UK puts Turkey on direct investment project list

Published 13.10.2017 19:24

The "foreign Direct Investment project" (FDI), run by the British government, is being tested in six countries, including Turkey.

British Chamber of Commerce in Turkey (BCCT) Secretary General Emrah Öz said investors in the U.K. are interested in investment opportunities in Turkey.

"Turkey is one of the six target countries in the direct investment project of the British government. We expect good investments over the next year," he added.

Öz told Anadolu Agency (AA) that the positive growth figures have opened the eyes of investors a little more in the last eight to nine months while Turkey has been experiencing a rather calm period.

"We have begun to hear whispers about the investments to be made in Turkey since the summer, such as 'we want to do this in Turkey' or 'we want to enter this market'," Öz continued. "Some companies come to consult us. We expect good investments over the next year. Unless there is a problem in Turkey's own geography, we think that investments will continue."

Pointing out that the trade volume between Turkey and the U.K. has increased rapidly, Öz said that Turkey sells more goods to the U.K. than the U.K. sells to Turkey, adding that the British government thinks that this should be further increased.

'Turkey, UK offer great opportunities for each other'

Öz further said the U.K. attaches special importance to the development of a mutual trade and investment environment with Turkey.

With regards to the foreign direct investment project being carried out by the British government, Öz stated this pilot project is currently being tested in six countries including Turkey, and that the aim is to make foreign investment more active in the respective countries.

"The British government wants SMEs and corporations to invest even more and grow their assets globally even further," Öz said, adding that currently Turkey is one of the pilot markets of the project.

Noting that they invite investors in the U.K. to invest in Turkey, Öz said Turkey and the United Kingdom offers great opportunities for each other, adding that investors in the UK are very interested in investment opportunities in Turkey and that there are common investment and business opportunities in countries for the U.K. and Turkey.

He also highlighted that the U.K.'s decision to exit from the EU can create new opportunities in terms of bilateral relations, suggesting that the unknowns are now pushing everyone to pay court to the policy makers. "I think the U.K. will somehow be in the Customs Union in the long run. The UK initially wants to make free trade agreements with the largest countries," Öz said.

Stressing that the relations between Turkey and the U.K. have gained momentum in recent years, Öz said: "I see Brexit as the U.K.'s somewhat independent opening to different markets. Turkey is the gateway to Asia and Europe."The U.K. led among countries with foreign direct investment inflows to Turkey last year. The capital inflow from the UK to Turkey was recorded at $961 million last year, with an increase of 64.3 percent compared to 2015.

The UK became Turkey's second most important export market after Germany by the end of 2016. Turkey reached approximately $11.6 billion in exports to the UK in 2016 and close to $5.3 billion in imports from the said country.

The total exports of Turkey to the U.K. in the first eight months of this year stood at $6.23 billion.

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