Ryan Shi, the senior manager of ZTT Group's international business division, announced the company's decision to manufacture high and extra high voltage cables in Turkey.
The ZTT's senior group executive said that it will invest $65 million in Turkey in the first stage with the purchase of three existing cable-producing factories in Bursa, Bilecik and Eskişehir, while totaling $110 million over two years.
Ryan Shi also said that they want to enlarge the capacity of the factory in Bilecik and make new investments in Eskişehir and Gemlik, Bursa from scratch.
He added that the technology investments will cover the next five years and that they want to manufacture submarine power cables used for energy and telecommunications services in Turkey.
Pointing out that commercial relations between China and Turkey have continued to increase in recent years, ZTT's senior manager said that within the scope of "One Belt, One Road" project that aims to boost the historical Silk Road, investments will increase in many fields.
He stressed that despite many regional geopolitical crises, they see Turkey as a safe haven in terms of investment.
"In this context, we do not worry about developing and maintaining investments or investing from scratch. We have taken steps to produce extra high voltage cables used in electricity transmission in Turkey," Ryan Shi said. "We have initiated the projects to make these investments directly with our own financing resources."
"We want to create a competitive environment at the same time. We aim to enter domestic tenders through the network of products accredited at the international level. We have done our planning in this regard," he noted.
Erhan Durmaz, the chairman of SmartGrowth, which consults in the ZTT Group's operations in Turkey, said the Chinese company would contribute to a competitive attitude in the cable market in Turkey.
Indicating that the company also plans to enter cable tenders in Turkey, Durmaz noted that they have allocated $350 million for this.