Türkiye back on radar of int’l investors

As predictability has increased, Türkiye is now back on international investors' radar, says Murat Özyeğin, the head of the Türkiye-U.S. Business Council (TAİK).

Speaking at the GO! Global Türkiye Summit in Istanbul, Özyeğin said that steps taken by the government are yielding results, noting that Türkiye's credit default swaps (CDS) have fallen from around 800 basis points to 250 basis points, while the Central Bank's reserves have swollen.

Türkiye was also the only country in the world to receive a rating upgrade from three major rating agencies this year, he recalled.

"All this is important…I think, rating agencies might upgrade Türkiye to investment grade in the next 12 to 18 months," Özyeğin said.

The implementation of monetary and fiscal policy steps in the Turkish economy, in line with the government's medium-term program, has increased predictability, according to Özyeğin.

"We see very clearly that both foreign direct investors and venture capital funds have Türkiye back on their radar," he said.

Twenty-five of the world's 50 largest venture capital funds met with entrepreneurs at the summit, he added.

Renewable energy and e-commerce sectors could be the ones to lure new foreign investments, according to Özyeğin.

Foreign companies eyeing opportunities

U.S. retailer Walmart will open an office in Türkiye, announced Tankut Turnaoğlu, chair of AmCham Türkiye at the AmChams Eurasian Economic Summit held earlier this week in Istanbul.

The American retailer giant will start procurements from Turkish suppliers, including furniture and frozen foods, he added.

"They [Walmart] view Türkiye as supply center for certain products," Turnaoğlu said.

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