Hürriyet Daily News
The value of foreign investment in Istanbul in 2011 was more than the total foreign investment in Istanbul for the 2008-2011 three-year period, figures say
Foreign investment in Istanbulincreased by 110.77 percent in 2011 from a year earlier, according to a study released by the IstanbulChamber of Commerce (İTO). At the same time, the total number of foreign investors increased by 52.4 percent.
Over the course of 2011, 4,693 foreign investors set up businesses in Istanbul, amounting to roughly 1.7 billion Turkish Liras of investment. The number was up from 3,044 foreign investors who invested 823 million liras in Istanbulin 2010.
“The value of foreign investment in 2011 was more than the total foreign investment in the three-year period from 2008 to 2011,” said İTO President Murat Yalçıntaş, noting the impressive increase.
“The rise in global economic risk forced foreign investors to look toward countries with solid macroeconomic fundamentals. Turkey, with its strong and consistent economy, has captured investor attention and, of course, Istanbul has got the lion’s share of the interest,” said Yalçıntaş, adding that the credit agencies’ positive view of Turkey had also ignited foreign investment.
In 2011 the sector that attracted the most foreign investment was the banking and insurance sector, according to the İTO’s findings.
Some 81 foreign investors invested approximately 916 million liras in the sector. The chemical/plastics and transportation sectors followed. In 2010 foreign investors invested the most in the electronics sector.
Meanwhile, the four countries that invested the most in Istanbul in 2011 were France, Iran, Germany and Scotland.