Ankara- Investments from the Gulf States in Turkey rose by a staggering 414 percent, reaching $550 million from just $107 million, the Turkish Economy Ministry said.

Foreign Direct Investment (FDI) inflows to Turkey increased by 2 percent to reach $3.6 billion in the first four months this year.

Direct investments made by European Union countries in Turkey increased by 42 percent in the same period, compared to the same period last year, as the total amount reached $1.7 billion, according to data compiled by the economy ministry.

During that period, Spain was the top investor with $961 million, followed by Belgium with $209 million, Germany with $123 million, the Netherlands with $122 million, Austria with $114 million, France with $15 million, England with $25 million, Italy with $22 million and other EU countries with a combined $131 million.

Capital inflows from Asian countries to Turkey also increased by 140 percent to reach $870 million, from last year’s $362 million.

Economy ministry sources said the rise in investments might be the result of the law that grants the Turkish nationality to investors.

The law, which went into effect in May, says foreign investors will receive the citizenship in case they invest $1.5 million in Turkey.

Turkish Premier Binali Yildirim on Wednesday attended the opening ceremony of a new Istanbul Chamber of Industry building.

He said Turkey’s economic indicators are better compared to other countries.

“We should guarantee sustainable development. Investments need to be inclusive. Development should be inclusive. We have opportunities to do these.”

Yildirim added that Turkey has both security and stability, which are vital for investment and economic growth.