The number of foreign companies established in Istanbul recorded a “rebound” after June 1, when the wheel of life began to turn again after the months-long lockdown period imposed by the Corona pandemic.

According to a report by the Istanbul Chamber of Commerce, 2,779 investors set up businesses with a capital of 506 million Turkish liras ($ 63 million) between January 1 and March 15.

While the number of investors decreased to 573, and the size of the capital decreased to 145 million Turkish liras between March 15 and June 1, when the coronavirus outbreak reached its peak.

After this period, investments saw a V-shaped rebound (rapid sharp rebound). According to the report, 2,678 foreign investors set up companies with a capital of 647 million TL between June 1 and September 10.

The head of the International Trade Organization, Chakib Avdacic, told Anadolu Agency (AA) that this increase proved the success of the normalization process and the strengthening of Turkey’s position as an alternative to the Far East in the eyes of global investors.

“During the pandemic, all companies tried to find an alternative to the Far East,” he said. There have been major changes in investment and logistics preferences. ”

He explained that the most prominent feature of this shift is the change in the idea of ​​the menu where production is cheaper. At this stage, Turkey started to bridge the gap, and World Trade Organization data confirm these results as well. ”

Avdacic added that Turkey has a strong position in global supply chains, which has been in the process of reorganization after the outbreak of the Coronavirus.

He continued, “We have a huge advantage of this because we are in the right place in the supply chain. We must be distinguished by using our geolocation feature.