US-based energy giant General Electric (GE) will invest $900 million in Turkey. The location and the breakdown of the investment are expected to be clarified in the coming months.
In a joint press conference by GE vice president John Rice and Turkish economy minister Zafer Caglayan, it was stated that the $900 million investment will be spread over three years in the fields of energy, aviation, health, transportation and infrastructure. Rice expressed that they would like to enhance their partnerships in Turkey and localize their products, adding that they will focus on infrastructure investments as well. The company is expected to produce wind turbines in Turkey and enhance the cooperation with Turkish locomotive and wagon manufacturer Tulomsas.
The fields in which GE will invest are included under ‘strategic investments' in the incentive package introduced by the Turkish government in April. Strategic investments are subject to the incentives applied in region five within the scope of the package, regardless of the location of the investment. These investments include automotive, space, wind industry, railway and mining projects.