4/9/2012

Turkey sets the bar higher for FDI amid historic China visit

Dünya - Turkish Prime Minister’s landmark visit to China heralds a new era of relations between Turkey and China, two of the world’s fastest growing economies. The large Turkish delegation led by the Prime Minister Recep Tayyip Erdogan, accompanied by ministers, deputies, high-ranking officials and businessmen, will hold a series of meetings with the Chinese and is expected to sign several agreements to further strengthen bilateral cooperation in a variety of fields.

“China’s overseas investments are expanding. Chinese companies are interested in the mining, energy, high-tech and renewable energy sectors, aiming to take part in Turkey’s large-scale projects. Turkish businessmen are not likely to return from China empty handed,” Ilker Ayci, the President of Turkey’s official investment agency said about the historic visit. The Investment Support and Promotion Agency of Turkey (ISPAT) has organized a high-level meeting to take place in Shanghai on April 11, between the Turkish delegation and CEOs of China’s leading companies to explore ways to increase cooperation and investment opportunities. A business forum in the Chinese capital, Beijing, with a larger group of participants is also scheduled.

Turkey aims to attract USD 110 billion of FDI over the next five years, equal to the total amount received in the last ten years, Ayci remarked. The investment inflow to the country stood at USD 15.9 billion in 2011.

“The Chinese see Turkey as a regional hub and gateway to markets in Europe, North Africa and the Middle East,” Ayci noted, foreseeing Turkish-Chinese cooperation flourishing in the coming years. “Cooperation in finance is also high on the agenda, which is an indicator of Chinese companies’ upcoming investments in Turkey,” said the ISPAT President.

Recent years saw Chinese companies turn a keen eye on Turkey, thanks to its booming economy and key strategic location. Chinese high-tech companies ZTE and Huawei have established a firm presence in Turkey, with the latter having an R&D center in Istanbul. China’s state-owned energy company CGNPC has expressed interest in building Turkey’s second nuclear power plant and Chinese companies are active in the country’s large-scale infrastructure and transportation projects. The trade volume between the two countries is expected to hit USD 30 billion by the end of the year.
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