Yenisafak - Hong Kong-based Li&Fung Group, the world’s largest supply chain, has chosen Turkey as its base for the EMEA region, where it has been operating for the past ten years. Having been popular in Turkey with its projection for the Southeastern Anatolian region around two years ago, Li&Fung has now opened its European regional office in Istanbul. The investment by Li&Fung, which has been announced as USD 700 million, will initially create direct recruitment for 400 people.
Having already reached a total purchase value of USD 1.4 billion in Turkey, Li&Fung offers around one thousand brands in about 100 countries, including Wal-Mart, Armani and Espirit, to ten thousand producers in Turkey. Li&Fung is best known with its textile purchases. Victor Fung, Chairman of the company, is in the meantime the President of the International Chamber of Commerce (ICC), which has a significant position in the G20. Rifat Hisarciklioglu, President of the Turkish Union of Chambers and Commodity Exchanges (TOBB); Rona Yircali, Executive Chairman of the World Chambers Federation and the Foreign Economic Relations Board, and Fung gave a joint briefing on ICC’s works, while Fung answered the questions on Li&Fung’s investment. Fund stated that they have perceived the regional power even better now, and therefore, they have chosen Istanbul over London and Hamburg, which were among their investment plans previously.