Foreign manufacturers operating in Turkey are losing their sway over the business world and economy, Dünya newspaper reported, citing a league table published by the Istanbul Chamber of Industry (ISO).
The number of foreign firms ranking among Turkey’s top 500 manufacturers dropped to 110 last year from 148 in 2009, Dünya said on Tuesday. Their share in the country’s exports has declined to 43 percent from 48.9 percent, it said.
Turkey’s government says it is seeking to attract foreign direct investment to the economy to help drive growth and boost employment. But FDI dropped to $8.79 billion in 2019 from a peak of $22.1 billion in 2007, according to World Bank figures.
Foreign firms have cut back their investments after the global financial crisis of 2008 forced them to consolidate their international operations and economic instability in Turkey increased, culminating in a currency crisis in 2018.
The share of foreign companies in total factory sales fell to 31.3 percent last year from 33.4 percent in 2009, Dünya said.
Ahval