German companies hesitant to risk investing in Turkey - German foreign minister
Germany’s foreign minister says German companies are hesitant to risk investing in Turkey.
German Foreign Minister Heiko Maas said in an interview with Die Zeit newspaper that Turkey’s justice system was at fault for decreasing German investment in Turkish industries.
In the past two years, German business investments have declined nearly 20 percent in Turkey, the newspaper said, and German companies have begun delaying investments.
Turkish President Recep Tayyip Erdoğan is to meet German President Frank-Walter Steinmeier and Chancellor Angela Merkel on a two-day state visit beginning on Thursday.
Erdoğan is also expected to meet German business leaders in Berlin and hopes to attract more investment in Turkey, DW said. Erdoğan also aims to convince the German government to support investment in Turkey by providing credit to German companies.
Economy ministers from both nations met in Berlin last week, reaching an agreement to expanding bilateral economic ties. The meeting came after steep declines in the Turkish lira and U.S. sanctions imposed on Turkey due to its detention of a number of U.S. citizens.
“Turkey today did not request aid. They won’t during President Erdoğan’s visit, either,” German Finance Minister Olaf Scholz said last week after meeting the Turkish ministers, according to DW.