State Minister Babacan Leaves For Paris

BABACAN: MORE THAN A THOUSAND COMPANY OF FOREIGN CAPITAL WERE ESTABLISHED IN TURKEY IN THE SECOND HALF OF 2003

ISTANBUL - Turkish State Minister Ali Babacan has said, ''more than a thousand company of foreign capital were established in Turkey in the second half of 2003.''
Babacan left for French capital Paris on Wednesday to sign a loan of 200 million euros provided by the Council of Europe Development Bank for small and medium scale enterprises (SMSEs).
Speaking at Istanbul's Ataturk Airport prior to his departure, Babacan told reporters, ''number of companies of foreign capital was under 200 in the first half of 2003 when the law about foreign capital was enacted. In the second half of the year, more than a thousand company of foreign capital were established in Turkey. Investments start with planning; later companies are established; and then, actual investments start. We believe that the year 2004 will be more positive than 2003 to this end.''
Upon a question about the Central Bank's decision to reduce interest rates, Babacan said, ''the Turkish Central Bank has an operational independence. Everyone and all sections can have different expectations. However, it is the Central Bank which will make the final decision in the end.''
(UK-AÖ) 07.04.2004