK SURÀOH ÁDJ EHDUHU IRU 7XUNH\·V GULYH   LPSDFWHG FRXQWULHV VXFK  DV 6RPDOLD LQ   SURMHFW SRZHU


                                                                                                   February 2018  |  TRENDS 11
   6   7   8   9   10   11   12   13   14   15   16