FDI inflows to Turkey declined by 15% y/y to USD 11bn in 2013, according to UNCTAD’s (United Nations Conference on Trade and Development) Global Investment Trends Monitor January 2014 report.
Turkey witnessed virtually a total absence of large FDI deals last year, according to the report.
Turkey was one of the nine G20 members those faced a decline in FDI inflows last year and Turkey was the fifth G20 member which faced the sharpest decline in FDI inflows after France, Australia, Saudi Arabia and the UK, respectively, according to UNCTAD.
Earlier this month, the Central Bank of Turkey announced that net FDI inflows to Turkey declined by 6% y/y to USD 7.7bn in Jan-Nov 2013 from USD 8.2bn a year ago.
In November, Ilker Ayci, head of the Turkish government’s investment support and promotion agency, said that Turkey would continue to attract foreign investments into its energy, automotive, finance and banking & insurance industries in 2014. FDI inflows would mostly go to energy and privatisations in 2014, but U.S FED’s decision on tapering will be decisive, according to Ayci.
Ayci expected around USD 12bn of FDI in 2013, the same amount Turkey had attracted in 2012 but he said the agency had no forecast yet for 2014.
Ayci also expected sovereign funds to show more interest in the Turkish economy. The head of the government agency saw the agreement on Iran’s nuclear programme as an important opportunity for Turkey as foreign investors with special interest in the Turkish economy had welcomed this development.
FDI inflows to Turkey reached a record USD 22bn in 2007 while the inflows amounted to USD 12.6bn in 2012, according to the Central Bank of Turkey.
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