Investors making 'long-term' commitments to Turkey

ANKARA

International investors in Turkey are making long-term commitments, a senior economic figure said on Thursday.

Ahmet Erdem, head of the International Foreign Investors Association of Turkey (YASED), said such commitments were not affected by socio-political events.

"International investors make major and long-term investment decisions; therefore they do not change their decisions in the short run.

“At the moment there is no suspended, postponed international investment in Turkey," after the July 15 coup attempt, Erdem added.

Erdem's comments came after President Recep Tayyip Erdogan on Tuesday assured international investors that the country was stable.

According to YASED, the country's share of global foreign direct investment (FDI) is currently around one percent but it has the potential to increase this figure three-fold.

The body said Turkey has a number of advantages to lure further foreign investment, such as has a young population plus necessary infrastructure and resources.

FDI into Turkey stood at $16 billion last year, up from $12.1 billion in 2014 and the country received more than $150 billion of FDI since 2003.

According to a YASED study, 2015 saw a total of 1.9 million new jobs created over the last decade through foreign direct investments into Turkey.

The country's top economic officials, business associations and major companies have been trying to reassure investors that the failed July 15 coup will not cause permanent damage to the economy.