Türkiye becoming center of attraction for global investments

ISTANBUL 

Türkiye is on the way to become a center of attraction for global investments as the nation has captivated many international carmakers, thanks to the various projects and production programs implemented in recent years.

Türkiye plays an active role in global supply chains due to numerous factories being established day by day while the nation’s advantageous geographical location and its young and qualified workforce attract global brands to make investments to turn Türkiye into a research and development base.

For instance, Chinese electric vehicle (EV) maker BYD, which also happens to be the largest EV maker worldwide, invested $1 billion in Türkiye, ushering in a new era in the nation’s automotive industry by setting off a “domino effect” for other companies in many sectors, but especially in automobiles, to follow suit and invest in Türkiye.

BYD’s investment is expected to create jobs for 5,000 people directly and 25,000 indirectly via producing EVs in and exporting them from Türkiye, while providing many opportunities for investments in other sectors that have supply links with the automotive industry.

As the technology trends of the world change and develop, Türkiye keeps up the pace to its rapid advancements, as the nation has built its own research and development, as well as an innovation ecosystem, from the ground up, thereby putting Türkiye on the world map.

Namely, the installation of fast charging stations under the leadership of the Ministry of Industry and Technology, a campaign to pave the way for the widespread use of EVs nationwide, which aims to raise the number of EV chargers to 20,900, mark a fivefold increase in Türkiye EV charging infrastructure.

As BYD’s investment process continues, other carmakers come to fore

The Turkish government imposed additional customs duties on Chinese combustion engine and hybrid passenger cars to protect and boost the country’s domestic market, which bore fruit, as Chinese carmakers announced their investment plans in Türkiye.

After BYD, the Chinese carmaker Chery came to the fore with investments in Türkiye, as the firm has had a presence in the country for some time.

Additionally, EV makers Skywell and MG continue their investments in Türkiye, while the Chinese carmaker DFSK’s Turkish team started trainings for the company’s European operations.

Meanwhile, Chinese battery maker Ganfeng Lithium signed an agreement with the Turkish firm Yigit Aku to invest $500 million in Türkiye.

The deal was inked to expand the market reach of the two companies and to jointly promote international trade in lithium ion batteries, battery modules, and more, via establishing a joint venture in Türkiye, according to Yigit Aku’s statement on the Public Disclosure Platform KAP.

• Electric vehicle
• investments
• Turkiye