11/19/2012

Turkey under spotlight at German trade fair

Star - A myriad of investment opportunities awaiting foreign investors in Turkey took the center stage at this year’s Global Connect event held in Stuttgart, Germany where Turkey’s growing economy, large domestic market and investor-friendly business environment were showcased to a global business audience by the Investment Support and Promotion Agency of Turkey (ISPAT) during the two-day event.

An increasingly tempting investment location for German and other SMEs alike, Turkey received more than USD 10 billion of FDI in the first nine months of the year, said ISPAT President Ilker Ayci during a press meeting at the event. “Germany is our main trade partner. A large number of German companies are keenly interested in investing in Turkey. The most recent foreign investor is also a German company with USD 75 million,” Ayci noted.

Despite the shrinking global FDI flow, Turkey will match or exceed last year’s FDI level of USD 16 billion, thanks to its successful diversification of FDI sources, said ISPAT President, giving the increasing share of Middle Eastern investors in Turkey’s overall FDI pool. “We have increased our efforts to draw more investments from strategic countries and regions. Germany is such a country, hence we have a significant presence here. We expect more German companies to invest in sectors such as automotive and spare parts, infrastructure, renewable energy, petrochemicals, machinery, biotechnology and construction,” he added.

Around 5,000 of the 30,000 foreign companies conducting business in Turkey are German. The trade volume between the two countries reached USD 36.8 billion in 2011.
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