Türkiye aims to become a center for investments and production, Vice President Cevdet Yılmaz said Saturday, while pledging to ensure the country reaches a stronger position economically, diplomatically and strategically.
Speaking at the 10th meeting of the Investment Advisory Council for Türkiye, Yılmaz evaluated the economic potential Türkiye carries, while recalling the growth in the share of foreign direct investment (FDI) the country obtained in the last two decades.
“The Turkish economy has attracted $268 billion in international direct investment in the last 21 years, increasing its global share in this area from 0.2% to 1%,” Yılmaz said, adding that they aim to lift this further to 1.5% in the next five years with the strong economic program that has been put forward.
“In this period that we call the ‘Century of Türkiye’, we will continue to work with all our efforts to ensure that our country reaches a stronger position economically, diplomatically and strategically,” he said.
“We are determined to make Türkiye a center of attraction that will make it an investment and production base,” he added.
The high-profile investment meeting, the first since 2016, was held in Istanbul under the chairmanship of President Recep Tayyip Erdoğan.
Top officials from Trade Minister Ömer Bolat, Energy and Natural Resources Minister Alparslan Bayraktar to Investment Office head Ahmet Burak Dağlığlu attended the meeting.
It also brought together global giants from different sectors, including the energy, automotive, technology, asset management, financial services, transportation to telecommunications sectors, from at least a dozen countries.
Among the participants were Templeton Asset Management, Qatar Investment Authority (QIA), Vitol, Emirates NBD, Mitsubishi Corporation, Chery, ACWA Power, MASDAR and BRF, as per an Anadolu Agency (AA) report.
Delivering a message to all investors seeking investment opportunities in various parts of the world, especially the company representatives present at the meeting, Yılmaz called on them to evaluate the opportunities offered by Türkiye.
“In an environment where global value chains are being reshaped, it is time to evaluate the opportunities offered by Türkiye and to invest in this unique country,” he maintained.
“As the government, we are ready to do our part in this regard and will provide all kinds of support to facilitate your investment processes,” he added.
‘Very optimistic’
Following the closed-door meeting, Templeton Asset Management CEO Manraj Sekhon made evaluations before the final statement he announced on behalf of the participating companies.
In his speech, Sekhon stated that they had very productive sessions within the scope of the program and that they had a “great” meeting.
“There is a great sense of optimism, both around the table and in a broader context, as we have discussed with our business partners and all our stakeholders worldwide,” he said.
“We are very optimistic about the changes here and the ongoing reforms in Türkiye, and we also have great confidence in the policy framework,” he added.
Türkiye recently announced an update to the medium-term program (MTP) that outlines priorities in economic ambitions and the goal of reducing inflation while ensuring sustainable growth and boosting investment opportunities and employment.
The Investment Advisory Council is a platform established with the participation of senior executives from prominent multinational companies to address the administrative barriers to investment, improve the image of Türkiye as an attractive investment destination and provide an international perspective to the ongoing investment climate reform agenda.
Speaking at the meeting, President Erdoğan also addressed steps taken in a wide range of fields, from foreign direct investments, capital markets regulations and activation of the banking and finance system to investment incentives, intellectual property rights and customs and competition regulations.
“Thanks to all this, our country has today become one of the top destinations of foreign direct investments. And from now on, we, with common sense, will put into service new reform packages that will find solutions to our problems. We are determined to make the ‘Century of Türkiye’ the century of investments as well,” he said.
Recalling disruptions in the supply chains and geopolitical tensions that emerged after the COVID-19 pandemic, Erdoğan underscored Türkiye’s fast adaption to this transformation process with its production capabilities, strong infrastructure and qualified human resources.
“Many recent developments have highlighted Türkiye’s role in the global economy,” he said.
“For instance, the crisis that took place in the Suez Canal at the beginning of this year has once again shown how fragile global trade is. By offering alternative transportation routes during the blockage in the Suez Canal, Türkiye has proven that it is a reliable trade partner. Our country’s position in global supply chains grows stronger each passing year,” he explained.
He also recalled that they have determined an economic road map with documents such as the 12th Development Plan, the Medium-Term Program and the International Direct Investment Strategy, adding that Türkiye would continue to be one of the leading economies preferred by international investments, where it grows and develops in the new period,
Stating that by focusing on digital transformation, a green economy and energy efficiency, they plan to speed up the investments in these areas, the president said: “The recently announced growth, employment, foreign trade and inflation figures reveal that the (medium-term) program is functioning. We have entered a period in which our current account deficit falls, reserves increase, risk indicators improve and the inflation is taken under control.”
Separately, on Saturday, Erdoğan received Zhang Guibing, president of Chery International, at the Dolmabahçe presidential office in Istanbul, in a meeting that was closed to the press and also attended by Industry and Technology Minister Mehmet Fatih Kacır.
Earlier media reports indicated potential investment by the Chinese automaker in the country after BYD earlier in July agreed to a $1 billion deal to set up a manufacturing plant in Türkiye.
