Turkey, World, Economy, Asia - Pacific

China's ZTE to increase its investments in Turkey

Global telecommunications solution provider says it aims to make Turkey its 'technology hub' in the region

29.11.2017
China's ZTE to increase its investments in Turkey

By Bahattin Gonultas

ANKARA

China's largest-listed telecommunications equipment and network solutions provider ZTE agreed to invest more in Turkish telecoms company Netas on Thursday.

According to the new deal, the Chinese company will open three new centers in Turkey including a center of excellence for its GSM-R development, center of maintenance, repair, and support for the Europe, the Middle East and Africa (EMEA) region and a training center called ZTE Netas Academy for the EMEA region.

By investing in Turkey, the products of the investors can join $30 trillion market and reach to 1.5 people in 56 countries with a maximum 4-hour flight, the Turkish Prime Minister said during a signing ceremony in the capital Ankara.

In order to reach its 2023 targets, Turkey must carry out its economic development program, Yildirim said. “We have to focus on information and communication technologies,” he added.

Yildirim said his country needs to have some domestic software development platforms. “If Turkey cannot have these platforms, in real terms, we cannot have technology, knowledge....Our next priority will be the development of these platforms.

The premier said China and his country have a plan on railway projects in Turkey as part of China's 'Silk Road' network.

Meanwhile, President Yin Timin said: "The investment in Turkey's Netas is ZTE's largest investment abroad at a single time."

"Our goal is to make Netas and Turkey our technology hub in the Europe, the Middle East and Africa (EMEA) region," Yin added.

The chairman said that he believed the value of Netas would be over $1 billion with the support of Turkish and Chinese governments, customers and investors in the next five years.

Yin has not provided any financial details about the new investment.

On Dec. 5 of last year, ZTE agreed to take over 48.04 percent of Turkish systems integration provider Netas for $101.3 million as part of its goal of expanding its operations across key markets covered by Beijing’s "One Belt, One Road" initiative.

Netas, which is celebrating its 50th anniversary this year, is a major manufacturer and supplier of telecommunications equipment and systems integration services to enterprises and telecommunications network operators in Turkey and the Middle East .

The Turkish Armed Forces Foundation holds 15 percent stake in the public listed company.

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