Turkey eyes leap in foreign direct investment in 2020

ISTANBUL

Turkey expects a strong acceleration in foreign direct investments this year, the country’s technology and industry minister said on Monday.

Turkey expects to see new investments in petrochemicals, transportation technology, integrated mining, defense, and electronics in 2020, Mustafa Varank told the U.K. Technology Conference in the metropolis of Istanbul.

These investments will attract foreign investors, he added.

He underlined: "We want to move Turkey to the upper leagues and make it one of the best-developed countries in the world."

Varank said the country will reach its 2023 targets by taking steps in technology, innovation, digital transformation, entrepreneurship, human capital, and infrastructure.

Turkey aims to boost the manufacturing industry's share of GDP to 21%, and raise the share of medium- and high-tech products to 50% of its exports, Varank said.

He added that the country targets having a half-million software developers and creating 23 global smart products in the disruptive technology area.

Saying that the U.K. has critical importance in the technology area, he stressed that it is also one of Turkey’s key trade and investment partners.

"I see this conference as a step for improving and deepening our relations much more after the Brexit period," he said.

On trade discussions between the two countries, Varank said: "We hope this process will conclude with a free trade agreement."

Touching on the country's first indigenous car, introduced last December and due to roll out in 2022, he said Turkey will continue to work hard to become a leading country in the autonomous and electric vehicle market.

*Writing by Gokhan Ergocun