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NEWS & USEFUL
INFORMATIONS ABOUT TURKEY
Did you know
that?
ADVANTAGES OF MAKING A
TOURISM INVESTMENT IN TURKEY
Many tourists do not go on holiday
just for the sake of sea, sand and sun. Instead, they look for natural,
cultural and social values in the country they visit; they want to take
part in the life of that country, and prefer those countries that
provide variety in tourism. Turkey has what it takes to satisfy
tourists, whether they're looking for natural beauty, culture, history,
archaeology, outdoor activities, fine cuisine, or traditional
hospitality. You, as an investor in the Turkish tourism sector, enjoy
numerous advantages.
- Turkey's long history, invaluable cultural treasures, excellent
coasts and natural beauties provide a treasure-house of tourism
possibilities unexcelled anywhere else in the world.
- Turkey offers a very broad range of tourism alternatives with its
mountains, highlands, caves, rivers, lakes and hot springs.
- The Anatolian culture is one in which many different cultures are
amalgamated.
- Traditional Turkish hospitality is a ready-made base for tourism
activities.
In addition:
- Its central position at the nexus of Europe, Asia and Africa
provides easy access to extensive and varied tourism market.
- Turkey has a fast-growing tourism market.
- Liberal import rules make it easy to build, equip and maintain
facilities.
- Lack of tourism development in certain areas and specialities
provides significant opportunities for growth.
- Construction costs in Turkey are significantly lower than in the
rest of Europe.
- Public land use policies allow use of public lands for relatively
long periods (49 years); for many parcels, infrastructural problems
have already been solved.
- Incentives for tourism development are at more attractive rates
and under easier conditions than for comparable investments in other
industries.
- Operation costs are low relative to many other countries.
All these provide tourism investors with great advantages.
another means of dispute
settlement, provided that the conditions in the related
regulations are fulfilled and the parties agree thereon.
Employment of Expatriates
Foreign personnel can be employed
for investments in Turkey. Considering its importance to foreign
to foreign investors, employment of expatriates is explicitly
mentioned in this Law.
IV. The New Role of Undersecretariat of Treasury
Foreign Investment policy of Turkey
has changed from screening system to monitoring system. With this
new scope, Undersecretariat of Treasury will collect any kind of
data concerning the foreign investments and determine the foreign
investment policy of Turkey .
Republic of Turkey
Undersecretariat of Treasury
General Directorate of Foreign
Investment
Eskiþehir Yolu No: 36 Emek 06510
Ankara
Phone: (312) 212 8800
Facsimile: (312) 212 8916
www.hazine.gov.tr
www.investinginturkey.gov.tr
(Printed for information purposes
only)
TURKEY'S
"FOREIGN DIRECT INVESTMENT" LAW
"An Improved Investment Climate for Growth and
Development "
FOREIGN DIRECT INVESTMENT LAW
Law
6224 on Encouragement of Foreign Capital enacted on January 18, 1954
was a quite liberal law compared with the legislations of some OECD
countries of those times. The term "encouragement" in the name of
Law 6224 derived from the presence of some principles that were
intended as real incentives, such as : "free transfer" and "national
treatment". However, notions, definitions and applications
concerning foreign direct investments have changed so rapidly that
Law 6224 lagged behind the contemporary demands of both foreign
investors and Turkey . As a result the need for a new Foreign
Direct Investment Law emerged.
Law
4875 emphasises the key elements of the liberal investment
environment in Turkey. We believe that foreign investment
legislation of any country is the representative of the nation's
attitude towards international investments. With Turkey's new
Foreign Direct Investment Law , our equal (level playing field) and
liberal approach to international investments is clearly reflected .
Our new law is the "legal guide" to international investors about
their rights and obligations, with explicit messages.
I.
International Standards
"Foreign direct investment" and "Foreign investor" terms are defined
within international standards in order to clarify the field of
application of the Foreign Direct Investment Law. Within this
scope:
a)
Foreign Investor is defined as :
1) Real
persons who possess foreign nationality and Turkish nationals
resident abroad,
2)
Foreign legal entities established under the laws of foreign
countries and international institutions,
who
make foreign direct investment in Turkey.
b)
Foreign direct investment is defined as :
i)
Establishing a new company or branch of a foreign
company
ii)
Share acquisitions not by means of capital markets,
and share acquisitions through capital markets where the foreign
investor owns 10 percent or more of the shares or voting power,
By
means of but not limited to the following economical assets:
1)
Assets acquired from abroad by the foreign investor:
-Capital in cash in the form of convertible currency bought and sold
by the Central Bank of Turkey,
-
Stocks and bonds of foreign companies (other than
government bonds),
-
Machinery and equipment,
-
Industrial and intellectual property rights
2)
Assets procured from Turkey:
-
Reinvested earnings, revenues, financial claims, or
any other investment-related rights of financial value
-
Commercial rights for the exploration and extraction
of natural resources.
