1/30/2008

Auto manufacturers poised to increase investments

Today’s Zaman - Turkey is continuing to attract significant investment in the automotive sector, which held first place in the country's exports last year at $20 billion. The giants have made new decisions on their current production capacities; the first surprise came from Renault, which announced that it would make $200 million in investment in Turkey this year. Tofas, which was launched as a joint venture by Koc Holding and Fiat in 1968, has introduced a number of projects so far. Tofas set its investment budget for this year at 360 million euros. Currently Ford Otosan produces the Transit and Transit Connect models, the Puma Transit engine, the Ecotorq truck engine and Cargo trucks in its facilities in Kocaeli and Inonu. Mercedes Benz Turk A.S., which is celebrating its 40th anniversary in Turkey, has shown impressive performance at its Aksaray and Hosdere factories. The chairman of the company's board of directors, Jurgen Ziegler, said they would set aside 50 million euros for investment this year. Recently Minister for Industry and Trade Zafer Caglayan announced that two automotive giants were about to finalize their decisions on making investments in Turkey. Caglayan noted that one of these companies was the Canadian Magna and said the company intended to invest $400 million in Turkey. Caglayan further added that the necessary infrastructure for such an investment had already been developed. The Mermerler Group, which is getting ready to introduce the Chinese Chery auto brand to the Turkish market, is seeking to ensure that the producer of Chery erects a factory in Turkey.

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