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Indian cos. make beeline for Turkey

ISTANBUL (Turkey): With the foreign direct investment (FDI) touching a huge $22 billion during 2007 and expected to cross $25 billion this year, Turkey has emerged as one of the hot investment destinations not only in Europe but also for multinational companies, including those in India which have lined up huge investments there.

Indian companies led by the Tata group, Mahindra and Mahindra, GMR and ArcelorMittal are already operating in various parts of Turkey and the rush does not seem to stop. Indian companies having interests in mining, minerals, those wanting to acquire coal mines and also take part in the energy and power projects have made a beeline for Turkey.

“You just press the button. We have a stable economy, a robust gross domestic product (GDP), a massive flow of foreign direct investment and to top that abundance of resources. No questions are asked if you bring in funds or take them out as long as they are through the legal route. We provide the right environment and single window approach,” Alpasalan Korkmaz, President, Prime Ministry Investment Support and Promotion Agency of Turkey (ISPAT), told a delegation of visiting international journalists.

On investments from India, Mehmet Gokay Ustun, Head, Project Director, ISPAT, and India relations, said four Indian companies, having interests in mining and minerals, had finalised agreements to prospect manganese and chrome ores.

Interestingly, last month, 120 of the top Indian auto ancillary manufacturers were in Istanbul to attend a vendor’s meet of Maruti Suzuki and Mahindra and Mahindra.

In iron and steel, India born L. N. Mital’s Arcelor-Mittal has unveiled major plans to expand operations in Turkey inciting even the Indian counterparts to look for opportunities in Antalaya, Izmir and Adana regions of the country.

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