Global investors plan to pour $7.1b into Turkey
The research head was of the view that the critically low foreign exchange reserves would not allow improvement in the rupee-dollar exchange rate. photo: file
Members of Turkey’s International Investors Association (YASED) are planning $7.1 billion of direct investment in Turkey in the next six months, Chairman Engin Aksoy said on Wednesday.
There are other international companies that want to invest in Turkey but the biggest issues are a lack of macroeconomic stability and regulatory unpredictability, Aksoy added. Spiralling inflation and a volatile currency compound the negative perspective on Turkey, he said.
Turkey expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as part of President Tayyip Erdogan’s trip to the region in two weeks, according to two senior Turkish officials.
Erdogan is scheduled to visit leaders in Saudi Arabia, Qatar and the United Arab Emirates on July 17-19, in part to drum up foreign funding that would boost Turkey’s strained economy after his re-election in May.
The sources, who spoke on condition of anonymity given the talks are private and deals are not yet finalised, said overall investments of up to $30 billion are expected over a longer period in Turkey’s energy, infrastructure and defence sectors.
Published in The Express Tribune, July 13th, 2023.
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