Turquia: Invertir a Turquia
According to the UNCTAD World Investment Report 2021, FDI inflows to Turkey decreased by 15% to USD 7.9 billion in 2020. The slowdown was mainly due to global economic uncertainty caused by the Covid-19 pandemic. Notably, FDI recovered towards the end of 2020 (USD 2.3 billion in Q4), preventing a stronger decline. European economies continued to account for the majority of inflows (55%), but the US (14%), Middle Eastern (7%) and Asian (6%) economies were also significant investors. Notable transactions included a USD 200 million investment by Metric Capita (France) in a pharmaceutical manufacturing unit and the Qatar Investment Authority's acquisition of a 10% stake in a stockbroker also valued at USD 200 million. At the end of October 2021, the stock of FDI stood at USD 145.8 billion indicating 36.6% decrease in comparison to the end of the previous year. The government's assertive foreign policy and unorthodox economic policies discouraged investors (The Economist Intelligence Unit). Finance, manufacturing and energy are among the sectors that attract the highest amount of FDI in Turkey, accounting for more than 60% of total stocks. In terms of stocks, the Netherlands has the lead, accounting for 16.1% of total foreign investment, followed by the United States at 7.6% and the Gulf countries - mostly Qatar - at 7% (Central Bank of the Republic of Turkey).
Turkey has adopted a series of legislative reforms to facilitate the reception of foreign investment, such as the creation of the Investment Office of the Presidency of the Republic of Turkey, a showcase of the efforts undertaken to attract foreign operators. FDI inflows improved in the light of development of public-private partnerships for major infrastructure projects, the measures to streamline administrative procedures and strengthen intellectual property protection, the end of FDI screening and the structural reforms carried out as part of EU accession process. The factors hindering FDI development include the instability of the Turkish lira, as evidenced by the currency crises that regularly break out and bring its value to record lows, inflation that have reached double-digit rates and the proximity of conflicts in the Middle East. Nevertheless, Turkey's ranking in the World Bank's Doing Business Report 2020 continued to improve, as Turkey was listed as the 33rd out of 190 economies with regards to the ease of doing business in 2020, up by 10 positions from a year earlier. Improvements regarding tax payments in particular helped Turkey obtain a better ranking this year.
Foreign Direct Investment | 2019 | 2020 | 2021 |
FDI Inward Flow (million USD) | 9,594 | 7,821 | 12,530 |
FDI Stock (million USD) | 160,754 | 228,978 | 120,700 |
Number of Greenfield Investments* | 217 | 207 | 205 |
Value of Greenfield Investments (million USD) | 3,904 | 4,686 | 2,458 |
Source: UNCTAD, Latest available data
Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.
Country Comparison For the Protection of Investors | Türkiye | Eastern Europe & Central Asia | United States | Germany |
Index of Transaction Transparency* | 9.0 | 7.5 | 7.0 | 5.0 |
Index of Manager’s Responsibility** | 5.0 | 5.0 | 9.0 | 5.0 |
Index of Shareholders’ Power*** | 6.0 | 6.8 | 9.0 | 5.0 |
Source: Doing Business, Latest available data
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.
Advantages for FDI in Turkey:
Some of the disadvantages for FDI in Turkey include:
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Actualitzacions: January 2023