Turkish Economy to reach US$ 10 Billion of Foreign Direct Investment in 2011
The Turkish economy might reach $10 billion of foreign direct investments, or FDI, by the end of 2011 after recording a significant growth of 11 percent in the first quarter of the year, said the new chairman of the International Investors Association, or YASED.
“Turkey has taken serious monetary measures to fight against the rising current account deficit,” said new YASED Chairman İzzet Karaca during Tuesday’s general assembly in Istanbul, noting that despite significant economic growth, Turkey should focus on bringing down the influx of imports. “The country should enjoy the growth,” Karaca said. “On the other [deficit], however, it needs to be careful.”
Turkey’s FDI trend is parallel with global trends, said Karaca, noting that the political and economic stability of the country would likely boost the foreign investments in the long run.
Reaching a record FDI in 2007 of $22 billion, Turkey’s FDI figure slumped due to the global economic crisis in 2008. Having seen the signs of recovery in last year with $8.89 billion total volume of FDI, “We expect to reach nearly $10 billion by the end of this year,” Karaca said.
The misperception of foreign investors is still common among Turks, Karaca said to journalists. The association will focus on explaining to locals that international investment is in Turkey’s interest, he said.
Turkey should fight against the “black economy” and the country’s competitiveness needs be “polished” through various incentives, Karaca said. “Our primary aim is to place Turkey among the top 10 economies of the world through the right steps and long-term innovative thinking and planning.”
At the general assembly of the association, seven new members were elected to the 15-member board. İzzet Karaca, chief executive of Unilever Turkey, became the new chairman replacing Piraye Antika.
The newly elected members of the board are: Bülent Adanır, board member of Turkish lender Akbank; Güldem Berkman, chairman of Novartis Turkey; Akın Kozanoğlu, chief executive of Ergo Group; Galya Molinas, chairman of Coca-Cola Turkey; Can Suphi, chairman of BP Turkey; and Serpil Timuray, chief executive of Vodafone Turkey.
July 5, 2011
SOURCE: Hürriyet Daily News
