Joint chamber of commerce: Turkish firms eager to invest in Iran

Turkish companies are more willing to invest in Iran than other foreign firms, the chairman of Iran-Turkey Chamber of Commerce said as the two neighbours are seeking to consolidate their trade ties.

17 September 2019
ID : 22220
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Turkish companies are more willing to invest in Iran than other foreign firms, the chairman of Iran-Turkey Chamber of Commerce said as the two neighbours are seeking to consolidate their trade ties. 

Speaking to IRNA, Reza Kami added that 100 large and medium-sized Turkish enterprises have made investments in Iran, particularly in areas near the common border, over the past decade.

“Most of the investments have been in industrial and production fields,” he said.

According to Kami, Iranians are active in the services and commercial sectors of Turkey.

Iranians continue to have higher interest in investing in Turkey, according to a statement issued by Elit Citizenship and Investment Consultancy, which offers consultancy services to foreigners in Turkey about company founding and investments.

While 3 million Iranian tourists visit Turkey annually, a remarkable increase has also been seen in the number of Iranians investing in Turkey, Daily Sabah reported.

In the past few years, Iranians are ranked second after Iraqis in buying houses in Turkey and first in applying for Turkish citizenship through investment. In the first six months of 2019, they are also ranked first for making foreign direct investments by opening companies in Turkey, Financial Tribune reports. 

The number of companies founded by Iranians in Turkey soared to 298 in 2016, 357 in 2017 and 1,019 in 2018 when the US embargo was launched. In the first six months of 2019, a total of 513 Iran-capitalized companies were built in Turkey, including 33 joint stock companies, up by 40% compared with the same period of last year.

From January to June 2019, Iranians founded 233 companies in wholesale and retail trade, 53 in finance and insurance business, 53 in accommodation and food, 48 in the manufacturing sector, 40 in administrative and support services and 26 in professional, scientific and technical activities.

Fatih Cayabatmaz, the Tehran representative of the Independent Industrialists' and Businessmen's Association and the general manager of Elit Citizenship and Investment Consultancy, stated that Iranians like to invest in Turkey.

"Turkey has become a single route for the Iranian capital, especially after the US embargo was imposed. We expect this interest to continue to grow in the coming years as well," he said.

Cayabatmaz emphasized that Iranians investing in Turkey are most actively involved in wholesale and retail markets, stressing that they are establishing companies for exporting products not covered by the embargo via Turkey, as well as importing them to the Turkish domestic market.

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