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Emre Yıldırım

Turkey correspondent — Bosphorus trade corridors, defense exports, and monetary policy. Signed columns, each an argument; the views are the correspondent’s own.

Opinion — the views in these columns are the correspondent’s own.

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Portrait of Emre Yıldırım

Turkey correspondent · Based in Istanbul

Bosphorus trade corridors, defense exports, and monetary policy.

Career

Emre Yıldırım covers the seam where continents, currencies, and armies meet. An economics graduate of Boğaziçi University, he started as a markets reporter in Istanbul during the volatile 2010s, learning to read a central-bank statement the way a sailor reads weather. Ankara followed — three years on the economy ministry beat, where he learned Turkish monetary policy is written in politics before numbers — then London, covering emerging-market finance and seeing his own country through foreign investors' eyes.

He came home with a double vision that defines his writing: Istanbul's confidence and London's skepticism, held in the same paragraph. His coverage of the lira crisis — the rate cuts, the interventions, the long mornings watching the currency slide on screens across the Grand Bazaar's money changers — was praised for explaining without condescending, a line he guards carefully. "Emerging market," he likes to say, "is a term invented by people who already emerged."

What shaped his lens: the Bosphorus itself. Yıldırım argues that Turkey's story is the strait's story — everything important passes through it: grain, gas, warships, migrants, and now drones. His defining episode: a 2023 investigation into Turkey's defense-export boom, tracing one drone system from an Ankara factory to three foreign battlefields, and showing how a country that once imported its security now exports it. The piece was translated into four languages; the factory invited him back.

Based in Istanbul, he covers Bosphorus trade corridors, defense exports, and monetary policy.

Personal

Emre Yıldırım grew up in Izmir, the son of an olive-oil producer and a teacher, between the groves and the blackboard. He is engaged — the wedding is next year — and has no children yet. He lives in Kadıköy, Istanbul, on the Asian side he defends with the zeal of a convert. On weekends he sails on the Marmara, a modest boat with an immodest amount of maintenance. Turkish and English are spoken at home; his fiancée's English, he admits, is better than his, which he considers both a humiliation and an excellent editorial arrangement.

Timeline

  • 2012 — Economics degree, Boğaziçi University
  • 2012–2016 — Markets and economy reporter, Istanbul
  • 2017–2019 — Economy ministry correspondent, Ankara
  • 2020–2023 — Emerging-markets finance correspondent, London
  • 2024–2025 — Economics columnist, Istanbul
  • 2026 — Correspondent for trade and monetary policy, Magna Bureau
Opinion The Bosphorus & defense exports

The Strait Is the Strategy

Stand on the Galata Bridge at dusk and watch the ships queue for the Bosphorus — Russian oil, Ukrainian grain, container traffic from everywhere to everywhere. Every empire in history has wanted this strait. Turkey's strategy, refined over a century, is simple: own the strait, and make everyone need you.

This is the worldview, and it explains everything. NATO member? Yes — the alliance's second-largest army, guarding the southeastern flank. Russian gas buyer? Also yes — the pipelines do not care about communiqués. Chinese rail partner? Why not — the middle corridor runs through Anatolia. Gulf investor darling? The feeling is mutual. Washington lectures, Moscow flatters, Brussels dithers, and Ankara haggles with all of them simultaneously, the way a Grand Bazaar merchant handles four customers at once — each convinced he is getting the best price.

The drones changed the haggling. Turkish defense exports — the Bayraktars over three continents now — turned a middle power into a military brand. The pitch is unbeatable: NATO-compatible, battle-tested, half the price of the American alternative, and no sermons attached. Kyiv bought them. Half of Africa bought them. The Gulf bought them. Everyone doubts everyone else's weapons; everyone buys Turkey's. In the bazaar of geopolitics, the merchant with the best goods sets the terms.

“Washington lectures. Moscow flatters. Brussels dithers. Ankara haggles — with all of them, at once.”

The legal instrument of this strategy is older than the republic's rivals and sharper than all of them: the Montreux Convention of 1936, which gives Turkey control over warship passage through the straits. In 2022, Ankara invoked it to bar the warships of the warring parties — a move of exquisite legality that pleased no one completely and served Turkey perfectly. This is the strait as strategy in its purest form: not a fleet, not a fortress, but a signature on a ninety-year-old document, enforced by geography itself.

