Turkey anticipates an increase in foreign direct investment (FDI) to $12-14 billion this year, with a focus on automotive and data center ventures, according to the head of the presidential investment office. This surge comes following Turkey’s removal from the FATF’s “gray list” and positive credit rating improvements, attracting heightened interest from overseas investors.

Chinese companies are eyeing potential automotive factory investments in Turkey, with BYD already committing to a $1 billion plant investment. Additionally, a data center investment is in the works for later this year. Turkey aims to boost its FDI share globally from 0.9% to 1.5% by 2028, reaching $15-20 billion annually.

Discussions with Chinese manufacturers Chery and SAIC hint at upcoming investments, signaling promising prospects for Turkey’s economic growth in the near future. These partnerships signify a positive outlook for the country’s economic landscape. [Reuters]