Foreigners invest $7 billion in Turkish restaurants

ISTANBUL – Anadolu Agency

Turkey’s gastronomic sector is currently growing much faster than its economy. AA Photo

Foreign investments have reached $7 billion in Turkey’s restaurant sector over the last seven years, sector representatives have said.

“Some 70 percent of these investments were made in Istanbul, in which there are more than 60 foreign-labeled concept restaurants,” said Ali Tatlıgil, the head of the Association of All Restaurants and Restaurant Suppliers (TÜRES).

Istanbul is now in the world's top 20 cities hosting the most global cuisines.

Turkey’s eating and drinking sector is currently growing three times faster than the Turkish economy, said Tatlıgil, adding that the sector’s volume was believed to be worth $10 billion.

The sector reached over $20 billion in revenue in 2013, according to official figures from the Economy Ministry. There are more than 40,000 restaurants in the sector, which creates over 500,000 jobs.