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President Erdoğan Addresses at 9Th Turkey Investment Conference in New York

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President Erdoğan Addresses at 9Th Turkey Investment Conference in New York ISSUE 57 NOVEMBER '18 NEWSLETTER PRESIDENT ERDOĞAN ADDRESSES AT 9TH TURKEY INVESTMENT CONFERENCE IN NEW YORK President Erdoğan was the guest of of Turkey's stability, played a key role honor at the 9th Turkey Investment in Turkey’s growth with investments Conference organized by the Turkey- of nearly USD 200 billion during US Business Council (TAIK) in that time. “The new presidential cooperation with Invest in Turkey. system has strengthened our ability Bringing together 400 top-tier to introduce reforms. From now on, corporate executives from the US and Turkey will take decisions swiftly and Turkey with ministerial delegations without any bureaucratic obstacles,” and senior government officials from he added. Invest in Turkey’s recent agenda both parties, the conference convened The attendees also had the chance has been full of inaugurations and the launching of new factory in New York on the sidelines of the to listen to the Turkish Minister of investments. We co-organized an United Nations General Assembly Treasury and Finance Berat Albayrak’s investment conference in New at the end of September. A primary interview with Erin McPike, Former York honored by President Recep goal of the conference was to provide Correspondent for CNN and NBC Tayyip Erdoğan. We attended a better understanding of the News and White House Correspondent the inauguration ceremonies of investment landscapes in the two for Independent Journal Review. Azerbaijan's state oil company countries. Albayrak shared information about SOCAR’s Star Oil Refinery in Izmir, During his address at the economic developments and Turkey’s Turkish-French joint-venture conference, President Erdoğan said newly-unveiled medium-term Oyak Renault’s new aluminum that Turkey will continue to improve economic program. Also featured injection factory in Bursa, US- its investment environment and will at the conference was the interview based WABCO’s first distribution center in Istanbul, German never compromise on the principles of Priya Basu, Head of the Women Lohmann’s first manufacturing of the free market economy. He also Entrepreneurs Finance Initiative (We- facility in Gebze, and Swiss underlined that thanks to investor- Fi) Secretariat in the Global Themes Zehnder’s new plant in Manisa. friendly reforms, Turkey has achieved Vice-Presidency at the World Bank Invest in Turkey always remain annual economic growth of 5.7 percent Group, with Turkish Minister of Trade at investors’ disposal for all issues on average over the past 16 years. Ruhsar Pekcan on Women’s Role in regarding FDI in Turkey. International investors, keenly aware Business Life in Turkey. President Recep Tayyip Erdoğan and brotherhood between Turkey and his Azerbaijani counterpart Ilham Azerbaijan stands as the main Aliyev opened in Izmir on October reason behind the commissioning 19 one of Turkey's largest industrial of the Star Oil Refinery. “Strong ties projects, the Star Oil Refinery, which between the two countries are our was built by Azerbaijan's state oil greatest fortune,” he stressed. company, SOCAR. The USD 6 billion refinery is the During the ceremony, President largest single-location real sector Erdoğan said that Turkey and investment in Turkey's history, and it Azerbaijan have jointly redrawn will be one of the largest petroleum Europe’s energy and transportation and gas operations in Europe, the map with the backing of a strong Middle East, and Africa. Around political stance. “Today, with the 1,100 people will be employed for the SOCAR inauguration of the Star Oil Refinery, refinery which is expected to meet we are taking a step forward in our over 25 percent of Turkey's processed INAUGURATES ties, which is a model globally,” said oil needs, thus reducing the Erdoğan. country’s dependency on petroleum STAR REFINERY IN Azerbaijani President Ilham and saving around USD 1.5 billion. TURKEY'S İZMİR Aliyev also underlined that the OYAK RENAULT BREAKS GROUND FOR ITS NEW PLANT IN TURKEY’S BURSA Turkish-French joint-venture state incentives while also enabling this investment. “We will be together Oyak Renault broke ground for its the transfer of state-of-the-art for at least 27 more years with our new high-pressure aluminum injection technology and supporting exports. agreement,” he said. Also speaking at molding plant in Bursa on October “We will reach our target of becoming the ceremony, Oyak General Manager 19. Aluminum engines will be a pioneer in technology on the back of Süleyman Savaş Erdem noted that the manufactured in Turkey for the first investments like these that have high Oyak and Renault Groups show their time thanks to this investment, which localization. These investments will confidence in the Turkish economy by marks the cornerstone of a production also enable us to achieve our deserved continuing to invest in Turkey. facility for the next-generation of rank in the global economy,” Varank The project, with a fixed investment