The Izmir Development Agency (İZKA) has reported an influx of investments from Japan into the Aegean province of Izmir in Turkey. The province is seen as a natural hub into Europe, the Middle East and North Africa.
According to the İZKA report, İzmir hosted a total of 2,237 foreign companies in the first half of 2016, and this figure has been rising, especially amongst Japanese investors, thanks to İzmir’s natural port advantage and high living standards.
A leading Japanese investor has said that their company saw İzmir as a regional hub. “Japanese companies can comfortably use İzmir as a hub to carry their products to the Middle East and North Africa region,” Pigeon Corp Chair Norimasa Kitazawa said. He also noted that İzmir had a high quality workforce, which prompted their decision to make an investment in the province.
Many Japanese companies have recently chosen İzmir to invest in, partly as a result of İZKA’s specialized investment and promotional activities in the county, said the report.
Among them are Japanese food giant Nippon Ham, spare automotive parts manufacturer Denso Corp, Yanmar Corp and Ajinomoto, which recently bought a food company from Yıldız Holding in İzmir.
Japan’s Sun Chemical also started to manufacture packaging inks in a new factory in the Aliağa district in a $30 million investment.
İnci Holding, one of the largest conglomerates of the Aegean region, signed a deal with Japan’s GS Yuasa Corp to boost corporation in research and development and co-produce car batteries.
Foreign Direct Investment 5