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Honda, Hyundai, Renault, Toyota and Ford Motor are increasing vehicle production in Turkey, while Cummins just launched its diesel-filter production plant.
No wonder, then, that Turkey produces more vehicles than any other country in Europe, the most visible industry in a diverse manufacturing sector that drove a tripling of the country’s GDPin less than a decade — to $772 billion in 2011, 17th in the world.
“The government commitment to the free market is quite solid, and it understands the importance of foreign investment,” says Gareth Jenkins, an expert on Turkey at the Central Asia-Caucasus Institute, affiliated with Johns Hopkins University. “There’s still a lot of potential for further growth.”
Turkey has absorbed $110 billion in overseas investment in the past nine years, and it is now the 13th most-attractive destination for foreign investment, according to A.T. Kearney’s 2012 FDI Confidence Index .
[MORE FROM CNBC.COM: The Best Countries for Long-Term Growth]
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