Xiaomi is Investing in Turkey

xiaomi investing in turkey

Turkey has become a manufacturing and export hub for many companies in the last year due to the changing circumstances resulted from the coronavirus pandemic. That’s why many companies moved their production to Turkey. Like many other companies, Chinese smartphone giant Xiaomi announced its investment plan in Turkey.

Xiaomi has a two-phased investment plan in Turkey. In the first phase, the company will make a 20 million $ investment for the factory in Turkey, which will create employment for 2.000 people. 

In the second phase, Xiaomi will apply to benefit from Turkey’s incentive opportunities for their investment. To do this, they have a target of reaching 30-40 million $ investment volume. 

The Minister of Industry and Technology, Mustafa Varank, stated that Xiaomi would start manufacturing in Turkey next month when he visited Xiaomi’s factory in Istanbul, which is under construction. He was accompanied by the Country Manager of Xiaomi Turkey Usher Liu, Middle East Manager of Xiaomi Ronnie Wang, Salcomp Operation Manager George Deng and CEO of Kontrolmatik Sami Aslanhan. 

Xiaomi will be working with Salcomp in the factory in Istanbul, which is being renovated. There will be a 15.000 m2 production area with a capacity of 5 million phone production annually. More than 10 million devices are sold in the Turkish market. 

More and more global companies choose to work in Turkey and with Turkish suppliers, especially in the technology field. Turkey is a perfect market for technology companies both for import and export. Global brands are investing in Turkey not only for manufacturing but also for their R&D departments. Thus, more multinational companies can shift their production facilities to Turkey and export to other countries from here and supply the domestic market with their products. Turkish government supports such investments with different incentives to attract more companies to come to Turkey to develop their businesses.

Source: https://www.invest.gov.tr/

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