AA – Turkey ranked 22nd in the world in foreign direct investment (FDI) in 2014, attracting around USD 12.5 billion. Previously ranked 26th, the country rose in rank by 4 spots despite the global drop in FDI observed last year, , as revealed by a UN report on Wednesday.
The country also ranked 12th in developing countries, and number one in West Asian countries (Saudi Arabia, the United Arab Emirates, Iraq, Jordan, etc.), according to the report released by the United Nations Conference on Trade and Development (UNCTAD).
Speaking at a press conference in Istanbul, Chairman of Istanbul-based International Investors Association of Turkey (YASED) Ahmet Erdem said that providing a sustainable and predictable investment climate in Turkey would carry the country to its future economic targets.
“We have to work with common sense and cooperation to increase foreign direct investment in Turkey,” he said.
Speaking at the same conference, Astrit Sulstarova, Trends and Data Section Chief at the UNCTAD, said that Turkey remained the largest FDI recipient in the region.
“Inflow in Turkey basically remained at the same level, declining 2 percent,” he said.
Noting that foreign investors continue to invest in the country, Sulstarova said reinvestment had more than doubled in the country. The report shows that foreign companies in Turkey invest back into the country rather than repatriating their profits,” he added.
“Global FDI fell by 16 percent to USD 1.23 trillion in 2014, mostly because of the fragility of the global economy, policy uncertainty for investors, and elevated geopolitical risks,” the report said.