Turkey hopes to attract US $15bn in FDI

Friday, 03 December 2004 08:56:00 (GMT+3)   |  
       

Turkey hopes to attract US $15bn in FDI

Turkey is hoping to attract US$15 bn of foreign investment between 2005 and 2007 through reforms designed to overhaul its economy and ease the country's entry into the EU, Deputy PM Sener said yesterday. Sener held a press conference to unveil the Pre-Accession Economic Programme to be presented to the EU. Major aspects of the program disclosed by Sener are as follows: • Foreign investment flow is estimated to reach US$2.9 bn at the end of 2004. • Under the three-year programme, Turkey is aiming for a yearly growth rate of 5%. Growth is expected to be around 10% in 2004, double the year-end target of 5%. • Inflation, which is expected to undershoot the Year end04 target of 12% this year, will be brought down to 4% at Year end07. • The programme aims to reduce gross public debt stock some 10 pps to 68.3% of the GDP. • Tourism revenues, which hit US$13.2 bn in 2003, are expected to reach about US$21 bn in 2007. • The government plans to bring unemployment, which stood at 10.5% last year, to 9.3% in 2007 and create 1.65 mn new jobs in three years.

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