I have been fortunate to meet key people in Istanbul across a variety of industries, including financial markets, venture capital, academia, banking, healthcare, construction, and materials. I owe a special thanks to Ali Koc, for sharing his valuable insights, and for facilitating a variety of interesting introductions.
Our lunch discussion included a “who’s who” in modern Turkey. Even a former leader of Turkey’s opposition party was at a neighboring table. This group of seasoned professionals recognized current political challenges, but they were unfazed. Political uncertainty is a permanent condition, and they were much more interested in discussing areas for future growth and profitability. They could see through the short-term noise, and they were focused on making money.
These conversations were representative of many conversations during my stay—there were opportunities discussed in medical tourism, hospital management, private education companies, homegrown technology firms, and even in cement companies! While I pointed out that the publicly traded market cap of Turkey is dominated by financials, industrials, staples, and materials, this group pointed me towards the opportunities in the growth areas of technology and healthcare.
The structural challenges facing Turkey cannot be easily dismissed, but I came away enthusiastic about the long-term opportunities in “modern Turkey.”
Special thanks to Brennan Staheli, Kailey Battaglia, and the Lunt Capital team for their contributions to this report.