US companies introduced to Turkish incentive scheme

US companies introduced to Turkish incentive scheme

NEW YORK - Anatolia News Agency
US companies introduced to Turkish incentive scheme

Economy Minister Zafer Çağlayan (C) attends a reception in Washington DC hosted by Turkish Ambassador Namık Tan (2nd L).

Turkey’s new investment incentive scheme is the world’s greatest system, and will hopefully lead to an international investment boom, Economy Minister Zafer Çağlayan said yesterday at a New York meeting of the River Club.

Çağlayan was explaining the new scheme to the Chief Executive Officers (CEOs) of several large American firms.

On the train ride to Washington D.C., after the River Club address, Çağlayan told reporters that Turkey was increasing its activities in six areas of the U.S: Georgia, Atlanta, New York, Washington D.C., Houston and Illinois. These regions make up 46 percent of U.S. Gross Domestic Product (GDP).

Çağlayan said that before the River Club meeting his team had met with five huge American firms, whose total turnover was $300 billion, or roughly 40 percent of Turkey’s GDP.

“We told them about our incentive scheme and they told us which operations they wanted to take part in and how they would foster employment,” Deputy Prime Minister Ali Babacan said.

One such American company interested in increasing its investments in Turkey is Kimberly-Clark Corporation, which owns the labels Huggies and Cotex in Turkey. “This company is ready to invest in Turkey and wants to transfer some of its operations in other countries to Turkey,” said Çağlayan.

3M wants to make Turkey into its investment center, according to Çağlayan, adding that Pepsico also wanted to increase its investments in Turkey from $800 million to $5 billion over the next three years.