Turkey Receives $1.7 Billion in Foreign Direct Investment; a 43 Percent Increase From 2016

Published May 15th, 2017 - 05:00 GMT
A view of the Galata Tower in Istanbul. (File photo)
A view of the Galata Tower in Istanbul. (File photo)

Turkey received $1.7 billion in foreign direct investment in the first quarter of the current year, according to data revealed by the country’s central bank on Thursday.

Foreign investment in Turkey increased 43 percent during the period of January-March this year, compared with the same months in 2016.

Nearly 55 percent of foreign investment - almost $939 million - came from Spain.

The banking sector got the largest amount of foreign direct investment with $919 million, followed by the mining sector with $223 million in the same period.

On February 22, Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) bought an additional 9.95 percent stake in Turkiye Garanti Bankasi AS, one of the major private lenders in Turkey, from the Dogus Group for 3.32 billion Turkish liras ($924 million).

Meanwhile, Turkish companies made a total of $832 million in foreign direct investment in the same period.

By Bahattin Gonultas


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