Türkiye becomes increasingly attractive destination for global investments
Date
8/22/2024 7:42:51 AM
(MENAFN) Türkiye is positioning itself as an increasingly attractive destination for global investments, particularly in the automotive sector, thanks to a range of recent projects and production initiatives. The country’s role in global supply chains has been growing as new factories are established, and its strategic geographical location combined with a young, skilled workforce is drawing international brands eager to invest and develop research and development (R&D) bases in Türkiye.
A notable example of this trend is the USD1 billion investment by BYD, a leading Chinese electric vehicle (EV) manufacturer and the largest EV maker globally. This significant investment marks a transformative moment for Türkiye's automotive industry, creating a ripple effect that is likely to encourage other companies across various sectors to consider Türkiye for their investment strategies. BYD’s investment is anticipated to generate direct employment for 5,000 individuals and an additional 25,000 indirect jobs through the production and export of EVs, while also opening up further investment opportunities in industries connected to the automotive sector.
Türkiye is keeping pace with global technological advancements by developing its own R&D and innovation ecosystems from scratch. This proactive approach has put Türkiye on the global map as a player in cutting-edge technology and innovation. As part of this drive, the Ministry of Industry and Technology has led initiatives to enhance the country’s EV infrastructure, including the installation of fast-charging stations. A nationwide campaign aims to increase the number of EV chargers to 20,900, representing a fivefold expansion of Türkiye’s EV charging infrastructure, which supports the broader adoption of electric vehicles across the country.
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