4/1/2014

Foreign investors eye shipyards in Turkey

Sabah - Foreign investors, with an ever-growing interest in Turkey, have now set eyes on shipyards. Shipyard lands are leased from the state for a period of 49 years, and in the event of an extension of the time limit, millions of dollars worth investment will flow to Turkey, according to industry players.

 

Suheyl Demirtas, Secretary General of the Turkish Shipbuilders’ Association (GISBIR), says, “During 2002-2008, the sector expanded threefold on a global basis, while it grew tenfold in Turkey. The stability in the recent years is a source of attraction for foreign investors. Investors from every part of the world are seeking opportunities in Turkey”. Demirtas says shipyards are leased by the National Real Estate for 49 years, and only 20 years have left until expiry.

 

According to Demirtas, the injection of foreign capital into Turkey will also provide shipbuilders with opportunities for offshore constructions, while daily rentals of a platform have reached USD 1 million. He added, “There are globally renowned companies with offshore operations. The path to cooperating with these involves attracting foreign investors to Turkey. Paving the way for this will also remove barriers to offshore operations. Turkey leases platforms from various countries for its oil and gas explorations.

foreign capital; shipbuilding; shipyard; lease; platform; shipbuilders; offshore