Turkish-French joint-venture Oyak Renault broke ground for its new aluminum injection factory in Bursa on October 19th. Aluminum engines will be manufactured in Turkey for the first time thanks to this investment, which marks the cornerstone of a production facility for the next-generation of hybrid vehicles.
Speaking at the ceremony, Industry and Technology Minister Mustafa Varank said that Turkey is more than happy to be home to this investment, which will benefit from project-based state incentives while also enabling the transfer of state-of-the-art technology and supporting exports. “We will reach our target of becoming a pioneer in technology on the back of investments like these that have high localization. These investments will also enable us to achieve our deserved rank in the global economy,” Varank added.
Renault Senior VP and Chairman of Groupe Renault Eurasian Region Nicolas Maure extended his gratitude to the Turkish government for all the state incentives granted to Renault for this investment. “We will be together for at least 27 more years with our new agreement,” he said. Also speaking at the ceremony, Oyak General Manager Süleyman Savaş Erdem noted that the Oyak and Renault Groups show their confidence in the Turkish economy by continuing to invest in Turkey.
The project, with a fixed investment of more than EUR 100 million, is expected to reduce the current account deficit of Turkey by USD 2.3 billion over the coming years.