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Turkey keeps attracting UK firms for investment

Turkey keeps attracting UK firms for investment

The chairperson of the British Chamber of Commerce in Turkey (BCCT) Chris Gaunt said that the U.K. has long been a major investor in Turkey and several large-scale U.K. firms have engaged in business in the country, a situation expected to preserve the current course since those companies will continue to see Turkey as a local and regional hub.

Among those large-scale companies, which he said have no intention of leaving Turkey, there are telecom giant Vodafone, Europe’s biggest bank HSBC, the Anglo-Dutch oil company Royal Dutch Shell and British energy group BP.

Gaunt told Anadolu Agency (AA) that many British companies supply most of the components for their production from Turkey while also investing in supplier local firms as major shareholders, which he said will continue.

He noted that U.K.-based agriculture technology companies are also among those that are interested in the opportunities that Turkey offers.

The investment opportunities, on the other hand, can be mutual as Turkish firms’ interest in the country is also growing.

Reiterating that some Turkish companies have also made large-scale investments in the U.K. in the last few years, Gaunt told AA, “Turkish companies have a lot of interest in investing in the U.K. and obviously the U.K. is a good place to invest.”

“If you’re in the finance industry, London is a good place to get more global attention. Additionally, digital, technology and advanced engineering stand out as other areas of investment cooperation. Many creative and entrepreneurial Turkish companies want to increase their value chains and invest in the U.K.,” he said.