Turkey expects FDI to reach $12-14 bln this year, automotive investments eyed
Turkey expects foreign direct investment (FDI) to rise to $12-14 billion this year from around $10 billion in 2023, the head of the presidential investment office said in an interview, with automotive and data center investments on the agenda.
Burak Daglioglu said interest from foreign investors had increased after Turkey’s removal from financial crime watchdog FATF’s “gray list” and upgrades in the country’s credit rating. He said Chinese companies could make two new automotive factory investments after electric car manufacturer BYD unveiled a $1 billion plant investment in Turkey in July. A data center investment could also be made by the end of the year, he said. FDI in the first five months of this year was $4 billion.
Turkey received an average 0.9% of global FDI in the 20-year period to 2023 and wants to increase this to 1.5% in the medium term, or some $15-20 billion per year by 2028, Daglioglu said.
Asked about indications that Chinese vehicle manufacturers Chery and SAIC will invest in Turkey, Daglioglu said talks were “on the right track.” The two companies have been holding talks with authorities and potential domestic partners. [Reuters]