II. Abolishing Permits
With this Law, all permits granted by the General
Directorate of Foreign Investment are abolished. As a result, all
transactions for establishing a company with foreign capital will be
the same as with local companies. Since all companies established in
Turkey within the framework of the Turkish Commercial Code are
accepted as Turkish companies, all duties and responsibilities are
equal regardless of the nature of capital formation.
III. Informing Investors About Their Existing Rights
National Treatment
The National Treatment, the major
principle of foreign investment policy of Turkey, was emphasized
in the new law.
Protection against Expropriation
Principles stated in the Constitution
and the Expropriation Law are stated in the new law, as in the
bilateral investment agreements and other international agreements.
Therefore it is clarified that expropriation can not take place
with any reason other than the above-mentioned regulations.
Guarantee of Transfers
In the new Law, the right of free
transfer of profits, dividends, proceeds from sale or liquidation of
all or any part of an
investment, amounts arising from
license, management and similar agreements, reimbursements and
interest payments arising from foreign loans, banks or special
financial institutions is clearly stated.
Access to Real Estate
Legal entities with foreign capital,
established and registered under rules of Turkish Commercial Code
can acquire real estate with the same principles as Turkish
nationals. The principle of reciprocity is still valid for foreign
real and foreign legal persons.
International Arbitration
According to the new law, for the
settlement of disputes arising from investment agreements subject to
private law and disputes arising from conditions and contracts made
with the administration under which concessions concerning public
services are granted, foreign investor can apply, beside the
authorised local courts, to national or international arbitration,
or
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FOREIGN DIRECT INVESTMENT LAW
Law
No.
4875
Date of Passage: 5 June, 2003
Date of Official Gazette: 17 June, 2003
OBJECTIVE AND SCOPE
Article 1.
The objective of this Law is to encourage foreign direct
investments; to protect the rights of foreign investors; to define
investment and investor in line with international standards; to
establish a notification-based system for foreign direct investments
rather than screening and approval; and thus regulate the principles
to increase foreign direct investments through established policies.
This Law establishes the treatment to be applied to foreign direct
investments.
DEFINITIONS
Article 2.
The terms used in this Law shall have the following meanings:
a)
Foreign investor:
1) Real persons who
possess foreign nationality and Turkish nationals resident abroad,
and
2) Foreign legal
entities established under the laws of foreign countries and
international institutions,
who make foreign
direct investment in Turkey.
b)
Foreign direct investment:
i)
Establishing a new company or branch of a foreign
company,
ii)
Share acquisitions, where the foreign investor owns
10 percent or more of the shares or voting power,
by means of, but not
limited to the following economic assets:
1) Assets acquired
from abroad by the foreign investor:
- Capital in
cash in the form of convertible currency bought and sold by the
Central Bank of Turkey,
-
Stocks and bonds of foreign companies (excluding
government bonds),
-
Machinery and equipment,
-
Industrial and intellectual property rights;
2) Assets acquired
from Turkey:
-
Reinvested earnings, revenues, financial claims, or
any other investment-related rights of financial value,
-
Commercial rights for the exploration and extraction
of natural resources.
c)
The Undersecretariat: The Undersecretariat of Treasury.
PRINCIPLES CONCERNING FOREIGN DIRECT INVESTMENTS
Article 3.
a)
Freedom to Invest and National Treatment
Unless stipulated by
international agreements and other special laws:
1.
Foreign investors are free to make foreign direct
investments in
Turkey,
2.
