Turkey to promote FDI with new incentives

Today’s Zaman – The Turkish Minister for Economic Affairs Nazim Ekren speaks to foreign investors at YASED’s international conference. "Turkey is a safe haven for investment" declared Ekren, stressing the significance in Turkey's dramatic increase in FDI over the past five years, going from under USD 1 billion in 2003 to reach USD 22 billion in 2007. He was quick to point out that although the amount of FDI for 2008 fell to USD 17.7 billion, this number was still more than the USD 15 billion they had projected, and Turkey was able to rank seventh globally for emerging markets in attracting FDI. Portfolio investment posted impressive increases, ringing in at over USD 26 billion as of 2008. The minister also outlined concrete steps the government will be taking to promote investment and overcome the effects of the crisis. These steps are said to include a TRY 2.5 billion cash injection into the markets, decreasing interest rates to spur investment and borrowing. Government plans to promote the Southeastern Anatolia Project (GAP) were also included in the list of incentives to promote FDI. Agriculture, renewable energy and tourism were specific opportunities offered to foreign investors willing to invest in the region.