Turkey receives $9.2B in foreign investment in 10-month

By Gokhan Ergocun

ISTANBUL (AA) - Turkey received $9.16 billion in net foreign direct investment from January to October 2018, the Industry and Technology Ministry announced on Thursday.

According to the official data, the amount of net FDI the country received was $1.05 billion in October, while the highest amount of FDI was seen in June with $1.3 billion during the 10-month period.

Regarding equity investment, which is the leading item on the overseas direct investment account, direct inflow to Turkey was some $4.8 billion, with 66.4 percent of this amount coming from the European Union.

During the period, the Netherlands ($578 million), Italy ($491 million) and Austria ($449 million) were the top three European sources of direct capital inflow.

Meanwhile, $1.06 billion direct inflow came from Asian countries and $289 million from the U.S. in the same period.

$1.3 billion of the total equity capital entry was in the manufacturing sector, followed by the financial intermediation sector with $931 million.

Including 31 branch offices, a total of 5,934 new foreign-backed firms were established in Turkey, while 90 local companies benefited from international participants.

Last year, Turkey attracted $10.94 billion in net foreign direct investment, $7.45 billion of which was equity investment inflow.