1/28/2009

Turkey may attract USD 9 billion investment from GCC

Reuters - Alpaslan Korkmaz, President of Investment Support and Promotion Agency of Turkey, said Turkey may attract USD 9 billion capital from the GCC countries, particularly in food and agriculture sectors. In October 2008, the investment fund formed by Abu Dhabi Investment House, Gulf Finance House and Ithmaar Bank signed a memorandum of understanding (MoU) for a USD 6 billion investment in agriculture sector. Alpaslan Korkmaz, speaking to Reuters, said, “We are working on a couple of big projects in the Southeastern-Anatolia Region; we are presenting the first big project today. The investment of the Gulf countries in Turkey may increase as high as USD 9 billion with leverage effect. Korkmaz stated the amount of foreign direct investments of the Gulf countries in Turkey increased five-fold during 2007-2008 period and added: “Everyone is going to the Gulf, whereas investors from the Gulf countries want to make real investments. Investment instruments in the financial sector are not reliable any more. I think Turkey can benefit from this trend”. Korkmaz said realty, business centre and renewable energy are among the sectors likely to attract investment in 2009. Korkmaz also said, Europe-based Akuo Energy has allocated resources worth EUR 1 billion for renewable energy investment in Turkey. Perfect Wind, wind energy manufacturing unit of Akuo, also announced last year that it allocated EUR 210 billion for a 150 MW wind power plant in Turkey. Korkmaz specified he expected Turkey to close year 2008 with foreign direct investments worth USD 17,5 billion.

ENGLISH