Norwegian Sovereign Wealth Fund Invests a Record $1.6 Billion in Turkey
The Norwegian Government Pension Fund Global (GPFG) continues to expand its investments in the Turkish economy. As of the end of 2024, the fund's total investments in Turkish company stocks have reached a record $1.6 billion, marking a new phase in its regional presence.
GPFG is one of the world’s largest investment funds, managed by the Central Bank of Norway (Norges Bank). Established to effectively manage Norway's oil and gas revenues and ensure the country’s long-term financial stability, the fund actively invests in global markets, including equities, bonds, and real estate, aiming for asset diversification and sustainable income.
In 2024, GPFG invested in 44 Turkish companies across key economic sectors:
- Energy
- Transportation
- Chemical Industry
- Automotive
- Steel Industry
- Software Development
Largest Investment Positions:
- Koç Holding – $115.6 million (0.90% of shares)
- Akbank – $113.53 million
- BİM – $111.38 million
- Turkish Airlines – $82.96 million
- Turkcell – $77.42 million
- MLP Sağlık Hizmetleri AS – $63.97 million (3.10% of shares)
- Aksa Akrilik Kimya Sanayisi – $42.64 million (3% of shares)
- İş Investment – $62.30 million (3% of shares)
- Tüpraş and Astor Enerji (Energy Sector) – $90 million
Investment Growth Over the Years:
- 2021 – $485 million
- 2022 – $1.2 billion
- 2023 – $1.3 billion
- 2024 – $1.6 billion
The increase in GPFG's investments reflects the fund’s strong confidence in the Turkish market. In recent years, Turkey has attracted significant foreign investor interest due to its growing industrial sector, digital technology advancements, and strong demand in key industries. The expansion of investments in Turkish companies highlights the market's potential and its importance to global investment players