Foreign investors shall be subject to equal treatment
with domestic investors.
b) Expropriation
and Nationalisation
Foreign direct
investments shall not be expropriated or nationalised, except for a
public purpose and upon compensation in accordance with due process
of law.
c) Transfers
Foreign investors
can freely transfer abroad: profits, dividends, proceeds from the
sale or liquidation of all or any part of an investment, amounts
arising from license, management and similar agreements, and
reimbursements and interest payments arising from foreign loans
through banks or special financial institutions.
d) Access to Real
Estate
Companies may freely
acquire real estate or limited rights in rem through a legal entity
in Turkey established or with participation by foreign investors,
provided such acquisitions are permitted for Turkish citizens.
e) Dispute
Settlement
For the settlement of disputes arising from
investment agreements subject to private law and disputes arising
from conditions and contracts made with the administration and under
which concessions concerning public services are granted, foreign
investors can apply either to the authorised local courts, or to
national or international arbitration or other means of dispute
settlement, provided that the conditions in the related regulations
are fulfilled and the parties agree thereon.
f) Valuation of
Non-cash Capital
Non-cash capital is
valued within the regulations of Turkish Commercial Law. However,
stocks and bonds of companies residing abroad will be accepted as
foreign capital share of foreign investors and the values determined
by the courts of the home country, or other relevant authorities in
the home country, or any other international institutions performing
valuations will be accepted.
g) Employment of
Expatriates
Foreign personnel
working permits are issued by Ministry of Labour and Social Security
for foreign personnel to be employed in the companies, branches and
entities established within the scope of this Law.
In a Regulation to
be prepared jointly by the Undersecretariat of Treasury and the
Ministry of Labour and Social Security, according to Article 23 of
the Law on Foreign Personnel Working Permits No. 4817 dated 27
February 2003, the companies and entities with foreign capital which
shall be in the context of the Regulation, the definition of the key
personnel in the scope of the Regulation and other special
procedures and principles concerning the work permits of key
personnel will be determined.
Provisions
stipulated in Article 14, paragraph 1, sub-paragraph (b) of Law No.
4817 will not be applicable to personnel to be employed within the
context of this Regulation. The conditions under which the
provisions stipulated in paragraph 1 of Article 13 of Law No. 4817
are to be applied to key foreign personnel employed will be
specified in the Regulation.
h) Liaison Offices
The Undersecretariat
is authorised to permit foreign companies established under the laws
of foreign countries to open liaison offices, provided that they do
not engage in commercial activities in Turkey.
DETERMINATION OF POLICIES AND DATA COLLECTION
Article 4.
Taking into account the development plans, annual programs, general
economic status of the country, trends in international investments
and the opinions of related public institutions and private sector
professional organisations, the Undersecretariat is authorised to
determine the general framework of policies concerning foreign
direct investments, and for this purpose, participate in the
activities of other organisations. The consent of the Undersecretariat shall be taken before any amendment or enactment of
a regulation related with foreign direct investments.
For the purpose of
establishing and developing an information system related to foreign
direct investments, the Undersecretariat is authorised to request
statistical information on investments from all public institutions
and private sector professional organisations.
Foreign investors
shall submit the statistical information on their investments
according to the procedures and principles to be determined by a
regulation to be enacted by the Undersecretariat. Such information
cannot be used as evidence or for any means other than for
statistical purposes.
OTHER PROVISIONS
Article 5.
a) Existing Companies with Foreign Capital
All companies with
foreign capital established pursuant to Law No. 6224 dated 18
January 1954 shall be subject to this Law, reserving their granted
rights.
b) Regulations
The implementing
procedures for this Law will be determined in a regulation to be
prepared by the Undersecretariat within one month of the publication
of the present Law.
c) Repealed
Provisions
The Law for
Encouragement of Foreign Capital No. 6224 dated 18 January 1954 is
repealed. The references made to Law No. 6224 and its regulations
and amendments are considered as referring to this Law.
d)
Any alteration concerning the articles of this Law is only regulated
by means of amending and appending provisions to the present Law.
PROVISIONAL
ARTICLE 1.
The provisions of the decrees, communiqués and circulars in effect,
which are in conformity with this Law, shall remain in force until
new regulations to regularise the implementation of this Law take
effect.
EFFECTIVENESS
Article 6.
This Law shall come into force on the date of its publication.
ENFORCEMENT
Article 7.
The Council of Ministers is entrusted with the enforcement of this
Law.
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10 KEY QUESTIONS REGARDING
TURKEY’S NEW FOREIGN DIRECT
INVESTMENT LAW
1 - Why has Turkey
introduced a new Foreign Direct Investment Law now?
