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Turkey attracts higher than expected FDI

Turkey attracts higher than expected FDI

ANKARA: A total of $682 million in foreign direct investments (FDI) flowed into Turkey in November 2015, the Economy Ministry announced. According to Economy Ministry data, Turkey attracted more than $14 billion in FDI in the first 11 months of 2015 with an increase of 32.9 percent compared to the same time period of the previous year.

A total of $312 million in capital flowed into Turkey in November 2015 as a result of foreign investors’ new or existing companies in Turkey as well as the transfer of their shares in domestic-capitalized companies. More than $242.9 million out of a total of $312 million in cash flows came from European Union countries.

The Prime Ministry Investment Support and Promotion Agency (ISPAT) was expecting FDI to exceed $14 billion by the end of the year, and hit around $16 billion by the end of 2016 since FDI inflows into Turkey exceeded last year’s total during the first nine months of 2015. The country received $12.6 billion in FDI during the January-September 2015 period, up 32 percent over a year earlier.