EIB to sink 2.5 billion Euros into Turkey
The European Investment Bank is planning to invest around 2.5 billion Euros in Turkey this year.
EIB vice chairman Pim Van Ballekom told the Hurriyet Daily News that the quality of the projects were more important than the amount invested.
“We invested 2.1 billion euros in Turkey last year and we plan [to invest] 2.5 billion euros this year. But everyone is focusing on figures. For me, this is less important. Speed matters much more. It all depends on the quality of the projects. We only finance 50 percent of a project. We always need other finances as well. If the project is good, it is no problem for it to find financing,” he said.
The EIB has invested around 11 billion Euros in Turkey over the last five years. This year’s investment is the largest since the bank began operations in Turkey in 1963. A third of the portfolio is invested infrastructure, a third in healthcare and a third in small and medium-sized enterprises, who will benefit from loans and guarantees.
Van Ballekom says Turkey’s good economic track record and the fact it has overcome economic problems faster than its neighbours in the EU means it’s a very favourable investment destination.
Bosch investment to boost development of groundbreaking fuel injector
Engineering company Bosch has announced an investment of 200 million Euros for Turkey this year.
President of Bosch Turkey and the Middle East Steven Young said the company has a long history of investing in the country and maintains full confidence in Turkey’s potential.
“In Turkey, where we have invested more than 2 billion euros in 43 years, we made investments worth 135 million euros in 2013. And we have a plan to invest 200 million euros in 2015,” he said.
Bosch Turkey has more than 15,000 employees and is the fifth-largest Bosch division in the world.
The company’s Bursa division is at the top of the company’s investment list, with a plan to further develop fuel injectors that will reduce fuel consumption by a third.
Turkey’s economy tipped to beat that of 24 EU states this year
The European Commission has forecast that Turkey’s economy will grow faster than 24 EU member states this year.
The commission’s Spring Economic Forecast estimates that Turkey’s annual GDP growth will increase from 2.9 percent last year to 3.2 percent this year. Next year’s growth is estimated at 3.7 percent.
A gross domestic product growth of 3.2 percent will see Turkey beat estimates for 24 EU member states, with estimates for Spain predicted to be 2.8 percent; the UK at 2.6 percent, Germany at 1.9 percent and France at 1.1 percent.
The report stated that Turkey’s economy will benefit from lower oil prices and that inflation will decline. This will boost domestic demand and stimulate growth and employment.
Turkey’s economic future is bright, says Siemens CEO
Thanks to its geographic position and legal infrastructure, Turkey is the ideal investment location - and has been so for 160 years, says CEO and president of Siemens Turkey.
Huseyin Gelis, speaking at the Energy and Environment Fair in Istanbul, said foreign investors see Turkey as an attractive investment destination. "Turkey is a trustworthy country to make investments in. Siemens has been in Turkey since 1856 and sometimes I ask myself, 'Are we a foreign company in Turkey?' On the contrary, maybe we are a Turkish company of foreign origin. We saw Turkey's huge potential to attract foreign investment 160 years ago"
Between 2002 and 2014, the country has developed in leaps and bounds, and will continue to do so, Gelis said. "Turkey's economy will grow in the coming years. We attach great importance to a country's economy, labor force, political environment, strategic environment and legal infrastructure before investing."
Also speaking at the fair was Ozturk Selvitop, the head of Energy Policy from the Ministry of Energy and Natural Resources, who said Turkey had “serious potential for renewable energy.”
"Turkey has a good hydrocarbon potential but it doesn't have natural gas or oil," Selvitop said. "We have a serious potential for renewable energy and soon we will start to generate electricity from our nuclear power plant. Currently, Turkey tries to diversify its energy sources."
Turkey's economy has grown for the last 20 quarters and has attracted US$145 billion in investments since 2002.
US$750 million Saudi fund earmarked for Turkish real estate
Saudi Arabian-based Al-Bassam Group is to launch a US$750 million fund to invest in Turkish real estate.
CEO Zaid Al Bassam said at an investment summit that the fund, to be launched this year, will invest in public companies.
“Turkey offers great potential for investors. Additionally, it is a country where we feel at home due to our historical roots.”
Also speaking at the summit was Turkey’s Minister of Science, Industry and Technology Fikri Isik, who said Turkey’s attention to fiscal discipline makes it an attractive prospect for foreign investors. Turkey’s success in reducing its budget deficit would’ve been “unimaginable,” for many countries, the minister said.
Thanks to reforms in the sector, Turkey has the best banking system in the world, Isik claimed.
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