Kadir Has University (KHU), KPMG Turkey (KPMG-T) and the Foreign Economic Relations Board (DEIK), all based in Istanbul, Turkey, and the Vale Columbia Center on Sustainable International Investment (VCC), a joint initiative of the Columbia Law School and The Earth Institute at Columbia University in New York, are releasing today the results of their second annual survey of Turkish multinational enterprises (MNEs). Conducted in 2010, the survey is part of a long-term study of the rapid global expansion of MNEs from emerging markets and covers the period 2008–2009.
Table 1 lists the top 19 Turkish MNEs on the basis of their foreign assets. There have been changes in the list compared to the one published in December 2009. The number of companies listed has increased from 12 to 19. Two firms, Nuh Çimento and Anadolu Group, have been dropped and nine others have been added. Among the nineteen companies, only four are not listed on a stock exchange and only one (TPAO) is state-owned.
The top 19 firms together held more than US$ 31 billion in foreign assets in 2009, with the top-ranked Sabancı Holding accounting for US$ 8 billion and the second-ranked Dogus Group accounting for more than US$ 6 billion. The collective foreign assets of these 19 firms were more than twice as large as the total outward foreign direct investment (FDI) stock held by Turkish enterprises in 2009, which was just under US$ 15 billion (annex figure 6). Together, the 19 companies had nearly US$ 15 billion in foreign sales in 2009 and employed almost 90,000 workers abroad in 396 foreign affiliates on five continents. Only three firms (Enka Construction, TAV Holding and Çalık Holding) employed more than 10,000 people abroad (annex table 1).