Invest News DetailAA - Pfizer, one of the world's largest research-based pharmaceutical companies, is committed to increasing its research and development (R&D) investments in Turkey. In this regard, the company has signed a Memorandum of Understanding (MoU) with the Investment Support and Promotion Agency of Turkey (ISPAT). According to a press release issued by the company, the MoU is a sign of the shared vision and intention of both parties to contribute to improving the quality and quantity of R&D activities in Turkey, creating an environment supportive of innovations in the area of pharmaceuticals. Commenting on the MoU, Pfizer CEO Jeff Kindler said that their opening of an R&D office at the technopark in Hacettepe University is a concrete step in this direction. Kindler said Pfizer has so far invested USD 14 million in Turkey, adding that they want to establish a bridge to increase this figure with this MoU. He said they appreciate and support the policies of the Turkish government for providing incentives to the sector. "In order to find new cures for patients and contribute to economic development, we are looking forward to seeing the projects of Turkish scientists" said Kindler. Alpaslan Korkmaz, President of ISPAT, stressed that the Turkish pharmaceutical and medical sector, with a projected average growth rate of 13 percent between 2008 and 2012, has great potential for R&D, production and consumption. He said R&D investments in Turkey rose by 143 percent between 2002 and 2007.