Details of Xiaomi's Investment in Turkey Have Been Revealed

Details of Xiaomi's investment in Turkey have been revealed. The Chinese smartphone manufacturer will take the first step with $ 20 million.

China-based smartphone maker Xiaomi, had previously announced it would invest in Turkey. According to news received, the details of the company's investment to be made in Turkey became clear. Xiaomi will start production in Turkey with an investment of approximately $ 20 million. According to information provided by three sources with knowledge on the subject to Bloomberg HT, the Chinese company's investment in Turkey will consist of two stages. It was stated that Xiaomi, which is said to establish a factory in Istanbul Avcılar, will provide employment to 2 thousand people in the first stage and increase capacity in the second stage. According to the sources reported to Bloomberg HT, the investment amount is expected to reach 30-40 million dollars with the second phase. According to the information provided, Xiaomi applied for an incentive certificate for Salcomp, which will produce on its behalf. The mentioned incentive certificate is expected to be published in the Official Gazette in February.   Turkey Became the New Favorite of Asian Companies Turkey became the new favorite of Asian companies. The development that enabled this was that President Recep Tayyip Erdoğan changed the incentive legislation and paved the way for the importation of parts and parts used in mobile phone production, provided that customs duties are paid until August 31, 2021 within the scope of investments with incentive certificates. Consequently, for domestic and foreign investors to set up R&D centers in Turkey seem to make sense. Following this development, it was reported that parts and parts import surveillance application, which is incomplete or completely disassembled, will be exempted from the application of surveillance for use in smart mobile phone production. In the last case, according to the communiqué published in the Official Gazette, the surveillance measure carried out for those who have a customs value less than $5 per item in the import of smart phone parts will not be applied if the aforementioned parts are completed and completely disassembled for use in smart phone production. Previously two mobile phone companies Oppo and Samsung, announced the news that they will go into production in Turkey. The news of these companies was followed by another smartphone manufacturer Tecno. In the statement made by Tecno, it was reported that the first domestic Tecno will be produced in March. The factory, which is stated to be located in Istanbul Pendik, will primarily serve the Turkish market and will also serve as a production base that will provide distribution to the European market. Tecno According to reports, for local production in Turkey will invest over $ 25 million.         Source: Bloomberg HT