3/26/2012

South Korean companies invited to invest in Turkey, FTA framework signed

Sabah/Dünya - Turkey’s Prime Minister Recep Tayyip Erdogan has called on South Korean companies to invest in Turkey. Visiting South Korea’s capital Seoul for an international nuclear security conference, Prime Minister Erdogan met with the executives of South Korea’s top companies in a meeting organized by Turkey’s Ministry of Economy and the Investment Support and Promotion Agency of Turkey (ISPAT). The two countries also signed the framework for a free trade agreement.

Investment opportunities in Turkey and soon-to-be-announced incentives were topics of the talks held between Prime Minister Erdogan, the Minister of Foreign Affairs Ahmet Davutoglu, the Minister of Energy and Natural Resources Taner Yildiz, the Minister of Economy Zafer Caglayan, ISPAT President Ilker Ayci and the CEOs of South Korea’s leading companies with an annual cumulative turnover of USD 400 billion.

Prime Minister Erdogan, briefing company officials on Turkey’s economic achievements, invited South Koreans to invest in Turkey. “Turkey offers significant investment opportunities. The Turkish government is ready to take any measure to support foreign investors, including easing red tape,” Turkey’s Prime Minister remarked.

Erdogan paid special attention to the Hyundai CEO who mentioned a production increase in the company’s Turkish plant and inquired about engine production. “Turkey is a location for an automobile engine production plant,” said Erdogan. The car maker will raise its production to 200,000 vehicles per year, according to the Hyundai CEO. Turkey will soon announce a new investment incentive scheme that is expected to significantly increase foreign investments to the country.

Turkey and South Korea also signed a framework agreement, laying the groundwork for a free trade agreement (FTA) to be signed in the coming months. Signed by Turkey’s Minister of Economy Zafer Caglayan and South Korean Minister of Trade Park Tae-ho, the agreement will be finalized by June and is expected to boost trade between Turkey and South Korea. The trade volume between the two countries stands at about USD 7 billion.
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