Moody's rate cut to 'not stop investments in Turkey'

ANKARA (AA) - The credit rating agency Moody's recent rate cut would not deter investors from Turkey since the country offers great investment opportunities, head of the multinational audit firm Ernst & Young, Turkey chapter, Metin Canogullari, said Tuesday.

Speaking at a press conference, Canogullari said: "Where will the capital flow? How many countries are there that offer such opportunities? Interest in Turkey will never die."

He said investors would continue to invest here since there were few countries at par with Turkey in terms of opportunities.

He said many sectors in Turkey provided great investment potential due to the country's dynamic structure. Also, he noted that Turkish firms would be the most probable candidates during the reconstruction phase in Syria once the civil war there comes to an end.

"Turkey is not a market from which you can easily return once you get out. That’s why they should think and plan very carefully and have a big vision," he said.

About the wealth fund established in late August, Canogullari said it was a successful move, which was made at the right time.

"We were the only country which did not have a wealth fund among G20 countries. But Turkey [now] has remarkable assets. Assets of large institutes are in the wealth fund. I believe the worth of the fund even surpasses the target of 200 billion Turkish liras [$68 billion] mentioned," he said.

Canogullari also spoke about a plan to start an initiative to explain Turkey's strong economy to global investors.

Referring to big investments in the period ahead, he said there might be new investments and acquisitions, especially in the energy sector to the tune of billion dollars.

He said Ernest & Young grew nearly 20 percent between June 2015 and June 2016, adding 300 people to its staff. "If we did not trust this country and saw its potential, why would we hire this number of people?" he said, adding the company planned to expand to every corner of Turkey.

"Expanding a company in Turkey is much easier than Europe. There is a large entrepreneur base and the entrepreneurial spirit is very vivid," he added.