Türkiye: a century of change, and why it matters today

From 10 to 14 May 2026, Belgium will organise an economic mission to Türkiye, led by Queen Mathilde. 

With visits to Istanbul and Ankara, business leaders, policymakers and experts will come together to explore opportunities for cooperation and investment. BNP Paribas Fortis will also be present to support its clients and strengthen relationships on the ground. 

Türkiye offers real opportunities for Belgian businesses. However, it is also a complex market shaped by a unique political and economic trajectory. Understanding this trajectory is essential before taking the next step. 

To this end, we have developed a guide that explores the key trends shaping Türkiye today, from economic policy and investment opportunities to its geopolitical position. 

This blog is the first in a three-part series. We start with the history of the country, then we will talk about the economics and about doing business in and with Türkiye.  

We begin with the story behind the country. 

From empire to modern state 

Türkiye is often described as a bridge between Europe and Asia. But to understand where the country is heading, it helps to look back at how it has evolved over the past century. 

Modern Türkiye was founded in 1923, following the collapse of the Ottoman Empire. Under Mustafa Kemal Atatürk, the country underwent a far-reaching transformation. Institutions were secularised, the legal system modernised, and the state turned firmly towards the West. 

These reforms laid the foundations of a modern republic, but they also introduced lasting tensions, particularly between secular and more religious segments of society. 

Shifting balances of power 

For decades, the military positioned itself as the guardian of this secular model, intervening when it believed the balance was under threat. By the 1990s, however, political instability, economic challenges and growing social divides created space for a new political force to emerge. 

This shift took shape with the rise of Recep Tayyip Erdoğan. Initially seen as a pragmatic reformer, his leadership marked the beginning of a new era, combining economic ambition with a different political vision. 

Growth, then a turning point 

The early 2000s were characterised by strong economic growth, increased foreign investment and closer ties with Europe. A new middle class emerged, and parts of the country that had long been overlooked began to develop more rapidly. 

Over time, however, the growth model evolved. Greater reliance on credit, construction and domestic demand supported expansion, but also introduced structural vulnerabilities. 

A more centralised system 

In parallel, the political system became increasingly centralised. Institutions that once acted as counterweights gradually lost influence. Following the attempted coup in 2016, this trend accelerated. The transition to a presidential system concentrated executive power and deepened divisions within society. 

Today, Türkiye’s political landscape remains marked by a delicate balance between stability, governance and democratic checks. 

Why this matters today 

Türkiye continues to attract international attention. Its strategic location, young population and industrial base offer clear potential. At the same time, economic volatility and policy choices have created uncertainty, making it essential for investors to take a well-informed approach. 

For Belgian companies engaging with Türkiye today, understanding this historical context is not just useful. It is necessary. 

Want to go further? 

This overview is just the starting point. In our guide, available here, we take a closer look at the forces shaping Türkiye today, including its economic model, investment landscape and geopolitical role.  

In our next blog post, we will focus on Türkiye’s economic outlook and the key dynamics investors need to understand.