$200B in FDI flowed to Turkey in 16 years

Daily Sabah (Turkey) - - Front Page -

THERE was a sud­den in­crease in for­eign di­rect in­vest­ment (FDI) to Turkey af­ter 2002, when the rul­ing AK Party came to power. Since then, there has been a to­tal of $200 bil­lion in FDI to Turkey, ac­cord­ing to a se­nior of­fi­cial.

FOR­EIGN di­rect in­vest­ment (FDI) in Turkey, which amounted to only $15 bil­lion un­til 2002, has reached ap­prox­i­mately $200 bil­lion in the last 16 years, the head of the pres­i­den­tial of­fice for in­vest­ments said.

“Not just de­vel­op­ing ones, de­vel­oped coun­tries are also car­ry­ing out ef­forts to at­tract new in­vest­ments,” said Arda Er­mut, the head of the Pres­i­dency of the Re­pub­lic of Turkey In­vest­ment Of­fice.

He stressed that more coun­tries are try­ing to claim a big­ger share of the pie be­cause many have stopped grow­ing, some has even shrunk dur­ing the re­cent fi­nan­cial crises.

Er­mut was speak­ing at the 3rd Is­tan­bul PPP Week panel on the “Pres­i­den­tial Sys­tem and Turkish In­vest­ment Cli­mate,” in Is­tan­bul.

The event, at­tended by over 40 bu­reau­crats from 26 coun­tries, was or­ga­nized by the For­eign Eco­nomic Re­la­tions Board (DEİK).

The Pres­i­dency of the Re­pub­lic of Turkey In­vest­ment Of­fice, pre­vi­ously called the Re­pub­lic of Turkey Prime Min­istry In­vest­ment Sup­port and Pro­mo­tion Agency (ISPAT), was re­struc­tured un­der the new gov­er­nance sys­tem.

Speak­ing of ISPAT, Er­mut said that since the day of its foun­da­tion, the agency has made some se­ri­ous progress. “In this process, aware­ness on the im­por­tance of di­rect in­vest­ments has in­creased not only in­house but also in bu­reau­cracy and gov­ern­ment in­sti­tu­tions,” he added.

He said that one of the most im­por­tant guar­an­tees for in­vestors coming to Turkey is the coun­try’s obli­ga­tion to at­tract di­rect in­vest­ments and that Turkey has taken very im­por­tant steps in this field for years, pro­vid­ing ease of do­ing busi­ness in the process.

Er­mut pointed to the de­vel­op­ment model drawn by Pres­i­dent Re­cep Tayyip Er­doğan as an im­por­tant part of the re­forms. He said the re­forms re­lated to this de­vel­op­ment model were in­ten­sively re­al­ized in 2002-2003 pe­riod.

“This re­form pro­gram has paved the way for more di­rect in­vest­ments in Turkey,” Er­mut con­tin­ued, high­light­ing that its re­flec­tion has been quite well so far.

“As you know, for­eign di­rect in­vest­ment made in Turkey amounted to only $15 bil­lion un­til 2002; that fig­ure has reached ap­prox­i­mately $200 bil­lion since,” he said, point­ing to the sig­nif­i­cant re­forms, im­prove­ments in the in­vest­ment en­vi­ron­ment and in­vest­ments in de­vel­op­ing coun­tries up to 2009.

The to­tal FDI in Turkey from Jan­uary to Au­gust this year was around $7 bil­lion, roughly the same as last year’s FDI in the same pe­riod.

Er­mut had pre­vi­ously said that the in­vest­ment of­fice ex­pected to ex­ceed $11 bil­lion in for­eign in­vest­ments this year, the same as in 2017.

DEİK Chair­man Nail Ol­pak said that the 3rd Is­tan­bul PPP Week has pro­vided the in­ter­na­tional busi­ness world with clear and ac­cu­rate in­for­ma­tion about the strate­gies and steps taken to de­velop the in­vest­ment en­vi­ron­ment in Turkey.

He said that the at­mos­phere of the talks, held with the mem­bers of lo­cal and in­ter­na­tional part­ners con­duct­ing over­seas busi­ness ac­tiv­i­ties, fore­saw that the Pres­i­den­tial Gov­er­nance Sys­tem will pos­i­tively af­fect Tur­ley’s in­vest­ment cli­mate.

He also un­der­lined that Turkey pos­sesses im­por­tant ex­pe­ri­ence and knowl­edge in the field of pub­lic-pri­vate part­ner­ship.

“Over the past year, we have fielded many ques­tions about our ex­pe­ri­ence and knowl­edge in a wide ge­og­ra­phy, in­clud­ing coun­tries in the Balkans, Cen­tral Asia and the Mid­dle East, at the many busi­ness fo­rums and round­tables DEİK or­ga­nized. We al­ways do our best to an­swer these ques­tions,” Ol­pak said.

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