Number of Chinese firms operating in Turkey set to double in next 3 years

Turkey's investment and promotion agency said the number of Chinese companies operating in Turkey is set to more than double in the next three years boosted by China’s Belt and Road Initiative.

Arda Ermut, president of Invest in Turkey, said Chinese companies are keen to invest in the country after China rolled out the Belt and Road Initiative in the past several years.

He said Turkey welcomes Chinese investment in automobile, infrastructure, information technology, energy, and chemicals industries.

Turkey could cut costs for Chinese companies and help connect them to European, North African, and Middle East markets.

The investment agency has signed a Memorandum of Understanding with Shanghai Foreign Investment Development Board to boost communications and events between companies in Turkey and Shanghai.

By the end of 2016, there were 872 Chinese companies and total investment of US$2.2 billion from China in Turkey, and about 70 percent of the investment came in the past three years, Ermut said.