Compiled from news services - Turkey’s investment appeal is getting stronger despite the harsh competition from around the world to attract foreign direct investments (FDI), according to the Investment Support and Promotion Agency of Turkey (ISPAT) President, Ilker Ayci.
Attending a session entitled “Investing in Turkey: Risks and Opportunities 2014” at the annual Uludag Economy Summit, held in Bursa, Turkey, Ayci said that revised figures showed Turkey had attracted an FDI amount of USD 13.7 billion last year.
“Emerging economies’ have begun to claim more than half of the global FDI and developed nations try to draw investments via new methods and tactics”, Ayci said, describing the strong international competition.
“As a country constantly improving its investment and business environment, Turkey holds great potential as an investment destination. Political stability, ongoing reforms and a growing private sector are the key elements making up this potential”, the ISPAT President said. Also holding the Presidency of the World Association of Investment Promotion Agencies (WAIPA), Ayci said that ISPAT was in contact with prospective foreign investors from the automotive, energy, chemicals and healthcare sectors. “Public Private Partnership model investments are also on our agenda”, he noted.
Attending the same session, Burganbank Group CEO, Eduardo Eguren, said that investors from Gulf countries were keeping a keen eye on Turkey. “For the MENA region, Turkey ranks second after the EU in terms of economic significance. Currently, this region accounts for 10 percent of the FDI Turkey attracts but this share could easily reach 25 percent”, the executive of the Kuwaiti lender said. Burgan Bank entered the Turkish market via the acquisition of the Istanbul-based Eurobank Tekfen. The Kuwaiti bank completed the takeover of a total of 99.26 percent of shares from Tekfen’s Greek partner for USD 355 million in 2012.
Sharing his views on Turkey’s appeal for foreign investors in the same session, PSA International Asia Europe Region CEO, David Yang Antonius, said that Turkey’s privatization program had attracted their attention 8 years ago, which led to PSA’s acquisition of the operating rights of Mersin International Port, the country’s largest port, located on the Mediterranean coast. “Rising GDP, increase in industrial output and favorable demographics were the key motivators for our investment in Turkey”, Yang remarked.
Also attending the Uludag Economy Summit, the famed international advisor and fund manager Mark Faber underlined Turkey’s potential as a long-term investment destination. “Declining asset prices in emerging countries create opportunities. As an investor, it is preferable buy stocks in Turkey, Russia, China, Brazil and India rather than the US. Investors stand to gain more from the emerging economies in the long term”, he said in the sidelines of the event.