Turkish Entrepreneurs Investments Abroad Reach $44 billion

Turkish Entrepreneurs Investments Abroad Reach $44 billion

Turkey’s trade minister confirmed on Monday that, In the year 2020, the value of investments made by Turkish entrepreneurs abroad, has reached $43.9 billion. Citing the ministry’s Overseas survey, Mehmet Muş said that Turkey-based natural and legal persons owned over 2,118 investments across 124 countries worldwide.

These investments channeled exports from Turkey worth $6.4 billion and imports of around $4.1 billion. Muş declared on Twitter that the turnover of these investments has reached $35 billion. The minister further said that this development has transcended Turkish companies to become global actors where their foreign investments have provided them with a great competitive edge in the world market.

External assets at $249.9 billion in April

In separate data presented by the central bank on Monday, Turkey’s external assets were amounted to $249.9 billion at April-end, down 4.4 percent from last year.

According to the Central Bank of the Republic of Turkey (CBRT), the country’s liabilities against nonresidents during the same period fell 9.1 percent to $593.5 billion. The net international investment position (NIIP) – the difference between external assets and liabilities – was minus $343.5 billion, versus minus $413.1 billion at the end of 2020.

As a snapshot in time, the NIIP, which can be either positive or negative, is the value of overseas assets owned by a nation, minus the value of domestic assets owned by foreigners, including overseas assets and liabilities held by a nation’s government, private sector and its citizens.

Read more: Why Invest in Turkey?

A sub-item under assets – Reserve assets, were $88 billion at the end of April, down 5.7 percent from the end of 2020 whereas, other investments, another sub-item of assets totaled at $106 billion, indicating an increase of 15.5 percent during the same time period.

CBRT further confirmed, “Currency and deposits of banks, one of the sub-items of other investments, recorded $52.8 billion, indicating an increase of 25.9 percent compared to the end of 2020.”

In terms of liabilities, direct investments – equity capital plus other capital were $161.4 billion by the end of April, down by 26.8 percent. This included the effects of changes in market value and foreign exchange rates.

Meanwhile, nonresidents’ foreign exchange deposits were $33.9 billion and up by 1.7 percent in April versus the end of 2020. The bank also added that the Turkish lira deposits rose around 1.5 percent, recording $16 billion.

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