Sabah - Turkey’s new investment incentives scheme aimed to boost foreign investments into the fast-growing country’s import-dependent sectors and turn the country into an exports hub in the long-run, has thoroughly impressed Japanese firms that seek investment opportunities in growth markets.
Turkey’s Minister of Economy, Zafer Caglayan, on a visit to the Far Eastern nation, held talks with the heads of industrial giants such as Mitsubishi, Itochu, Dai-ichi and Mitsui on Turkey’s new investment incentives package and briefed the Japanese about its advantages. Participation of Japanese companies in Turkey’s nuclear energy projects was also an issue that was on the table during the meeting.
“Insurance company Dai-ichi expressed interest in investing in Turkey via a partnership and is looking for local partners,” said Caglayan after the meeting. “Japanese companies see Turkey as a production and management center for the region and beyond. We have observed a keen interest on the Japanese side for business cooperation. This can cover joint projects in third countries as well,” the Minister added.
Japan and Turkey enjoy long-standing business and trade ties. Currently, there are over 140 Japanese companies active in Turkey with prospects of a sharp rise in their number over the coming years. Automobile manufacturers Toyota and Honda have production operations in Turkey and are both planning significant production increases in their plants in Turkey.
Two of Japan’s largest lenders Bank of Tokyo-Mitsubishi UFJ (BTMU) and Mizuho Corporate have recently made their entries into the country. Japanese companies have also taken part in Turkey’s large-scale infrastructure projects and vying for more, including nuclear power plants.