Economy

Turkey draws nearly $1B direct investment from Italy

Both countries aim to reach mutual trade target of $20B, says head of Italy’s chamber of commerce

Ergin Garip   | 26.02.2021
Turkey draws nearly $1B direct investment from Italy

ISTANBUL

Turkey saw nearly $1 billion foreign direct investment (FDI) flowing into the country from Italy in 2020, the head of the Italian Chamber of Commerce and Industry said on Friday.

Speaking to Anadolu Agency, Livio Manzini said despite the pandemic, there was not a significant drop in bilateral trade between the two countries, adding Italy continued its status of being the second biggest trading partner of Turkey in Europe.

"No doubt, we can expect a new momentum in Italian investments in Turkey in 2021," he said, adding areas such as energy, automotive and environment are emerging for collaboration.

He noted both countries aim to get the production back to normal and to reach the mutual trade of $20 billion again, and then to achieve a new growth momentum towards the target of $30 billion."

Turkish products stand out with their quality, price and logistical advantages, he stressed.

Manzini also commented on the recent developments between the EU and Turkey, saying Italy “is pleased to see re-rapprochement activities being initiated with the bloc.”

This process will bring many opportunities to Turkish exporters, he said, hoping the process will accelerate in the upcoming period.

*Writing by Aysu Bicer

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