Turkey emerges as global hub for innovation, investment
Date
12/29/2024 12:41:15 AM
(MENAFN) Turkey is solidifying its reputation as a center for digitalization and innovation, driven by advancements in technology, logistics, and production, alongside favorable economic policies.
This year, Turkey stood out as the only nation to receive upgrades in its credit ratings from Fitch Ratings, Moody’s, and S&P.
The Central Bank of Turkey (TCMB) boosted its total reserves to USD92.4 billion, while the country’s 5-year credit default swap (CDS) rate dropped, enabling more affordable financing options and appealing to foreign investors.
Efforts to enhance Turkey’s role as a key transportation and investment hub continue, with new corridors and initiatives strengthening its attractiveness.
The number of international companies operating in Turkey has surged from approximately 5,600 in 2002 to over 82,000 today.
While global foreign direct investment (FDI) flows declined, Turkey’s FDI inflow increased by 12 percent last year, according to the Organization for Economic Cooperation and Development (OECD).
In 2023, Turkey ranked fourth in Europe for greenfield FDI projects, with 375 initiatives, trailing only France, the UK, and Germany, as highlighted by the European Attractiveness Survey 2024.
Burak Daglioglu, head of Turkey’s Investment Office, stated that the country has attracted over USD272 billion in FDIs since 2003, showcasing its growing appeal to global investors.
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