Over the period spanning from 2002 to August 2023, South Korea has played a pivotal role in Turkey's economic landscape through Foreign Direct Investment (FDI). Official figures report a noteworthy FDI amounting to 1.4 billion USD during this period, marking a substantial contribution to the Turkish economy.
2.4 billion USD invested in Turkey
However, the true extent of South Korean investment in Turkey becomes even more apparent when considering statistics provided by South Korea itself. According to South Korean sources, which meticulously account for investments made through Korean firms situated in third countries, the FDI figure for South Korea's involvement in Turkey stands at an impressive 2.4 billion USD.
This comprehensive perspective underscores the multifaceted nature of economic collaboration between the two nations, highlighting the impact of investments made not only directly from South Korea but also through Korean entities operating in diverse global locations.
A strategic alignment between the two countries
The surge in South Korean FDI in Turkey reflects a strategic alignment between the two nations, with South Korean companies actively seeking opportunities to invest and contribute to Turkey's economic development. This collaborative approach extends beyond mere financial transactions, fostering a deeper and more enduring partnership that goes beyond borders.
The disparity in reported FDI figures emphasises the importance of considering investments made by South Korean firms operating in third countries. This nuanced perspective offers a more accurate representation of the comprehensive economic engagement between South Korea and Turkey.
As both nations continue to navigate the challenges and opportunities of the global economic landscape, the robust FDI from South Korea underscores the resilience and potential of their bilateral ties. The evolving economic partnership between South Korea and Turkey not only contributes to the growth of Turkey's economy but also exemplifies the strength of international collaboration in fostering shared prosperity.
383 companies in a range of industries
These 383 companies represent a diverse array of industries, spanning manufacturing, technology, services, and beyond. Their collective presence not only contributes to the economic diversity of Turkey but also underscores the attractiveness of the Turkish market for Korean investors seeking strategic opportunities and growth prospects.
The investments made by Korean entrepreneurs and corporations have played a vital role in bolstering Turkey's economic development. This injection of capital has fuelled job creation, technological advancements, and the overall enhancement of the business ecosystem.
Beyond the monetary value, the collaborative spirit between Korean and Turkish entities has paved the way for knowledge exchange, skill transfer, and the establishment of enduring business relationships.
Further economic collaboration
Looking ahead, the 383 Korean-backed companies in Turkey serve as anchors for further economic collaboration. Their collective presence not only signifies the successful integration of Korean investors into the Turkish business landscape but also sets the stage for potential expansion and diversification of investments in the years to come.
As these companies continue to thrive and innovate, the enduring collaboration between Korean and Turkish enterprises remains a beacon of successful international economic cooperation, fostering growth, prosperity, and a shared vision for the future.
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