Hygiene products manufacturer Ontex has opened its $30 million factory in Turkey’s Istanbul. Located in the Silivri district, the plant will manufacture Canbebe branded hygiene products, the business which the Belgian company acquired from Turkish Astel Kagitcilik in 2000.
“Our investment in Istanbul is an indicator of our strong confidence in Turkey. Ontex believes in Turkey’s potential and future as such Turkey is now in the list of the few countries that we have manufacturing operations in,” said Ontex CEO Charles Bouaziz at the opening ceremony of the factory that will create 500 jobs.
Turkey’s Minister of Economy, Zafer Caglayan, attending the opening, said that Turkey had led the European economies in GDP growth for the second quarter.
“Turkey has attracted over $127 billion of foreign investment over the last 10.5 years, some 75% of that amount originated in Europe,” said Caglayan, adding that Turkey’s stability, potential and the investment incentives were critical in attracting foreign companies. Caglayan also called on to the Belgian company to set up a regional management center as well as a research and development facility in Turkey.
Turkey’s economy has grown by 4.4% in the second quarter of 2013, the highest growth among European economies. The growth rate for the first half of the year was 3.7%.