Hurriyet - The US-based cosmetics giant Farouk Shami Group is getting ready to invest in Turkish cosmetics sector. Farouk Shami, Board Chairman of the company that manufactures high-quality professional hair care, cosmetics and spa products in Houston and markets to the world, visited Istanbul to evaluate investment opportunities in Türkiye upon the invitation of the Customs and Trade Minister Hayati Yazici.
During his meeting with Minister Hayati Yazici and Ilker Ayci, President of the Investment Support and Promotion Agency of Türkiye (ISPAT), Farouk Shami got full support for the company’s upcoming investment and said they are considering employing some 1,000-1,500 people initially with an investment cost of USD 150 million.
Shami said, “We would like to invest in Türkiye. It might take place anywhere in Türkiye, particularly Istanbul. We aim at pushing the button as soon as possible following the land allocation. We are also open for Turkish partners. We have talked this issue with Minister Yazici and he showed great interest. ISPAT President Ilker Ayci has also vowed full support.”
Shami does business with the whole world, selling its products to 110 countries. Commenting on this investment plans regarding Türkiye, Shami said, “We would like to use Türkiye to expand to the surrounding countries, and make Istanbul the center of Europe, Caucasus and the Middle East. We will invest here, whatever it takes.”
The Farouk Shami Group posted a turnover of over USD 1 billion last year and currently employs 4,000 people in the US.