09 October 2013 11:55 [Source: ICIS news]
BERLIN (ICIS)--Petrochemical business is growing despite adverse geopolitical circumstances in the Middle East, with Turkey attracting investments from Europe and neighbouring countries, a senior industry executive said on Wednesday.
“In our business, the growth is about 15% annually for the last seven years,” said Ruya Bayegan, vice president of Turkey’s leading distribution group, Bayegan.
She was speaking with ICIS on the sidelines of the 47th annual European Petrochemical Association (EPCA) meeting in Berlin.
“There is [a] problem with the business climate,” she said, when asked about the crisis in Syria, Egypt, the Arab Spring and street protests in Turkey recently.
She dismissed the wave of street protests that spread this summer as being more exaggerated than they actually were.
“Investment is still coming to Turkey – many European companies are shifting manufacturing here,” she said, adding: “Turkey is cheaper, and it is a big distribution hub for the region.”
She also cited government tax incentives as a reason why Turkey was being chosen for the shifting of manufacturing facilities.
She conceded that, when the Arab Spring started, businesses were afraid that its ramifications would greatly affect them.
“But the impact has been much below expectations.”
She said Turkey's image as a country that was becoming more Islamic was also incorrect.
The ban on selling alcohol to children under 16, and some restrictions on sales after 22:00 were just legal requirements in line with European practices.
As for the company’s own future plans, she said they had a few big ideas but would talk about them in the future.
“Bayegan is a trading company, we want to have the first baby…let us have this experience,” she said referring to the company’s plan to set up a 450,000 tonne/year propane dehydrogenation (PDH) and polypropylene (PP) plant by early 2017.
The EPCA meeting runs from 5-9 October.
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