Finance

Foreign investment in Turkey rises 8% to nearly $8bn

By Pramod Kumar

November 17, 2024, 10:16 AM

A construction site in Istanbul. Real estate investments from foreign nationals reached $2.2 billion during the period

Foreign direct investment (FDI) in Turkey hit $7.7 billion in the first nine months of 2024, up 8 percent year on year, according to data from the country’s central bank.

Equity capital inflows contributed $4.33 billion, while the wholesale and retail trade sector attracted $932 million, Daily Sabah newspaper reported.

Real estate investments from foreign nationals reached $2.2 billion during the period.

The European Union remained the largest source of FDI, accounting for 52 percent of total investments. European countries outside the EU contributed 18 percent, the report said.

The Netherlands was the top investor, accounting for 19 percent of total FDI, followed by Germany (12 percent) and the US (11 percent).

In September, Turkey secured $1.1 billion in FDI, bringing third-quarter inflows to $2.8 billion.

Earlier this year, Ankara introduced a new FDI strategy for 2024–2028, aimed at attracting high-quality investment projects to drive economic growth and development.

In October vice president Cevdet Yılmaz said Turkey was targeting more than $10 billion in FDI in 2024, supported by a planned $5 billion investment from an unnamed Saudi company.

The country aims to increase its share in global FDI from 1 percent to 1.5 percent, Yılmaz said.