Foreign investment in Turkey drops 19 pct in 2017

ANKARA

Foreign investment in Turkey dropped by nearly 19 percent in the first nine months of this year, the Economy Ministry revealed on Nov. 23.

A total of $7.34 billion was invested in Turkey from January to September 2017, compared to $9.04 billion over the same period last year, according to a statement from the ministry, state-run Anadolu Agency reported.

The financial intermediation sector received the highest amount of overseas capital with $1.4 billion, followed by the electricity/gas/water supply sector, which amounted to $978 million in the first nine months of the year.

The manufacturing sector and other community/social/personal services sector received $878 million and $636 million respectively.

A total of 3,815 new, foreign-backed companies were established in Turkey in the same period, including 645 in September.

The number of companies funded by international capital operating in the country had reached 50,225 by the end of October.

More than 60 percent of companies that benefit from foreign funds are linked to neighboring and Middle Eastern countries.

In September foreign direct investment amounted to $738 million, indicating a drop of almost 18 percent compared to the same month last year.