Turkey, Italy’s most favored investment destination

Today’s Zaman - Turkey will attract the largest share of Italy's foreign investment, said Antonio Paoletti, the Vice President of the Italian Chambers of Commerce and the President of the Trieste Chamber of Commerce, on Monday, adding that they have been working to improve cooperation between the two countries. Speaking at a press conference in Istanbul, Paoletti noted that they have been working to improve bilateral economic relations between Turkey and Italy for around six years. About 800 entrepreneurs from Trieste and its neighboring cities have visited Turkey over the past three years, while 640 Turkish entrepreneurs have gone to Italy in the same period, Paoletti said. The Italian Chambers of Commerce as a whole, along with a number of Italian businessmen, is in Turkey to hold talks and discuss opportunities for cooperation with Turkish companies, in a bid to further improve economic ties between the companies of the two countries, he noted. “Despite the global financial crisis, the companies of the two countries can enjoy growth if they act in cooperation”, Paoletti stressed, adding that there are lucrative opportunities in the fields of transportation/logistics, the wood industry and the machinery and construction sub-industries. Paoletti pointed out that Italy currently has an important number of small and medium-sized enterprises (SMEs) operating in Mediterranean countries nearby. Italy mostly has SMEs whose size prevents them from expanding into distant markets. For this reason, Paoletti noted, Turkey will get the largest amount of Italian foreign investment. The number of Italian SMEs currently in Turkey is around 800, he underlined. Giuseppe A. Moggi, the President of the Italian Chambers of Commerce, also said that some 2,500 meetings took place between Turkish and Italian entrepreneurs over the last year, adding that cooperative opportunities in the fields of energy, information technology, decoration and food were primarily discussed at these meetings.