Turkey to prepare foreign direct investment strategy

ANKARA

Turkey on Friday announced plans for a foreign direct investment strategy aiming to benefit from the conditions following the novel coronavirus pandemic.

Technology and Industry Minister Mustafa Varank told businesses in a virtual conference that as power balances shifted, the world would likely transition from a unipolar order to a multipolar one.

"So, we need to focus on getting a big slice of this division," he added.

Together with the Presidential Investment Office, the ministry will soon complete the country's Foreign Direct Investment Strategy, said Varank.

He stressed that the timing was appropriate to catch the "spirit of the era," adding that Turkey had an opportunity that needed to be evaluated.

"It's only in this way that we can reverse the performance we've seen in investment inflows in recent years," he stressed.

Varank urged firms to show global companies, which are "looking for new economic hubs," the positive features of the country.

"Let's convince them. Look, I'm not talking about replacing any country. As a new player, I'm talking about entering the market stronger with the advantages we offer," he concluded.