Turkey an ‘attractive market for investment’
Turkey’s huge domestic market, healthy economy, young population and a location proximal to a number of regional markets make it an extremely appealing investment destination, an Ernst & Young report has found.
The attractiveness survey, conducted among more than 200 business leaders from almost 30 countries evaluated investment trends in Turkey and investors’ opinions on the country’s climate.
The $138.3 billion figure includes the $12.4 billion invested in 2012 alone. These numbers have boosted Turkey into the major league of international investment, said the head of Transaction Advisory Services at Ernst & Young.
"Turkey realised 395 FDI investment projects between 2007 and 2012, which represented 27.5 percent average annual growth," Musfik Cantekinler said.
The report found that 59 percent of surveyed investors said they planned to invest further in Turkey within the next year, while more than 80% believe that Turkey’s appeal to outside investors will continue to grow.
Presently, foreign investment to Turkey is dominated by Western Europe, at 46.3%, followed by North America, the Asia Pacific, Middle East and Central and Eastern Europe.
Another investor declared Turkey to be the perfect business blend of Europe and Asia. "Alongside its European characteristics and standards, Turkey enjoys as well Asian dynamism, entrepreneurship, flexibilities and the communication skills. This way of being a perfect Eurasian centre of economic gravity is Turkey's international brand."
Geography certainly plays a part. Chinese firm Huawei, currently the largest telecoms company on the planet, launched operations in Turkey in 2002 and hasn’t looked back.
Director of Communications Zhao Xiobin said that Turkey’s economic growth and the increase in international trade means the country offers great opportunities, and added that Turkey’s "geographic position between Central Asia and Caucasia as well as Europe, Middle East and Africa, in addition to having important economic relations with the countries in those regions" was a huge motivation for Huawei’s investment in the country.