Despite global crisis, FDI still flowing in

ANKARA - Anatolia News Agency

Turkish Economy Minister Zafer Çağlayan said yesterday that foreign direct investment (FDI) into Turkey was $8.9 billion in the first seven months of 2012. He stressed that despite the negative global environment, Turkey remained a popular destination for foreign investors.

According to national data, Çağlayan said in July alone, FDI was $630 million. He stressed that the majority of the FDI was EU based and that in the January-July period 77.4 percent of the $8.9 billion capital flow came from EU countries.

Çağlayan also focused on Turkey’s success and said that as Europe is going through an economic crisis, Turkey still receives FDI. He added that in the first seven months of 2012, the manufacturing sector received the most FDI totaling $3.4 billion. Çağlayan said that despite the bleak global economic environment, FDI into Turkey was up 2 percent in the first quarter of 2012.

FDI has fallen 17 percent between OECD countries and 26 percent between the Group of 20 (G-20) countries.