Türkiye Investment Fund: $500 million catalyst for economic growth and development

Finance Minister Mehmet Simsek outlines Türkiye Investment Fund’s objectives and structure, emphasizing its pivotal role in driving public-private investments and fostering economic ties among Turkic States

Finance Minister Mehmet Simsek described the objectives and structure of the Türkiye Investment Fund and emphasized its important role in accelerating both public and private sector investments.

Addressing the Board of Governors Inaugural Meeting of the Turkish Investment Fund, Simsek underscored the fund’s significance within the framework of cooperation among Turkic States, aiming to fortify economic and commercial ties among member countries.

 With a registered capital of $500 million, the fund is poised to catalyze economic growth and development.

Simsek highlighted the fund’s primary focus on providing technical support for projects spanning various sectors, including infrastructure, renewable energy, agriculture, and tourism.

Strategic location: Istanbul chosen for Turkish Investment Fund

Additionally, he emphasized the fund’s crucial role in supporting small and medium-sized enterprises (SMEs) and fostering investments in key sectors, thus contributing to sustained economic advancement.

The decision to establish the Turkish Investment Fund in Istanbul was driven by the city’s strategic location, robust entrepreneurial ecosystem, and skilled workforce, factors expected to bolster the fund’s operations and efficacy.

“Today we are holding a historic meeting where the first decisions on the operationalization of the Fund will be taken. By the end of 2024, the Turkic States are expected to reach an economic size of 1.9 $ trillion and a population of 178 million, and take an important place in the world economy,” Simsek explained.

Simsek welcomes Hungary’s interest

Furthermore, Minister Simsek welcomed Hungary’s expressed interest in joining the fund, emphasizing the imperative of ensuring long-term financial sustainability.

“We welcome Hungary’s willingness to become a member of the Turkish Investment Fund. Once the Fund starts its activities, the completion of Hungary’s membership process will be one of the agenda items we attach importance to,” he stated.

He stressed the need for the fund to adhere rigorously to best international practices concerning organizational structure, decision-making mechanisms, risk management, and monitoring.

Simsek also highlighted the importance of assembling high-caliber, professional teams within the fund to ensure its optimal functioning.

He expressed confidence that the fund would serve as a beacon of successful cooperation, with Hungary’s prospective membership being a priority agenda item once the fund’s activities commence.

Source: Newsroom