Taiwanese company to invest $1 billion in Turkey

ISTANBUL - Hürriyet Daily News

The Economy Minister Çağlayan (C) poses with executives of Taiwanese TECO and Turkey’s Dalgakıran Makina. Company photo

A Taiwanese motor company, TECO, announced it will invest around $1 billion in different Turkish sectors.

The company, which is operating in a wide range of sectors, announced its plans in the country which it has decided to lay more emphasis on, and shook hands on its first move during a press meeting on June 28 at which Turkish Economy Minister Zafer Çağlayan and top executives of the company were present.

TECO will take its first step in Turkey, hand in hand with a Turkish company Dalgakıran Machines, by investing in the energy sector.

“Turkey is a very important country in strategic terms and a very important location for us,” TECO Group Chairman Theodore MH Huang said during the meeting, expressing his regrets about disregarding Turkey for a long time.

“We skipped Turkey and invested in Europe. However now, we want bring [investments in] Turkey forward,” he said.

New sectors on way

The company plans to make investments in Turkey which will be amount in total to $1 billion, but Çağlayan hopes the Taiwanese company will be “addicted to Turkey.”

“I believe total investment amount will surpass $1 billion. Turkey causes addiction,” he said. The company’s investments that will be kicked-off with its cooperation with Dalgakıran, will continue with high momentum, executives say. One of the sectors the company is interested in, and currently in talks about, is the glass sector, Liu said. The company plans to manufacture glass in a facility located in Turkey, as it’s very difficult to ship glass. Another field in which the company eyes to have partnerships, is renewable energy.