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BUSINESS > Chery cars plans to invest $500 million in Turkey

BALIKESİR - Anatolia News Agency

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Murat Mermer, the vice chairman of Mermerler, says Chery will invest $120 mln at first. AA photo

Murat Mermer, the vice chairman of Mermerler, says Chery will invest $120 mln at first. AA photo

Chinese auto firm Chery plans to invest about half a billion dollars in Turkey over five years in three phases, said Murat Mermer, vice chairman of local distributor Mermerler.

Mermer said in the first stage Chery would invest $120 million, speaking to the Anatolia news agency in the western province of Balıkesir, where Chery General Manager Wang Ke and regional representative Yankun He were visitng to inspect a plant. “We will build an engine factory in Çorlu, with contributions from the German FEV company and the Chery group,” Mermer said. The broader plan also includes an assembly station at Karasu in Sakarya, a province neighboring Istanbul.

Turkey’s newly implemented incentive system has made Turkey an attractive market for foreign investors. “The new system has attracted the interest of our Chinese partner,” said Mermer.

By the time Chery completes its investments in Turkey, some 2,700 people will be employed by the company.

May/09/2012

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