JAPAN: Mitsubishi Electric has established a direct presence in Turkey to act as a base to expand and support its business in Turkey and surrounding regions.
Mitsubishi Electric Turkey A.Ş will support current business which includes air conditioning, factory automation and infrastructure-related products such as satellites, elevator/escalators and electrical equipment for railcars. Sales were approximately $112m last year.
Turkey's nominal GDP was the world's 18th largest in 2011 at $774bn, thanks to spending by the country's growing middle class and a large working population. Turkey's real GDP growth rate was also high at 8.5% in 2011 and steady growth of 2-4% is predicted in 2012 and beyond.
Mitsubishi Electric says it has positioned Turkey as a priority market based on this growth potential.