Turkey aims for USD 110 billion of FDI in 5 years

Zaman – Turkey has put forth a target of drawing USD 110 billion worth of foreign direct investments (FDI) over the next five years, according to the head of the country’s official investment promotion agency. “Emboldened by the new investment incentive scheme, we aim to receive at least USD 110 billion of FDI in the coming five years..”, said the President of the Investment Support and Promotion Agency of Turkey (ISPAT), Ilker Ayci, speaking to the press after meeting with the executives of 15 global companies operating in Turkey.

Calling on the officials of multinational companies to expand their investments in Turkey, Ayci specifically asked the Turkish CEOs of such companies to lobby on Turkey’s behalf at their company headquarters. “We ask Turkish nationals holding managerial positions in multinational companies to take an active role in bringing in more investments from their respective companies…”, Ayci said. “An increasing number of multinational companies transfer their Turkish executives abroad after a successful term in Turkey…” Ayci added.

Stating that Turkey has left Eastern Europe behind in attracting FDI, ISPAT President said that the country has received over USD 9 billion of foreign investments in the first 7 months of 2012. “Turkey’s dynamic economy, strategic location and high productivity combined with lower costs compared to Eastern Europe, tilts the balance towards our country when foreign investors are to choose between Turkey and an alternative location…” ISPAT President said, referring to the US company 3M’s recently announced USD 500 million production plant project in Turkey.

“ISPAT is working in close cooperation with the Privatization Administration and is organizing roadshows in Gulf countries to promote Turkey’s investment opportunities…” Ayci said, adding that more roadshow events for different parts of the world are in planning.

Turkey attracted USD 15.9 billion of FDI in 2011, a 76 percent increase over the previous year. The country is the 23rd most popular investment destination according to the United Nations Conference on Trade and Development’s (UNCTAD) ‘World Investment Report 2012’ report.

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