Foreign Direct Investment Projects in Turkey – Fivefold Increase in last 10 Years
The number of FDI projects in Turkey has increased almost five-fold in the last decade, according to the latest Ernst and Young ‘European Attractiveness Survey’. The survey revealed that the number of FDI projects in Turkey increased by 3% in 2016, with 136 foreign funded projects, compared to just 28 projects in 2006.
FDI projects in 2015 resulted in the creation of 2.971 new jobs – this figure increased by almost 142% last year, with a further 4.208 new jobs added.
According to the Survey, the number of foreign direct investment projects in 2016 (across Europe as a whole) was 5.845, an increase of 15% over 2015. These investments resulted in 259.672 new jobs, an increase of 19% over the previous year.
Müşfik Cantekinler, head of the EY Turkey Corporate Finance Department, stated that whilst the the increase in FDI projects in Turkey was noteworthy, the increase in the number of new jobs was perhaps more significant (as employment continues to be a major issue within the Turkish economy) Cantekinler also said that he expected the number of FDI projects to continue to increase in the coming years.
“Turkey’s young population, consumer spending habits, entrepreneurial culture and geographical location are attractive for foreign investors in every period – if these elements are supported by economic growth and proper investment policies, foreign investments will continue to increase.”
Meanwhile, earlier reports confirmed that Turkey’s FDI rate increased by 43 percent in the first three months of this year compared to the same period last year, reaching around $18.5 billion.