Central Asian investments in Turkey soar 341 pct in Q1

Businesspeople from Central Asia, the homeland of the Turks, have increased investments in Turkey. In the first quarter of the year, the number of companies coming from four Central Asian countries to Turkey skyrocketed by 341 percent, with 17 Turkmens investments taking the lead.

Drawing attention to the importance of underground wealth in Central Asian countries, Foreign Economic Relations Board (DEİK) Turkmenistan-Turkey Business Council Chairman Halil Avcı emphasized their high potential in agriculture.

Underlining that the Turkish and Central Asian business communities have robust relations, Avcı noted that they went to Turkmenistan with a delegation of businessmen last week. Indicating that Turkmens business organizations are quite effective, Avcı continued: "Our talks were positive. They really have proven their competence. We evaluated joint investment opportunities together, especially in markets offering opportunities such as Africa. I can say that there are significant opportunities in this regard."

Central Asian countries, where Turkish investors took great interest in some periods in the past, have started reverse investments in Turkey. In the first three months of this year, investments by Turkmens, Kazakh, Uzbek and Kyrgyz-capitalized companies in Turkey soared by 341 percent. While the number of companies from these countries deciding to invest in Turkey was 12 in the same period last year, this figure rose to 41 this year. The largest investment came from Turkmenistan with 17 companies, followed by Uzbekistan with 12 companies, Kazakhstan with seven companies and Kyrgyzstan with five companies. The investment appetite is expected to rise over the rest of the year.

According to Avcı, Central Asian countries, achieving serious levels of capital, have invested in various regions in recent years. Highlighting that Turkey has been the most attractive market for them in this process, Avcı said that they believe the number of Central Asian countries investing in Turkey will continue to increase, as demonstrated by recent meetings.

Recalling that Central Asian countries have strong ties with Turkey, Avcı said that this is reflected in economic relations as well. Avcı added that Turkish companies have improved industrialization and the contracting sector with their investments in these countries, adding: "Turkmenistan has a serious accumulation of knowledge now. For instance, the development of the private sector in the country is outstanding. They have serious advantages in agriculture, too. Their vast lands are suitable for greenhouse investments. There are serious opportunities for Turkish investors here."