Turkish inward investment hamstrung by corruption
A survey carried out by the World Bank last week showed that foreign investment in Tϋrkiye continues to be held back by governmental corruption and bureaucracy. 92% of investors responding said they were discouraged by the complexity and lack of transparency of government policies. 63% said they were ‘disturbed’ by the extent of government corruption.
As a direct result of these uncertainties, the country was losing around $1.8 billion in foreign direct investment annually, the report suggested. "Illegal payments made to government officials in order to keep warm relations and accelerate transactions are regarded as gifts and grants."
During the period 1995-2000, net foreign direct investment accounted for only 0.4 percent of the Turkish gross national product, placing the country 81st in a ranking of 91 countries attracting foreign investment, the survey said.
