“Türkiye is not experiencing a single investment cycle, but several structural transformations at the same time”

Investment opportunities do not always stem from a single trend. Sometimes, they emerge from the convergence of several changes that are reshaping the direction of an economy. Türkiye is experiencing one of those moments. “What makes the country particularly interesting today is that we are not seeing one investment cycle, but several structural transformations happening at the same time,” explains Sinem Edige, Head of CIB Türkiye at BBVA.

This convergence is opening up new opportunities for companies, driving their international expansion and creating increasingly sophisticated financial challenges.

The energy transition is one of the clearest examples. Türkiye is targeting 120 gigawatts (GW) of combined wind and solar capacity by 2035, with planned investments of around $80 billion in renewable energy generation and a further $30 billion in transmission networks. Alongside these efforts, infrastructure modernization, industrial automation and the development of artificial intelligence and data centers are broadening the country's investment landscape.

But the scale of these investments is only part of the story. “It is not just about the amount of capital required, but also about the increasing complexity of financing it,” Edige notes. For BBVA CIB, the challenge lies in bringing together different financial capabilities, from structured finance and capital markets to risk management, to meet the specific needs of each project.

Sustainability: A new driver of competitiveness

Against this backdrop, sustainability is taking on a broader meaning for Turkish companies. It is no longer simply about financing renewable energy facilities or individual green projects, but about supporting a deeper transformation that extends across industries, production processes and, ultimately, the way companies compete in international markets.
“The conversation has moved beyond financing green projects. The real challenge now is to mobilize the resources needed to transform the real economy and strengthen its long-term competitiveness,” says Edige.

This evolution is also requiring companies to anticipate risks that, until recently, played a less prominent role in their financial decisions.

The upcoming COP31 in Antalya, with BBVA as Global Banking Partner, could help accelerate this process by connecting the country's investment needs with international capital. The challenge, Edige points out, will be to translate climate commitments into concrete projects and mobilize the resources needed to bring them to life.

Türkiye: From a domestic market to a regional hub

Türkiye's appeal extends beyond the investment needs of its own economy. Its proximity to Europe, strong industrial base and connections with the Middle East and Central Asia are strengthening its position at a time when companies are looking to diversify suppliers, bring production closer to end markets and build more resilient supply chains.

“Companies are redesigning their supply chains around resilience,” explains Edige. This trend is creating opportunities in sectors such as automotive, machinery, technology and energy-related manufacturing.

But investment flows are moving in both directions. While international investors are identifying new opportunities in the Turkish market, local companies are accelerating their expansion abroad, seeking financing, strategic partners and access to new markets.

In this context, connecting investment opportunities with international capital is becoming increasingly important, particularly in transactions involving multiple financial institutions and markets. “Our role is not simply to finance cross-border activity, but to connect capital with opportunity in both directions,” Edige emphasizes.

One example is the Kınalı–Malkara Motorway Project Financing and Malkara–Çanakkale Project Refinancing, which raised approximately €3.4 billion from 25 financial institutions across ten countries, with the participation of several BBVA Group entities. For Edige, the value of this collaboration is particularly evident in major transactions: “The more complex and international a transaction becomes, the greater the advantage of combining local execution capabilities with global reach.”

The next step: Understanding businesses to support their growth

Türkiye's economic transformation is also reshaping the relationship between companies and their financial institutions. Businesses are no longer simply looking for capital to fund their investments, but for advisory capabilities that can address strategic challenges across different areas of their operations.

“The biggest change is that clients increasingly expect us to understand their strategic challenges before proposing a financial solution,” says Edige.

A company expanding internationally, decarbonizing its operations or investing in new technologies may simultaneously require long-term financing, transaction banking, access to investors and risk management solutions. To address these needs, BBVA CIB is bringing together its different capabilities around each client's strategic priorities. “Clients do not need more products. They need better solutions to more complex problems,” she summarizes.

Looking ahead to the next three to five years, Edige identifies a significant opportunity: for Türkiye to build on its established industrial and manufacturing base and move towards higher-value-added activities, supported by artificial intelligence, digital infrastructure and international expansion. Türkiye already has industrial capabilities, talent and a strategic geographical position. The next step will be to leverage these strengths to compete not only on production capacity, but also on innovation and specialization.

Türkiye's next major leap will not be measured solely by how much it can produce, but by the value it can create. That is the opportunity ahead for its companies: to turn the country's industrial strength into a competitive advantage that extends beyond its borders.