BYD’s $2.5B investment to boost Türkiye automotive sector, says Industry minister

Minister of Industry and Technology Mehmet Fatih Kacir Monday underscored the substantial influence of Chinese automaker BYD’s recent investment in Türkiye, positing that this initiative will catalyze additional developments in the automotive sector of the nation.

Kacir disclosed that Türkiye anticipates a $2.5 billion investment from BYD and that the government intends to attract approximately $30 billion in global investments by 2030.

During a conversation regarding Türkiye’s ongoing endeavors to become an investment hub, Kacir disclosed this information to a Turkish publication. He observed that BYD’s entry into the Turkish market as the world’s largest electric vehicle manufacturer has served as a significant catalyst. “The exports of Türkiye will increase by $2.5 billion when BYD’s investment is fully operational,” Kacir declared.

Investment negotiations persist

Kacir emphasized the ongoing investment negotiations with both Chinese and other global brands. He mentioned that Türkiye currently houses production facilities for eight distinct global brands and anticipates the announcement of new investments in next-generation vehicles. “We will present information regarding a substantial new investment from one of our current manufacturers in the near future,” he stated.

Kacir underscored the interconnectedness of these developments and expressed optimism that Türkiye will emerge as a prominent hub for the production of next-generation vehicles in Europe and beyond.

He commended BYD’s decision to invest in Türkiye as a potent catalyst for additional investments.

$30B support program

Türkiye’s objective is to attract global investments totaling approximately $30 billion by 2030 through the HIT-30 High Technology Investment Program. Kacir delineated the scope of this initiative, which encompasses battery investments, chip production, solar cells, wind turbine components and global R&D centers. He emphasized the importance of high-tech investments in advancing Türkiye’s global market position.

Kacir also acknowledged the supportive measures that are being implemented, such as incentives and cash support, intending to improve Türkiye’s global investment status.

He emphasized that Türkiye’s proportion of global investments has increased by fivefold in the past two decades; however, there is still significant room for expansion.

Türkiye acquires membership in the global elite

Kacir also addressed Türkiye’s recent accomplishment in high-tech production, referring to the launch of the Turksat 6A communication satellite, which was developed domestically.

He mentioned Türkiye is now among the world’s elite in satellite development and testing, and that Turksat 6A is the highest-value product ever produced in Türkiye, valued at $250 million.

Exports surpass $9 billion

The minister underscored Türkiye’s impressive performance in high-tech exports, which have expanded to approximately $9 billion. He established a goal to elevate this figure to $19 billion by 2028 as part of the nation’s development strategy. Kacir expressed his conviction that Türkiye’s exports and current account balance will be significantly strengthened by the ongoing and forthcoming electric vehicle investments, which include BYD’s.