06 05 30 - American Conglomerates to Invest in Turkey

ECONOMY 05.31.2006 Wednesday - ISTANBUL 00:31
By Economy News Desk, Istanbul
Published: Tuesday, May 30, 2006
zaman.com
A new step has been taken to extend the strategic partnership between Turkey and the United States into economy deals as well.

Turkish companies will be briefed about the rules to enter the American market as part of the Business Development Project jointly conducted by Turkey Associations and Stock Exchanges Association (TOBB) and the US Chamber of Commerce.

The TOBB Chairman Rifat Hisarciklioglu came together with the Chairman of the Executive Committee at US Chamber of Commerce John W. Bachmann, who said American investors are encouraged by the stable inflation environment and increasing gross national income in Turkey.

Bachmann further assured that even though he cannot reveal the names of the companies, they are well-known names by American standards.

The American business executive recalled General Electric (GE) has already launched investments in Turkey, and others will soon follow.

GE bought 25.5 percent of Turkey's Garanti Bank by paying $1.8 billion in late 2005.

The Business Development Project aims to form a common market in the US and train companies about market qualities as well as business conditions. Both parties are providing supplies to the project, which is on the verge of completion.

Hisarciklioglu, on the other side, emphasized Turkey has three per one thousand shares in American import. The US is the top importer in the world. Its annual import figures exceed $1.5 trillion.

V.V