Turkey has not fully secured the necessary environment to attract foreign direct investment despite steps taken to boost investor confidence, said Andrew Vorkink, World Bank representative in Turkey, on Tuesday. Developing countries should attract foreign direct investment equalling at least five percent of their gross national product, but this is less than one percent for Turkey, Vorkink told a conference for businessmen.
Turkey attracted $1 billion foreign direct investment on average before 2002, but it fell to $580 million in 2003 to exceed $2 billion in 2004 with the help of real estate sales. It is expected to surpass past years in 2005. The government said it hoped to attract $15 billion foreign direct investment in 2005-2007. Economic and political stability, an efficient and egalitarian implementation of legal regulations and a transparent tax system matter most for foreign investors, he said.