U.S. investment in Turkey declines markedy – report

Investment by U.S. firms in Turkey’s economy has declined significantly after relations between the two countries deteriorated, according to a bilateral business group.

Ali Osman Akat, head of the Turkish American Business Association (TABA AmCham) said U.S. companies were continuing to operate normally in Turkey, but new investment was slowing, according to Dünya newspaper.

Ties between the United States and Turkey have entered crisis mode after Turkey invaded Syria to battle Kurdish militants allied with Washington in the fight against ISIS and a court case in New York exposed alleged collaboration by top Turkish politicians and bankers in breaking U.S. sanctions on Iran.

Every effort was being made by the business community to ensure that the crisis in relationsdidn’t affect trade, Tamer Saka, the organisation’s deputy head and CEO of Kibar Holding, told Dünya. The problems are just temporary, he said.

“Those who suspend investments because of the current situation should be certain that they will suffer in five to 10 years time,” Saka said.