The new Law is an
integral part of a broader national reform program that is laying
the foundation for sustainable growth and development, driven by
private investments in a transparent marketplace fully open to the
world and supported by a smaller but more effective State. To ensure
that Turkey’s bold fiscal adjustment and ambitious structural
reforms translate into substantial investments, the Government of
Turkey is focusing on improving the investment climate as one of the
main pillars of its economic program. In addition to the
introduction of a more investor-friendly new Law, the Government of
Turkey has established by decree an inter-governmental Coordination
Committee for the Improvement of the Investment Climate (YOIKK),
composed of high-level representatives of relevant ministries, the
private sector and NGOs to help remove remaining bureaucratic
obstacles to investment. The Government of Turkey also intends to
set up a well-funded new Investment Promotion Agency simultaneously
able to work inside government and draw on private sector knowledge
and market skills, to carry out a multi-year strategy to promote
investment in Turkey.
2 - What is ‘new’ about the Foreign Direct
Investment Law?
Key features of the new Foreign Direct Investment
Law include:
a-
Freedom to invest by
dropping all former FDI-related screening, approval, share transfer
and minimum capital requirements;
b-
Reassurance of
existing guarantees to foreign investors of their rights in one
transparent and stable document;
c-
Upgrading to accepted
international standards for definitions of ‘foreign investor’
(broadened to include Turkish national residents abroad and
international organisations) and ‘foreign direct investment’
(broadened to include all possible types of assets); and
d-
A policy shift from
ex-ante control to a promotion and facilitation approach with
minimal ex-post monitoring to continuously improve an
investor-friendly climate for growth and development.
3 - What rights do foreign
investors have under the new Law?
The new Law guarantees national treatment and
comprehensive investor rights. All companies established with a
foreign capital contribution and under the rules of the Turkish
Commercial Code (existing and newly established foreign companies)
are regarded as a Turkish company. Therefore equal treatment both in
rights and responsibilities as stated in the Constitution and other
laws is applicable to all such companies (including national
treatment, a guarantee against expropriation without compensation,
transfer of proceeds, access to real estate and to expatriate
personnel, and international arbitration or any other means of
dispute settlement).
4 - Will investors be exempted from all permits formerly granted by GDFI?
Yes, the new Law enshrines unrestricted entry.
All previous requirements issued by the Undersecretariat of
Treasury’s General Directorate of Foreign Investment (GDFI) are
abolished. However, all foreign companies established or to be
established in Turkey are still responsible for obtaining those
local licences required for a comparable Turkish company.
5 - Which permits formerly granted by GDFI will
not be issued from now on?
-
Company and Branch
establishment Pre-Permits
-
Foreign partner
participation Pre-Permits
-
Investment Permits
-
Permits regarding
changes in field of activity of foreign companies
-
Permits regarding
capital increase or sale of shares of foreign companies
-
Indirect participation
Permits
->
Registrations of
license, know-how, technical assistance and similar agreements
6 - What is new for establishing a company in
Turkey for foreign investors?
Entry conditions are the same as for comparable
local Turkish companies.
a-
There is no minimum
amount of capital required. It is no longer obligatory to bring a
minimum of $50,000 in share capital.
b-
Any form of company
included in the Turkish Commercial Code is acceptable. It is no
longer obligatory to establish either a limited liability company or
joint stock company.
7- Do foreigners have access to real estate under
the new Law?
Yes, the new Law guarantees foreign investors’
equal right to own or use land. Foreign
investors with a legal entity in Turkey have the same rights to own
or use land as domestic investors, thereby reinforcing the concept
of non-discrimination by nationality. However, the principle of
reciprocity is still valid for foreign legal and foreign real
persons.
8 - Is there a new regulation for liaison offices?
No, there are no additional requirements.
The establishment procedure of liaison offices has not changed.
9 - Is there a new regulation for establishment of
branches of foreign companies?
Yes, pre-permits issued by General Directorate of
Foreign Investment are abolished. These
branches can be established under rules of Turkish Commercial Code
with the permit of Ministry of Industry and Trade.
10 - What will happen to foreign companies
established in Turkey under the provisions of the previous Law No.
6224?
All companies with foreign capital established under
Law No. 6224 (dated 18 January 1954) are subject to the new Law,
with their previously-granted rights grandfathered. Therefore they
will no longer require any approvals from GDFI, though they will now
have to send yearly information forms (just like newly-established
foreign companies) based on procedures to be determined by new
regulations.
