Turkish investment agency hopeful for 2016

Turkish investment agency hopeful for 2016

Hülya Güler - ISTANBUL
Turkish investment agency hopeful for 2016

AA photo

After months of a decline amid elections, security concerns and a slow recovery in Europe and the U.S., officials from the Turkish Prime Ministry Investment Agency have expressed hope about a rise in investments in 2016. 

“We are very hopeful about next year with the positive business climate after the election. Even the first day after the Nov. 1 general election our phones started to ring. Our calendars for potential investment meetings are full,” said the agency president, Arda Ermut. 

Ermut noted that the agency is currently working on two significant investment projects in the food sector and the petrochemicals industry. 

“There will be investments worth over $1 billion in the petrochemicals industry. I cannot give the origin of country now, but we’ll likely announce the details by the beginning of 2016,” he said. 

Ermut claimed that Turkey lured around $12.6 billion of foreign direct investment (FDI) in the first nine months of the year, marking a 32 percent increase compared to the same period of 2014. 

“We expect to close this year with a total of investments worth around $14 billion, surpassing last year’s figure of $12 billion. We aim to reach higher figures by 2016,” he said. 

He added that several foreign investors are interested in the Afşin Elbistan Thermal Power Plant projects, which were canceled last year. 

“We have seen significant attention in the project and we have been in talks with more than one company. If the talks bear fruit in the coming months, the project will attract the largest investment of 2016,” Ermut stated. 

“[Investors] look at what a whole region offers in their investment plans. As a result, Turkey is quite lucky as it is seen a stable country in its difficult region,” he also added.