Turkey Financial News

Posted by meb at September 24th, 2009

General Electric, or GE, a global media, technology, services and manufacturing company, has begun to invest in future technologies at its engine-parts division in Turkey’s northwestern city of Eskişehir, according to a GE executive.

The firm will produce new compressor-wing technologies only in Turkey, said GE Turkey Managing Director Kürşat Özkan. The investment totals nearly $50 million, he added.

Speaking about the global crisis and its impacts, Özkan said that GE will continue its activities in Turkey. “We have started investing in future technologies here in our Eskişehir division, although there is a capacity surplus in the world. New compressor-wing technologies will be produced only in Turkey.”

The firm has already started developing some of its production technologies in Turkey, he said, adding, “It may not sound reasonable to make such a manufacturing investment in a period marked with demand contraction in the market, but we will have positioned ourselves once the market demand returns.” (more…)

Posted by meb at September 17th, 2009

Industry and Trade Minister Nihat Ergün on Wednesday said Chinese auto maker Chery expected to establish a factory in Turkey with an initial $500 million investment.
“The firm has expressed a desire to access world markets via Turkey. They have applied to build a production base in Turkey,” Ergün told a meeting at the ongoing Frankfurt Auto Show in Germany. Two executives from Chery had visited the northwestern province of Sakarya in January to acquire land to build an automotive factory. The auto producer had commenced feasibility studies with the Turkish Mermerler Group, Chery’s current distributor in Turkey. (more…)

Posted by meb at September 17th, 2009

Turkish Industry and Trade Minister Nihat Ergün has said Tuesday that French car maker Renault would start producing its Fluence brand in Turkey in 2010.
Speaking to reporters at the 63rd Frankfurt Auto Show, which kicked off on Tuesday, Ergün said in 2011 Renault would begin production of the electric version of this car, noting that this would be a major landmark for the Turkish auto sector.

Commenting on the electric version of the Fluence, Foreign Trade Minister Zafer Çağlayan, who also attended the auto show, said this would make Turkey a base for electric car production and investment. The two ministers evaluated the latest developments in the Turkish auto sector for members of the press. (more…)

Posted by meb at July 17th, 2009

Best Buy, the largest US consumer electronics retailer, will enter the Turkish market in October.

As part of the company’s expansion plans, Best Buy will open its first store in the western province of İzmir. The US company plans to open two more stores by the end of the first quarter of 2010, one in the capital city of Ankara and the other in another western province, Bursa. TeknoSA, Turkey’s largest consumer electronics retailer, has over 220 stores spread throughout 67 cities in Turkey and employs over 3,000 people. (more…)

Posted by meb at April 29th, 2009

Turkey’s Borusan Holding and Energie Baden-Württemberg AG (EnBW), the third largest energy company in Germany, have entered a 50 percent partnership with an eye to taking a share of the Turkish energy sector.

Within this partnership, Borusan and EnBW will first direct their investments toward generating 1,000 megawatts of energy in Turkey. The two companies aim to generate 2,000 megawatts in total, particularly through renewable resources. (more…)

Posted by meb at April 28th, 2009

ISTANBUL – ING Groep NV will stick to its plans to double the size of its operation in Turkey by 2012, daily Milliyet reported, citing John McCarthy, chairman of ING Bank Turkey.

The bank plans to open 125 new branches by 2012 to double the number it had in 2007, the newspaper quoted McCarthy as saying. ING bought Turkish lender Oyak Bank from the Turkish military pension fund Oyak for $2.7 billion in 2007.
source: Hurriyet daily news

Posted by meb at March 20th, 2009

IMFA Group, India’s leading manufacturer of ferroalloys, is planning to invest in the Central Anatolian province of Sivas, the Sivas Chamber of Commerce and Industry (STSO) said in a statement on Thursday.

The province is home to rich underground mineral reserves, the statement noted.

IMFA Group will cooperate with Turkey’s Yazici Group in its investment, the statement said. IMFA Group General Director Arvind Mishra paid a visit to the STSO’s headquarters as part of his research into investment opportunities in Sivas and had talks with the STSO Chairman Osman Yıldırım on Thursday. (more…)

Posted by meb at March 6th, 2009

Jean-Philippe Collin, the CEO of French automotive giant Peugeot, has announced that the company is preparing to invest in Turkey as part of a new project. Speaking at the Geneva Auto Fair on Wednesday, Collin said they were planning to manufacture a new car model and had already started conducting research and development.

“We plan to invest in Turkey for a new compact sedan model. There are some problems in financing the project, and we will accelerate our studies as soon as we find enough money,” he said. (more…)