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Inversió estrangera directa (IED) a Turquia

FDI in Figures

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 201920202021
FDI Inward Flow (million USD) 9,5947,82112,530
FDI Stock (million USD) 160,754228,978120,700
Number of Greenfield Investments* 217207205
Value of Greenfield Investments (million USD) 3,9044,6862,458

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.

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What to consider if you invest in Türkiye

Strong Points

Advantages for FDI in Turkey:

  • Turkey's repeated attempts to join the European Union have helped to establish European regulations and trade standards, which have substantially liberalised the economy. 
  • The Government is working to attract FDI into technology, textiles, services (health, education, public transport), telecommunications, shipbuilding, electronics and bio-technologies. 
  • Because of its demographic vitality, the country has a developing young middle class population with increased purchasing power and orientation towards consumption. 
  • The relatively low cost of labour
  • Turkey has a strategic geographical location that allows it to be a regional hub between Europe, Asia and the MENA economic zone.  
  • The Turkish market counts 85.3 million consumers
Weak Points

Some of the disadvantages for FDI in Turkey include:

  • A bureaucracy that may be cumbersome to navigate
  • Frequent changes in the legal and regulatory environment
  • Strong dependence on exports and hydrocarbon imports
  • Exchange rate uncertainty and the consequences of a public debt constantly rising
  • Elevated regional geopolitical risks
  • Currency plunge and high inflation
Government Measures to Motivate or Restrict FDI
The Turkish Government has played a large role in initiatives to make the country a more attractive destination for foreign investment and business operations. The Turkish government offers a comprehensive investment incentives program: general, regional, strategic and project-based investment incentives.

Turkey’s incentives program provides the following benefits to investors: corporate tax reduction; customs duty exemption; value added tax (VAT) exemption and VAT refund; employer’s share social security premium support; income tax withholding allowance; land allocation; and interest rate support for investment loans.

The incentives program gives priority to high-tech, high-value-added, globally competitive sectors and includes regional incentive programs to reduce regional economic disparities and increase competitiveness. Other primary objectives are to reduce the current account deficit and unemployment, increase the level of support instruments, promote clustering activities, and support investments to promote technology transfer.
Foreign firms are eligible for research and development (R&D) incentives if the R&D is conducted in Turkey.
Turkey is seeking to foster entrepreneurship and small and medium-sized enterprises (SMEs). Through the Small and Medium Enterprises Development Organization (KOSGEB), the Government of Turkey provides various incentives for innovative ideas and cutting-edge technologies.
Turkey’s Scientific and Technological Research Council (TUBITAK) has special programs for entrepreneurs in the technology sector, and the Turkish Technology Development Foundation (TTGV) has programs that provide capital loans for R&D projects and/or cover R&D-related expenses.

More detailed information can be found at the Presidency of the Republic of Turkey Investment Office website.
Bilateral investment conventions signed by Türkiye
Turkey has signed several bilateral investment treaties (BITs). To see a list of participating countries, consult UNCTAD website.

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Actualitzacions: January 2023

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