An international direct-investment information bulletin from the Turkish economy ministry has confirmed Chinese investors continue to increase their foothold in Turkey’s textile industry. Between January and December 2015, 60 new foreign companies invested $429m in Turkey’s textile and clothing manufacturers – up 30 per cent compared to the previous year the figures suggest.
Analysis of the data by Turkish language newspapers show, Chinese investors contributed a significant portion of this money, attracted by the Turkish textile sector’s product quality and fast delivery. Looking at all economic sectors, Chinese investment in Turkey exceeded $1.6bn in 2015.
According to Huang Songfeng, Consulate General of China in Istanbul, so far, more than 60 medium-and-large sized Chinese enterprises have opened a representative office in Istanbul. Chinese investment projects in Turkey and central Asia have also been given support from the government in Beijing through the China’s One Belt, One Road development strategy. He added that the decision of the Industrial and Commercial Bank of China (ICBC) to buy majority shares in Turkey's Tekstilbank AS was a good example. It acquired a 76 per cent stake in Tekstilbank in April 2014 for $316 million.