International Arbitration - Turkey Law & Practice
1.1 Prevalence of Arbitration
The last decade has been an exceptional period for Turkey. Foreign investment has dramatically increased, loans have been granted by foreign banks and numerous new projects have been undertaken. Furthermore, in the coming years, Turkey aims to reduce dependence on imported energy and encourage domestic projects involving nuclear and renewable energy resources. Given the grand scale of the targeted projects, Turkey has been enacting major reforms to create a more favourable legislative framework. These developments aim to facilitate and encourage investors and foreign investment in Turkey. The Turkish Arbitration Law entered into force in 2001 signalling a motivation to develop and promote Turkey as a hub for international arbitration. In that respect, the project on establishment of the Istanbul Financial Centre serves as an attraction for reviewing and revising the legal system in Turkey.
First published by Chambers and Partners, Country Practice Guides, International Arbitration 2016. www.chambersandpartners.com