South Korean firm to create at least 1,000 jobs in Turkey

Pohang Iron and Steel Company (POSCO), a South Korean steel maker is to invest 350 million USD in to Turkey to develop a new cold-rolling mill in the Turkish north western province of Kocaeli.

POSCO teamed up with another South Korean company Daewoo International and Turkish company Kibar Holding for the project that will be ready by May 2013. When completed it is estimated that the project will create more than 1,000 jobs in the area.

The CEO of POSCO, Chung Joon-Yang said: “The decision to invest in Turkey was taken at a high-level meeting with Turkey’s Prime Minister Recep Tayyip Erdogan in Seoul organised by IPSAT in late 2010.”

Turkish Minister of Economy, Zafer Caglayan said: “This facility will play a significant role in reducing the current account deficit, reducing imports by 100 million USD while increasing exports by 240 million USD.”

Turkey is currently the place to invest in for people looking for a good return on investment. Many businesses and people are putting their money in to the successful Turkish market where they have a lot of opportunities to gain and prosper. Turkey is on the rise, the Turkish government wish to be one of the top 10 economies by 2023 and should that happen then your investment in Turkey would be a worthwhile investment on any level.

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