Magna plans to invest large sum in Turkey

The New Anatolian - Magna may invest 500 million US dollars in Turkey. Controlled by Austro-Canadian industrialist Frank Stronach and Russian oligarch Oleg Deripaska, the firm is said to be one of two "big global players" examining possible investments in the auto industry in Turkey. A Magna spokesman reported Magna has property in Turkey and is looking into the possibility of investing. The Turkish media have claimed that the site will be the city of Tekirdag near Istanbul. Magna Steyr in Graz is expected to play a major role in supplying the new auto industry in Turkey if Magna invests there. The Turkish auto market reportedly has good growth prospects.