The Istanbul Development Agency has released plans to boost local and foreign investment in Istanbul by offering help for projects in the form of guidance and funds.
The agency has stated that they plan to spend between 2.25 million to 4.5 million Turkish Liras every year to give help to foreign investors who are looking to establish a business in Istanbul through its Investment Support Office (ISO). The agency’s Secretary-General Abdulmecit Karatas said: “We have supported 45 foreign companies until now.”
The ISO help with assisting local and foreign businesses in establishing themselves in Turkey. The ISO can help companies with all the information about procedures and documents required by legislation in order to set up a business in Turkey. This provides great assistance for people who are looking to either invest in Turkey or set up a business in Turkey.
Karatas said that the budget for the Istanbul Development Agency increased from 132 million Liras in 2010 to around 225 million Liras in 2011.
Karatas said: “We try to assist investors up to where our legal limits allow us to.” The agency experts also conduct research into the market and analyse business opportunities in the sectors that the investors are looking to invest in. Karatas said: “We have recently been assisting a large accessories company that is planning to invest in the luxury segment in Istanbul. We provided market analysis for this company and introduced its representatives with firms already established in Istanbul, which it could potentially cooperate with.”
The Istanbul Development Agency is a must see for anyone who is looking to invest in Istanbul. People are flocking to Turkey to buy or to invest in businesses and with schemes like this offering assistance available for potential investors it seems as though the Turkish market is only going to get more and more congested with foreign investors and people moving to Turkey.