Abengoa (MCE: ABG), the international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, by its Industrial Residue Recycling Division, Befesa, jointly with the Prime Ministry Investment Support and Promotion Agency of Turkey (ISPAT), today announced two significant investment projects in Turkey.

The projects announced by Mr. Zafer Caglayan, Turkish Economy Minister, Mr. Ilker Ayci and Mr.Javier Molina, CEO of Befesa, consist of the construction of two plants for steel dust recycling based in Izmir and Adana.

Befesa operates in Turkey trough a JV with the Canadian listed company Silvermet Inc. This JV plans to invest around 120 million dolars in total in the construction of the two plants with a capacity for the treatment of 110,000 tons of steel dust of each of them, creating around 130 direct and over 200 indirect jobs. The facilities will produce over 80,000 tons of Washed Waelz Oxide, a zinc rich final product that will be fully exported.

The investment of Spanish Befesa will also bring significant environmental benefits. The facilities will be designed and operated using the safest and most environmentally-friendly technologies in order to recycle steel dust, a hazardous waste generated in production of steel from electric arc furnaces, and therefore minimizing landfilling. Today the production of this waste in Turkey is approximately 500,000 tons per year.

This significant investment will be financed using a combination of equity from the JV and bank debt from local Turkish banks.

The facilities will be located in Tire OIZ with a surface of 68.000 m2 and in Adana OIZ with 50.000 m2, two areas that presently enjoy a high concentration of steel producers. These facilities will add to the existing Befesa’s one in Iskenderun with a treatment capacity of 60,000 tons per year.

Mr. M. Ilker Ayci, President of ISPAT, who pointed out that Befesa and the Agency have been working together for the last 20 months, said; “This investment is very important not only for bringing technology, creating employment and contribution to Turkey’s export, but also contribution to the environment. Befesa has added Turkey to its existing operations in Germany, France, UK, Spain and Sweden. We are proud to win this investment for our country.”

Befesa CEO Mr. Javier Molina commented that “We are very glad to contribute to Turkey’s sustainable development in the field of recycling and recovery of industrial waste with this investment. I would like to thank to Mr. Ilker Ayci and his team for their efforts and contributions to this project since the very beginning, in 2011. Regarding our plans, we are now at the stage of obtaining all the necessary environmental and construction permits which would hopefully be obtained by early 2013. We have also started to contact local Turkish banks to discuss financing options. At the same time we are developing the detailed engineering and procurement of works and equipment, so we should be able to start operations on site on schedule. The execution time of the works is planned to be around 18 months and we estimate the second half of 2014 for the plants to be in operation.”

About Abengoa

Abengoa (MCE: ABG) is an international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels, desalinating sea water and recycling industrial waste. (www.abengoa.com)

About ISPAT

The Investment Support and Promotion Agency of Turkey (ISPAT) is the government organization that mainly provides all relevant services to overseas businesses that want to locate in Turkey. Its range of expert services is tailored to the needs of individual businesses to maximize their international success. ISPAT provides the international investors with all the updated information needed for setting up or expanding a business in Turkey. By optimizing conditions for the business projects of international investors, ISPAT offers services which add value in a number of key areas. (www.invest.gov.tr)

General Electric (GE) will invest in energy, healthcare and infrastructure projects in Turkey over the next 3 years. The company announced the USD 900 million investment package in a press meeting also attended by Turkey’s Minister of Economy, Zafer Caglayan.

“Turkey’s new investment incentive scheme appears to have been well-analysed by GE. The aims of Turkey’s new incentive regime and GE’s investment package is a perfect match..”, said Caglayan at the press event. Turkey’s new incentive scheme is largely aimed at reducing dependency on imported intermediate goods and attracting investments of strategic nature.

The investment package includes production of wind turbines in Turkey. The country’s growing demand for energy necessitates USD 130 billion of investments in power generation in the next decade, according to Minister Caglayan. “GE’s selection of Turkey as a site for these investments is crucially important. The specifics of the investment plan will be revealed in the coming months..”, the Minister said.

GE’s plan towards Turkey has a “focus on infrastructure and innovation”, according to GE Vice Chairman John Rice. “GE’s planned investments in Turkey benefit from the opportunities offered by the rapidly growing economy and aligns well with the country’s 2023 vision..” he said. Turkey aims to be one of the world’s top 10 economies by 2023 and has set ambitious goals in energy, infrastructure, transportation and healthcare.

