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Turkey targets $10bn FDI in 2024 on Saudi support

By Pramod Kumar
Turkey has received more than $6 billion FDI in the past seven months, said vice president Cevdet Yılmaz Cevdet Yılmaz/X
Turkey has received more than $6 billion FDI in the past seven months, said vice president Cevdet Yılmaz

Turkey is targeting more than $10 billion in foreign direct investment (FDI) in 2024, supported by a planned $5 billion investment from an unnamed Saudi company.

Vice president Cevdet Yılmaz claimed the Saudi-owned company plans to invest in the country’s energy and other sectors, Daily Sabah newspaper reported.

Ankara received credit upgrades from three global rating agencies this year, which resulted in improving the investment image and perception.

FDI inflows have accelerated in the past three months, with more than $6 billion received in the past seven months, the official said.

Turkey is aiming to increase its share in global FDI from 1 percent to 1.5 percent, Yılmaz said.

The country is actively engaging with new investors from Latin America, the Gulf, the Far East, Europe and the US.

“We must seize this opportunity and make the most of it,” Yılmaz said.

Turkey expects to report a budget deficit of below 5 percent this year despite allocating TL2.5 trillion ($73 billion) to reconstruct the southeastern region damaged by earthquakes last year.

The government aims to bring the deficit down to 3 percent next year, the vice president said.

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