Aksam – Italy’s Recordati, a leading maker of medicinal products, is expanding its presence in Turkey with a new manufacturing plant. The USD 50 million investment project, implemented in cooperation with the Investment Support and Promotion Agency of Turkey (ISPAT), will significantly increase Recordati’s manufacturing capacity to meet the needs of both the domestic and regional markets.
Announced by ISPAT President Ilker Ayci during a meeting with journalists, Recordati’s new plant in the Cerkezkoy Organized Industrial Zone in Tekirdag province in northwestern Turkey will supply drugs for various therapeutic uses, in particular, cardiovascular and urogenital diseases, whilst creating 130 new jobs.
“ISPAT is proud to have supported this project which stands out with its production capacity, potential and high added-value. It is a step closer to Turkey’s 2023 vision; to be among the world’s top 10 economies and reach an export volume of USD 500 billion. ISPAT takes pride in assisting this investment in our vitally-important pharmaceutical industry”, Ayci said.
With construction scheduled to start in Q1 2014, the plant will reach operational stage by 2017. Having entered the Turkish pharmaceuticals market with the acquisition of local Yeni Ilac in 2008, the Italian company continued to grow in Turkey by taking over another local pharmaceutical company, Dr. F. Frik in 2011.
As a result of the investment, Recordati’s manufacturing presence in Turkey will be significantly upgraded, the new plant adding 80 million packs to the current annual capacity of 32 million packs, enabling the company to better supply markets in the surrounding markets of Central Asia and the Caucasus.
Assessing Turkey’s performance in attracting foreign direct investments (FDI) in 2013, ISPAT President Ayci said that the country attracted USD 12.9 billion last year. “In terms of greenfield investments, Turkey is among the top 20 FDI recipient countries. The average size of investments went up considerably as well, up from USD 50-100 million to USD 300-500 million” Ayci said.
“Confidence in Turkey remains strong as foreign companies always consider long-term prospects when deciding on an investment”, ISPAT President noted, highlighting Turkey’s strong growth in the last decade and solid economic fundamentals.