Global companies vow to keep up investments in Turkey after coup attempt

Global companies vow to keep up investments in Turkey after coup attempt

Global companies vow to keep up investments in Turkey after coup attempt

AP photo

A number of multinational companies have pledged to continue making investments in Turkey despite the recent failed coup attempt in the country. 

“We greatly regret the loss of lives. What has happened was clearly an illegal attack on the democratic institutions of the country,” said Vittorio Colao, the chief executive of Vodafone, as quoted by the Times on July 26.  

Colao vowed that Vodafone would continue to invest in the country, which he described as “an important market. There is a lot of growth there.” 

Vodafone’s network, alongside all mobile phone companies in the country, was used during the recent coup attempt to send a text message from the government that “resistance and the guard of democracy continue, to teach traitors and terrorists a lesson.”

Hüseyin Geliş, chairman of the board of Siemens Turkey, also expressed his condolences to those who died in the coup attempt of July 15, stressing that it would not damage Siemens’ investments in the country, state-run Anadolu Agency reported on July 26. 

Siemens, which has been operating in Turkey for 160 years, has survived many political crises and coups over the years, noted Geliş. 

“Turkey previously experienced many serious issues and economic and social crises, but it was strong enough to overcome them all and continue on its path,” he added, stressing that the country would again be strong enough to deal with the current military coup attempt. 

Geliş said Siemens Turkey would continue with its planned investment strategies regardless of the climate following the failed coup. 

Statkraft, a Norwegian company focusing on hydropower in Turkey, also expressed its confidence in the country’s economic environment. 

Statkraft’s Lars Magnus Gunther told Anadolu Agency that the company would continue to invest in Turkey’s hydroelectricity and other energy investments.

Meanwhile, the Abraaj Group has also closed its first dedicated Turkey fund to additional money, the major international private equity firm said on July 26.

The Abraaj Turkey Fund I had been launched in 2014. In a statement, Abraaj said the fund had raised a total of $486 million with a further $40 million to go towards co-investments, compared with an original target of $500 million, Reuters reported.