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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

With Weak Lira, Turkey Woos Foreign Firms

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul. (AFP)

There is a silver lining to Turkey's currency crisis and the global supply chain crunch: The country is becoming an attractive alternative at the gates of Europe for foreign firms.

Turkey is seizing on its geographic advantage to woo companies as the skyrocketing cost of sea freight and pandemic-related disruptions to supply chains push some European companies to reduce their dependence on Asia, AFP said.

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