Türkiye attracted over $700 million (TL 21.83 billion) in early-stage expertise investments in 2023, signaling a surging curiosity amongst worldwide buyers within the nation’s burgeoning tech sector, a high official mentioned Wednesday whereas evaluating the business surroundings inside the nation and up to date funding.
Ahmet Burak Dağlıoğlu, head of the Presidency’s Investment Office, advised an interview with Anadolu Agency (AA) that there’s an growing want amongst world buyers to establish promising expertise ventures in Türkiye that might probably develop into neighboring areas.
He additionally highlighted the pivotal position performed by the European Bank for Reconstruction and Development (EBRD) and European enterprise capital agency Truffle Capital by their vital investments in Turkish monetary expertise agency Dgpays.
“This is very exciting for us. Truffle Capital is a well-known fund that invests in fintech in Europe. This is their first step into Türkiye,” he mentioned.
Dağlıoğlu emphasised that there’s a rising recognition of Türkiye’s power within the sphere of monetary applied sciences.
“This is one of the areas we are trying to promote because Türkiye is powerful in this field,” he mentioned.
He added that buyers are particularly snug engaged on this as a result of we’ve got competent entrepreneurs, a professional workforce and a mature regulatory framework that permits and helps their curiosity in monetary applied sciences in Türkiye.
Approximately 10% of all investments in Türkiye’s expertise sector have been directed towards fintech initiatives, in accordance with Dağlıoğlu.
The nation noticed 325 transactions in early-stage expertise investments in 2023, indicating a strong investor notion within the tech sphere, he mentioned.
He mentioned it’s significantly necessary that worldwide buyers can entry not solely the Turkish home market but in addition new geographies accessible from the nation.
“Roughly, the country attracted about $10.6 billion foreign direct investment (FDI) in 2023,” he mentioned.
“Of course, it was a year where investments contracted a bit due to the tightening monetary policies of central banks worldwide. Even in this situation, we expect to perform better than global figures, which will become clearer by May.”
Aim to draw extra worldwide funding
Furthermore, Dağlıoğlu expressed optimism about Türkiye’s potential to draw extra worldwide investments, saying the purpose is to extend its share from 1% to 1.5%.
He attributed Türkiye’s attraction to its place as a regional hub for manufacturing, analysis and improvement and entrepreneurship, pushed by strategic insurance policies carried out over the previous twenty years.
He mentioned the manufacturing business was a standout performer when it comes to investments in 2023.
“This is actually proportional to Türkiye’s aim. We have become a regional center for production, R&D and entrepreneurship with the policies led by President Recep Tayyip Erdoğan in the last 20 years,” he mentioned.
“Türkiye has become a management center for international companies in the region. 2024 started well and hopefully, we expect the investment momentum to increase throughout the year.”
Growing curiosity from U.Ok. monetary sector
Dağlıoğlu additionally highlighted the robust financial relations between Türkiye and the United Kingdom, pointing to the $13 billion funding quantity between the 2 nations and the presence of over 3,000 U.Ok.-based corporations in Türkiye.
Regarding monetary markets, Dağlıoğlu mentioned there may be rising curiosity in Turkish authorities bonds and company debt devices, significantly amongst buyers within the U.Ok.’s monetary sector.
For 2024, he reiterated that Türkiye is anticipating a surge in funding momentum, buoyed by constructive financial indicators and the anticipated easing of central financial institution insurance policies worldwide within the yr’s latter half.
Source: www.dailysabah.com