Great News
for Foreign Business Investors
The development agency of Turkey’s biggest
province aims to boost local and foreign investment
to Istanbul, offering both guidance and funds
for projects.
The Istanbul Development Agency, which coordinates
economic and social actors for the further development
of the province, plans to spend 2.25 million to
4.5 million Turkish Liras yearly to inform and
guide local and foreign investors willing to establish
businesses in Istanbul through its Investment
Support Office, the agency’s Secretary-General
Abdülmecit Karatas told the Hürriyet
Daily News on Friday.
“We have supported 45 foreign companies
until now,” Karatas said in an interview.
The Investment Support Office, or ISO, acts as
a “One Stop Shop” for investors aiming
to increase their competitive edge and open their
businesses to new markets by investing in Istanbul.
It provides orientation for local and foreign
investors entering Istanbul markets for the first
time. ISO also assists companies with application
procedures and documents required within the legislation
concerned. “We do not, however, provide
any financial assistance for investors,”
Karatas said.
There are 81 investment support offices overall
Turkey’s 81 provinces, run by the country’s
26 regional development agencies. ISO is currently
functioning through coordination of different
units of the agency, but will soon become a separate
unit with five permanent employees, Karatas said.
“Approximately 1 to 2 percent of the agency’s
budget is needed to run ISO’s operations,”
he said.
Istanbul Development Agency’s budget increased
from about 132 million liras in 2010 to about
225 million in 2011. “Surplus from 2010
has also been transferred to the 2011 budget,”
Karatas said.
Although the investment support offices are in
their initial phases, they have started the ball
rolling for many companies, Karatas said. “We
try to assist investors up to where our legal
limits allow us to.” Although the ISO does
not have the ability to issue relevant permits
or licenses to businesses, it provides them with
all the information on the procedures and documentation
necessary for their investment plans.
The agency’s experts also conduct market
analyses and research on business opportunities
in any sector that investors are interested in.
ISO has been transferring detailed sector-specific
information to potential investors in Istanbul,
including companies based in Italy, Holland, the
U.S. and Germany.
“We have recently been assisting a large
accessories company that is planning to invest
in the luxury segment in Istanbul,” Karatas
said, adding that he had to keep the identity
of the firm confidential. “We provided market
analysis for this company and introduced its representatives
with firms already established in Istanbul, which
it could potentially cooperate with.”
The office also deals with the promotion of the
investment and business climate of Istanbul to
national and foreign investors.
Among other activities, the Istanbul Development
Agency also provides financial aid for development
projects developed by both public and private
actors. The budget available for projects has
increased from 70 million liras for 2010 to about
100 million liras in 2011.
Istanbul News taken from Turkeys English
Daily, The Hurriyet
With multi nationals alongside smaller businesses
setting up offices in Istanbul encouraging further
growth in the city, the demand for property within
the city and surrounding areas will increase,
which will in turn push property prices up. This
is great news for those who either have, or are
looking to buy investment
property especially as the rental market will
also benefit from an influx of workers. This scheme
should be looked upon as a fantastic opportunity
for both businesses and property investors, who
would be advised to buy in the near future before
predicted price increases.
Read More - 2012
- New Laws for Foreigner Buying in Istanbul
See Property for
Sale in Istanbul
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