As FDI Grows 13% YoY, Turkey’s Challenge to China’s Manufacturing Dominance Continues
Investors are looking at Turkey once again with renewed interest, as demand for fixed investment in the country increased by 13% YoY – 73% of which was centered around the manufacturing sector alone.
As previously reported by CIP Turkey, China’s global trade superiority continues to be challenged by Turkey – the rising star on the world’s manufacturing stage – and it shows no sign of abating any time soon.
That sentiment was echoed by Turkish minister of Industry and Technology, Mustafa Varank, who on Thursday said that, during the month of September, more than 1,000 new investment incentive packages had been approved at a value of over $2.5B, which is expected to create at least 30,000 new jobs, as reported in the Daily Sabah.
In the past 17 years, Turkey has benefitted from its fair share of foreign direct investment, with $219B entering the economy. That impressive figure serves as a reminder as to how far Turkey has come in a short amount of time. And, with 2023 being the centennial of the Turkish republic, things are poised to get even better.
Investor concerns surrounding the Turkish Lira’s devaluation of recent weeks have been alleviated, as the government’s swift and decisive actions have seen the Lira already rebound by nearly 10% against the US dollar, where it has been holding steady.
In a speech given by President Erdogan on Wednesday, which coincided with the 82nd anniversary of the death of the father of Turkey, Mustafa Kemal Ataturk, the President emphasized the importance of the new economic plan that was launched in September.
He said that after this very difficult year, there is much cause for optimism with 2021 expected to see a 5.8% growth in GDP.
Following an impressive period of rapid and significant infrastructure developments, Turkey now has 14,000km of railway lines, 1,213km of high-speed railways, 27,714 of divided highways, and 3,325km of highways, which is a monumental achievement.
At CIP Turkey, we are also feeling optimistic, as we are experiencing increased demand with both remote and touring clients, and it looks set to continue throughout 2021.
To boost efficiency, we have managed to further streamline the processing times for property acquisitions and citizenship applications, saving our clients time and money. To help handle the increasing volume of visiting clients, we are pleased to announce the opening of our new office in the center of Istanbul, just off Istiklal – Turkey’s world-famous, pedestrian-only, street.
We look forward to welcoming record numbers of clients and partners to our new office and witnessing many more happy families achieve their goal of Turkish citizenship.
New office address: Asmalı Mescit Mh. Asmalı Mescit Cd. No: 3 Kat: 2 Daire: 3 – Beyoğlu/Istanbul.
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