Turkey a target for Singapore companies

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Turkey is increasingly becoming a top investment destination for Singapore investors due to its favourable geographical location at the crossroads of Asia and Europe.

A number of Singapore firms and institutions have made forays into Turkey in 2012, trying to capitalise on the country’s huge natural resources, the strength of its economy and the fast rise of  its middle-class population, the Singapore Business Federation said.

For example, Temasek Holdings, the government of Singapore’s investment arm, has bought a stake in Turkiye Halk Bankasi, Turkey’s second-biggest bank. Singapore brokerage group PhillipCapital has acquired a securities and futures brokerage firm in Turkey in March 2012, and trade agency IE Singapore opened an overseas center in Istanbul. Bilateral trade grew 79 per cent in 2011 to $1.78 billion.

Turkey, a country of 80 million people, currently runs an aggressive privatisation programme to reduce state involvement in basic industries, banking, transport and communication. It also boasts an abundance of natural resources, namely coal, petroleum, natural gas, hydroelectric energy and geothermal energy, as well as minerals such as marble and basalt.

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Reading Time: 1 minute

Turkey is increasingly becoming a top investment destination for Singapore investors due to its favourable geographical location at the crossroads of Asia and Europe.

Reading Time: 1 minute

Turkey is increasingly becoming a top investment destination for Singapore investors due to its favourable geographical location at the crossroads of Asia and Europe.

A number of Singapore firms and institutions have made forays into Turkey in 2012, trying to capitalise on the country’s huge natural resources, the strength of its economy and the fast rise of  its middle-class population, the Singapore Business Federation said.

For example, Temasek Holdings, the government of Singapore’s investment arm, has bought a stake in Turkiye Halk Bankasi, Turkey’s second-biggest bank. Singapore brokerage group PhillipCapital has acquired a securities and futures brokerage firm in Turkey in March 2012, and trade agency IE Singapore opened an overseas center in Istanbul. Bilateral trade grew 79 per cent in 2011 to $1.78 billion.

Turkey, a country of 80 million people, currently runs an aggressive privatisation programme to reduce state involvement in basic industries, banking, transport and communication. It also boasts an abundance of natural resources, namely coal, petroleum, natural gas, hydroelectric energy and geothermal energy, as well as minerals such as marble and basalt.

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