The multinational conglomerate GE is active in Turkey for 64 years, operating in aviation, transportation, healthcare, energy and banking industries.

Source : Dunya

Turkey’s Prime Minister Recep Tayyip Erdogan has called on South Korean companies to invest in Turkey. Visiting South Korea’s capital Seoul for an international nuclear security conference, Prime Minister Erdogan met with the executives of South Korea’s topcompanies in a meeting organized by Turkey’s Ministry of Economy and the Investment Support and Promotion Agency of Turkey (ISPAT). The two countries also signed the framework for a free trade agreement.

Investment opportunities in Turkey and soon-to-be-announced incentives were topics of the talks held between Prime Minister Erdogan, the Minister of Foreign Affairs Ahmet Davutoglu, the Minister of Energy and Natural Resources Taner Yildiz, the Minister of Economy Zafer Caglayan, ISPAT President Ilker Ayci and the CEOs of South Korea’s leading companies with an annual cumulative turnover of USD 400 billion.

Prime Minister Erdogan, briefing company officials on Turkey’s economic achievements, invited South Koreans to invest in Turkey. “Turkey offers significant investment opportunities. The Turkish government is ready to take any measure to support foreign investors, including easing red tape,” Turkey’s Prime Minister remarked.

Erdogan paid special attention to the Hyundai CEO who mentioned a production increase in the company’s Turkish plant and inquired about engine production. “Turkey is a location for an automobile engine production plant,” said Erdogan. The car maker will raise its production to 200,000 vehicles per year, according to the Hyundai CEO. Turkey will soon announce a new investment incentive scheme that is expected to significantly increase foreign investments to the country.

Turkey and South Korea also signed a framework agreement, laying the groundwork for a free trade agreement (FTA) to be signed in the coming months. Signed by Turkey’s Minister of Economy Zafer Caglayan and South Korean Minister of Trade Park Tae-ho, the agreement will be finalized by June and is expected to boost trade between Turkey and South Korea. The trade volume between the two countries stands at about USD 7 billion.

Source : Sabah / Dunya

Turkish exports in February witnessed a 10.4 percent increase compared to February 2011, reaching $11.2 billion, according to data released yesterday by the Turkish Exporters’ Assembly (TIM). “[This] is the highest export number we have ever achieved in the month of February, and it is a record,” said Turkish Economy Minister Zafer Çağlayan after the figures were announced.

Çağlayan added that Turkish exporters were resilient and were able to adapt to conditions that may come their way referring to the debt crisis in Europe and seasonal factors. He praised them for finding alternative markets to make up for the losses in exports to Europe.

According to TIM figures, the automotive sector enjoyed the most exports at $1.6 billion, followed by the chemicals sector at $1.4 billion and the steel sector, which came in third at $1.36 billion. Agricultural sector exports, at $1.5 billion, accounted for 14.6 percent of total exports. The industrial sector comprised the bulk of exports at $9.3 billion, or 83.8 percent. The mining sector exports took a sliver of the pie, exporting $259 million worth of mining products, accounting for just 4.9 percent of total exports.

Source : Ministry of Economy

A family of Turkish-manufactured motor vehicles of different makes are on stage at this year’s Geneva Motor Show in Switzerland, with the spotlight being on Karsan’s V1, a finalist in New York’s taxi cab tender.

The 82nd Geneva Motor Show will sport the production model of the V1 concept, designed entirely in Turkey by Turkish engineers. The only homegrown Turkish make at the show, Karsan was a contender in New York City’s “Taxi of Tomorrow” tender with the V1, losing to Nissan at the final stage last year.

Congratulating Karsan officials for the manufacture of a vehicle worthy of being a frontrunner at the automotive industry’s biggest trade shows of the year, Turkey’s Minister of Economy Zafer Caglayan said that Karsan’s V1 project was an important boost to Turkey’s national car project and that it is time to serially manufacture the V1. Karsan V1 is slated to enter production in 2014 with a EUR 200 million investment, according to Karsan Executive Director Jan Nahum.

Karsan already produces a range of commercial vehicles for European companies like Renault, Citroen and Peugeot, as well as light trucks for Hyundai at its plant in Bursa.

Other Turkish-made vehicles of global automotive companies’ concept and production models were also on display at the Geneva Motor Show 2012, including Ford-Otosan’s concept Transit, Hyundai-Assan’s new i20 and Oyak-Renault’s refreshed Megane HB

Source : Hurriyet