Austrian Prinzhorn Group announced a 300-million-euro ($360 million) green field investment in Turkey’s western Anatolian province of Kütahya.
The investment includes the establishment of a new facility for the manufacturing of fully recycled paper, directly generating 500 jobs.
The CEO of the group highlighted that the company invested in Turkey’s stable future and the country’s welcoming, investment-friendly environment during the announcement meeting.
In terms of foreign direct investment (FDI), Turkey managed to register a 50-percent increase in 2017 compared to the same period last year, amounting to $4.9 billion.
The new Hamburger Containerboard paper mill will have an annual production capacity of 480,000 tons of container board and is expected to be completed by 2020.
The investment is the company’s third paper mill in Turkey and its first green field investment, a type of investment that requires an investment from scratch where a parent company builds its operations in another country from the ground up and constructs new production facilities.
The investment will also benefit from the corporate tax reduction, unlimited employer support for social security and value added tax (VAT) exemption as the project was classified as a 5th Investment Incentive Region.