Dünya – Turkey has adopted a policy of attracting high-added-value foreign direct investments (FDI) into the country to reduce imports and increase the competitiveness in its respective sector, according to the President of the Investment Support and Promotion Agency of Turkey (ISPAT).
“Bringing in competitive investments is crucially important for reducing imports”, Ilker Ayci told the daily Dünya, highlighting ISPAT’s efforts in channeling FDI into key sectors such as energy and manufacturing.
“ISPAT actively works around the globe to find and inform investors about investment opportunities in Turkey. Having analyzed Turkey’s import dependencies, we carefully assess key sectors for opportunities to be presented to foreign investors whom we also evaluate based on their activities in Turkey and in the region” , ISPAT President explained with regard to the Agency’s strategy in attracting FDI into Turkey, describing it as pinpointing prospective investors to maximize their contribution to the country.
Expressing his views and expectations for the new year, Ayci said that there were new investments in the pipeline in the fields of banking, participation banking, insurance, energy and energy related technologies. “Turkey’s automotive market is also under close investor watch”, he remarked.
Istanbul’s rise in status as an international financial hub can be observed by the recent entrants into the financial sector”, Ayci said, referring to the Bank of Tokyo-Mitsubishi UFJ (BTMU) setting up shop in the country, Allianz’s acquisition of the insurance branch of the Turkish bank, Yapi Kredi, and the acquisition of local Denizbank and Citibank Turkey’s consumer banking by Russian Sberbank over the past few years.
“Attracting high-tech investments is also on our agenda in 2014. We have visited Silicon Valley in the US several times for this purpose, meeting with both tech companies and financers who provide funding for tech start-ups” Ayci said, highlighting the importance of innovation, high-tech and R&D investments in attaining high growth rates.
Speaking of ISPAT’s excellent reputation among similar agencies worldwide, Ayci said that the agency was a shining example of success and provided a model for countries that are looking to establish their own national investment promotion agencies.
ISPAT currently holds the Vice-Presidency of the World Association of Investment Promotion Agencies (WAIPA).