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Monday, July 16, 2018

Foreign investors look into Turkish shipyards

The Turkish American Chamber of Commerce recently presented data showing that foreign investors are setting their sights on shipyards in Turkey.

Suheyl Demirtas, the secretary general of the Turkish Shipbuilders' Association, said the shipyard sector is growing much faster in Turkey than in the rest of the world.

"During 2002-2008, the sector expanded threefold on a global basis, while it grew tenfold in Turkey," Demirtas said. "The stability in the recent years is a source of attraction for foreign investors. Investors from every part of the world are seeking opportunities in Turkey."

Demirtas said the injection of foreign capital into Turkey will provide shipbuilders with opportunities for offshore constructions. The price for the daily rental of a platform recently reached $1 million.

"There are globally renowned companies with offshore operations," Demirtas said. "The path to cooperating with these involves attracting foreign investors to Turkey. Paving the way for this will also remove barriers to offshore operations. Turkey leases platforms from various countries for its oil and gas explorations."

Shipyards are leased by the state for a period of 49 years, a term that can be extended.