Turkey notches 23rd position on global FDI ranking

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Photo – Panos/The Economist

Turkey jumped 6 spots to claim 23rd position, up from last year’s 29th, on the global foreign direct investment (FDI) destination rankings, thanks to a surge of foreign investments into the country, a UN trade body report revealed.

The report titled ‘World Investment Report 2012: Towards a New Generation of Investment Policies’ said Turkey emerged as a clear exception to regional trends – in stark contrast with its instability hit neighbours like Iraq, Syria, Lebanon and other countries in the Middle East – and witnessed an enviable increase in FDI inflow. The report was compiled by the United Nations Conference on Trade and Development (UNCTAD) which surveyed 211 countries worldwide.

Turkey attracted $15.9 billion of FDI in 2011, a 76% increase from a year earlier. The Anatolian nation managed to attract $22 billion back in 2007 just before the global financial crisis hit markets around the world.

The report, published by the International Investors Association of Turkey (YASED), highlighted Ankara’s strong performance in terms of FDI attraction in the developing nations category. Turkey climbed to the 12th place among developing nations, up from 16th place in 2010.

“Turkey’s 76% increase is among the highest levels observed among developing nations,” said YASED’s Secretary General Ozlem Ozyigit, presenting the report on Sunday. “Primarily, we wish Turkey to reach the pre-crisis FDI levels and attain a sustained growth in FDI flow in line with the country’s increasing regional and global potential,” she commented.

Turkey managed to draw $110 billion of foreign direct investment in the last 9 years and aims to attract at least $20 billion this year, the report said. The country’s economy was the fastest growing in Europe last year with a staggering growth rate of 8.5%.

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