Foreign direct investment (FDI) flows to Türkiye have reached $7.67 billion in the first nine months of 2024, according to the International Investors Association (YASED) on Tuesday.
The sectoral group said the figure for the period between January and September was up 8% from last year, citing data from the Central Bank of the Republic of Türkiye (CBRT).
Equity capital inflow totaled $4.33 billion from January to September, while wholesale and retail trade had the lion's share of 22% with an investment inflow of $932 million.
At the same time, about $2.2 billion was received through real estate investments from foreigners in the nine months.
In the first nine months of 2024, European Union countries, which historically accounted for 58% of total investments from 2002 to 2023, remained the largest investing region with a 52% share. European non-EU countries, previously the second-largest investor with a 10% share, increased their share to 18% during this period.
The Netherlands was the largest source of FDI flows to the country, accounting for 19% of the total, followed by Germany with 12% and the United States with 11%.
Following the U.S., Ireland ranked as the top fourth source of FDI to Türkiye at 8%, and Azerbaijan and Switzerland came next each accounting for 7%, YASED data showed.
In September, Türkiye attracted $1.1 billion worth of FDI, bringing the total investments in the third quarter to $2.8 billion, said YASED.
Speaking to Parliament's plan and budget commission on Tuesday, Trade Minister Ömer Bolat also touched upon the role of FDI in the country and announced the aim to increase the country's share of global foreign direct investment to 1.5% by 2028, building on significant momentum in recent years.
"While the share we received from foreign investments in the world was 0.2% in 2002, we increased this to 1%. Our goal is to increase this rate to 1.5% by 2028," he said.
Turkish authorities unveiled earlier this year a new comprehensive FDI strategy covering the period between 2024 and 2028, which is designed as a road map to accelerate the attraction of quality FDI projects that align with Türkiye's economic development goals.
Foreign direct investments play a crucial role in fostering the robust and sustainable growth of the Turkish economy, and its technological transformation, facilitating its global competitiveness.
Leveraging its strategic geographical location and highly skilled workforce, Türkiye also aims to boost its share in overall regional inflows.
Since 2002, Türkiye has attracted a total of $271 billion in FDI, YASED said.