'Turkey should achieve 3% share in global FDI'

ISTANBUL

Turkey should achieve a 3% share in global international direct investments (FDI), up from the current level of 1%, the president of the International Investors Association (YASED) said on Wednesday.

"We aim Turkey to rank among the first 10 countries which attract the highest amount of FDI globally, therefore should raise its share to 3%," Aysem Sargin said at Istanbul Finance Summit.

"Turkey has this potential, but to reach this potential it should keep up with the transformation in the world and increase its competitiveness in accordance with the changing conditions," Sargin said.

Citing the United Nations Conference on Trade and Development (UNCTAD) 2019 World Investment Report, Sargin said Turkey ranks 21st in the global FDI rankings, rising four places compared to last year.

The report showed that global FDI fell 13% in 2018 to $1.3 trillion, while FDI in Turkey jumped 13% to $13 billion, she noted.

"It is a very positive development to see a rise in investment inflows to our country in a period when direct investments are dropping in the world," Sargin said.

But she also noted that Turkey should maintain its success in global competition for direct investments in a period of rising challenges and uncertainties such as geo-political risks and trade wars.

"We should be better than our rivals to attract more investments while focusing on qualified and transformative investments," she added.

Referring to Istanbul Finance Center project, Sargin said it is an important step for diversification of financing sources and strengthening the Turkey perception of investors.

Istanbul, becoming a regional and global financial hub, will also support the rise of direct investments.

Representing 80% of corporate international direct investments in Turkey, YASED supports development of the country.

The two-day summit is held under the theme of Financial Metamorphosis and Back to the Future on Oct. 9-10 in Swissotel the Bosphorus in Istanbul's Besiktas district.

During the event, several officials, economists, businesspeople, bankers and academics will give speeches in 19 sessions on several issues ranging from financial technologies, and electronic trade to defense industries.