Uncategorized

Turkish $15 bln FDI forecast still within reach

By Sam ⋅ August 15, 2008 ⋅ Email this post ⋅  Print this post ⋅ Post a comment

Turkey may still attract foreign direct investment (FDI) of $15 billion this year, International Investors Association of Turkey, YASED, Yased said on Wednesday, in line with its previous forecast.

Yased said FDI in the first half of the year was $7.6 billion, bringing the total in the 12 months to June up to $17.3 billion, in a report.

“It appears that the end-year forecast of $15 billion which we made is still achievable,” the Yased report said.

FDI in 2007 stood at $22 billion and in May, Economy Minister Mehmet Simsek said the 2008 total was expected to be between $14 billion and $16 billion, lower than an official target of $18.5 billion.

The Turkish economy’s strong growth of recent years is seen slowing this year, hit by a global slowdown in activity, discouraging foreign investment.

Among the most significant inflows of foreign investment this year was from the sale of cigarette maker Tekel to British American Tobacco, which won the auction in February with the highest bid of $1.72 billion.

Koc Holding sold a 50.8 percent stake in retailer Migros to BC Partners for 1.98 billion lira ($1.7 billion).

Turkey’s Privatisation Administration (OIB) said it had transferred 4 billion lira to the Treasury on Wednesday, bringing its total transfers this year up to five billion lira.

Source: Hurriyet