South Korean firms apply for incentive program

BURSA - Doğan News Agency

Turkey’s new incentive scheme will help boost South Korean investments, first secretary at the Asian country’s embassy in Ankara Hyo-Sung Kang said yesterday at an event in the western province of Bursa. 

South Korean car producer Hyundai’s local unit Hyundai-Assan has decided to increase its current investment in the northwestern province of Kocaeli by 1 billion Turkish Liras since the incentive scheme was disclosed, he said at a seminar on the South Korean market in Bursa. 

Hyundai Assan is leading other South Korean firms, which have serous amounts of investments in the country, to benefit from the scheme. 

“We hear that there are some other [South Korean] firms in Turkey that want to expand their existing investments, and they have submitted their demands to the related governmental institutions,” he said.

S Korean market grows

South Korean people’s level of consumption has increased in recent years, which could turn into a significant market, said Pınar Aslan, South Korean Country Desk head, in her speech at the seminar. 

Some 161 South Korean firms have made nearly $410 million of investments in total, particularly in automotives, information technologies, mining, tourism and manufacturing, she said.