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International Business Times

Business

Burcin GERCEK

Turkey Puts Its Best Foot Forward To Charm Chinese Investors

European Union Turkey BYD Hakan Fidan China Ankara Europe Recep Tayyip Erdoğan electric vehicle Beijing

Chinese electric carmaker BYD is investing $1 billion in a Turkish factory to produce 150,000 vehicles a year (Credit: AFP)

Turkey plans to draw on its geographical position and an EU customs deal to entice Chinese investors keen to access European markets tariff-free, as it recently just did with carmaker BYD.

The Chinese electric vehicle giant signed a billion-dollar deal with Ankara on Monday to open a plant in western Turkey, promising to create 5,000 jobs, a move that will help it dodge new EU tariffs.

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