Annual FDI inflow into Turkey to reach USD 80 billion by 2023 – ISPAT President

Sabah – Turkey’s enormous accomplishments in the last decade are evident in the amount of foreign direct investments (FDI) that the country attracts, according to Ilker Ayci, President of the Investment Support and Promotion Agency of Turkey (ISPAT) and the Vice-President of World Association of Investment Promotion Agencies (WAIPA).

“Turkey’s rapid economic development brought in an influx of foreign investments. In the last decade, our GDP has increased more than triple fold to USD 786 billion up from USD 231 billion while exports reached USD 153 billion up from USD 36 billion. Obviously, foreign investors took note of Turkey’s consistent growth and full integration to the global economy.”, ISPAT President said, highlighting the fact that the country has received USD 123 billion of foreign direct investments (FDI) in the said period.

“FDI into Turkey, averaging around USD 1 billion a year between the 1993-2002 period, clearly skyrocketed in the last decade, amounting to USD 12 billion on annual average.”, Ayci went into detail and stated his high expectations in the following years up to 2023, the centenary of the Republic.

“Turkey aims to be among the world’s top 10 economies until 2023 by having a GDP of USD 2 trillion. This target calls for an export volume of USD 500 billion and a per capita of USD 25,000. The yearly FDI amount that Turkey receives by then will reach USD 80 billion, constituting 4 percent of the projected GDP.”, the ISPAT President noted.

Turkey emerged as one of the fastest growing economies from the global financial crisis, attaining growth rates of 9.2 and 8.5 percent for the years 2010 and 2011, respectively. Having grown by 2.2 percent in 2012, the country’s economy expanded by 4 percent on average for the first 3 quarters of 2013.

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