The upgrade of Turkey's rating by international credit ratings institutions Fitch last November and Standard & Poor's in late March has inspired foreign financial institutions and investment funds to revisit their future plans. While a number of firms from both Japan and Dubai are seeking out new opportunities in Turkey, European mega firms have also set their radars on Turkey for investments. Gulf Capital, which invested in the Istanbul-based Orion Group last year, has recently purchased 75 percent of the medical diagnostic imaging solutions firm Doğu Tıp. Gulf Capital CEO Karim El Solh has expressed plans to build the region's biggest diagnostic imaging platforms in the region with Doğu Tıp.
SUMITOMO COMES TO TURKEY FOR AGRICULTURE
The 400-year-old mega Japanese firm Sumitomo will now be entering Turkey's agricultural sector only adding to previous investments in finance, water, energy, chemicals, automotives and rubber. Last year, the Sumitomo Corporation initiated a 500 million dollar investment in Çankırı for its Rubber Industries firm. Sumitomo Corp. CEO and Executive Board Chairman Kunihara Nakamura arrived to Istanbul to open their first agricultural center in the Middle East at the start of April. In the initial stage, Sumitomo will be hiring 50 employees.
Meanwhile, one of the world's biggest investment funds the Canada Pension Plan Investment Board (CPPIB) has also announced plans to increase investments in China and Turkey, both nations that stand out for their economic growth. CPPIB President Mark Wiseman recently stated that they want to bring their 172 billion dollars at present up to 465 billion.
FUNDS ARE EYEING TURKEY
London-based Ascend Capital Director Justin Drummond also revealed plans to begin working on investments in Bulgaria, Serbia, Macedonia and Turkey. Doha-based Qatar Holding will be honing in on Turkey with Aventicum Capital, a fund set up with the Swiss Credit Suisse AG. According to Qatar Holding CEO Ahmad Al-Sayed, Aventicum Capital Management will be tracking the credit market in Turkey, beginning efforts in the first half of the year.
This is a translation of an article originally written by Kerim Ülker.