Nov 09 2017

AK Party period sees 900 percent rise in foreign companies in Turkey

ANKARA - Prime Minister Binali Yıldırım said in a speech last week that there were now ten times as many foreign companies registered in Turkey as there had been when his AK Party came to power.

The claim was substantiated by fact-checking website Doğruluk Payı, which found that there were 5,626 registered companies based on foreign capital in 2002, while the most recent data shows there are 56,468.

The boom in interest from abroad was sparked by factors including increasing volumes of foreign trade, the liberalisation of Turkey’s economy from a 2001 IMF programme onwards, a broadly stable political situation until recent years and hopes that Turkey would integrate further within the EU.

Foreign direct investment figures, however, have fallen ever since a 2015 high.

Economy Ministry figures show that FDI to August is $6.54 billion, 14.9 percent down on last year’s figures.