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TOURISM OPPORTUNITIES:
In order to avoid health problems caused by
urban life, to rest and to be refreshed, people are taking a greater
interest in hot springs tourism, and the desire to spend holidays in centres of hot springs is rapidly spreading. Our country is located
on a young mountain range called the Alpine-Orogenic Range and also
on an important geothermal belt; and it has about 1300 geothermal
springs with temperatures of 20° to 110° C and with rates of flow of
2 to 500 lt/sec. Turkey is among the first seven countries of the
world in terms of richness in such sources. In addition, our thermal
waters have superior qualities compared with those in Europe, with
regard to both their rates of flow and temperature and their various
physical and chemical properties. The thermal waters in Turkey have
natural origins and high yields, have a high value of dissolved
minerals, and are rich in sulphur, radon and salt. Most of them
being located on the sea shore, and some in mountainous areas and
forests with a medium altitude, they offer a variety of sources.
Having these properties, our hot springs offer a wide range of
alternatives and a long cure season, owing to our country's climatic
conditions being conducive to human health. (In certain regions, the
normal cure season lasts as long as 210 days.) Thanks to such
high-quality sources, investments in the area of hot springs in
Turkey, particularly the integration of thermal hotels and cure centres, are regarded as profitable investments which can pay for
themselves within 3 to 4 years. Providing viability all year round
and with treatment periods of at least 2-3 weeks, capability of
integrating with other tourism types (like coastal tourism, cultural
tourism, golf, congress, 3rd age tourism, etc.) thermal tourism
ensures achieving basic goals such as high occupation rate, creation
of employment and competitiveness, and equity between regions.
Calculations based on the potential of our 40 major spas show that
our country has an investment potential of over 450 thousand beds.
Thermal centres and mineral springs as natural therapy centres have
a traditional importance in our country, dating back a long time.
Thermal therapy among the Anatolian people in particular has long
become a resort culture receiving public interest, in certain months
of the year. Therefore, this tradition points to a great potential
demand in the area of domestic tourism as well as foreign tourism.
In spite of all these special conditions and characteristics, very
little of the thermal water potential of our country, only about 5%
of it, is actually used today. As a result, there is a significant
gap between our thermal water potential and the bed capacity (in the
sense of investment needs). To fill this gap, local and foreign
capital ventures for the construction of thermal facilities are
supported with concessionary incentives. Moreover, in the event of
authorization, our Ministry may find and investor by advertising
immovable properties owned by Municipalities or Local
Administrations, that are allocated for tourism investments.
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As their living standards rise, people who
usually spend their holidays in the summer season have started to
spend part of their holidays in the winter season which has thus led
to a growth in mountain and winter tourism. For this reason,
countries that are developed in the area of tourism have undertaken
successful projects to make use of their forested and snowy regions
with a medium altitude as regions where mountain and winter tourism
concentrates, in order to meet the growing demand for this type of
tourism. It is known that tourism facilities established in the Alps
by countries of Central Europe, particularly Switzerland and
Austria, are on a par with Spanish coasts in terms of foreign
currency income. About half of Turkey's surface area (55%) is
covered by mountainous areas with an altitude of 1500 to 3000 metres, located on the Alpine-Himalayan Mountain Range. The Bey
Mountains, the Taurus, the Bolkar, the Ala Mountains, the Munzur,
Mounts Cilo and Sat, and the Kackar Mountains, which are the
extensions of this mountain range in our country, formed at the same
age as the Alps, are at the same altitude and have the same flora.
However, in size they are twice to three times as big as the Alps.
Moreover, some of our mountains such as Nemrut, Suphan, Agri
(Ararat), Erciyes and Hasan, have volcanoes, which the Alps do not
have. Our western mountains are the legendary residence of Zeus, the
god of gods, and our eastern mountains are the place where Noah's
Ark landed. They are full of cultural treasures accumulated over
centuries. Furthermore, these regions, where it snows throughout
winter, are covered with snow for 4 to 6 months. With all these
properties, our mountains offer a great potential for both mountain
tourism (alpinism, trekking, etc.) and winter tourism. Planning and
infrastructure work launched by the Ministry of Culture and Tourism to make use
of this potential is continuing at full speed. There have been
considerable increases in recent years in the number of people
taking part in winter tourism activities in our country as in
European countries and the rest of the world - to the extend that it
is not possible to meet the demand for winter tourism by the
existing facilities in many cases. Therefore, there is an urgent
need to construct winter tourism facilities of a sufficient number
and quality to serve both domestic and foreign tourists.
