No change in US companies’ investment plans in Turkey after coup attempt: Association

ISTANBUL - Anadolu Agency

There has been no change in U.S. companies’ investment plans in Turkey since the failed July 15 coup attempt, said the head of the Turkish-American Business Association-U.S. Chamber of Commerce (TABA-AmCham), adding that the companies were now working on completing procedures to realize $350 million worth of investments.

“The TABA members in the U.S. have defined around $350 million in investments in Turkey for this year. They have completed the feasibility works and been busy with completing the bureaucratic details,” said association president Bora Gürçay, noting that there had been no postponement or cancelation in the companies’ investment plans after the failed coup attempt.

The association gave an advertisement, inviting global investors to stand with Turkey and keep investing in the country in the wake of the coup attempt, to the New York Times (NYT) on Sept. 20, when Turkish President Recep Tayyip Erdoğan made a speech at the General Assembly of the United Nations.

Gürçay noted that the association had voiced strong support to Turkey’s democracy on all platforms after the failed coup attempt in comments on the ad, which was headlined: “Time to Invest in Turkey’s Strong Democracy and Flourishing Economy.”

‘Positive comments’

“As the TABA-AmCham members, we voiced our full support to the Turkish democracy, our opposition to any terror organizations which will harm Turkey and its democracy and our belief in the Turkish economy for investment opportunities though our ad in the NYT on a day when our president [Erdoğan] will make a speech at the U.N. We also tried to tell how crucial the economic base Turkey is… Our ad has touched many people. We have received many positive comments from dozens of U.S.-based companies and people about it,” he said, adding that this announcement was supported by 50 leading global corporations.

“Today, Turkish economy and politics are more stable and stronger than before and [the country] continues to remain as a safe and attractive haven for all investments. Turkey’s dynamic domestic market, business-friendly environment, resilient economy, young population, qualified labor force and strong financial and energy infrastructure are united for stability, investment and economic growth,” said the ad, adding that Turkey served as a bridge to efficient access to 1.6 billion people in Europe, Eurasia, the Middle East and North Africa.

“As TABA, we kindly invite global investors to join this democratic victory and stand with the Turkish people. Come join the Turkish business world’s renewed commitment to reignite a regional economic powerhouse and engine of growth,” it concluded.