hybrid vehicles. added. of more than EUR 100 million, is Speaking at the ceremony, Industry Renault Senior VP and Chairman expected to reduce the current and Technology Minister Mustafa of Groupe Renault Eurasian Region account deficit of Turkey by USD 2.3 Varank said that Turkey is more than Nicolas Maure extended his gratitude billion over the coming years. happy to be home to this investment, to the Turkish government for all the which will benefit from project-based state incentives granted to Renault for US-based WABCO, a leading global hope WABCO’s new logistics center will supplier of vehicle control systems embolden the company to make larger WABCO OPENS that improve the safety, efficiency, and investments in Turkey soon, and that connectivity of commercial services, WABCO, when it shifts production to DISTRIBUTION launched its first distribution center Turkey, will benefit from our country’s with an investment of around USD 17 advantageous location in accessing CENTER IN million in Hadımköy, Istanbul. multiple markets,” Ermut said. Speaking at the opening ceremony, WABCO Chairman and CEO ISTANBUL Invest in Turkey President Arda Ermut Jacques Esculier mentioned that highlighted the importance of the WABCO is a pioneer in new automotive investment in terms of demonstrating technologies and services. “Turkey is of the confidence that US companies have vital importance in our global supply in Turkey, its significance for being a chain. The future is bright for vehicle value adding investment, as well as its control systems, and Turkey is set to role in increasing the competitiveness be a major player in this field with its of the Turkish automotive sector. “I robust automotive sector,” he added. Treasury and Finance Minister the Banking Regulation and Berat Albayrak announced Supervision Agency, and the the “Full-Scale Fight against Banks Association of Turkey. Inflation”, an all-out program After the announcement to curb inflation and support of the Full-Scale Fight businesses as well as against Inflation Program, consumers amid the inflation on October 16, as part of the and currency exchange 2018 external borrowing fluctuations. program, the Turkish Treasury The program offers price issued USD 2 billion 5-year discounts in the retail sector, dollar-denominated bonds, including food and textiles, which attracted USD 6 billion suspends any increase in demand, three times the electricity and gas bills, and initial target. “The demand is a TURKEY CURBS lowers interest rates for bank demonstration of international loans. markets' confidence in Turkey. INFLATION – TAKES Minister Albayrak The measures we have taken highlighted that the public and the New Economic POSITIVE RESULTS FROM sector will be the driving force Program have received a in the campaign, adding that strong positive response from GLOBAL PLAYERS there is strong coordination global financial circles,” said in efforts between the Central Minister Albayrak. Bank of the Republic of Turkey, German Lohmann, one of the top the country’s ever-growing economic adhesive solution providers globally, strength and surging domestic market,” LOHMANN opened its first Turkish manufacturing he stressed. facility in the Gebze Plastikçiler Lohmann will benefit from Turkey’s ENGAGES Organized Industrial Zone. strategic location as a regional center Speaking at the opening, Lohmann and an export hub. The company is MANUFACTURING CEO Elmar Boeke said that as a set to ship Made in Turkey products company delivering adhesive solutions to various markets, particularly in the FACILITY IN across the globe, Lohmann is delighted Middle East. The company has been to have entered the Turkish market. operational in Turkey with a sales office “We believe that Lohmann will see since 2011, and it is planning to triple its GEBZE great success in Turkey on the back of revenues by the end of 2020. ZEHNDER INAUGURATES NEW PLANT IN TURKEY’S MANİSA Swiss heating and ventilation international companies use Turkey solutions company Zehnder’s new as a management and manufacturing EUR 20 million facility in Turkey’s base is because of Turkey’s strategic Manisa province was inaugurated location right in the middle of where on September 27 during a ceremony half of global trade occurs. “We see attended by Invest in Turkey President Zehnder as a local company that Arda Ermut. supports domestic production, Speaking at the event, Ermut said generates employment, and engages that thanks to Turkey’s advantageous in export,” Ermut added. location, international companies with Zehnder has been operational in production in the country have access Turkey for a long time, and the local to a regional market of more than 1.5 share of its procurements stands at 94 billion people. He added that one of percent. the many reasons why a number of LATEST FDI NEWS EVENTS SEPTEMBER 28 | TOKYO Invest in Turkey, Anderson Mori & Tomotsune law firm, and SCS Global accounting firm jointly held an M&A seminar in Tokyo attended by 40 businesspeople. The event featured a presentation on Turkey’s attractive investment climate by Invest in Turkey Senior Advisor Yuichi Aoki.
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