US Companies Fleeing Russia Eye Turkey as Potential Investment Destination

LOCAL NEWS

• U.S. companies that terminated operations in Russia due to the invasion of Ukraine have gone in search of new markets. Some are coming to Turkey. “As many as 1,100 US companies are leaving Russia. Others said they would shift some of their operations to Turkey.
  • I think American companies should consider the Turkish market,” U.S. Ambassador to Ankara Jeff Flake said. - Hurriyet
• In talks with Zelensky & Polish President Duda, Erdogan promised he would continue to push for a ceasefire agreement between Ukraine and Russia and hopefully broker a meeting between Zelensky and Putin.
  • Putin & Zelensky agreed on the need to speed up diplomacy to end the war, while Duda praised Turkey’s major role towards prevailing peace. Turkey has ramped up its efforts to reconcile global ties amid the crisis to boost investment and attract foreign FX – Ahval
• Tourism leaders say the Russia-Ukraine crisis will cause a significant drop in tourism revenues in 2022 as both sides account for 19% of Turkey’s yearly tourists.
  • The tourism sector accumulated TRY 8bn in debt over the pandemic, and may be set to increase. CHP leader Kilicdaroglu calls for $10bn in subsidies to offset the impact of the conflict, while business leaders have asked for affordable loans and credit support measures – Duvar

Data/Events:

• FM Cavusoglu visits Lviv in Ukraine to meet FM Kuleba
• 1100GMT: CBRT decision – hold at 14.00% expected
• 1100GMT: Erdogan Speaks in Ankara