Dr. Jagdish Sheth

Capital Magazine Turkey Interview

Print Friendly, PDF & Email

What should Turkey do in order to take stronger place in the world economy? What should be Turkeys road map?

Turkey has to reposition itself for the 21st Century similar to what Australia has done. In my view, the traditional partnerships are not likely to be the future. This means new partners out side the. NATO alliance.

This will require what are the location and resource advantages Turkey has and which super power will value them to engage in a strategic dialog.

While China is the obvious possibility, it may be also be India and Russia.

What are the pros and cons of the Turkey right now? What should Turkey and Turkish compaines do in order to avoid the risks, and tackle the problems? And what kind of opportunities should they focus on?

Turkey is the bridge between the East and the West. Istanbul is a great asset as a port and an airport. Turkey can be very good as a global hub for products, people, capital and information. This is similar to what we did in Singapore.

Turkeys‘ second great asset is its Diaspora. Well educated scholars , medical doctors and business community are all over the world. Turkey needs to leverage its diaspora as India is doing right now.

What are your advice to Turkish companies? What kind of action should they take in order to get through these difficult time? What should the management teams of the companies and the Turkish economy pay attention more todays? Where do you see the biggest risks and opportunities for Turkish companies and brands todays, what is your advice for them?

The best soft power of a company comes from its brands and people. Turkish companies must shift from a national to a global mindset and develop products and brands which generate global admiration. Japan, South Korea and now China are all respected worldwide because of great products they make for the global Markets. Similarly, Turkish companies must invest in their managers and employees for global immersion and learning.

What are the countries that will have more power in the world in coming years? Can Turkey be among them?

The obvious new power countries will be China and India. I also expect Russia and Indonesia to become more powerful.

What should Turkish companies do in order to gain more power in global markets? What sectors, services and products and countries, continents should they focuse on mostly?

Automotive, aerospace, garments, and tourism are key sectors. Turkey can also become a regional hub for human capital thru special economic zones where talent from all over the world comes to Turkey to do value add work for both domestic and export markets.

What kind of companies will last, what should Turkish companies do in order to last longer?

The only reason companies fail is when they are either unable or unwilling to adapt when the external environment has changed In a disruptive manner either by technology or by public policy.

The biggest problem is either denial of new realities or complacency.

What will change the future of the business? What should companies do in order to exist in the future?

The future of business will be impacted by digital technology. Most companies do recognize that IT is the backbone today for not only the supply chain but also customer engagement and customer experience.

What will be the biggest marketing and management trend in coming years? What do you advice to companies?

There are tow Managemnet trends. First, , most companies will try to become customer centric and thru social media and technology will learn to listen to customers and let Markeitng drive the supply chain. In other words, how do you Uberize your business? Today online ordering and eCommerec generates demand and drives the supply chain.

Second, new Technologies such as Blockchain will change the governance of the company from a hierarchical to a distributed and from a compliance to self governance.

What should Turkey focus on most in order to have more strong economy in next 5-10 years time?

Turkey has all the ingredients but no recipe. It needs an economic vision which has purpose, provides hope, and can get people excited about the future. In short, politics and public policy should be driven by a mission to create prosperity for everyone and disassociate it faith based policies.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *