World Bulletin / News Desk
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) officially opens BTMU Turkey in Istanbul.
ISTANBUL (AA) - Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) President Nobuyuki Hirano announced on Thursday the official opening of its subsidiary Bank of Tokyo-Mitsubishi UFJ Turkey in Istanbul.
BTMU said in a statement that Turkey, located at a central point between Europe, Asia, the Middle East and North Africa, is of significant geopolitical importance, noting that Turkish economy has shown remarkable performance with its steady growth over the past decade with an average annual real GDP growth rate of 5 percent, overriding the global economic recession and becoming one of the fastest-growing economies in the world.
BTMU indicated that Turkey has proven to be an attractive market for foreign direct investment due to both the consumer power of its population, composed of almost 75 million people with a median age of 30, and its abundant work force.
"The major industries expanding in Turkey were related to the automotive industry, and more recently areas such as home electronics, pharmaceuticals, cosmetics and medical equipment have become prevalent, drawing the interest of Japanese and non-Japanese businesses," said BTMU.
BTMU has been present in Turkey through a representative office since 1986 and is well-placed to provide expertise on the local economy, the statement added.
"It has had close ties with the Republic of Turkey Prime Ministry Investment Support and Promotion Agency, with which a memorandum of understanding for cooperation was signed in March 2011, and the two have jointly held seminars for Japanese investors. The establishment of its wholly-owned local subsidiary will enable BTMU to strengthen its existing business and provide a broader range of financial services to support its customers’ business expansion in Turkey," concluded the statement.Last Mod: 28 Kasım 2013, 17:06