“Montreux is not a treaty. It is a turnstile with a flag on it — and Turkey holds the key.”

The grain deal was the same doctrine at sea level. In the summer of 2022, with Ukrainian wheat trapped and world food prices spiking, it was Istanbul — not Washington, not Brussels, not the United Nations in any meaningful sense — that brokered the corridor: Turkish inspection, Turkish guarantees, ships moving again. The agreement later collapsed, as such agreements do, but the demonstration held: when the Black Sea needs a broker, there is exactly one address. The Global South noticed — the wheat-importing nations of Africa and the Middle East, for whom the corridor was not geopolitics but bread. Strategy, in the bazaar, is measured in usefulness. Turkey was useful.

The S-400 affair remains the masterclass. In 2019, Turkey bought Russia's air-defense system — the first NATO member to do so — and Washington expelled Ankara from the F-35 program in fury. Any other middle power would have folded. Turkey shrugged, kept the missiles, kept the NATO membership, and kept haggling: a few years later, the same alliance needed Turkish ratification for Sweden and Finland's membership, and Ankara extracted its price — concessions on arms exports, on Kurdish militants, on the general principle that nothing in NATO is free. Buy the Russian system, lose the American jet, gain leverage over the entire alliance's enlargement: only in the Grand Bazaar would this be called a successful transaction. In the Grand Bazaar, it is.

Underneath the haggling sits the hardware, and the hardware is increasingly superb. Baykar's drones — the TB2 that became a folk hero over three continents, the Akıncı, the unmanned fighter Kızılelma — turned Turkey from an arms importer into a military brand: several billion dollars of defense exports a year and climbing, customers in more than thirty countries, a backlog that embarrasses competitors. TAI's KAAN fighter aims higher still; ASELSAN's electronics fill the gaps. The pitch writes itself and, more importantly, it is true: NATO-compatible, battle-tested, roughly half the price of the American alternative, and — the phrase that closes deals from Kyiv to Kuala Lumpur — no sermons attached.

Energy completes the picture. TurkStream brings Russian gas under the Black Sea; TANAP carries Azerbaijani gas west; Ankara's declared ambition is to become the region's gas hub — the place where molecules from everywhere are blended, priced, and resold to Europe, which buys them with a straight face and calls it diversification. The Europeans know perfectly well whose gas they are burning. The Turks know the Europeans know. The meters, being indifferent to philosophy, keep turning. A hub is not a producer and not a consumer; it is the room where the deal happens, and Turkey — by geography, by pipeline, by patience — owns the room.

Africa is where the doctrine finds its warmest market. Turkish drones fly for governments across the continent — in Libya, in Ethiopia, in Mali, in Somalia, where Turkey also keeps its largest overseas military base, in Mogadishu. Turkish construction firms build the airports and highways; Turkish Airlines flies to more African destinations than any other carrier; the pitch that works in Ankara works doubly in capitals tired of lectures. The West offers conditions. China offers debt. Russia offers mercenaries. Turkey offers weapons that work, flights that land, and a conversation between equals — or at least the convincing performance of one. In the bazaar of the Global South, the merchant who respects the customer owns the stall.

Even the feuds are inventory. The Gulf rupture — the boycotts, the freeze with Abu Dhabi and Riyadh — has been reversed with the pragmatism of a merchant who never holds a grudge past the next deal: Emirati and Saudi billions flowing into Turkish assets, swap lines, the great reconciliation priced in dollars. Yesterday's enemy is today's investor; the bazaar does not do permanent enmities, only permanent interests. Washington lectures about values. The Gulf writes checks. Ankara, fluent in both languages, translates.

Is it sustainable, this balancing act on the strait? The economists fret about the lira, the diplomats fret about the contradictions, and the contradictions keep paying. The monetary policy is — let us be diplomatic — creative. The inflation is real. But the geography is permanent, and geography is the one asset no central bank can debase. Doubt everyone, sell to everyone: it is not the most elegant doctrine ever devised. It is, however, the one written in the narrowest, most valuable waterway on earth. The strait does not take sides. It takes tolls.

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