Turkey has secured its position as a manufacturing and export hub for Asia-based global companies.
Following investment decisions of its Chinese peers, the global smartphone giant Xiaomi has been reported to enter Turkish smartphone market with a two-phased investment plan.
Xiaomi mulls a USD20-million-investment in the first phase. A factory in Istanbul with 2,000 employment is also on the agenda.
In the second phase, the Chinese giant’s investment volume is projected to reach USD 30-40 million. It was also announced that Xiaomi would apply for a certificate to benefit from Turkey’s investment incentive opportunities.
In January, Hong Kong-based Tecno mobil, too, will invest $25 million in for a plant in Istanbul, according to the information revealed by the company, following in the footsteps of Huawei and Oppo. Tecno plans to start production in Istanbul plant by March. The company says the Istanbul plant will initially produce for Turkish customers but later will target the European market from Istanbul.
The Chinese phone maker OPPO, which recently entered the local market, has already bought a facility in Istanbul’s Tuzla district and recruited personnel for its Turkey operations. The size of Oppo’s Turkey investment will be $50 million and the company already obtained investment certificate from the government for the facility.