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Arab-Russian Investments in Turkey Compensate European Investments’ Drop | ASHARQ AL-AWSAT English Archive 2005 -2017
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Turkish Finance Minister Naci Agbal attends an interview with Reuters in Ankara, Turkey July 28, 2016. To match Interview TURKEY-SECURITY/FINMIN REUTERS/Umit Bektas

Ankara- Arab-Russian investments have achieved a hike in Turkey during the past two years while Turkish investments abroad reached around USD37 billion during the past 15 years.

President of the Investment Support and Promotion Agency of Turkey (ISPAT) Arda Ermut said on Monday that Arab-Russian investments in Turkey have witnessed a remarkable growth during the past two years while western investments dropped.

Ermut added that Russian investments rose to 6% of the total foreign investments in Turkey while Arab investments increased from 8% to 16%, noting that this growth in Russian and Arab investments compensated the relapse in western investments due to security conditions in the Middle East.

Before the aggravation of unstable security condition in the region, European investments represented 75% of foreign investments in Turkey and US investments were about 15%. Meanwhile, European investments dropped to 65% and US investments to 9%.

Ermut mentioned that Turkey is working on diversifying foreign investments sources through attracting investments from Middle East countries, Russia and some Asian countries. Diversifying foreign investment sources would contribute in reducing the influence of world crises and unstable regional security on Turkey, he added.

In a related matter, Turkish Finance Minister Naci Ağbal stated that the government provides continuous support to projects that contribute in the country’s development and progress. He pointed out that Turkey invested in giant projects in the past 14 years in the fields of: health, education, infrastructure and transport.

Finance minister added that the governmental investments in various Turkish cities show that services have reached a high-level – he attributed the strength of Turkish budget to the solid Turkish economy bases.