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Yachting, which makes people feel freer,
although it is a relatively expensive hobby, is developing as an
important branch of tourism in parallel with increased prosperity.
The importance of yacht tourism can be better appreciated
considering that yachts are small, luxurious, floating hotels which
carry their own beds; that their maintenance and repair is a major
source of income for many countries and that yacht owners are people
who spend more money on average. In addition, investments for yacht
tourism are portrayed as an alternative to concrete jungles along
the coastline and are supported more. Turkey is in a very
advantageous position in terms of its potential in the area of yacht
tourism. Surrounded by seas on three sides, our country offers a
magic world to yachtsmen with its lace-like shores extending in a
unique harmony of blue and green, with its many virgin bays
decorated with rich historical sites. It is also known that there is
intense traffic in marinas in the Western and Central Mediterranean.
Wishing to avoid this intense traffic and to see different places,
yachtsmen tend to shift to the Eastern Mediterranean. The fact that
the cleanest shores of the Mediterranean are in Turkey and the
cultural assets of the Anatolian land, may lead an important part of
this eastwardly trend towards our country. For this reason, the
developments of yacht tourism in Turkey, judicially supported by the
Law for the Encouragement of Tourism enacted in 1982, and which has
reached a certain size in terms of its marinas and its yachting
capacity, will continue in the future at a faster rate. In order for
our yachting tourism to have a healthy structure and thus to receive
the share it deserves in international yacht traffic, it is believed
that marinas, slips and berths, which are the most important
elements of the infrastructure of yacht tourism, must be of a
sufficient capacity and quality. In the "Yacht Tourism Master Plan"
which has been prepared in order to determine the conditions of
demand and supply in our country and the bottlenecks faced with
respect to legislation and to seek solutions to these problems, it
is envisaged that the total berthing capacity in the existing
marinas and fishermen's shelters should be increased from 8926 to
24,095 over a period of 10 years (i.e. by 2003). The issue of the
completion of marinas is presented to the attention of investors.
(Marina investment areas will be announced by our Ministry in due
course.)
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The trade axis of the Medieval Age, called
the Historic Silk Road, was a route that enabled the rich products
of the east to be transported to the west. In addition to having
been a trade route linking Central Asia to Europe, it bears the
traces of the cultures, religions and races that existed in the
region during the past 2000 years. This magnificent trade route,
stretching for thousands of miles, which still makes its traces and
mystery felt in both Anatolia and Asia, and which is a witness to a
ruthless struggle between man and nature with its harsh geographic
character, symbolizes the challenging journeys of the past with its
nature, cultural life and historical buildings and continues to
present extraordinary historical and cultural treasures. Inns and
caravanserais, which provided rest and accommodation to people and
to caravans - the means of transport of the time, during journeys
lasting for many days, and which are also of importance artistically
were constructed along this route. As a result of research done, it
has been found that there are nearly 200 inns and caravanserais on
that part of the Silk Road which is located within the territory of
our country. Our Ministry has launched a special project aiming at
protecting these inns and caravanserais which are among the
important items of our cultural heritage, at giving them a touristic
function by maintaining their existence in a protection -
utilization balance, and at revitalizing the "Historic Silk Road".
COUNTRIES THROUGH WHICH THE SILK ROAD
PASSED:
- TURKEY
- GEORGIA
- IRAQ
- GREECE
- ARMENIA
- IRAN
- BULGARIA
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- NAKHICHEVAN
- TURKMENISTAN
- UKRAINE
- AZERBAIJAN
- UZBEKISTAN
- RUSSIAN FED.
- SYRIA
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- TADJIKISTAN
- KIRGIZSTAN
- KAZAKHSTAN
- MONGOLIA
- CHINA
- AFGHANISTAN
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The world Tourism Organization has approved a project to
revitalize the Historic Silk Road as a "Road of Brotherhood, Love
and Peace". Studies have begun to implement the project in
co-operation with the governments of the relevant countries.
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| Golf, a
developed branch of sports in western countries, in which
high-income groups take a greater interest, has recently begun to
spread and to be popular across the world. Our country has suitable
conditions for this sport. The availability of large space suitable
for golf, and the temperate climate of the | | |
