Japan's Toyo Ink Group, one of the world's leading ink manufacturers, has announced that it will continue investing in Turkey as it prepares to open a new factory in western Turkey's Manisa.
The group has identified Turkey as a production and sales base for a vast region consisting of Europe, Africa, Russia and the Middle East, according to a company statement. To that end, the group has decided to increase its capital in Turkey by $10 million.
"With this decision, the company's capital increase since it entered the Turkish market in 2016 will reach $27 million," the statement read.
The statement added that only Turkey is located at a central point in the region, spanning from India to the U.S. It can manufacture all products on Toyo Ink Group's product range.
The group's new factory at the Manisa Organized Industrial Zone will cover 62,000 square meters and produce polymer, ink and coating materials.
The new factory will increase Toyo's production capacity and produce products that were previously imported. It will also strengthen Toyo's regional presence.
It also underlined that there is no change of plans for Turkey, saying: "In the face of the recent fluctuations in exchange rates and similar developments, there emerged a need to revise the strategies of the company. Despite media reports suggesting otherwise, we have decided to continue investing in Turkey. Since we entered the Turkish market, there has been no change in our decisions. The group will continue investing in Turkey. The basic strategy of making Turkey a production and sales base for the Turkic republics, Europe, Africa, the Middle East and Russia is still in place."
Meanwhile, preparations for the new $30-million factory in Manisa continue. The company will obtain a construction license after the completion of investment-related projects next January.
The company highlighted that "the cooperation and support of all our customers and business partners during this period is crucial for us." "We want to contribute to the Turkish economy and the daily life by offering reliable products and services," the statement from Toyo Ink Group said.