Business

Turkey attracts $3.9B foreign investment in Jan-Aug

Share of services sector accounts for $3.2B, according to Trade Ministry data

This January-August Turkey saw $3.9 billion in foreign direct investment, data from the country’s Trade Ministry showed.

Nearly $3.2 billion of this amount was invested in the services sector, according to data compiled by Anadolu Agency, followed by the industry and agriculture sectors with $764 million and $2 million, respectively.

Italy took the largest chunk of foreign direct investment flow to Turkey with $966 million, followed by the US with $745 million.

Next came the UK with $439 million, the Netherlands with $354 million, Luxembourg with $231 million, Germany with $229 million, Ireland with $149 million, and Norway with $104 million.

In 1984-2002, foreign direct investment in Turkey amounted to $14.6 billion, while in 2003-2019 the period of Justice and Development (AK) Party rule it totaled $217.5 billion.

Foreign direct investment inflows to Turkey this August, however, totaled $536 million, $266 million less than the same month of the previous year.

On the other hand, overseas investment made by Turkish investors last year amounted to just over $2.9 billion, bringing the total from 2003 to 2019 to $45.6 billion.

The direct investment made by Turkish firms abroad in August rose 14.9% compared to the same month of the previous year to reach $162 million.

Source
Anadolu Agency

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