Turkey receives $9.2B in foreign investment in 10-month

By Gokhan Ergocun</p> <p>ISTANBUL (AA) – Turkey received $9.16 billion in net foreign direct investment from January to October 2018, the Industry and Technology Ministry announced on Thursday. </p> <p>According to the official data, the amount of net FDI the country received was $1.05 billion in October, while the highest amount of FDI was seen in June with $1.3 billion during the 10-month period.</p> <p>Regarding equity investment, which is the leading item on the overseas direct investment account, direct inflow to Turkey was some $4.8 billion, with 66.4 percent of this amount coming from the European Union.</p> <p>During the period, the Netherlands ($578 million), Italy ($491 million) and Austria ($449 million) were the top three European sources of direct capital inflow.</p> <p>Meanwhile, $1.06 billion direct inflow came from Asian countries and $289 million from the U.S. in the same period. </p> <p>$1.3 billion of the total equity capital entry was in the manufacturing sector, followed by the financial intermediation sector with $931 million.</p> <p>Including 31 branch offices, a total of 5,934 new foreign-backed firms were established in Turkey, while 90 local companies benefited from international participants.</p> <p>Last year, Turkey attracted $10.94 billion in net foreign direct investment, $7.45 billion of which was equity investment inflow.