9/3/2012

Surge in Japanese interest to Turkey continues

Sabah - Japanese companies’ search for new growth markets in the emerging world these days increasingly ends in Turkey, a country with a high-performing economy and a strong and demanding consumer base. Over 10 Japan-based multinational companies have set up shop in Turkey since the beginning of the year, either by partnering with Turkish companies or opening a representative office.

Among new and prospective entrants are financial services group Orix, chemical producer Toray Industries and logistics services company Yusen Logistics. Orix Group, one of the largest names in Japan in insurance business, is said to be weighing options to enter the Turkish market and is in search of investment opportunities in the country. Toray Industries has already opened an office in Turkey, considered a huge step for the company, as its CEO Hiroshi Honji put it after meeting with Turkey’s Minister of Science, Industry and Technology, Nihat Ergün in May.

Yusen Logistics, went on its own way to establish an Istanbul-based company to manage its operations, beginning in October, in Turkey.

Recent Japanese ventures in Turkey include Mizuho Corporate Bank which opened a representative office in Istanbul and The Bank of Tokyo – Mitsubishi’s application for a banking license to function as a lender in the country, both with the assistance of the Investment Support and Promotion Agency of Turkey (ISPAT). Turkish-Japanese partnerships are also gathering pace; Japan’s Otsuka Pharmaceutical and Turkish drug maker Abdi Ibrahim established a joint venture while food company Nissin teamed up with Turkish food and beverage conglomerate Yildiz Holding. Another example of Turkish-Japanese cooperation is the partnership between steelmaker Toyo Kohan and Turkish Tosyali, also assisted by ISPAT, to supply the domestic and surrounding markets with steel products.
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Turkey; turkish-japanese trade; japanese companies turkey; japanese banks turkey; japanese investments turkey; orix group; yusen logistics; toray industries